New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-14
DETAILS OF THE DEBATE.

Washington, Jan. 13.-When the senate resume1
the consideration OF the Financial bill Mr.. sherman
said that the pending amendment for the free coinage
OF silver radical proposition which changed the
whole character OF the bill and excited his feelings
somewhat. lie thought that under the circumstances
he was justified In all he said the other day. and
what he said then lie repeated now. Dut he
wished to discuss the measure as business question
which affected the rights and property Of every citizen
Of tho United states 1t would be perceived that the
amendment was proposition that the United states
should pay 81 20 for. every Of silver bullion
that might be offered from any part Of the world.
The United states not a. liberty to pay for that
bullion in silver coin silver dollars, Of which 10
had 1900 900 900 in the Treasury but the option
entirely with the holder OF the bllron to demand coin
bars Treasury notes. There w2s no option left
to the Treasurer. The price fixed and the holder
OF the bullion would take the most valuable mode Ot
payment, which probably Treasury notes. These
notes wero promises to pay money. and were lcge
tender for all debts, public and priva... Thew were
made the highest standard OF value In some rc
spect they better than United states notes and
better than silver certificates. SO that not only was
the United states bound to purchase all the bullion
offered at 81 90 but it had option to the mode
of payment.
Mr.. Stewart inquired whether the same law did not
apply in regard to gold.
Mr. sherman replied that did not. This proposed
measure was much broader as he would presently
show. This gave a preference TO silver over gold.
Not only this, but whether intended or not this
amendment offered in such way that it was not
open to further amendment The price was fixed at
81 o. To-day the value OF silver in the markets OF
the world something about ST. O5 an ounce. There
offer to pay "A cents an ounce more than tho
market price. There another feature OF this
proposition, which that the silver was TO be formed
into coin bars at the option of the owner without
charge There could be deduction made IN the Mint
of {ba cfit for
was true that under the law gold was coined without
charge But there charge for adding the proper
alloy The depositor OF gold was liable to deduction
for these charges But under this measure the owner
Of silver bullion was subject to no charge whatever
The bullion deposited and coined or made INTO
bars without charge No matter In what form the
silver was presented IL had to be worked over Purc
silver deposited was sometimes difficult than that
containing alloy, because the alloy must be added to
it. At the minimum according TO the Dircctor of
the Mint the cost OF refining and conins
silver was two cents an ounce These
two cents paid by the Uniteo
states 10 put into shape the bullion deposited for
which il paid 81 20 ounce. lie had SAID the other
day that this proposition wouId tend to change the
standard value of all property in the United States
and that in time it would demonetize gold Iheieupoh
the Senator from Missouri (Nr. Veso had made the
remark that II the free coinage OF silver would put god
At a. premium would separate the two metals and
TO 60 further in that direction. lie Clr. shermaW
said now n all sincerity, that II he believed that the
free coinage of silver would enable the peopie 10
maintain the value Of silver bullion up I'd 'h~' VI
gold he would vote for free coinage To-Day bu' "
IL were admitted that silver could not reach goa eA
cept BY the Government paying bounty 10 inc pro
ducers ~ domestic silver, he did not think there was
any danger OF this measure passing IL II were an
mtted that parity between gold and silver couId not
stand except by the United States standing as pur
chaser In the world he did not thnk that tis was
thing that ought 10 be aimed at
Mr. Teller said that the advocates OF free coinage al
over the world had asserted, fundamental princi
pIc that there only one way 10 put shNcr ~"o
o,, NJ, an eauality and that BY law, which
,you,d nut the two metals some ratio To be nAed
Mr. sherman replied that the law now did FIX the
r,,,o for coinage at 10 TO !. That was all the law
coud do The law could not fix the price ana vai"s
~ silver bullion Congress was potent In many tnings
The Government was strong, but not strong enough
10 FIX the value Of bushel Of wheat. It. could nos
Ar the yalue of an OUNCE Of silver bullion. when
pronoscd 10 pay II 20 ounce for silver worm
sI O, IL would undoubtedly advance the vsme o'
silver. silver might reach a parity with go'd no"
long would II remain theref Only so long ss tns
covernment paid that price. Market value was the
Judgment OF the world not OF any naton' IL "ss
Tho want OF the people cat regulated the MARKET not
Tho laws OF men, Tho problem 10 be solved was:
How could two articles Of unequal value De nam
tanned al equality with each other! How couid SILVER
and gold which varied In the markets OF the world
he maintained at a ratio proposed by law. There
we're two theories on the subject both Of them enter
tanned honestly by intelligent men. One Of them was
first limit to the coinage Of the cheaper metal and
s maintenance by redemption at par. with the dearei
metal That was bimetallism as he understood II
The other theory the free coinage OF the cheaper
metal without limitation. That meant monometa.