New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-06-02
SENATOR SHERMAN CLOSES.
PRACTICAL INTEREST IN THE SILVER De
BATE AT AN END.
NO VOTE TO BE TAKEN TILL AFrrR THE CON
VENTIONS-MR. SHERMAN ADVOCATES
\ CHANGED RATIO.
rBY TELEGRAPH TO TIE TKIBrNE.I

tBY TELEGRAPH TO THE TKIBrNE.l
Washington, June 1.-ScnaOT sherman cOseu MS
speech on the Stewart Frce-COinagc bill soon aiter d
o'clock this afternoon and with the applause wIhcn
greeted him o. he sat down all practical interest I'D
the pending silver debate vanished Mr.. Ahnch' WHO
eways gusges the feeling Gf the senate Win "'o'i"s
nicely asked ut for unanimous consent 'ns' "o
Stewart ill be held mp for the next two weeks ana
IL agreed that no vote OF any knd snou'a w AN
Oh tho bill or amendments until after June H. Inns
satisfied all the senators who expect to 60 TO the
Ninneapois Convention, and those on The DemOcra'c
side who have been or expect to be elected ueesa'cs
to Chicago intcrposed serious objection. intending
IN their turn to ask another postponement ron juno
ID to July /.
This purpose was made plain by remark Of
Senator Mcpherson, who is delegae-atlarge from
New-Jersey TO the Democratic Convention. II met
with some antagonlsrn, however, from Mr. Morgan
who wishes TO commit The minority In the senate 10
the Of free coinage before the Democratic oee
gates assemble at Chicago 10 make platform ana u
nomination. Mr. Morgan said he should oppose fur'her
postponement, but he will undoubtedly be obliged TO
yield when the tine comes TO the wishes OF the great
majority of his colleagues.
The conclusion Of Mr.. Sherman's speech to-day
was as vigorous and effective as IT'S earlier passages
and his final summing up against the stewart Dill
was a piece OF fierce and powerful denuncaton
While In tho main critical Mr.. sherman developed
toward the end something OF positive programme
suggestion that the ratio between the two metals be
changed more or less radically to meet the altered
relations of value, and that gold and silver be then
used on equal terms as the basis for an increased
volume OF currency cOndenses into brief and intel
ligible form the theory now generally held in Con-
gress by the friends Of sound money.
highly Interesting reference in Mr.. Shcrman's
speech was that which lntimated that Senator jones
Of Nevada is to be ore the commissioners from this
country to the International Conference. Mr.. Jones
has for years the real leader OF the silver move
ment ip Congress- and Is undoubtedly the ablest and
most convincing OF oil the advocates OF free coinage
No better representative OF the extreme silver element
could possibly have been selected for membership on
the commission sent to the conference by the United
States
Mr.. Sherman In continuing his argument OF ,cster
day against the Free Silver bill requested in the first
place that he should be allowed to proceed without
interruption.
Referring TO the coinage Of the nations of South
America he said that their silver coins were not meas
urcd according to their names, but according to the
intrinsic value Of the silver contained In them and
unt TINT element Of uncertainty had been one OF
the means Of bringing oil Of those nations to prac
tcally financial paralysis.
He proceeded to fortify his position BY quotations
Prom financial periodicals describing the consequences
Of the fall In silver IN India.
Mr. Jones, OF Nevada asked him whether ne had
heard OF any rise OF prices In India CONSEQUENT on
that fall In silver.
Mr.. Sherman said that he was talking on a totally
different question. He YVES dealing with the actual
condition Of the laborng people in India The teem-
ing population Of that country had been dealing In
silver centuries and yet they were threatened by
the evil which threatened the United States and
would have to resort to the god standard Referring
to the effect of the free coinage OF silver on the value
Of pensions he quoted from Mr. Harters speech IN the
House of Representatives, on That subject, and COM
mended 1t to his Democratic friends. The amount OF
deposits in the savings banks Of the country he stated
at 81 1923 900 600, and he asked what would be the
effect Of the free coinage Of silver on that vast amount
of money. 1t would take away onethird, or Sooo'-
700, from its vaue. If the dePostors should
attempt TO draw out their money in gold or on the
basis Of gold it would preclpate panic and bankrupt
the country These the laboring classes, tho PEN
sioners and the savings bank depository were the PEG
DIE who would lie injured. God only knew Qle die
not know who would be benefited by it.
He called attention to some Of the political plat
FORMS which, he said "dodgcd the issue,' or tried to
hide the cat, Ono OF these that recently
adopted in the Democratic Convention OF California.
II denounced the action Of the Republican party
against silver II the convention, he said, meant by
that the act Of 1879, 1t was the people OF California
and the Legislature of California that induced that
action. There no Republican dose in II ut all
because It was voted for by every Senator ard Repre-
sentative from the Pacific Coast. The platform o.
the Democratic Convention OF California had also de
clared in favor Of keeping in Constant circulation
full and sufficient body Of money, consisting OF gold
silver and legal tender paper currency, ut par VIII
each other He (Mr. Shcrmanl subscribed to that
He was in favor Of the use OF gold and silver AM
paper money to be maintained at par with each Other
That what he meant by bimetalnsm. lie mean
the different forms Of money, Of different temporar
values but combined by law in such way as to max
them circulate as equal with each other. But tina
was not what FREQ coinage Of silver meant. IL tn
Democrats Of California would stand on their plat
form, they would be sound on the dollar; aad not Il
favor of the free coinage Of silver.
He held that there SHOULD he change In tn
financial law OF tho country First Of sl they ougii
to do what their ancestors had done, and what ever
nation had done-estabish O ratio between silve
and gold not to make them exactly equal. becaus
that WAS impossible. Tho GIBBS and tides and flow
would chenge the ratio; but the ratio ought TO b
such as would be most likely to be maintained. II l
were established at the present price OF silver 1
would DO % to I.
Mr.. Morgan asked Mr. Sherman whether nc Pro
posed that rate
Mr. sherman brushed aside the question as un
worthy Of reply, and said that there was nothin
sacred in a ratio. 1t had been frequently changed
He went Oh to speak approvingly OF the President
efforts To bring about international bimetac con
ference. He was glad that tho Senator from Nevad
Mr. jones' TO be a delegate to that conference
representing the United States. He hoped that tn
conference would have successful result, and tina
II would lessen the evils now pressing on the inancia
condition Of all the nations Of the world. But thi
was no time, no said, for considering the Pendin
measure. In the midst OF Presidential canvass
when men scheDng and looking for places, ther
never had been. and never could be- wise and usefu
legislation. The defeat Of Mr.. Cleveland, he had n
doubt, was In q large measure due to the fact tina
he felt called upon to take his position on the tar
question.
slight murmur Of applause was heard In the ga
lenes as Mr.. Sherman took his seat. having spoke
Just one hour
Mr.. AIdrich suggested, In view OF the fact ths
many Senator'S would be absent from Washington fc
some time 10 come, that by unanimous consent III
debate the silver bin might continue but that n
vote upon the bill amendment should be take