Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-01-14
.,,,,or sherman's Adore" on the
financial DIll.-Procecdlngs
Of the House.
..,, ,x,osrsnr QUESTIONS CON.
s,orsrp sy THE CABINET.
r.. pops on the Social Question; His
Encycllcai VIII Soon be
Issued.
=, r..rsph TO the srws''
roNaREssrOSAL.
....,. Resumes Consideration OF
,he rtuaneiat Di1l.


the Financial Eli.
v.sursoros, Jan. I3.-In the SEN
"a. Morgan, on behalf OF Colquitt,
~. notice of m amendment TO the
iasncIai bill, abolishing the tax on
'1 ~, senate then resumed considcra.
49, \, The financial bill aud was ad-
..sd by sherman. The Senate
em.rd,nent, he said, was q radical
,..sasItlon which changed the whole
Iys,r.r,er OF the bill. II was propo.
alton that the United States should
- a % cents for every ounce Of silver
Imam that might he offered from
~. nan OF the world. Not
aniy Ills, but II had no option " to tho
v.cie N paymcut. Tho option was In
r. hands Of the owner. This pro.
sa.ed measure gave preference 10 silver
py,t rold; not only this, but II was not
or.n 10 further amendment. Today
~ value Of oliver IN tho market OF the
World wa. something about si.05 an
oupcp. Here was an offer 10 pay ~
csps an ounce more than the market
price. ,.
,ltlon that silver was 10 10 formed Into
soln or barS, al the option Of tho owner,
nwIthout chargc.D lie said now, In
.Il.lnceflty, that n he believed the
fre coinage Of silver would en-.
sbIe us 10 maintain the value Of silver
bullion up TO that OF gold he would
vote for free coinage today. But II II
w,sc admitted that silver could not
rach gold except tho government pay
lag bounty TO The producers OF domes.
tlc silver, he did not think there was
any danger Of the measure passing.
Sherman spoke OF
TiIR LATIN UNION,
and said the United States was much
nlore liberal 10 silver than was oven
France, ani yet tho Senate had been
told Of the great prosperity OF France;
aud that wonderful prosperity had been
attributed 10 It, treatment OF silver. He
aid II was ridiculous to represent
France NJ n silver country. Silver
was not legal tender there for higher
an unit than my francs.
II. did not SEQ why his silver friends,
nor the people ought mot 10 70 saaisfsd
With the present law. Il was . COM
promise pNpo.ition, made aftcr gave
rejection. Why should the bullion
owners Of Nevada and Colorado 10
paid morc than the market price for
their silver The present law worked
well. Last season II was agreed 10 by
the silver men "A all they wanted. II
contained n declaration (which he
thought was point Of honor) that II
would be tho established policy Of the
United States 10 maintain tho parity Of
the two metals. Now, within n year,
measure was proposed which would
destroy that parity.
The Immediate effect Of free coInsge
would DO 10 Increase the export OF
gold. While the currency would DO
expanded by the issue Of treasury
notes, " would be contracted by tho OK.
pofiAiion Of gold. Another effect would
" 10 Increase tho importation Of silver.
When the market for silver WINS In the
most disturbed state possible; when the
United States alone was bulling silver
sgalnst the world; when tho Latin ma
lions were seeking more stable stand
Az, u was proposed that the United
States should step In aud buy silver mt
s,pfice hr above tbs market value.
Was J. not a serious thing to make this
onef, In view oithe great store Of silver
IN ,he wofld' Continuing, sherman
Is WAS ASHAMED
mat agreat nation like ours should be
content 10 lower It's standard OF value 10
JON VhinA, Japan aud the South
american States, and 20 leave tho
kiral company OF commercial nations
which now hopefully stood by the gold
standard OF value, for Whatever might
oeaiu o. silver, no one would question
tnAi ~ the great business transactions
o. NE silver would answer the pur-
pose. II would be measured by the
value. VI
lie could see nothing In the future OF
WI measure except distrust, fear and
vvn,snse OF values. IL would inJure
s,l those who depend upon their labor
SUI upon the production OF tho farm
sau me workshop. There was no dif.
nVuiy, Sherman asserted, In keeping
sy,u and silver At parity with each
o'het, When they were separated In
.naIAe' value, and when II was clearly
sem mat either metal was going down
value, then that rate should be
enanged. He believed the best money
evet devised by man was the treasury
hots OF The United States issuing un.
wei iho law Of tho last session, gold
eeiuncales and silver certificates. The
@nlmoh PEOPLE believed In hard
mohey' They were willing TO have
iaper money, but they wanted II main.
uined at par.
~. cautioned the democratic sena-
IN from the east and the senators from
~ southern States, ifthey committed
o Yourselves 70 the policy OF the free
Coinage o. silver, they would have the
pIiuen OF that commitment next year,
, NH we responsibility OF legislation
,rhoulu DC upon them; and reminded
uneh ulat during the four Year, Of
Jsmocfatie administration they had rot
L.,,u 70 propose such n measure, but
w. Us quiet Us possible; and no nlll-
ahce would drive them TO the princi.
" oi free coinage. For one, he would
s ss4u by The legal standard value, on
winch public and private cont racls mad
been based.
ALE, Alter speaking four hours, Sherman
u'neu his seat amid applause.
Leller thid the Senator'S argument
nSu neen an appeal against the mines
y, we country. The question was not
vhe ~ compensation TO the miners, but
"hether The world wanted
SILVER AS MONEY.
a A.