Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1892-06-01
ANTI-SILVER TALK.
Senator Sherman Discusses
Finances at Length.
NEITHER PARTISAN NOR POLITICAL,

NIL LIN An 11OhN Nun L Oh1 llOhb'
Yet n Question of Vast Importance to
the Business Interests of the Country
The History of the Act of 1873 Recited
why Dads Dollar" was "Demone-
tized"-Origin of the Coin-Mainten-
ance of Parity Between Silver and Gold
+ OBSERVATION-DISCLOSURES Answered.
a WASHINGTON, June 1.-The silver debate
Tas contributed to at length in the senate
& esterday by Sherman. In accordance
it'll his notice of last week he arose as
ne clock pointed to Q p. m, and pro-
! eded to tell what he knew about silver,
nd especially to recount the facts of the
usage ofthe famous characterization" act
1873. Preliminary to this par; of the
bject he said that free coinage bill was
Z partisan or political measure-one on
Aich parties are likely to divide. Said
ut is largely in my opinion local
sasure-not exactly in the same sense
h General Hancock said the tariff was
ct it is largely a local question, and at
same time one of vast importance"
M The Cry of Hard Times False.
here was no question before the senate
quail Importance to the business inter
of the country. Free coinage was not
ssary to avert hard times. There was
ard times in the United States at pres
The south was somewhat worried
B a cotton crop that was so great that
IS impossible to consume il promptly.
rtheless he believed that the south
a with its vast mineral resources
d eventually be the most prosperous
Of America and no state, except per
Montana, gave such promise of pros
as Alabama-the state of the sena-
lorgan) who raised the wall of hard
Sherman entered upon an elabo-
ri review Of the financial credit
the United States commenc-
with the period Immediately
ing the war. He finally came to
lsideration of the coinage act Of 1873.
a The Coinage Act of 1878.
history of that bill, he said, was as
n: Secretary Boutwell, informed US
finance committee that codifica-
the coinage laws was absolutely
lry; that they were scattered all
ne Statute books, and he sent us a
II way AANS. ~ y g. ~ AttA ~ bAlA
Unpleasant bill to handle was
an of the committee on finance Of
ute. / took no interest in the bill,
boxed into it and reported it. 1t
-ied against the vote of myself and
Ill the members of the committee
lce, including Mr.. Morrill,, the
chairman. In that bill the dollar
pped from coinage and in place OF
4 .tfiIkt substituted a dollar "a Hold
ellar,' upon the petition of the leg
of California, to facilitate their
lde.'
tory of the Daddy, Dollar.
t of Nevada wanted proof of the
ment and Sherman told him he
d would give it later. He ther
M ]: snow let's see what was this
~ the daddies' upon which sc
rs lection is wasted. We all know
y of that dollar and that Jeffer
gt,, Hamilton, the secretary of STATE
Y etary of the treasury, were en-
lN to establish bimetallic sys
r II rider to do that they endeavored
it two metals on parity with
MAC ir at their market ratio in thu
the world. They took the two
measured them and came to thu
that fifteen to one was the
10. 1t turned out that because
silver measured was abradeC
ey rather underestimate it
u, III hat ratio stood. How many
ie coined on that ratiof hav,
i 81 III able, Sl,53O, 600, and that tn,
4. 4 LIZ stopped by Thomas Jefferson
IiE Il IA 4 If. by?
m IA Coins Didn't Circulate.
IN given by the director of thu
at all these coins being new
WI hnt in circulation in compan,
X1 4fxican coins, were disappear
8I'{ t2N therefore it was work wasted
|If'tt ears thereafter not one dolla
y although everybody had
N 81 t and them"
II What took their placer"
"The same kind we furnis
TX nal coin until 1886, the las
~ -al Jackson's administration
lie reason sl0O, 900 silver dollar
sl ,l ed and issued. Then it ceased
fls g Heed again under Van Buren,
Eh On, when $500, 900 were issued
hsaontinued, with sums varyin
t+iO0 down to O few hundre
Hy to the year 1928, and tn
M El|t which was issued, until tn
bet took place, was g, O00, 600
I'll TIE AuuC ne TPAnt