The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1893-07-13
SAUK CENTRE HERALD.
THURSDAY. July 10. 1898.
THE SIBERIAN ACT.

THF SHERMAN ACT.
There is certainly no man living who
more fully understands the motives and
forces which resulted in the passage o
the so-called Sherman Act, than h,
whose name it bears. Arecent letter to
Congressman Walker, written by him
has been given to the public as follows
and should be carefully read by everyone
who desires to understand not only the
causes which led up to the act but the
scope of the act itself:
Mansfield, Ohio, July 10, 1S93.-To
]. H. Walker. My Dear Sir: Yours Of
2Sth ult., enclosing copy of your state
ment of the causes that led Mr.. Conger,
yourself and me to agree with great re-
luctance to the silver act of 1890, is re
ceived. An answer has been delayed by
my absence at Chicago. You clearly and
correctly state the history of that act.
The bill that passed the house provided
for the purchase of 81, 500. 900 worth OF
silver at gold value. The senate that
struck out this provision and provided
for the free coinage of silver, or the pur-
chase of all that was offered at the rate
of 81 90 cents an ounce. As conterees
acting for the two touseS, it was our
duty to bring about an agreement II
practicable, without respect to indiyidu-
al opinion. The result of the conference
to reject free coinage and to provide for
the purchase of $4,500,0 900 ounces OF
silver at its gold price-a less amount
than was proposed by the house, the
provisions declaring the public policy OF
the United States, to maintain the pari-
ty of the two metals, the authority to
sripuiate IA contracts for payment in
gold, the limit of the issue of treasury
notes to the actual cost of silver bullion
at gold value, and the repeal of the act
providing for the senseless coming of the
silver dollars when we already had
300, 600 900 silver dollars in the treas
ury that we could not circulate were all
in the line of sound money.
Another object / had in view was to
secure then much needed addition to
our currency, then being reduced by
compulsory retirement of national bank
notes ON the payment of United States
bonds. This would have b:en more
wisely provided by notes secured by
both gold and silver, but such a provis-
ion could not then be secured. These
reasons fully justified the compromise.
But the great controlling reason why
we agreed to it was that it was the
only expedient by which we could defeat
the free coinage of silver. Each house
regarded the measure proposed by the
senate as practical reputation of one
third of the debts of the United States
and its people. as Observation-Disclosures
of the wages of labor, as debasement
of our currency to single silver stand
ard. as the decentralization OF gold and
a sharp disturbance of all our business
relations with the great commercial
nations of the world. To defeat such a
policy so pregnant with evil, was will
ing to buy the entire product of Ameri-
can silver mines at its gold value. And
this was what we provided. guarded as
far as we could. To accomplish our
object we had to get the republican rep
r,sentatives from the silver producing
states. This we could only do bv buy
ing the silver products of those states.
1t was a costly purchase. The silver we
purchased is not worth as much as we
paid for it, but this loss is small COM
pared with the defeat of free coinage. 1t
is Sdlu WAS ~ dohSSi vi ltSS WILT
age of silver; that the president would
have vetoed it. We had no right to
throw the responsibility upon him. Re-
sides his veto would leave the Bland act
in force. We did not believe that this
veto would dispel the craze that then ex
listed for free coinage. Many people
wanted the experiment tried. The re-
suit of the experiment of buying
100000 ounces of silver month at
its market value will be the best anti
dote against the purchase of all the
silver of the world at one-third more
than its market value. ! never for
moment have regretted the passage of
tie act of 1890, commonly called the
Sherman act, though as you know / had
no more to do with it than the other
conferees. There is bnt one provision in
it that would change, and that is to
strike out the compulsory purchase of
given quantity of silver and give author
ity to the secretary of the treasury to
buy silver bullion at its market price
when needed for subsidiary coinage.
Other provisions should be made for
full legal tender United States notes,
supported by reserves OF both gold and
silver and backed by the credit and
wealth of the United States, but these
are grave subjects for separate consider
alton. y
What we want now is relief from fur
Their compulsory purchase OF silver. We
would gladly have reduced the amount
to be purchased and at fixed time sus-
pended the purchase, but this was re-
fused by our conferees. Now that the
great evil we have feared has, trust,
passed away, we would willingly leave
the amount Of both gold and silver to be
coined or held in the treasury to the law
of supply and demand. assume that
Republican senator's and members who
after full conference agreed to our report
will, in the main, vote for. the compulsory
purchase of silver bullion and hope that
our political friends who felt bound by
the local interests of their constituents
to advocate that clause or free coinage,
will be convinced by the experiment
made that the only position we can oc-
cupy in the interests of our constituents
at large is one fixed standard of value
and the use of both metals maintained
at par with each other on a ratio as
near as possible to their market value.
Such policy i believe is right. With
reserves both of gold and silver in the
proportions we can maintain the entire
body of our paper money, including coin.
at par with each other. For one will
never agree to the revival of state bank
paper money, which cannot be made a
legal tender, and when the first sign OF
alarm will disappear or be lost in the
hand of the holder. Very respectfully,
(Signed). JOHN SHERMAN.
rpg---s
The action OF the pension department
indicated bv the following dispatch from
Washington ought to bring the ruling
upon the acI of 1890 Into therourts for
decision, without DELAY. Why 1000
cases should be held out, instead of one
with which to make test, or all of
them, if the department is sincere, does
not appear. At best this action will