Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-07-03
A COMPROMISE LAW.
Senator Sherman on the Act Bearing
His Name.
.LWAYS READY TO FAVOR IT'S REPEAL.
He Speaks Of Possible Dangerous
Legislation.
PARITY OF THE TWO METALS.

CHICAGO, ILL, July 3.-"There never has
Sherman act,' was passed that / would not
have voted for its repeal" said Senator John
Sherman at the Lexington Hotel today.
1.-The Sherman act was a compromise meas
ure, and it was passed to save the country from
q free coinage bill that had been passed by the
Senate by an overwhelming majority. The
democrats helped pass the Sherman bill,
and now they abuse it and blame it for
all the financial woes Of the nation. II the
Sherman bill had not been passed free coin
age bill would, and the result would have been
infinitely more damaging to the country"
will you outline what you think should be
done in the present crisis?
NO. / will not. prefer to have President
Cleveland and his advisers unembarrassed by
my advice. have told Mr.. Cleveland and Mr.
Carlisle that will stand with them for a sound.
safe. stable currency, and that will do. But the
present dispute over the silver question is a
democratic party issue. Mr.. Cleveland in
opposing silver is fighting three-fourths Of his
party"
..WiIl the Sherman bill be repealed?''
Probably, but before it is repealed there
are apt to be some warm expressions of opin-
ion. / would not be surprised il some OF the
democratic Congressman and Senators
s should sbsr%sn &c, to oD the rspsa of
that the administration might not favor. In
the silver states, and in many other states.
are Congressman whose constituents believe in
free coinage. What will the administration do il
a free coinage rider be put ON the repeating
act? Down south they want more money,
plenty of it. and they are not SO very particular
as to what kind of money it is. How will the
hard-money democrats like i. il the repeating
act be loaded with a free state bank currency
amendment?
These are only conjectures as to what might
happen. but they indicate how the democratic
party stands on the monetary question. The
republicans in Congress will be in the attitude,
to certain extent, Of spectators, but we will
be In favor-with few exceptions-of good
money
II think the Sherman law will be repealed hut
the danger is that Congress may go
too far. Should the clause providing
of silver monthly be stricken out it
would be well. But if Congress should go and
repeal the clause providing the United States
shall maintain parity between gold and silver
coins it would cause widespread dstrust. There
is in the treasury $50 .000. 900 of coined silver
dollars and las. 600, 900 in uncoined bullion. The
legal tender of these coins must be preserved
and their parity to gold maintained. 1t is we'll
enough to stop the further mintage Of silver,
but that in circulation must be maintained.
Many newspapers seem to forget that for the
bullion from which the current silver dollars
were coined the government paid only the
market price in gold at the date of purchase, SO
that these silver dollars coined under the Sher-
man act stand really on gold basis, and the
government can redeem them all in gold now
with loss of only about eight millions"
g. what. in your opinion. is the remedy for
the present financial trouble?'
1.-The restoration Of confidence in the COM
mercial world. The present stringency is
caused by the apprehension OF the mercantile
and financial world that we will not
meet our obligations in gold. but
will pay In cheap money.
believe we should have sound, safe
currency on a gold basis. No. 1 don't
think the cessation of silver coinsge will
bring gold more into circulation, l do
not think gold will ever again be 80
much in circulation. 1t will be utilized
as the reserve and basis on which the circulate
ing medium will rest for security.
think such q currency feasible and
am Of the opinion that it will
be brought about. The action of India
with regard to silver is not conclusive.
1t is in the nature Of an experiment The law
that the rupee shall be worth 16 pence is IN the
nature of fiat money legislation and has no
effect here"