New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-06-01
MIR. SHERMAN ON SILVER.
A VIGOROUS AND COMPREHENSIVE DISCUS
SION OF THE STEWART BILL.
FULL ATTENDANCE OF SENATOR'S LISTEN AT.
TtNTvELY TO HIS EXHAUSTIVE REVIEW
OF THE sITUATION-THE SPEECH
To BE FINI.HED TO-DAY.
To BE FINI:HED TO-DAY.
lBY TELEGRAPH TO TIE TRIBUNE. ]

part Of the friends of silver 90 influence the pntorn
committees Of the approaching National Conventions
the Senate looked al O'Clock today. when Mr.. Shcr
man took the 1ooi speah. us II seldom does except
| az the climax OF some exciting political struggle
At no time since the opening Of this session Of Con
gress have many Senators been present I'm their
seats. and If vote the stewart bill had BEEN by
some unucly chance. actually demarded and taken,
the usual scant quorum OF fOrtyhve TO fifty members
would have been swollen almost TO the full strength
OF the Senate
No vote was even dlstantly expected however, or
many Of the Senatorial trimmers" both sides
would have found the excessive heat good excuse t.
be absent from the Capitol. Secure in the assurance
That no embarrassing issues would be raised, Senators
ll and German and the rest Of the uneasy d" strad-
derS' ventured To remain in the Chamber and listen
] WIN some show OF attention and Interest TO the
| ioFlble and vigorous review Of financial legislation
Sihce the war given by the statesman who. much
It's any other. has put that legislation into operation.
Mr.. sherman's speech to-day. Ike all his speeches
on hnahcal topics, a model Of vig)r. force and
comprehension, showing to the best advantage til,
easy and intelligent mastery of the pcrplcNins prob
lens II nnance for which the Ohio senator stand,
Pieehnnent In Congress. II was this acknowledged
lcad0.hip In monetary matters that brought so
usual number Of senators 10 their seats and Iled
'ns galleries of the chamber In spite Of the extreme
ana sitting heat.
moor OF 'ong the auditors up under the glariug sky
neh's' salarr sherman from the start was full Of
aHii'lo" una arnestneSs and he talked clearly.
pUh'eu! ana Overwhelmingly as 10 command the I'M
uiNlucu "''ehuVh Vi his listeners Much that Is
ana Is "pphcaoe WIZ especial point to the financial
cohdiuohs oi 'oudy VII BE- found in Mr. >hcrman's
exhaustive review of The ,ration created by the cx.
travagant demands cmboi.l in III. stewart bul
| tut no summary can now n iu,tlce. e-pccIaly a,
Tia speech Was left unfnisno when the senate adj
Io'rned, and VIII have To bt cOIpled at tomcrruws
| session.
Is Sans likely that the stevar, bill Will be KEN
| before tie senate for few da.s ,,rrcr MN ,h
| eNotus 70 Minneapolis really begin a. r.ucr + ,
| dceelte 10 the Minneapolis COnvon!,n n, -, ar
many other senators vitality inrr"tt'n in !, .u,..-
question and nothing IS likely to be attempted ,,tuo
| they are away.
Mr. sherman prefaccd his speech by saying H..
be did not regard the silver bill a. part. AR
measure. US a political measure. on which parties
were likely 10 divide. 1t wrs largely Il local -urc.
| There question to be COMPARED with It IN the
Importance Of Its effects IN, busincss Interest,
OF the country. Eve STATES were largely Interested
in the production Of SILVER and we're ably and zcal,u y
represented in the senate. The south seemed also 10
have caught something of the spirit that ncuatcl The
| mining states because H. desired, not exactly free
coinage Of silver. but cXpan~is Of the ,licy.
| cheaper money. broader credit II was al-p rrp-c.
cnl'd largely IN the senate In favor 81 the free cO M
| ~ silver. And 50 In other parts of the country.
IIc-rcpresentng a State nearly central In population
had tested Gre Of the people Of OHIO and they
(hc believed were 10y large majority. not ONLY iu
The Republican party, Int In the Democratic party.
opposed to the free coinage Of silver. They believed
that IL would degrade the Dt 81 the currency reduce.
rs purchasing power orcthr destroy the bl-nci u DC
system Of the country and reduce the country to'he
single monetary standard OF slveH, melsnNd az the
rate OF 81 grains to the dolinr.
nm IN def Ia. III ~. -
publican party and his past In It Starting witt, the
close OF Buchanans Administrator. he quot Il from
letter written to himself chairman 81 The Commit
On Ways and Mean, In the House by Mr. Dix. >rcec.
tary Of Tie Treasury. showing that tho 90 iutry wa.
threatened then with an absolute financial COLLAPSE;
aud he described the measure, taken (, p;ovic'
TO carry the war. including the Of grccubc.>
which wild vl,iouaiic,7 now wanted to r.,o-t t.
again.
IN passing allison 20 the National banking system.
Mr.. sherman said That these lsnk, woull ,,an pa.
awaynot because ley were not the best hanh, u the
woih but because the United states bonds 90 which
they rested would b. paid 90. 40 man had ever lo.
shc.c dollar By tn failure u Natl nal bank IT,
notes. Depo-itors had lost something. h ~ and there
but vcy little. The system, Therefore, hal fIlly
justiGeGnscn
COMM to the dropping Of the siv r dollar from
tho colna- Of 1873 ard the substitution f the trade
dollar Tor he said flat II was done The repr'
sensations nd petition of the Lr-; la;Irc o. cal
iioraia th' eople OF that AMI Other s'iv'r mining
states WANT TO transport their sv,r = China
! Tie to'a! aM'ut Of silver dollars coined from ue
| ioupdaii"n oil l, Government up to Isl: nal ben
only Little oV' 5000 ODO and at That time tie
| silver tOllT WAS solcr dead ana buried. 80 oac
| wanted H. II " therefore unfair and unmany
| to arraicn ne sehlnrn who had charge Z the blll
| which had ieIhoh''rd silver. The only trouble
about thai u" was Tie several senators were moi ~
wise the Almighty nd coull 10 tsee ahead. II
it had been mo"h 'h' silver going To I'm ~,
| rapidly as IL uid u" ,uld have kept the silver
dollar aud put Oh the $40 footing rs the fact oral
| oliver. The suspension silver coinage by the
Latin Union had given anot Inv 70 silver: and the
Increased production OF SIlV had given II anotk.
blow. 1t was MT true tha',e was unfrlcndly TO
silver.
Mr.. Teller asked him whether had supported the
nland- Allison lii. Mr. S'ermao answered:
,rho,, X no PIa,d Allison bil. rhov ,,o, ,bo
aplmndr out NJ IT and left Oh the Alison
uauehter) canno permit the Sci or to give a bal
name /, good measure
What Is the question Ieforc us' 1t the free coin
co nj silver. We AZ required t. y. = lnw That
any holder OF silver bullion may h;. # minted
nto silver dollars al Tho rate Of sixteen Oliver to
If gold l;ut tie trouile is that one 0'ce OF gid
* worth more than si.tccn ounces Of lycr. an
ouncc Of gold will buy bday IN any MALT in he |
world twenty-thrcc oUnce OF silver Tn Is tc |
,csl;lon In which this question Is prcSentc 1t |
wrong in principle, wrong In detail wrong | ever |
ospect-a fraud on the creditor a deception 0 III
dchtor and a decentralization Of god. IL wour by
voncc the pound sterling rom lia present rae 4"
q, an IN something like 81 am the 100 franc piece c
$50.
And nh this disturbance is o be caused for what
tn dyc n market 10 a domestic product. Ana what l.
| the amount Of silver fund to be drawn from
f,nd Of nearly 400O,O0O,000 ounces IS now In sight
| and # is well known tina; The production Of sive
| T., increasing enormously. Tie hcc coinage oi silver
therefore. will result in one Of two things. E'hc
IT will bring the whole nass OF silver IL INC wo'"
-, to the rolA standard, ut 10 IN /. 81 gJll VII D
Srimonctizci. Is there doubt asJnt Il can ihcl'
he any half way measure. is TIER" any Hay D.!
| ,rbirh This Inevitable logic OF RENTS can bc pa
| vented l. there senator who believes th'l i'
value put on silver IN all the countrles o. Tue "1.