Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1893-07-15
THE SO-CALLED SHERMAN LAW.
Senator Shermnn's MisgIvings when He
Supported the Measure That He Now
Wishes Repealed.

Senator shermnn's MisgIvings When He
Supported the Measure That He Now
Wishes Repealed.
WORCESTER, Mass, July 11.-Con
gresham Walker makes public the fol-
lowing letter from John Sherman,
which he received yesterday:
To Hon J. Walker:
MANSFIELD, O., July 8-My Dear Sir: Yours
OF the ssth ult, inclosing copy OF your state
ment OF the causes that led Mr.. Conger, your
self and me to agree. with great reluctance. to
the silver act OF 1909 IL received. An answer
has been delayed by my absence in Chicago
You clearly and correctly state the history OF
that act The bill that passed the house provided
for the purchase OF 81, 0OO worth OF silver at
gold value. Tho senate struck out this pro.
vision and provided for the free coinage OF sill.
yer, or the purchase OF all that was offered ut
the rate OF ST. 60 an ounce As conferees acting
for the two houses. II was our duty TO bring
about an agreement II practicable without
respect 10 individual opinion The re-
suit OF the conference to reject free
coinage and to provide for the pur.
chose OF 4,5WO0J ounces Of silver ut 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
parity between the two metals. the authority
70 stipulate in contracts for payment In gold
the limit OF the issue OF treasury notes to the
actual cost OF silver bullion ut gold value an
the repeal Of the act providing for the senscless
coinage OF silver dollars when we already had
800. 000 900 silver dollars In the treasury that we
could not circulate were all in the line Of sount
money.
Another object had In view was 30 secure
then murh.needed addition to our currency,
then being reduced by the compulsory retire
ment OF national bank notes on the payment OF
United States bonds This would have been
more wisely provided by notes secured by
gold and silver, but such provision could
not be secured These reasons fully jus.
titled the compromise. But the great
controlling reason why We agreed To It
was that II was the only expedient by which
We could defeat the free coinage OF silver
There is but one provision in It that /
would change, that Is to strike out tho compul.
sorry purchase OF u given quantity Of silver and
give authority TO the secretary OF the treasury
TO buy silver bullion at its market price when
needed for subsidiary coinage Its provisions
should be made for full legal tender Uni
ted 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 sep.
arate consideration. What we want now Is re.
lief from further compulsory purchase Of silver.
With reserves both Of gold and silver
in their proper proportions we can maintain
the entire body OF our paper money, including
coin Mt par with each other. For me. will
never agree to the revival OF state bank paper
money, which cannot be made a legal tender,
and which on the first sign Of alarm will disap.
pear or be lost in the hands Of the holder.
Very truly yours, JOHN SHERMAN