Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-08-25

wholly to the Sherman silver purchase act
OF 1880 and candor compels us to admit
| lar sentiment. which has adopted this con-
ciusion either from an intelligent concep-
ton of the vicious features Of that act OF
because Of systematic attempt In some
financial circles to impress that view upon
| the country.
There are those who do not wholly agree
with the President In his diagnosis Of the
| malady now affecting the body polite and
| who do not hastily join with him in the
rosy conclusion that the financial millen-
| ium Is to come the moment the Sherman
| bill is removed. There are those who have
given this subject much reflection who are
| the present depression lies much deeper
and beyond the Sherman bill, and that its
foundations were laid in the evil hours o.
aside the financial policy which had been
It's guide and safety from the foundation OF
the government
The Three Causes.
The existing financial disturbance, the
| Senator says, may be attributed to three
| causes He summed up these causes as
follows:
or incident Of many years Of real or ficti-
tious prosperity. The nation Is not unlike
an individual
Second. Some portion of the present panic
may be traced to concerted effort on the
part Of numerous monometallists to pro-
duce It, IN order to further discredit silver
as part Of the standard money Of the
Third. But no matter what else may have
contributed to the present financial situ-
man sflver-purchase law has been at least
in part and possibly the most largely In
strumental In producing the existing COM
Against the Sherman Bill.
the Sherman bill. the Senator said, may be
concisely stated In the following points:
First. The sure peril to all our industries
in another greenback issue-for that Is what
the Sherman law amounts to-employing
paper debt in place of gold and silver as
labor.
Second, Its sure hindrance Of our return
to free bimetallic coinage, the sole legal
before the war. Of monetary W science, % Of
the peoples welfare-silver and gold.
Third. That equivalence between the
same silver whether solid In the coin or
liquid in the crucible. cannot otherwise be
maintained than just as equivalence is es-
tai tabished s between @ the ,,a same gold whether
ing pot, to w.t. by the right, after melting
to have it transformed to coin again-the
right Of free coinage, which includes re-
Fourth. That parity mot equivalence
that local parity within the United States
lars and our gold dollars depends (whiie
free coinage is withheld from silver) upon
the treasury In its payments never dis
paraging the silver dollar by keeping back
gold dollars, as if a superior kind, when
called for.
Fifth. That the Sherman law phrasius a.
other 1.-The two metals was meant to pre-
vent their parity. and. in fact, contrive a
sure cumulative peril to the local. legal. and
minor parity Of the 25s troy grains of gold
coined, and the 412.5 troy grains of silver
coined. as a dollar. in the United States.
sixth. That the Sherman law organized
ia dohf
ton Of its payment with the silver pur-
chased, such as the Allison law provided
and a contraction Of the peoples gold. 1t
may be further stated that the new green
back debt also was swollen to $3.50 900 900
There is one hundred and thirty-two mil
lions less of gold in the peoples treasury,
and great depletion in their private stocks.
He 4. n BimetnlIist.
II am a bimetallist," said the Senator.
Il do not believe in single gold standard
nor a single silver silver standard, but do
believe in the use of both gold and silver as
the standard money Of the country, and in
their free coinage In our mints at proper
ratio. without any discrimination in favor
of one against the other. And as such BIZ
metallist favor the repeal of the Sherman
law because it is undemocratic, illogical,
dangerous in its tendencies and results, an
impairment to free coinage and a disgrace
THE Sherman law has used the livery of
heaven to serve the devil in long enough.
II is called the Sherman silver law. and
thousands and tens Of thousands of people
possibly majority Of them-regard 1t as
Iree-siiver law, or one equivalent to 1t.
They point to the fact that many silver
men are struggling to resist its repeal, as
though 1t was vital measure to the sill
yer cause when in fact it Is the very oppO-
site to free coinage
The true friends of silver make a mis-
take, serious mistake, when they defend
this law and allow it to be confounded with
free bimetallc coinage. Instead of It being
called a silver law, it should have been en-,
titled THE Sherman bill to hinder free BIZ
metallic coinage, to discredit silver. and to
States" That is precisely what it has
proved to be, and yet q simple repeal there
of is being vigorously resisted as though
such repeal would in some mysterious man
ner injure the cause Of free coinage
The Sherman law is Objectionable because
1t directs the purchase of silver, instead of
providing for the free coinage of silver
The Question of Ratios
do not propose. he said. to discuss
to any extent the matter or ratios, because
do not regard that the time has arrived
fo- it's serious consideration. When the
policy Of bimetallism shall have been defln-
itely settled then the opportunity will be
ripe for the opening up Of that subject
There have always been conflicting views
in regard to the proper ratio which ought
metals, and, in my opinion, it is untimely
to invite such differences at a period when
IL not tNe precise rdtlO which is at stake.
but when the whole theory of bimetallism
is assailed and is struggling for existence.
I beg to differ with those good friends
who seem to regard the question of ratio
as one Of the highest importance. I esteem
it Of the least consequence of any of the
questions which are incident to the none
tary problem. II the existing ratio is to be
changed at all, the feasibility of which at
the present time is of great doubt, 1t should
not be enlarged. but diminished, and ut at
15 1-2, 50 as to correspond with the ratio
under which the silver pieces of the coun-
tries composing the Latin Union were
coined
The True Issue to he Met.
The true issue to be met Is simply whether
the Sherman law should be repealed. 1t is
not an issue between monometallism and
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