Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1892-06-01
SHERMAN ON SILVER.
He Addresses the Senate at Length In
Opposition to Free Coinage.

He Addresses the Senate at Length In
Opposition to Free Coinage.
WASHINGTON, d. c., May 3l.-Mr.
Sherman's speech in the Senate in op-
position to the bill for the free coinage
Of gold and silver was the feature In the
Senate. During the time that Mr..
Sherman spoke fully seventy Senators
remained in their seats nearly all the
time, paying close attention TO the
argument. Mr.. Sherman's manner was
forcible, his voice clear and strong, and
he spoke like one who felt deeply the
importance OF carrying conviction to
his hearers. Although he was inter-
rupted on several occasions, he did not
allow himself to be diverted from the
course which he had marked out for
himself.
Mr.. Sherman prefaced his speech on
the silver bill by saying that he did not
regard it as a partisan measure or as a
political measure on which parties were
likely to divide. 1t was largely a local
measure. There was no question TO be
compared with il ia the Importance OF
it's effects on the business interests OF
the country.
Five States, he said, were largely in
terested in the production OF silver and
were ably and zealously represented in
the Senate. The South seemed also TO
have caught something OF the spirit
that actuated the mining States, be-
cause it desired not exactly free coin
age of silver, but expansion OF the cur
rency, cheaper money. He represented
a State nearly central In population had
tested the sense of the people OF Ohio
and he believed were by q large majori-
ty not only in the Republican party
but in the Democratic party opposed to
the free coinage Of silver.
He went on to defend the financial
action Of the Republican party and his
own part in 1t. In passing allusion
to the national banking system MIR.
Sherman said that those banks would
soon pass away-not because they were
not the best banks in the world, but be-
cause the United States bonds on which
they rested would be paid off. No man
had ever lost single dollar on the notes
of a failed national bank. Depositors
had lost something here and there, but
very little. The system, therefore, had
fully justified itself.
Coming to the dropping OF the silver
dollar from the coinage in 1873, and the
substitution of the trade dollar for 1t, he
said that it was done on the representa-
tion and petition Of the Legislature OF
California. the people of that State 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 to 1878 had been only little over
eight million dollars, and at that time
the silver dollar was obsolete, dead and
buried. No one wanted 1t. II was,
therefore, unfair and unmanly 10 ar
raign the gentlemen who had charge OK
the bill, which had demonetized silver.
1t was no; true, be said, that he was an.
friendly 10 silver.
Mr.. sherman then went on 70 de-
nounce the bill under consideration as
wrong In principle, wrong In detail,
wrong in every aspect-a fraud on the
creditor, deception TO the debtor and
a demonetization Of gold. The very
threat OF the free coinage OF silver, he
said, was doing more than anything else
to disturb the business interests OF the
country. At this point in his speech
Mr.. Sherman yielded to motion TO ad-
journ.