The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-06-25
SEATTLE. SATURDAY.. JUNE 20.
THE SILVER sPooK LAID.

FAVOR the reputation OF Tree SILVER CofH-
age. The Republican party proposes to
continue its present policy Of putting sill
yer into use until such time as it threatens
to cease to be Of the same value in circula-
ton as gold, meanwhile endeavoring to
secure such international action as will in
sure parity of value between gold and
silver for use as money throughout the
world. United States Senator Teller, of
Colorado, tried to have the silver plank
framed so as to commit the party to hay
ing the ratio between gold and silver fixed
by the legislative department of the gov
eminent, thereby excluding the president
from any share in the matter by his veto
and compelling Mr.. Harrison to accept
this platform or refuse the nomination.
The sound money men had the words
Legislative department" changed to ''leg-
islation," which embraces both congress
and the executive, and President Harrison
has already pledged himself, by his AL
bany speech of 1891, to veto free silver
coinage.
The Democratic currency plank dis
tinctiy repudiates free silver coinage, and
the manifesto of the Colorado Demo-
Gratis declares frankly that between
Cleveland and Harrison there can be no
choice between free silver men," Cleve-
land and Harrison are both pledged by
their utterances to veto 'free silver" The
Democratic platform denounces the So
called SHERMAN act of 1890 as a cowardly
makeshift, fraught with possibilities OF
danger in the future which should make
all its supporters, as well as its author,
anxious for speedy repeal" The truth is
that the Democratic party in the Senate,
not the Republican party. was responsible
for that act of 1890. The Democratic party
in the United States Senate was in 1890, as
it is today, favorable to free silver law
by large majority. When the Senate re-
Gently voted to consider the Stewart free
coinage bill sixteen Democratic senators
voted for the bill and but three against
it. There are not five out of
the thirty-eight Democratic senators
who will vote against free silver.
Out of forty-scven Republicans there are
not over fifteen who viii vote in its favor.
cratic senator's favor free coinage; atwo-
thirds majority of the Republicans senat-
ors oppose 1t.
This was substantially the situation in
the Senate in July, 1890. The Democrats,
with the few free silver Republicans,
had already shown their power to pass a
free silver bill, and Senator Sherman at
the time declared that he voted with great
reluctance for the present silver law. the
act of July IA. 1890; that he only accepted
it as a compromise, hoping that it would
cause silver to advance to parity with
gold. as Senator Jones predicted that it
would. 1t had not had that effect. On
the contrary, silver had gone lower, as
compared with gold, than it had been for
ages Senator Sherman wanted to provide
in the law of 1890 for power to sell our
enormous stock of SiO00l0.000 of silver.
with only Sc, 600, 600 or 81. 900. 600 in circu-
lation, but the free silver men would not
agree. and the act of 1890 was accepted by
Sherman rs breakwater against the
threatened enactment of free silver COIN
age. Sherman was only sparring for
wind, knowing that free silver coinage
meant disaster. This compromise was not
of his own creation; it was forced upon
him by the Democratic free silver major
ity and the Republican free silver senators
as the only alternative to the enactment
of free silver
1t is grossly unfair, therefore. for the
Democratic platform TO denounce Sher-
man and the Republican party for a forced
solution of a situation that WAS created by
the Democratic party in congress. and
Sherman fairly says that there was
behind every dollar of treasury notes
issued under the act of July. 1880.
dollars worth Of silver, meas
ured by the gold standard, so that
the government of the United States
could not lose very largely in the purchase
Of silver under that law" Senator Sher-
man. before the Republican national con-
ventiou began its deliberations, in the
greatest speech of his life, declared that
the operation of the act Of July II. 1890
was disappointment in failing 10 arrest
the decrease OF silver. and demanded the
suspension Of silver purchases under u II
the decline continued. Sherman not only
proposed the repeal of the act OF 1890 as far
as il requires silver purchases, but rs the
ratio of Is to IS gone forever he urges that
The coming international conference
plant itself on ratio of % 10 /, and seek
by united international action 70 main
tain silver and gold st this ratio.
This position of Senator sherman. taken
on the eve Of the Republican national
convention. undoubtedly influenced the
Language OF its platform demanding the
use Of both gold and silver As standard
money with such restrictions and under
such provisions 10 be determined ~ legs
lstion. as will secure the maintenance of
the paritv Of values Of the two metals, 50
that the purchasing and deht-paylns
mower OF the dollar. whether of silver.
gold or paper. shall re at all times equal. "
Senator Sherman i'll this great speech
correctly OWNED the action # both ma
tional conventions when he declared that