The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1891-08-27
SENATOR SHERMAN on sLvgRi
Able Exposition of One Of the Great Issues
of ths Prcssat Campaign.

SCNA Sn Wv
Able Exposition of One Of the Great Issues
of tAs Pressat Campaign.
Hon. John Sherman, United States
Senator from Ohio, soon after the Re
publican State convention was held,
wrote the following letter to the Mans
field correspondent Of the Cleveland
Leader regarding the free coinage of
silver. It is one of the ablest exposi-
tions of the subject yet made, and the
action Of the Democratic convention
upsn the coinage question makes the
letter Of unusual interest and import
sncc, as bearing directly upon a per-
tinent issue Of the campaign:
I can appreciate the earnest demand
of the producers of silver bullion that
the United States should pay $1.29 an
ounce for silver bullion which in the
markets of the world has been for
series of years worth only about 81 an
ounce, sometimes little more, some-
times q little less; but cannot appre-
ciate why any farmer or any other pro-
ducer should desire that the government
should pay for any article more than its
market value. 1t would be much better
that the government should pay 81
bushel for wheat when it is worth less,
but no sensible farmer would desire the
government to embark in such an en-
terprise. The government should pur-
chase the srticles it needs like all other
purchasers, at the market price. The
distinction sought to be made in favor
of silver is without just foundation.
The government now buys in open mar
ket more than the entire domestic pro-
duction Of silver bullion, because it
needs it for coinage as theebasis of treas
ury notes. gladly contributed my full
share TO this measure, and would do any
thing IN my power to advance the mar
ket value Of silver to its legal ratio to
gold, but this can only be done in con.
cert with other commercial nations
The attempt to do it by tho United
States alone would only demonstrate our
weakness. To the extent that the
enormous demand made by the existing
law advances the price of silver the pro-
ducer receives the benefit, and today the
production Of silver is probably the most
profitable industry in the United States.
To ask more seems to me unreasonable,
and if yielded would bring all our money
to the single silver standard alone, de-
monetize gold, and detach the United
States from the standards of the great
commercial nations of the world. The
unreasonable demand for the free coin
age of silver has nothing to do with the
reasonable demand for the increase of
the volume Of money required by the
increase Of business and population of
the UAited States. We have provided
by existing law for the increase OF
money to an amount greater than the
increase business and population, but
| even If more money Is required there are
many ways of providing it without
cheapening the purchasing power Of our
meaey and making wide difference
between the kinds of money in circula.
ton based on silver and gold. More
than % per cent. Of all payments is now
msde In checks, drafts and other com.
| mercial devices. All kinds of circula-
ting notes are now equal to each other,
and arc kept at the gold standard by re.
delnption and exchange. Our money
than those of the most civilized nations
| Of the world. Our productions Of every
| kind are increasing, and it seems to me
almost wild lunacy for us to disturb the
happy condition by changing the
standard of all contracts, including
special contracts. payable in gold, and
again paying GOLD to the capitalist and
silver (at an exaggerated price, to the
farmer, laborer, and pensioner.
would not be true to my convictions Of
what is best for the good Of my cons
tituents II did not frankly and firmly
stand by my opinions, whatever may be
the effect upon me personally. My
greatest obligations have been to the
farmers of Ohio and would be un.
worthy oe their trust and confidence If ]
did not beseech them to stand by the
financial policy which will secure them
the best results for their labor and pro.
duction, and the comfort and prosperity
of al classes alike.
JOHN SHERMAN.