Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-07-04
SHERMAN on THE SHERMAN LAW.
Hs Fayors the Repeal of the Clause
Enforcing the Purchase of silver, But
Relieve, Parity Must Be Maintained

He Fayors the Repeal of the Clause
Enforcing the Purchase of silver, But
Ra,i.ye. Parity Must Be Maintained
CHICAGO. July 3.-"There never has
beeD time since the law of 1890,
known as the Sherman act, was passed
that would not have voted for its re-
neal - safd Senator John Sherman at
the Lexington Hotel to-day. "The
sherman act was compromise measure
and II was passed 10 save the country
from free coinage bill that had been
passed by the Senate by an oyerwhelm-
inc majority. The Democrats helped
10 mass the sherman bill aud now they
abuse 10 and blame 1t for all the inan-
cial woes Of the nation.
If have told Mr.. Cleveland and Mr..
Carlisle that l will stand with them for
a sound. safe, stable currency. Mr.,
Cleveland in opposing silver Is fighting
three-iourths Of his party. OF course l
have my own IDEAS about what should
be done. and when the matter comes up
in Congress, | will have my say.
Il think the Sherman law will be re-
pealed. but the danger is that Congress
NAV 20 too far Should the clause pro-
vidinE for the purchase OF 4,50O.OOO
ounces OF silver monthly be stricken
out +, would be well. But II Congress
should 20 on and repeal the clause pro-
yidirg the United States shall maintain
parity between gold and silver coins 1t
would cause widespread distrust. There
is iuItne treasury CSC, GOO, 600 OF coined
silyeh dollars ana las, 100000 in un'
coined btllion. The legal tender OF
tnosk aajns zspSt-Oo preserved and their
parity 10 gold maintained. IL is we'll
enough 20 stop the further mintage Of
silver, but that in circulation must be
sustained. To stop making silver dol
lars would not impair the usefulness Of
those already made so long as the gov
eminent guaranty is back Of them.
The present stringency is caused by
the Apprehension OF 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 circu-
lation. 90 not think gold will ever
again be so much in calculation. 1t
will be utilized as reserve and basis
on which the circulating medium will
rest for security. l think such cur
rency Ieasable, and am Of the opinion
that il will be brought about. The action
OF India with regard to silver is
not conclusive. 1t is in the nature OF
an experiments: the law that the silver
rupee shall be worth 10 pence is in the
nature Of fiat money legislation and has
no effect here. Neither do think the
India Council acted 10 aid Great Britain
20 force IT, United States to a gold
basis. All TIE great commercial nations
have tried sil,er and have failed at it.
The United States is the last of them
10 realize thatSIver cannot be made the
basis and standard Of the worlds money.
II the coinage OF silver dollars were
stopped aud the metal relegsted 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 the worlds money
goId-aud confidence would be re-
stored"