The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-08-28
CHIEF OF THE COLD BUGS
Most Prominent Republican in Ohio
Declares That Free Coinage is
Nonsense.
Sherman Devotes His Opening
Speech to ArQumen t Against
White Metal.
What Can Montana Expect From n Party
With Such a Leader and Financial
Adviser:

Adviser:
Sherman opened his campaign here to-day
An immense crowd was present. Senator
Sherman's speech, which was = lengthy one
WAS devoted entirely to the silver question
He supported the present coinage act an {
said if congress had provided that all the
silver brought to the mint should be coined
into dollars 10 gold would be coined, fol
an ounce Of gold is worth more than 1G
ounces of silver. Gold would cease to ba
money and would be boarded or exported.
No man would be fool enough to deposit an
ounos Of gold for coinage into l6
dollars when, with 1t, he could
buy enough silver bullion and
have it coined without cost into 20
dollars. Free coinage ia all nonsense. In
der the new coinage act the United States
is purchasing monthly more than the entire
product of silver bullion in the United
States. and all this bullion is represented
in our currency by either silver coin or legal
tend or treasury rotes. We expended under
this act in the purchase Of silver bullion
prior to August l, this year, $50, 191, S21. and
issued that amount of treasury notes,
which are now in circulation. We thus
provided an increase of currency equal to
or greater than the increase of business
and population of the United States.
One distinctive, striking feature Of this
law is that the United States will not
pay for silver bullion more than its
market value. Why should we? Nearly all
silver produced in the United States is by
rich corporations in a few new states, and
its production at market price is far more
profitable than any crop of the farmer, and
yet it is the demand of the producer of sill
vsr bullion that the United States should
pay him % per cent. more than its market
value that lies at the foundation of the diff
ference between the republican and the
democratic parties.
The tendency of the policy OF the present
act will be to gradually advance the value
of silver bullion to its legal ratio with gold,
and when this is reached both metals will
be coined on equal terms and conditions. l
believe the measure will work out the most
beneficial results. II has already advanced
the value Of our vast store Of silver in the
treasury. 1t has given great activity to the
production Of silver. 1t has furnished an
increase of circulation. 1t has maintained
the gcla standard. while utilizing silver to
the utmost extent short of demonetiz-
ing gold. 1t is the key to our exalted,
Rlmost pre-eminent standing in CONNER
cisl credit and national honor among ma
tlons of the world. 1t treats with silver
and gold like all other commodities or pro-
auctions az subject to the universal rule of
being worth what they will bring i'll the
markets of the world. This is the republi-
can doctrine now proclaimed in our Ohio
platform. The democratic policy of free
coinage, the senator said, means that we
shall purchase all silver offered, come from
coin or treasury notes at the rate
in the market now n cents. Senator Sher-
man spoke OF the vast accumulated hard
of silver in other countries, estimated at
IS. 1S0. 81 ,346, and said the democrats are
in favor Of allowing any amount OF this to
be flooded in UPON us at the above terms.
Who can estimate the volume of silver
that would come into the treasury if this
policy were adopted? 1t is q public bid of
twenty-nlne cents an ounce more than the
market price, made at a time When silver is
declining in value and when many
of the commercial nations are seek
They would gladly see us take this load on
our shoulders. They will gladly give US
their silver at the rate of sixteen to one and
take our gold. This is the doctrine which
1t is expected the conservative democrats of
Ohio will adopt in order to gain the sup
port and alliance of the silver barons of the
west and interested self-seekers who hope
to gain advantage over their creditors by
cheapsning the standard of value, and wild
enthusiasts who believe in an unlimited
supply OF paper money, assume that
the United States can maintain sill
yer at the old ratio of sixteen to
one, is a wilder delusion than ever filled
the brain of a believer in fat money. Fear
that we would attempt it carried seventy
seven millions of gold from the United
States within four months. 1t is said if
We adopt a silver standard we will get more
money for our labor and productions. This
does not follow, but even if it be true the
purchasing power of silver will be dimin-
lshed. Silver dollars worth n cents in
gold will buy no more food and clothing
than n cents of our money now,
The capitalist and Spectator can
protect himself from loss BY s%tipula-
ing for gold payments. The whole burden
OF this policy falls upon those whotdepend
upon their daily labor for their daily
bread, and is for the benefit of those who
hope by c%heapening money to pay their
debts with money less valuable than they
agreed to pay.
Examining the position taken in this can
vass by the democratic party, Senator
sherman refer ed to eX-President Cieve-
lands utterancss on the silver question, and
said that while Cleveland was president no
free coinage measure WAS proposed. Pres
dent Harrison is known to entertain
the same opinions. Yet, now. under a
stranger leadership. this scheme to change
the standard OF value is pressed into our
state canvass | believe it is tho result of n
bargain between what is called the nation
al executive silver committee composed of
representatives. of the great silver Mining
cor oratlonso of the United States with some
OF the Leaders of the Democratic party. bv
which a potion OF the profits of these cor
poratlons is to De invested III this Ohio can
vas to defeat the Republican party, and ee-
peclally TO down John Sherman on the
Issue of free coinage. AS for myself. it
Is matter of little Importance.
But what | do care for is that the state OF
Ohio shall not in any way be responsible
Tor the adoption of the policy proposed by
this combination or for the evils that will
flow from 1t. They invoke in it's support a
new party calling itself the "people's'' party,
which is represented mainly by disciples of
the old greenback, first money craze, some
Of whom do their p%lantingin law Offices and
whose crops. if they have any, are thistles and
AS to their recently constructed
platform, what is it? Some of
their ctGei is a repetition Of mere dogmas to
which all parties agree. Some of it APP
! ears 10 me al approach to ~lnnacy. / do
not attribute to our democratic friends any
-nA u .-Ii