Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1891-01-19
Senator Sherman on Free Coin
age.

[
13, and long list of speakers was
placed on the eVice-President's desk.
Before the discussion, however, Sen
ator Morgan gave notice for Senator
Colquitt that the latter would offer
an amendment to the bill abollshing
the tax on State banks. The list of
speakers on the bill was as follows:
Sherman, Aldrich, Allison, Ingalls,,
Gibson, Spooner, Mcconnell and
Hiscock.
1t would be perceived that the
amendment was a proposition that
the United States should pay S1.29
cents for every ounce of silver bull
lion that might be offered from any
part of the world. The United States
was not at liberty to pay for that bull
lion in silver coin, or silver dollars,
of which it had $500, O,O0c,0 in the
Treasury but the option was entire
" with the holder of the bullion to
demand coin or bars or Treasury
notes.
There was no option left to the
Treasurer. The price was fixed and
the holder of the bullion would take
the most valuable mode of payment,
which, probably, was Treasury notes.
These notes were promises to pay
msney and were legal tender for all
debts, public and private. They
were made the highest standard of
value.
In some respects they were better
than United States notes and bet
ter than silver certificates. So that
not only was the United States bound
to purchase all the bullion offered at
81 20 per ounce, but it had no op-
tion as to the mode Of payment.
The option was in the hands of the
owner.
Mr.. Stewart inquired whether the
same law did not apply in regard to
gold.
Mr.. Sherman replied that it did
not. This proposed measure was
much broader, as he would presently
show. This gave preference to
silver over gold.
Not only this, but (whether in
tended or not) this amendment was
offered in such a way that it was not
open to further amendment. The
price was fixed at $1.29. To-day the
value of silver in the markets of the
world was something about S1.O5 an
ounce. There was an offer to pay
"a cents an ounce more than the mar
ket price.
There was another feature of this
proposition, which was that the sill
yer was to be formed into coin or
bars, at the option Of the owner,
without charge. There could be no
deduction made in the mint for the
expense of fitting the silver for coin
age. 1t was true that under the law
gold was coined without charge.
But there was a charge for parting
and preparing and stiffening the met
al-adding the proper alloy. The de-
positor of gold was liable to a deduc-
ton for these charges. But under
this measure the owner of silver bull
lion was subject to no charge what
ever.
The bullion was deposited and
coined or made into bars without
charge. No matter in what form the
silver was presented it had to be
worked over. Pure silver deposited
was sometimes more difficult than
that containing alloy, because the al
10y must be added to it.
At the minimum according to the
director of the mint) the cost of re-
fining and coming silver was two
cents an ounce. These two cents
were paid by the United States to
put into shape the bullion deposited,
for which it paid $1.29 and ounce
He had said the other day that this
proposition would tend to change the
standard of value of all property in
the United States and that in time it
would demonetize gold.
Thereupon the Senator from Mis-
souri, Mr.. Vest) had made the re-
mark that in the free coinage of sill
yer would tend to change the nature
of contracts, he would refuse to go
further in that direction. He (Mr.
Sherman) said now, in all sincerity,
that if he believed that the free coin
age of silver wonld enable us to
maintain the value of silver bullion
up to that of gold, he would vote for
free coinage to-day. But if it were
aQm1GCeQ Jlat silver COulu uOG feaCQ
gold except by the government pay
ing bounty to the propucers of do
mestic silver, he did not think there
was any danger of this measure pas
sing.-MaI &c EGpreos.
The Rev. VIM. Stout, Wharton, Ont, states: AT
ter being Intellectually treated by seventeen differ
ent doctors for scrofula and blood disease was
cured by Burdock Blood Bitters, Write him for
proof.
Some of the state papers have been
anxious to know the cost of the Aus
tralian ballot system at its first trial
in st. Johnsbury. OF course the first
expense was more than it will be
again, but it is safe to say that the
change did not cost over S25. This
includes the building of the booths
and the printing of the ballots. Here
after the only expense of the system
will he the DrintinU of hOllOtS which