The Globe-republican., 1893-09-08
SHERMAN ON SILVER.
The Ohio Senator Explains Some
Disputed Points.
He II Opposed to Free Coinage. which II
Not Bimetallism, But Will Vote
for Repeal-Senstor Stew
art Answered.

"AsdlNGION, aug. 0l.-A1Lef the
routine morning business in the senate
the bill for the repeal of the silver pur-
chase act was taken up and Mr.. Sher-
man proceeded to address the senate.
He said that if the repeal of the pur-
chasing clause of the act of July,
1890, were the only reason for the
extraordinary session, it would
seem to him insufficient 1t was,
however. justified by the existing
financial stringency. On one thing
congress and the people agreed, and
that was that both gold and silver
should be continued in use as money.
Monometallism pure and simple had
never gained foothold in the United
States. If senators wanted cheap
money and an advance in prices, free
coinage of silver was the way to do it.
but they should not call it bimetal-
lism.
Mr.. Sherman then proceeded to dis
cuss the history of the act that bears
his name. lie was not in favor of the
free coinage of silver and regarded it
as another name for the monometallism
of silver and was only in favor of
the purchase of silver for purposes of
coming. He reminded senators that
when they criticised the law that
was misnamed after him they should
remember that this law on the statute
books was far better than either the
house bill or that passed by the senate.
The president, Mr.. Sherman went
on. had set forth the decline in the
value of silver. but had failed to give
the causes of that decline If he had
taken a broader view of the causes of
the decline he could have explained it
all 1t was due to the fact that this
country was called upon to pay
off debts payable in gold England
was the great creditor country and
England's loss in the Argentine repub-
lie had to be made good. She returned
American securities and demanded the
gold needed to save her own institu-
tions from going down. For the first
time also in a number of years the bal
ance of trade was against this country
and it had to make the difference good.
After discussing other matters con-
tributing to the present condition, Mr..
Sherman declared that an erroneous
impression had been created when it
was claimed that the Sherman law was
the cause of all the trouble and this,
he said, with all due Difference to Mr..
Cleveland. Still the fact was that
congress must deal with a situation
and not a message. He believed in
giving the devil his due" and was
ready to stand by the law. not as a
measure in which he took any special
pride for he was compelled to prepare
it in order to prevent disastrous legis-
lation, but without this law what
would the country have done in 1891
and 1892 had it been called upon
then to meet the difficulties now
staggering it? He was not new
convert to the repeal of the law
and a year ago he had introduced a bill
to suspend the operations of the law.
1t was worded almost exactly like that
of Mr.. Voorhees,. Why did not the dem
ocratic senators then see the dangers
they now see and come to the help of
the republicans when they sought to
suspend the law? Not democratic
vote was to be had and the democrats
must answer why.
This. Mr.. Sherman said. was a cur
rency famine. not the fear that the
money of the country was not good.
and the people should not be deceived
as to the reasons for the repeal He
did not believe the repeal of the law
would in any considera BILE degree re-
lieve the country from the existing
stagnation- Its repeal would ease the
money market from the dreaded fear
of the free coinage of silver.
Mr.. Sherman reviewed the legislation
of 1878. and denounced the manner in
which Ernest Seyd. the English econ
omist. had been denounced in connec-
ton with the matter. Seyd played no
part in that legislation. The statement
was UNANIMOUSLY false that Seyd or any
one else paid $500. 900 to congress to Sc
cure the demonstration of silver. Seyd
was bimetallist, as shown by refer
ence to his published books: he was
one of the leading financial experts
of the world: he occupied an
honorable position in London and
an honored one wherever he was
known. and he believed him to have
been an honest, sincere. uncorruptible
man. Seyd had never visited America
until the bill was almost through con-
gress, and it was infamous that the
charge should be so frequently made
that public men had been bribed into
passing the bill of 1873.
Hereafter" said Mr.. Sherman,
when any man makes such . state
ment about this legislation l shall
simply say that it is a falsehood and
brand il So"
ut is strange" said Mr.. Sherman.
that on the vote of this bill that the |
distinguished senator from Nevada
(Mr. Stewart) voted for it and /, the
devil-fsh. voted against it"
The last remark was in reference to
an epithet applied to Mr. Sherman dur
ing the debate in the house last week |
Mr. Stewart retorted that in due |
time he would explain how he came to |
vote for the bill
There was nothing surreptitious |
about it. said Mr.. Sherman. with much |
warmth. land no fact can be proven |
more clearly. The statement so often |