Los Angeles herald., 1891-08-28

Senator Sherman Makes Tirads Against
Free Coinaeo.

censtor Snermon Aokoo > Itfo0o n go1net
Free csinags.
PAuLDINa, O., August Ex-senator
eherman's speech here today, which
was q lengthy one, was devoted entirely
70 the silver question. He supported
the present coinage act, and said II con-
gress had provided that all the silver
brought to the mint should be coined
into dollars, no gold would be coined, for
an ounce of gold is worth more than l6
ounces of silver. Gold would cease to be
money. and would be boarded or ex-
ported. No man would be fool enough
20 deposit an ounce of gold for coinage
into sixteen dollars, when with it he
gould buy enough silver bullion
and have it coined without
cost, into twenty dollars. Free
coinage 10 all nonsense. Under the new
\ coinage act the United States is purchas-
ing monthly more than the entire pro-
duct OF the silver bullion in the United
States, and all this bullion is repre-
sented in our currency, by either silver
coin or legal tender treasury notes.
We expended under this act in the pur-
chase of silver bullion, prior to August
Let, this year, $55, ,l9l ,821, and issued
that amount OF treasury notes, which
are in circulation. We thus provided
an increase of the currency equal to or
greater than the increase of the busi-
ness and population Of the United
States. III
One distinctively striking feature Of
this law 10 that the United States will
not pay more for silver bullion than its
market value. Why should we? Nearly
all the silver produced in the United
States is BY rich corporations in few
new states, and its production
at the market price is far more
profitable than any crop OF the farmer,
and yet it is demanded by the producer
OF silver bullion, that the United States
should pay him 25 per cent. more than
the market value. That lies at the
foundation Of the difference between the
Republican and Democratic party.
The tendency of the present act,',
continued the senator, twill be to
gradually advance the value Of silver
bullion to it's legal ratio with gold, and
when this is reached, both metals will
be coined on equal terms and conditions.
] believe the measure will work
out the most beneficial results. It
has already advanced the value OF our
vast store Of silver in the treasury. It
has given great activity to the produc-
tion Of silver. 1t has furnished an in
@ maintained ths s1sd cold standard, t. rds
while utilizing silver to the utmost
extent, short Of demonetizing gold.
1t 10 the key to our exalted, almost
prominent standing in commercial and
national honor among the nations of the
world. Il treats both silver and gold
like elt othex c6mtn0dities or sprodnc-
tons, ~ sQhlGct ~ fhe universal rule Of
beng Eorth q xhAs 4 thsy !. \, v1ii bring tn the
Democratic free coinage - the sena-
tor said, "neans that we shall purchase
all the silver offered, come from where
it may. and give the holder either coin
or treasury notes at the rate of one dol
lar for every 81 grains, worth in the
market now n cents"
Senator Sherman spoke of the vast
accumulated hoard Of silver il other
countries of the world, estimated bv
statisticiane at $3.50, ,571 ,S48, 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. It is pub
lie bid Of twenty-nine cents an ounce
more than the market price made at
time when silver is declining in value,
and when many of the commercial ma
tions are seeking to convert their silver
into gold.
"They would gladly see us take this
load on our shoulders; they will gladly
give US their silver at the rate Of is to
l, and take our gold. This is the doc
trine which it is expected the con-
servatiye Democrats of Ohio
will adopt in order to gain
the support of the alliance of the silver
baron Of the west and the interested self
seekers who hope to gain advantage over
their creditors by cheapening the stand
ard of value, and the wild enthusiasts
who believe in an unlimited supply of
irredeemable paper money" sN