The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-07-22

There II no sort 81 excuse Ut this late
day Tor any hoasst man OF the slightest
claim 70 intelligence and candor to repeat
the stale charge that the passage Of the
Get Of 1s7a, which demonstissd silver. Was
''conspirscy" Of the creditor against the
debtor class. In his speech In the U. 8.
sspass. June 5. $50. John Sherman an
swsssd this charge - follows:
'What motive could We have for such q
coz afdiy, disgraDefui proceeding las IN
eurfspstsiously rule out the silver dollar)?
On the 23<h Of April, 1870 when the bill
was cent 70 10 By the secretary Of the
z .o as q s X. n as:, y N. worth xssh
This vas before Germany had sold her
silver ard adopted the gold standard. be-
fore the sliehtsst sign Of the depreciation
Of silver. Could Ne 20 far foreses the
tusuref"
John Sherman 10 right. The silver dol.
lar was worth nearly thrss cents more than
she gold dollar at the time. The London
quotation OF silver In is;. wss 6s.d PER
ounce. at which rate the silver dollar il
worth N.cssz. While the bill vas under
debate in tho house the following year Mr..
Kelley. Of Pennsylvania. said:
IL again call the attsn ton Of the house
20 the fact that the gentlemen who oppose
this bill insist upon maintaining a silver
dollar worth S's cents more than the gold
dollar
These figures and facts prove that Mr..
Sherman was right when he asserted that
the.s eoSsd be no Interior motives back of
the demonstration act. such as the arti.
heiai appreciation of the standard Of
values and Of the ciai,as OF creditors. The
oct Of 1873 was originally recommended
aud practically framed by Comptroller
John J. knox. OF the United States
treasury. and Or. Lnderman. the head OF
the United States mint They made their
investigation in tsss and presented their
report In is0 In both of those year. the
market ratio Of gold 10 silver Was Is. so to 1.
which Was fully per cent. lower than our
legal ratio os 10 ~ 1. They had no more
reason for thinking there would be a
change In the other direction than the
public generally had. There was no con.
srirsey aboa, u; there were no silver dol.
lars IL circulation because they were
worth more 10 melt into bullion than ihey
we're As coinage.
IL Vas not until silver bullion had de.
rreciatet N value that the silver miner,
formed ,As'r conspiracy for rsmene,isins
sllver In ISL. When the Hand az, Va,
PASSED in February. Isis, silver had fallen
% far taat the bullion value Of tho .,.ns
ard dollar Vas but is2N. esnss The Bssn,
frss coinage hsli. had 1t passed thea. womb
hare compelled our government, IL h...
taken the silver bullion Of the world AZ
price considerably above the market, sine,
weveuld have issued silver doll ar issa
tender sos loo csnss la return for every ssl
esnss worth Of balboa. A. Il was, 1.
twelve years We coined over four hundreS
millions u these light weight dollars. an.
silvsy. which sold as &iaU IN ounce /,
isTs. sells to-day for under Il cents q,
ounce. and the standard silver dollar
whose balloon commercial value In Is.
wAs sess eenss. is today worth about s
eentx. THIS terrible tall IN silver Ia,
taken place IN srsie Of The fact that ands
che Sherman lag &c daahssd ogr rur
chases of silver and bought The whole I'll,
yer product Of the silses-erotaciag state.
India, large purchaser of silver. ha,
abandoned her experiment OF free si.ys,
coinage. and yea the silver erssiucins
states seem 10 expect tia. the nation mus;
net only continue 10 purchase All .heir sill
ves ore. bat that We should 40 further sa.,
saacs tree coinage Of silver. saas is. make
IL cents worth Of button legal tender TOO