The times. [volume] (Richmond, Va.) 1890-1903, 1892-06-01
SHERMAN ON SILVER.
LENGTHY SPEECH ~ THE sENArE
No Opposition TO the Stewart free Coinage
Biil--The Postoflice Appropriation
Bill I'm the House.

Biil-The Postonice Appropriation
Bill in the House.
W4sHNGToN, D. c.. May 31.-After rou-
tine business Mr.. Sherman took the floor
on the Silver bill. He said ! DO not
regard the bill for the free coinage OF
silver as partisan measure. or a political
measure. on which parties are likely TO d.
vide It's largely. in my opinion. loca'
measure. not exactly in the sense that Gen
eral Hancock said tho tariff was, yet II ls
largely local question. and at the same time
OF vast importance. and 10 question DeioI
the Senate at this session at all compares Win
/ II in the importanceof the effects on tho bus
F mess interests OF the country. fife
/ states largely interested in the production O,
+ SILVER. Very ably and zealou-ly ropresenlo''
/ on CHS moor, are united by their Qcltgat.r
! or ten senators lu favor Of tho free coinage ~.
+ silver. Tho south seems also % have FV1
| something ~ the spirit which actua'es i'o
| silver States. because they desire not eAaity
Tree coinage. but an expansion OF the c..-
! rency' chenper money nlt broader cIe..''
| They also are largely raprete1ted on th's
hoor ana support proportion IN favor p4
! free coinage $50 IN other parts or the 'oAh-
/ try those Who have N-eR thHg4- +
believe that the greatest good thal
can como TO our country is by "r
/ expansion oi tho paper cprroncY. in'2
Also believe in the free coinage az snVff d
represent State nearly central ip pcpuiaitoH'
/ have tested tle sense VI the people oI '.-v'
| and they. ] believe are. by Creat niaJ OF.
not only OF tho party 70 which DeioLe' ",--
also OF the Democratic party. opposed ~
J tue FREQ coinage OI silver. They beheFe N
/ would degrade the mouey OK our c0uniI Z.
would reduce its purchasing power ne,Ily
/ One-third. abolish the b.mctallc stahia."
/ and reduce us 20 Single monomts' ts''''t@
standard of silver, measured hy tne Yane ol
! 3fl grains 20 the dollar. In support OF 'A'''
/ demands for free coinage these vano0S ln'oi
ests -ay that under the existing order O4
{ things we have hard times.
Taking up this argument air. sherman con-
/ tr0yerted it He asserted that there was 10
country in tho world m such CONDITION OF
prosperity and general health as the JhileY
| States The cause OF the present distress "a
( the South WAS oyerprodUcton. KS .e9ss9',
/ crop was SO great 10 could not be consumed
/ bv all the artisans of tho world. Nevertheless
/ he believed that the = nth with IN vast min
| eral resources. would eventually De the Horb
prosuerous part of America aud no state. e.
cept perhaps Montana, gave such promise oi
/ prosperity as Alabama the state oi tine pen.
| ator Mr.. Morgan who raised the wall OF
/ hard tinos.
OUR FINANCIAL CREDIT.
! Mr. sherman entered upon an elaborate re-
/ view OF the financial credit OF the n.ted
/ States. commencing with the period inine-
/ diateiv preceding the war, and continued tlis
! huancia, history down through the period OF
/ the Iiu 90 strengthen the public credit dur
! inc tho first year OF Grants administration,
making the bonds which be. Dir. Sherman.
/ had always contended could previously hafo
been paid in greeubacks PAYABLE !n gold. he
/ dwelt upon the Abs rptlon of the state Uahks
+ by the National Bank act, and THIS brought
/ him 10 the consideration ~ the Coinage act
| of ls7t The history of that bill, he said, was
as follows
Secretary boutwell, informed ms of the fi-
/ nance Committee tuat the cotltcOtlon az the
/ coinage laws WAS absolutely necessary, that
! they were scattered all over the statute books
s nud he sent us bAl $50 cNdNy'the laws. Fl
| was large bill and an unpleasant bill 90 ham
die. ! was chairman ol the Committee on
+ finance of the 0euate J took mo- interest ln
| the bill. iut looked into ltaud reported t. 10
was carried against the vote OBJ myself and
nearly al tho members VI the Committee ou
Finance including Mr. Morrill, the pres
ent chairman. Ia the lil tue dollar
was dropped from coinage and in place %. lt
was substituted % dollar called tho trade
dollar upon the petition OF tAe legislature
/ OF Calf o. facilitate their China trade.
Now let me sec he continued. what was
/ the dollar of tine daddes' uDon which $50
| history of that dollar that Jefferson and
hamilton, tie secretary OF state ana SecIe-
tary Ol the Treasury, were endelYOring t9
establish "a Dlmetainc system. Ia order t9
d0 that they endeavored to put the two
metals on parity with each other 40 their
market ratio iu the markets oi tho wOfia.
They took INC two CONS ana measured
them aud came 10 the conclusion that
rlteen to one was the proper ratil.
10 turned out that because some
0I the silver measured was aaradod bT
use they rather undereatiMaieI 10. How
ever. that ratio stood. NOW. how many DO.
lar- We're coined ou that ratio ( have here
the table .l.5jJ, 1000 and then the coinage
was stOnped Uy Thomas Jefferson in ltDj.
Why. IAe reason gwen by the 0lYeetoT oi
the mint thar All these CONS being new and
being put in circulation IN company with the
Mexican COINS were Disappearing ana there
fore it was work wasted. For many yeas
thereafter not one dollar was issued. alth0ug-
anybody had q right 20 demand them.
IL is said that we. the Republicans ON the
Finance Committee, were uuireudlg 70 ,l.-
yer. TINT the COIuageactO OF 1873 passed without
one single objection from the members NON
California or anywhere else. II ls sa.9 theg
did not know about the cemoneiilatOn ot
silver Whose fault was that. AuytO Iy WHO
read the III could o. 1T. especially as there
was put iu the place OF the silver dollar the
trade dollar 10 favor our California friends 10
their trade with China Therefore ] say lt is
unfair and uumaniy to charge upon the Sena-
tor IA charge Of that bill tne sole respooslul-
ity for tho decentralization of silver
ptMoNrIzED BY DEMOCRATS
why was tie silver dollar omitted. Bee
cause it had been obsolete many years. More
than tnat 1t WAS demOnetlzot Oy me Demo
cratic administration OF 1871. with Dir. Hum
ter. of Virginia, 90 the head OF the Treasury
10y the coming o. half dollars and quarter
dollars containing eight per cent les- silver
than the dollar OF the dadd.os' Why DID
they DO that, Because by the discovery ol
gold ia California silver rose in value just as
uv the subsequent discovery of silver III
Colorado and Montana gold has risen and
silver has fallen.
Alr. Teller asked Mr. sherman # he Was in
favor of the bland-AllisOn 0ill.
Mr. SEerman There ls no Bland Allison
hiN. They took nil the 'Blan1N out OF Do
when they adopted the Allison amendment
Laughter US the galleries. The Senator
from Colorado cannot compel NE 10 give
bad name 10 good measure
Continuing. 1lr. Sherman said that the free
coinage OF silver could result in only one 0t
two tnings. 10 would either bring tho whole
mass of silver up 30 the standard oi gold. rs
the ratio OF l6 % !. or it would denlonetiZe
cold Nn- fnaro any -afflf4r tufI. laIIaKrI