The midland journal. (Rising Sun, Md.) 1885-1947, 1891-07-17
Friday. July IL, 1891.
Sherman's Weak Defense of His
Silver Policy.

Sherman's Weak Defense of His
Silver Policy.
Senator John Sherman says 10 letter TO
constituent that he can understand why a
silver mine owner should wish the Units
States to give him $129a onnce for silver
worth now in the market about ST., but he
can't understand why The farmer should
wish the government to 90 above the market
value. 1t would be as reasonable for the
government TO give more than the market
price for wheat. In buying silver the gov
ernment, the Senator thinks, ought not to
60 above the market price. If the object is
to create basis for more currency, that
object is being accomplished already by the
issue of treasury notes in the purchase of
$4,000, 900 ounces of silver year. The in
crease Of currency thus produced is in ex-
cess. he says, of the increase demanded by
The annual increase of bushes and popula-
ton. What more can anybody want? As
for free coinage Of silver it cannot advance
the market value of silver TO the extent
hoped for. Its effect would be only to spoil
our existing currency for purposes Of COM
merce. 1t would drive gold out of circula-
tion and thus produce disastrous contrac-
tion. ut seems TO me-" says the Senator,
ga wild lunacy 10 disturb the existing sit
uation by changing the standard of all
contracts"
The above summary of Senator Sherman's
letter shows how completely he is in the
interest of the Wall street and English gold
ring.
When Sherman in 1928 entered into
the plot with the English Jew bankers TO
clandestinely demonetize silver, it was three
per cent above gold in price. This is his
tory. There is no doubt on these points.
Sherman's accusers faced him in the Senate
with these charges and proved them by
producing documentary evidence. Sherman
did not and could not deny the charges and
they stand on the records of that body for
anybody to read who chooses.
The talk about "market price" in con
nection with free coinage of silver is such
absurd drivel that it is surprising Sherman
would descend to it, although be was driven
to something near it when put on the de-
fensive, in the Senate. Free coinage abol-
ishes all purchase of silver by the govern
ment. The government merely coins ell
the silver brought to its minis for the cost
OF assaying the metal to assertion its purity
and coins it for the owner OF the silver who
takes his dollars and does what he chooses
with them. Or if the law shall provide
that in place of taking his coined dollars the
owner of the silver bullion prefers paper, he
leaves The silver with the treasurer and re-
ceiyes notes, such as are issued at present
Under the present law the government goes
into the market along with other specula-
tors and buys 4,500, 600 ounces every month
This bullion is taken to the snb-treasury
and stacked up in vaults, and the treasurer
issues notes to the amount of that bullion
valued at its market price but the bills or
coined silver are equal legal tender with
gold coin.
The coined dollars or the notes represent.
ing them without coming, are used by the
government to pay its bills and pass into
the circulation Of the country, every dollar
being worth as much as gold dollar or any
other dollar Of the United States.
Now mark the difference between the
system al present in use and free coinage"
Under the latter the government does not 60
intothe market as purchaser ofsilyer, but
those who have silver bullion take il to the
mint and either have it coined or exchange
il for notes representing the same amount Of
silver which they now represent. When a
law for free coinage of silver is passed, the
fiuciuation in the price of silver will cease.
for nobody will sell silver to those who use
1t in the arts or for transportation 10 Asia,
for less than one dollar and twenty-nine
cents, two and nine-tenths mills, per ounce.
and speculation will at once cease in silver,
and the English will not then buy our silver,
send il 10 India and make profit on it Of
forty per cent, as they haye been doing.
Silver is worth 81. 81 an ounce in India, in
gold. English spectators have bought
hundreds of millions of our silver for 95
cents or less. To compare the "market
price for wheat" with silver all can see is
foolishness, and shows how hard pressed
Sherman is for argument TO defend his false
position. Wheat is an annual farm crop,
used by every body as bread. Silver is moi
farm crop, and the world would never
miss lis use if it was to entirely disapper.
The increase of currency at the rate Of
81 900, 900 ounces Of silver annually is not
siin excess of the increased demanded" nor
is itanything like the increase demanded by
the advance of business. which is now ham,
pered and reta rded by a great deficiency in
the circulation, which never can be caught
up TO by the coinage of all the silver which
would be brought 10 the miuts under a free
coinage law. at would drive gold out Of
circulation and thus produce disastrous
contraction" Mr.. Sherman says. Where is
the gold now? Is it in circulation? Does
any man in business see gold piece oftener
than once in month? Where is this gold
circulation that is TO be driven out? Can
anybody tell? There is no gold circulation
tRorfhv the name IL IL kent in hank vanl,s