The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-07-04
NEVER BELIEVED In IT.
Senator Sherman Talks Of the 50
Called Sherman Act.
A COMPROMISE MEASURE AIMED
AGAINST FREE COINAGE.

PRESIDENT Cleveland in Opposing Silver Is
Fighting Three Fourths of His Party
Silver Coinage May Be Stopped But the
Parity Between Existing Gold and
Silver Currency Must Be Maintained
The Danger Is In Going Too Far.
CHICAGO, July I3.-s'There has never
been time since the law of 1890 known
as the Sherman Act was passed that I
would not have voted for it's repeal, !"
said Senator Sherman here today. 1.-THE
Sherman act was a compromise measure
passed to save the country from the free
coinage bill passed by the Senate by an
overwhelming majority. Democrats
helped pass the Sherman bill and now
they blame it for all the financial woes of
the nation. have told President Cleve-
land and Mr.. Carlisle that 1 will stand
with them for sound safe and stable
currency. Mr.. Cleveland in opposing sill
yer is fighting three-fourths of his party
l think the Sherman law should be re-
pealed. The danger is that Congress
may go too far. Should the clause pro-
yiding for the purchase of 4,500, 900
ounces of silver monthly be stricken out,
it would be well. If Congress should
repeal the clause providing that the Uni
ted States shall maintain parity between
gold and silver coins, it would cause
widespread distrust. There in are the
treasury $50, 100000 of coined silver dol
lars, and $145, 900, 900 of uncoined bullion.
The legal tender of these coins must be
preserved and their parity to gold MAIN
tanned. 1t is well enough to stop further
coinage of silver, but that in circulation
must be sustained. To stop making sill
yer dollars would not impair the useful
ness of those already made SO long as
the government 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 pay in cheap
money. | believe we should have a
sound, safe currency on gold basis. I
do not think the cessation of silver coin
age will bring gold moro into circula-
ton. 1t must be utilized as reserve
and basis on which the circulating me-
dunn will rest for security. The action
of India with regard to silver is not con-
elusive. 1t is in the nature of an expert
ment. The law that the silver rupee
shall be worth 16 pence is in the nature of
fiat money legislation and has no effect
here. Neither do / think that the India
council acted to aid Great Britain to
force the United States to gold basis.
All great commercial 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 is stopped and
the metal relegated to a position of SUBJ
sidiary coinage as among the nations of
the Latin Union, the world would know
we proposed to pay our debts in the
worlds money, gold, and confidence
would be restored.
''The expectation of gold to Europe
has been brought about by the balance
of trade being against us. When conf
dence is restored, the gold will come
back. If Congress acts conservatively
and does not go too far in radical legisla-
ton, all will be well. | think the ma
tional bank system will lapse when our
national debt is paid off. I think no
money should be allowed in this coun-
try which has not back of it the full
guarantee of the United States govern
ment."