New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-06-02
SEy4TOR SHERMAN on SITTER.

Senator Shcman's powerful speech on the
silver question receives well-deserved praise
from political opponents as well as from po-
litical friends. 1t is not the speech of dcma-
poguc, has in it nothing of the shallow tenn
porizing of the cheap politician, and discusses
the whole question in spirit and manner
worthy of true statesman. Upon certain
points the speech is especially timely, for 1t
viii do much to clear away current popular
misunderstanding which affect political action
in the coming election.
1t is well that Senator Sherman has chosen,
though not for the first time, TO meet the
caumny that the demonstration of silver was
the work of the Act of 1873 or that 1t was
secret and surreptitious. The statements Of
the Senator in regard to the motives which
caused the dropping of the silver dollar from
the coinage in 1873 and the substitution OF the
trade dollar for it, deserve serious attention.
lie states with truth that at that time " tho
silver dollar was obsolete, dead and buried no
one wanted it," 1t actually was sent abroad
for sale as silver bullion, but was nowhere i'll
general use in this country, for nobody could
afford TO use it, because it was worth more as
bullion to be sold in foreign markets than as
coin to be used in the United States.
Perhaps Mr. Sherman does not at this point
place quite stress enough on the universal use
of paper currency while gold was at premium
In most of the country no coin whatever was
used, except in banks and by others interested
in international trade. There was every rea-
son for such persons to send silver to Europe
at a profit, but no reason whatever why they
should keep it home at loss. The continu-
az, In
tit to the Government. But it was represented
by the silver-producing States that the COIN
age of a trade dollar would command better
and much larger market for silver i'll China and
other Eastern countries, and would thus cx-
pand the demand for product of American
mines The Senator states that the petition Of
the Legislature of California, and the expressed
desire of the people of that and other silver
mining States, led to the substitution. Within
the country the old dollar had no use and
there was no demand for it. II was only used
in export and it was believed, as the event
proved truly, that the trade dollar would be
much more readily exported. The Senator is
right in saying that the provisions of the bill
of 1878 were perfectly known to anybody who
chose to examine it. If any one did not he
and nobody else was responsible for his ignO-
rance.
Regarding the question Of silver coinage
Senator sherman speakc without hesitation or
the slightest yielding to popular clamor He
has met this issue i'll Ohio, as he says with
| justiiablc pride, and the struggle has resulted
in victory for sound money. At this time
the ounce Of gold will buy % ounces of silver,
but it Is proposed To coin the silver at the rate
of III ounces for an ounce of gold. This, the
| Senator says, "would advance the pound stcr-
| ling from its present rate Of - SO TO some
thing like 81, and the 20franc pieces to 80
francs" while 8" fund of nearly 1000, 900, 900
ounces of silver is now in sight, and ii is well
! known that the production is increasing cnor-
mously." Either this vast mass of silver in
the world must be lifted in value or else gold
must be demonctized here. The existence of
a premium on gold is its actual dcmonctiza-
ton. The Senators strong argument will have
weight with business men and other intelligent
people throughout the country. 1t will not
impress the unthinking and the prcudiced, it
/ is true, but the genuine statesman is after all
the man who dares to appeal to the common
sense and the common honesty Of the people
in behalf Of their own true interests.