Morning journal and courier., 1891-07-10
JOHN SHERMAN ON SILVER.

The Senator Gives His Vfews on Ere I CofnaGe-The Unreasonable Deman,
 for Free Coinage Has Nothing to q, I With the Reasonable Demand fo
 the Increase of the Volume of Mone. Required by the United States; | WASHINGTON COURT HoUsE, O., July I-Senator John Sherman in letter dated
 at Mansfield the Eth, received here las
 night, says regarding the free coinage ot
 silver: 'a'" 1 T can appreciate the earnest demand
 of the producers of silver bullion that tho
 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 $1 an ounce. But can.
 not appreciate why any farmer or other
 producer should desire that the govern
 ment should pay for any article more than the market value. It would be much
 better that the government should pay S1 bushel for wheat when it is worth less,
 but no sensible farmer would desire the government to embark in the purchase of articles it needs, like all other purchasers at the market price. ss .- ''The distinction sought to be made in favor of silver is without foundation. The government now buys in the open market more than the entire domestic production of silver bullion, becanse it needs itofor coinage and as the basis of treasury notes. gladly contributed my full share to this measure and would do any thing in my power to advance the market value of silver to it's legal ratio to gold, but this can only be done in concert with other commercial nations.
 :'The attempt to do it by the United States alone1wou1d only sdemonstratei,.o our weakness. To the extent that the enor- advances the prices of silver the producer receives benefit and to-day production of silver is probably the most profitable in- dustry in the United States. To ask more seems to me unreasonable and if yielded to will bring all our money to sthe single silver standard alone, demonetize gold and detach the United States from the stand ard of the great commercial nations of the world. The unreasonable demand for the free coinage of silver has nothing to do with the reasonable demand for the in crease 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 mak- ing wide difference between the kinds of money in circulation based on silver and gold.
 'sMere than 92 per cent. of all payments are now made in checks, drafts and other commercial devices. All kinds of circulat- ing notes are now equal to each other and are kept at the gold standard by redemp- tion and exchange. Our money and our credits are now equal to, or better, than those of the most civilized nations of the world. Our productions of every kind are increasing, and it seems to me almest wild lunacy for us to disturb this happy condition by changing the stand ard of all contracts, induc. ing special contracts payable in gold, and again paying gold to the capital ists, and silver, at an exaggerated price, to the farmer, laborer; and i would not be true to my conviction of what is best for the good of my constituents if I did not frankly and firmly stand by my opinions, whatever may be the effect upon me per sonally.
 My greatest obligations have been to the farmers of Ohio, and I would be un- worthy of 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 produo- tions, and the comfort and prosperity of all classes alike !"