The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-01-14

bi-metallism as he understood il. The other
theory was free coinage of the cheaper
metal without limitation. That meant mono
metalism. Nothing else could name it.
WORKINGS OF THE BLAND ACT.
Mr.. Sherman weit on to speak of the
workings of the Blsnd-Allison act, and said
that since its passage $50, coo, Geo Of silver
dollars had been coined and maintained at
par with gold, not because of the intrinsic
value Of the silver dollars, but because of
the credit of the government, Of the great
mass of bullion behind the silver certifi-
Gates, aud of the provision that they should
be treated as money in their broadest sense.
When the government proposed free coin
age of silver, drawn from all the world, it
proposed standard of value equal to the
market value of 371 grains of silver.
The senators could not flee from
that. Did any senator believe that
the United States alone, unaided
by the cooperation of foreign powers, could
bring this vast commodity up to 81 % and
keep it there without buying all the out
lying silver that other nations could from
time to time divest themselves ofl He did
not think so.
.a .e Mr.. Daniel inquired whether more than
It's market price was not paid for gold.
Mr.. Sherman replied in the negative.
The government received deposits OF gold
at its market value-at the value fixed in
the MAJ iet sets os the world.
COOPERATION ESSENTIAL
If the United States could have the CO.
operation Of all the other nations, OF a suffi-
cIent number of them to fix the market
value Of the silver, no one would be more
grateful than he. But the United States
could not do it. The United States stood
alone. II the senator from Virginia (Mr.
Daniel could bring enough recruits from
the commercial nations Of Europe to say
I'VE will stand by you in purchasing
silver at 81 90" he (Mr. Shsr-
mani would say "amsn." Why should
the United States attempt to do what no
nation of the world was was rich enough TO
do9 The immediate effect OF free coinage
would be to Increase the expectation of gold.
That was a necessary and natural result
While the currency would be expanded by
the issue of treasury notes, it would be con-
traoted by expectation of gold. Another
effect would be to increase the importation
of silver.
LOWERING THE STANDARD.
Mr. Sherman said he was ashamed that a
great nation like ours should be content to
lower its standard of value to join China,
japan and the South American states, and
to leave the great company of commercial
nations, which now hopefully stood by the
best standard of value. For whatever
might be said Of silver, no one would ques-
tion that in the great business trans
actions of life silver would not an
swer the purpose. 1t would be
measured by the ton. Gold clone was
the standard of value. While the silver
standard might not bring ruin upon the
country, still it would be lowering of our
flag, which he trusted tho United States
would never agree t.. When an inferior
standard OF money was substituted for a
superior, it drove out that superior. There
could be but one standard Of money or Of
measure or of weight.
sHERMAN's NEW BONDS.
Mr.. Morgan asked Mr.. Sherman in what
coin he proposed to have the $500, ,0O0, 900 of
bonds contemplated in the fourth section
Of the bin paid for?
Mr.. Sherman replied that the bill did not
say anything about that but he presumed
that they would be paid for in gold. He
had not raised that point.
MIR. Morgan-But do.
Mr.. Sherman--Thes senator from Alabama
wants to get our securities down to a silver
standard, but l trust that that will not
come.
WHERE HARD MONEY is IN FAVOR.
Mr.. Sherman concluded by recalling to
the senator's on the other side who repre-
sented old and settled states, with no
tries we're diversified, that, back OF all their
arrangements there was q strong and de-
termined sympathy which they had for the
old ideas of Andrew Jackson. The
common people believed in hard
money. They were willing to have
paper money, but Ithey wanted it main
tanned at par. He cautioned the democratic
senators from the east and the senator's
from ths southern states that if they COM
thnTn<alyaQ IN ha Of
coinage OF silver, they would have the bur
den OF that commitment next year when
the responsibility of legislation would
be upon them, and he reminded them
that during the four years
OF democratic administration they had
not dared to propose such a measure, but
had kept as quiet as possible; and no alli-
ance would have driven them to the princi-
pie of free coinage. For one, he would
stand by the legal standard Of value; on
which public and private contracts had
been based. After speaking for about four
hours, Mr.. Sherman resumed his seat amid
considerable applause.
TELLER REPLIES.
Mr.. Teller briefly replied to soms Of Mr..
Sherman's argument. disputing the correct
ness of Mr.. Sherman's statistical references
in regard to the production of gold and sill
yer, and asserting that MIR. Sherman's use
Vi StdllSblCS OF U1e amount OF silver IN exist
ence, the amount Of annual production and
the cost per ounce was not to the point
The senator ought to know that the interest
of the whole human race was conferred on
this question. 1t did not matter if it cost
but l cent to produce an ounce Of silver.
The question was whether the world wanted
it as money.
ALLISON AGAINST FREE COINAGE.
Mr.. Allison said that were it not for the
fact that he was a member Of the commit
tee on finance, he would take no part in the
debate. The bill had been reported to the
Senate on Dec. %, during his absence. The
bill had been considered in committee, and
the fourth section had been stricken
out and another substituted when he
was not present. Therefore, he was
not committed to the substitute
and would vote against the amendment.
He desired to make this statement in order
that it could not be said that the change
had been made by his vote. His argument
cotncided with that of Mr.. Sherman, and
was directed largely against the free coin
age amendment, the effect Of which, he
argued, would be an influx Of silver
from all parts of the world
and the boarding and eventual outflow of
gold. The effect of the amendment would
be to pay to the owners Of silver bullion "A
cents per ounce more than that Of the mar
ket value. It it was paid it would be paid
from the United States treasury and would
come out of somebody's pocket.