Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-07-06
IT'S FATHER CONDEMNS 1T.
Senator sherman Says lie Never Favored
the Law of 1890.


CHICAGO, July s. "There has never
been a time since the law of 1890, known
az the Sherman act, was passed that would
not have voted for its repeal" said Sena-
tor Sherman here to-day. 1.-THE Sherman
act was Il compromise measure and it was
passed to save the country from free
coinage bill that had been passed by the
Senate by an overwhelming majority. The
democrats helped pass the Sherman bill and
now they blame it for all tho financial woes
of the nation.
have told President Cleveland and Mr.
| Carlisle that l will stand with them for a
sound, safe and stable currency. Mr.. Cleve-
land in opposing silver is lighting three
| fourths OF his party. or course have my
own ideas about what should be done and
| when the matter comes up in Congress
will have my say.
think the Sherman law will be repealed,
but the danger ia that Congress may go too
| for, Should the clause providing for the
purchase of 4, 5000, 900 ounces of silver
monthly be stricken out it would be well.
But if Congress should repeal the clause
| providing that the United States hall main =
tain the parity between gold and silver coins,
| it would cause widespread dstrust. There
| is in the treasury $50, 000 900 Of coined sill
yer dollars and $l45, 000,0 900 in uucoined
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 coin
! age Of silver, but that in circulation must
be sustained. To stop making silver dol
lars would not impair the usefulness OF those
already made 30 long as the government
guarantee is back of them. The present
| tha ~
the mercantile and financial world that we
will not meet our obligations IN gold, but
will pay in cheap money.
| | believe we should have a sound, safe
currency on gold basis. l do not think
the cessation of silver coinage will bring
| gold more into circulation. 1t will be utl-
| lied as the reserve and basis on which Tho
circulating medium viii rest for security.
| The action OF India with regard to silver is
not conclusive. 1t is the nature of an ex-
pertinent. The law that the silver rupee
shall be worth 16 pense is in the nature OF
fiat money Legislation and has no effect
here.
Neither do think the India council act
ed to aid Great Britain to force the United
States to a geld basis. All the great COM
mercal nations have tried silver and have
failed at It, The United States is the last
of them to realize that silver cannot be
made the basis and standard of the worlds
money.
If the coinage OF silver dollars we're stop
ped and the metal rel egsted to the position
of subsidiary coinage, as among the nations
of the Latin Union, the world would know
that we proposed to pay our debts in thu
world money-gold aud confidence would
be restored.
The expectation Of gold to Europe was
brought about by the balance of trade bo
ing against us. When confidence is re-
stored the gold will como back. II Con
gress acts conssrvatively aud does not &C
too far in radical legislation all will bs well,
l think the national bank system will lapse
when our national debt shall have been peid
off
81 do not attempt to guess the details Of
the system that will follow, but l think
that no money should be allowed in thi'
country which has not back of it the full
guarantee OF the United States government.
Treasury notes to be- ressued in such man
ner as to meet the needs OF the people, would
serve the purpose. ~