The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1892-06-01
DOUBT THAT MEANS Ruin.
Impair Faith in Our Monetary System
and Disaster Follows.
SENATOR SHERMAN POINTS OUT
FREE COINAGE EVILS.

Only Two Dozen Senators Present to Hear
Him-David b. Hill Ventures Into the
Chamber-Nr. Sherman's Passing Al
lusion to the Good Work of the National
Banking System-Other Washington
News-The Silver Conference.
WASHINGTON, May 31.-The Senate to-
day resumed debate on the silver ques-
ton by taking up the bill to provide for
the free coinage of gold and silver. About
dozen Senators were present on each
side of the chamber, including Mr.. Hill
on the Democratic side. Mr.. Sherman
prefaced his speech on the bill by saying
that he did not regard it as partisan
measure or a political measure on which
parties were likely to divide. No ques-
ton was to be compared with it in the
Importance of its effects on the business
interests of the country. He, represent
ing state nearly central, had tested the
sense of the people of Ohio and they, he
believed, were by large majority not
only in the Republican but in the Dem
ocratic party, opposed to the free coinage
of silver. They believed it would de-
grade the body of the currency, reduce
its purchasing power one-third, destroy
the bi-metallic system and reduce the
country to single monetary Standard
silver dollar measured at the rate of 371
grains to the dollar
Mr.. Sherman defended the financial ac-
ton of the Republican party and his own
part in it. In passing allusion to the
national banking system, he said that
these banks would soon pass away, not
because they were not
The Best Banks in the World,
but because the United States bonds on
which they rested would be paid off. No
man had ever lost a dollar by the failure
of national bank, or it's notes. Deposi-
tors had lost something, here and there,
but very little. The system, therefore
had fully justified itself. The total
amount Of silver dollars coined from the
foundation of the government to 1873
was little over 100000. At that time
the silver dollar was obsolete, dead and
buried. No one wanted it. 1t was,
therefore, unfair and unmanly to araign.
the gentlemen who had charge of the bill.
which demonetized silver. 1t it had
been known that silver was going to fall
as rapidly as it did, he would have kept
the silver dollar and put
it on the same footing as
fractional silver. The suspension of
silver coinage by the Latin Union had
given another blow to silver, and the in
creased production of silver had given it
still another. 1t was not true that he
was unfriendly to silver.
We are required" said Mr.. Sherman,
to pass law that any holder of silver
bullion may have it minted into silver
dollars at the rate of 16 of silver to one
of gold. The trouble is that one ounce
OF gold will buy today in any market in
the world % ounces of silver. 1t would
advance the pound sterling from the
present rate of $4.S6 to something like
81, and the 100-franc piece to $50.
All This Disturbance
is to be caused to give market to the
domestic product. A fund of nearly
four thousand million ounces of silver is
now in sight; and the production of sill
yer is increasing enormously. The free
coinage of silver will either bring the
whole mass of silver in the world up to
the gold standard at 16 to 1, or gold will
be demonetized. The assets of the gov
ernment amount to $127, 1871, 1S1 all told.
Of that amount one hundred millions are
gold, specially set aside for a specific
purpose. Does any man believe that on
that basis of $127, 100000 we could main
tain the parity between silver and gold,
taking in view all the silver of the
world. Create doubt, raise suspicion
that we cannot maintain our
present system, and you will bring ruin
and disaster upon us. This very threat
of the free coinage of silver is in my
Judgment doing more than anything else
to disturb the business of the country.
The idea that we could maintain the par
ity between gold and silver on this fund
of $127, 1000, 900 is the widest dream of
the Imagination. 1t is utterly impossi-
BILE to do SO. Should we sell bonds for
gold? The very attempt to do SO would
probably impair our credit. Should we
sell the silver that we have on
hand? To attempt to sell it on a
falling market would be only adding
misery to ruin.''
At this stage Of his speech Mr.. Sher-
man yielded to a motion to adjourn, and
the Senate adjourned until tomorrow.