Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-07-10
SHERMAN ON FREE SILVER.
He Denounces the Demands Of the Silver Me
as Injurious to the Country.


as Injurious to the Country.
Senator John Sherman. in a letter dated
Mansfield, Ohio. July Z, says regarding the free
coinage Of silver:
Il can appreciate the earnest demand of the
producers Of silver bullion that the United
States should pay Sl.20 an ounce for silver
bullion, which in the markets Of the world has
been for q series Of years worth only about 81
an ounce, sometimes a little more, sometimes
little less; but 1 cannot appreciate why any
farmer or other producer should desire that
the government should pay for any article
more than It's market value. II 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 enterprise
THE government should pure chase the articles
II needs like all other purchasers at the msrke ct
price. The distinction sought to be mads in
favor Of silver is without foundation. The
government now buys in the open market more
than the entire domestic production of silver
bullion, because it needs it for coinage. and as
the basis Of treasury notes. gladly contribute
my full share to this measure, and would do
anything IN my power &c advance the market
value Of oliver to its legal rates TO gold But
this can only be done in concert with other
commercial nations. The attempt to do it by
our weakness. To the extent that the enormous
demand made by the existing law advances the
price of silver the producer derives the benefit
and today the production of silver is probably
the most profitable in the United States. 10
ask more seems to me unrease nable and if
yielded to will bring all Of our money to the
single silver standard alone, demonetize god
and detaeh the United States from the stand
ards Of the great commercial nations of the
world.
.sfl IL -
age OF silver has nothing to do with the rea-
sonable demand for the increase Of the volume
OF money required by the increase of
business and population Of the United
States. We have provided by existing law
for the increase Of money to an amount greater
than the increase of business and population.
but even if more money is required there are
many ways OF providing it without cheapening
the purchasing power Of our money or making
wide difference between the kinds Of money
In circulation based on silver and gold. More
than 81 per cent OF all payments are now
made in checks, drafts and other COM
mercial devices. Ali kinds Of circulating
notes are now equal to each other and are
kept at the gold standard by redemption and
exchange. Our money ana our credit are now
equal to OF better than those of the most civil
lied nations OF the world. Our productions of
every kind are increasing, and it seems to me
almost wild lunacy for US to disturb this
happy condition by changing the standard of
all contracts, including special contracts pay
able In gold and again paying gold to the CAPT
talists and silver at the exaggerated price to
the farmer, laborer and pensiOner.
Il would not be true to my convictions of
what is best for the good Of my constituents if
1 did not frankly and firmly stand by my
opinions whatever may be the effect upon me
personally. My creates. obligations have been
to the farmers Of Ohio, and l would be I'M
worthy of their trust and confidence if did not
beseech them to stand by the financial policy
which viii secure them the best result, for
their labor and production. and the comfort
and prosperity Of all classes alike
Very truly yours, JOHN SHERMAN"