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

cheaper than the other metal, the cheaper me'a
would take the whole volume of circulation and the
dcarer metal would either be boarded or exported
to other countries where 1t was in demand. Was
there (Mr sherman asked any doubt about III Both
these theories had been tried In the United States
and in other countries. In this connection he gave
historical review Of the question and said that In every
country OF the world wherever there was free coinage
OF silver, gold demonetizcd or quoted at a
premium. There country In Europe where
there was now coinage Of silver neither in France,
nor any OF tho Latin nations, which had often been
quoted as having silver standard Indeed. they had
entered into stpulatons with each other that the only
coin which been legal tender for all purposes
in France should not be issued by any of Them except
with the consent Of all Under these circumstances,
he asked what sane man, what intelligent man. would
pay any debt obligation in gold when he could take
to the Mint silver bullion costing less in the markets
Of the world receive Treasury notes, legal tender
for all debtsi
Mr.. Tellcr-If the Mint open to the reception
and coinage Of silver would there be any bullion to
buyi
Mr. sherman-Yes; 1t would be brought here from
abroad 1t would be supplied out Of the SSsooooo''
900 worth that is In sight. Why mott
Mr.. Stewart-Can you cite an instance where, when
the minis open to the free coinage OF silver, tho
bullion value Of silver less than the coin value
Mr. .sherman-when the minis open 10 the free
coinage Of silverl i can quote TINS instance, WHICH
fortes my argument with tenfod strength, that when
silver was at . premium II demonetized and re-
manned for years; and in order to get the benehs
of the OF silver had to reduce the rto In order
TO prevent its expectation. When the ratio OF 1859
was adopted all the silver coined here fed the coun'
try because 1t valued more highly In other coun-
tries.
Mr.. Sherman then passed to q review Of the egislar
ton Of 1873 in connection with the Bland and Allison
bills said that he had been charged with opposing
the Bland bill. He had done He had before him
the report Of an interview which he had had, as Score
tary of the Treasury, with committee OF the House.
in regard to it, in which he had said that If the BLAND
bill were passed it would make entire revolution in
the money affairs of the country. lie had said mat Tile
free coinage of silver meant the single standard OF
silver; and all that he then said he now agreed TO-
But he had not opposed the Bland Allison act On the
contrary when he had been called before committee
Of the Senate that subject he had stated his beei
that the Bland Allison mot the Bland BILL but the
act as IL passed. would be In aid of resumption. so
far as he knew, he had not said word against its
passge 1t was true that President Hayes, with that
independence which always marked him, having fears
that even that act with its limitations might lead to
the same result as the Bland bill, did veto it; but he
Mr. Sherman) had not advised such a vote. lie had
heard much stuff about what he had done in that con-
nection He had heard it and over again with
out rising In his place and saying word because he
had not wished to say anything at all about what had
occurred between himself md the man whom he hon
ored as the President Of the United States.
Mr. Teller here ntcrposed remark on which Mr.
sherman's only comment was that the senator from
Colorado was in the habit OF showing himself as ir
ritable as schoolmsser; but that Senators were not
children and that he (Mr. Shcrman) mad certainly
PASSED the period Of infancy. Laughter.)
Mr.. Sherman went to speak OF the workings OF
the Bland Allison Act and said that since its passage
$50 900 900 OF silver dollars had been coined ana
maintained at par with gold not because of the in
datto Init nn nj
credit OF the of the great mass OF bullion
behind the certificates and OF the provision that
they should be treated money in their broadcast
sense There had been enough to maintain that great
mass silver coin 10 the standard OF gold, although
the metal out OF which it was made had been goine
down. day by day. in all the markets OF the world.
There was now in the Treasury S3co,00o,00o OF tho
coin. In spite Of all the efforts made by every per
charged with that duty not more than from So
100000 to 100000 of silver dollars could ever be
rot into circulation The people of the United
States ware too much accustomed to the OF papci
money TO give II up: and so the silver dollars had to
be kept in the Treasury and to be represented by
certificates TO that he had no objection. And when
last session ii proposed to adcpt that same policy
b. bill 10 increase the purchase OF silver bunor
although he thought the aiount too large), he hao
heartily and cheerfuly supported it. The principle
he said, was ere-yamey, the maintenance OF tst
parity of the two metals by the power Of the Govern
mcnt. whatever might be the market value Of tho
bullion. If the Bland bill had passed the country
would be to-day, Mr. sherman asserted, on silver
standard. iut tile Allison bill had passed. and the
countr, was on what he thought the gold standard
vet the United staes used silver to greater ex
tent than any country except France alone.
Mr. sherman then referred to The Latin Union. and
the circumstances under which 1t had been formed
namely to protect gold circulation and silver crcula
ton alike. The treaty OF union had expired on the
LIST Of January, 1914 fortnight ago. 1t was simply
kept in existence by the will of the parties to it,
The Latin nations did not differ in their financial
policy from the United states, except In material
respect. They did not coin silver. and the United
states did. The United States was more liberal to
silver than even France and yet the Senate had
been told Of the great prosperity of France and that
wonderful prosperity had been attributed to its treat
ment of silver lie had before him the law Of tina,
country as to coinage, and the treaties which reg
ulstcd that law and he declared that in France they
not half liberal about silver they had beer
for years In the United States under the Allison act
Silver not legal tender in France for a
higher amount than 80 francis. And yet the Senate
had been told that France was silver nation. The
Lain Union had not only suspended the coinage OF
silver Except for subsidiary pieces, but France had
agreed not TO issue 5franc pieces long the treaty
lasted and had provided for their redemption in gold
How ridiculous 1t was then to represent France as
silver country He had spent month In France
during tho exposition OF 1885, and had never seen q
5franc piecethe dollar of the fathers" They had
ceased TO have any existence Their coinage had
been not only suspended deliberately, but had been
suspended for life, and could not be restored unless by
the Joint action Of the five great Powers which formed
the Latin Union France was not in any sense
silver country.
When the Government proposed the free coinage OF
silver drawn from all the world, IL proposed standard
OF value equal to the market value of 81 grains OF
silver. Senators could not flee from that. Did any
senator believe that the United states alone, unaided
by the cooperation Of foreign could bring this
vast commodity up to 81 30 and keep there without
buying all the outlying silver that other nations could
from time to time, divest themselves Of? He did not
think So II not they would vote for proposition that
reduced the standard OF value all contracts and
obligations made in the United States. 1t might be said