Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-06-01
SENATOR sHERMAN's SPEECH.
He Tells What Would he the Results Of 9
Free Coinage of Silver.

Free Coinage of Silver.
Senator Sherman did not succeed YESTERDAY
in converting any Of the free coinage Senators,
but he secured their closest attention and oc-
casionally struck with such force as to bring
forth queried circumstances from some of the
more radical western men. Interest in his
speech increased as he proceeded and for more
than two hours every Senator who was at the
Capitol occupied a seat in the chamber.
But for the many Interruptions the Senator
would have concluded his remarks yesterday.
He viii probably close this afternoon.
DROPPING THE SILVER DOLLAR.
Discussing the dropping Of the silver dollar
from the coinage in 1873 and the substitution Of
the trade dollar for it, Senator Sherman said
that it WIGS done on the representations and Pc
ttion of the legislature of CaIifornia-the peo-
pie Of that and the other silver mining states
wanting TO transport their silver to China. The
total amount OF silver dollars coined from the
foundation Of the government up 20 1873 had
been only little over eight million dollars and
at that time the silver dollar was obsolete. dead
and buried. No one wanted it. 1t was there
fore unfair and unmanly to arraign the gentle
men who had charge of the bill which had de-
monc.ized silver. Tho only trouble about that
law was that Senators were not as wise as the
Almighty and could no. see ahead. II it had
been known that silver WAS going to fall as rap
idly us 1t did he would have kept the silver
dollar and put it on the same footing as the
fractional silver. Tho suspension of silver
coinage by the Latin union had given another
blow TO silver. and the increased production of
silver had given it another blow 1t was not
true that he was unfriendly to silyer.
Mr.. Teller asked him whether he had sup
ported the Bland-Allison bill.
NO BLASD-ALLIsoN BILL
Mr.. Sherman-There is no Bland-Allison bill
They took the BLAND ont of it and left only
the "Allison." [Laughter.l
cannot permit tho Senator to give a bad
name TO good measure. What is the question
before us? 1t is the free coinage of silver. We
are required TO pass law that any holder of
silver bullion may have it minted into silver
dollars at the rate OF sixteen of silver to one Of
gold. But the trouble is that one ounce OF gold
Is worth more than sixteen ounces of silver
An ounce Of gold win buy today in any market
In the world twenty-three ounces of silver.
That is the position in which this question is
presented. 1t is wrong in principle, wrong in
detail, wrong in every as.pect-a fraud
debtor and decentralization of gold.
1t would advance the pound sterling
from Its present rate of S4s6 to 81, and the
twenty-franc piece to $50. And all this dis
turbance is to be caused-for what? TO give
a market to a domestic product. And what is
the amount Of the silver fund to be drawn
from? A fund of nearly ,OOO, O00, 900 ounces is
now in sight, and it is well known that the pro-
duction OF silver is increasing enormously.
RESULT OF FREE COINAGE.
The free coinage of silver, therefore, will re-
suit in one of two things-either it will bring
the whole mass Of silver in the world up to the
gold standard at 16 to /, or gold will be de-
monetized. Is there any doubt about it? Can
there be any halfway measure in il? L. there any
way by which this inevitable logic of results
can be prevented? Is there Senator here who
believes that the value put ON silver in all the
countries OF the world can be changed by our
action and our offer to buy that silver? We
might buy it and pay our notes for it, but at the
end the government debt would be greater than
1t was at the end of the war.
hold in my hand paper showing the assets
and liabilities of the government. The assets
amount to S127, 737 ,1S1 all told, and of that
amount one hundred millions are in gold,
specially set aside for a specific purpose Does
any man believe that on that basis of S127,-
600 900 We could maintain the parity between
silver and gold-taking in view all the silver of
the world.
If SO, how idle that dream. Create doubt.
raise suspicion that we cannot maintain our
present system and you will bring ruin and dis
aster 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 main
tain the parity between gold and silver on this
fund of Si27 900 900 is the widest dream OF the
imagination. 1t is utterly impossible to do SO.
How should We meet the task? 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? We have
400 600 600 of silver in the treasury and to at
tempt to sell on a falling market would be only
adding misery to ruin.