The Indianapolis journal., 1891-07-10
SHERMAN On SILVER.
The Ohio Senator Makes Plain, Clear State.
ment Of the Evils Of Unlimited Coinage

WASHINGTON COURTHOUSE, o., July g.
Senator John Sherman. Ohio's senior Sens-
tor. in letter dated Mansfield, O.. July Z,
says regarding the free coinage of silver:
81 can appreciate the earnest demand of
the producers of silver bullion that the
United States should pay S1.20 an ounce for
silver bullion, which in the markets of the
world has been for series of years worth
only about Il an ounce. sometimes q little
more, sometimes a little less. But cannot
appreciate why any farmer OF other pro-
ducer should desire that the government
should pay Tor any article more than its
market value. Ii would be much better
that the government should pay 81 bustel
for wheat when it is worth lees. but no
sensible farmer would desire the govern
ment to embark In sucb an enterprise. The
government should purchase the articles
IL needs. like all other purchasers. at the
market price. The distinction sought TO be
made In favor of silver Is without founda-
tion. The government now buys In tho
open market more than the entire domestic
production of silver bullion because is
needs 1t for coinage, and as the basis for
treasury notes | gladly contributed my
full share to this measure and would do
anything In my power TO advance the mar
ket value of silver TO its 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 alone would
only demonstrate our weakness To the
extent that the enormous demand made by
the existing law advances the price of sill
Yer, the producers derive the benefit, and
to-day the production of silver IL probably
the most profitable in the United States.
10 ask more seems to me unreasonable and
If yielded TO will bring all our money to
the single silver standard alone, demone-
tie gold and detach the Unitedk States
from the standing of the great commercial
nations of the world.
THE unreasonable demand for the'free
p.sv Euxlx h. A.. u n.
reasonable demand for the increase of the
volume of money required by the increase
of business and population of the United
States. We have provided by existing law
Tor the increase OF money to an amount
greater than the increase of business and
population but even if mole money 10 re-
Quired, there are many ways of providing
1t without cheapening the purchasing g
power OF our money or making g
money in circulation based on silver and
gold. More shan 92 per cent. of all pay
ments are now made ia checks drafts and
other commercial devices. All kinds of
circulating notes are now equal TO each
other and are kept at the gold standard by
REDEMPTION and exchange. Our money and
our credit 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 al
most wild lunacy for us TO disturb this
happy condition by changing the stand ard
of all contracts, inducing special contracts
payable in gold and again paying gold to
the capitalist, and silver. at an exaggerated
price. TO the farmer. laborer and pensioner.
/ would not he true TO my convictions Of
what is best for the good of my constituents
if Cid not frankly and firmly stand by
my convictions, whatever may be the effect
upon me personally. My greatest obliga-
tions have been to the farmers of Ohio. and
i would be unworthy 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 productions and the comfort aud pros
perity of all classes alike.
John SHERMAN