The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-11
JOHN SHERMAN ox HIS SILVER BIIL.
what We Want Now Z. Relief frou. Fur
ther Compulrory Purchnse Of SiIvrrr

what we Want Now IL Relief FROM Fur
ther Compulsory Purchase OF silver"
WORCESTER. July 10.-Congressman Walker
made public the following letter from John
sherman which he received to-day:
"MANsFIELD. o., July g, 1893.
Hun. j. n W"k,n
my DEAR SIR: Yours OF the 2Sth ult enc
closing a copy OF your statement of the causes
that led Mr.. ConRer. yourself. and mo to agree
with great reluctance to the silver act
OF 1890. Ia received An answer has
been delayed by my absence ut Chicago
You clearly and correctly state the history OF
that act. The bill that passed tho House pro-
vided for the purchase Of $4.500.0O0 worth Of
silver at gold value. Tho Senate struck out
this provision and provided for the free coinage
of silver. or the purchase OF all that was Of
fered at the rnte OF 40 cents an ounce. As
confcrecs acting for the two Houses. it was
our duty to bring about no agreement II
opinion. Tho result OF the conference
T Tss to reject the free psrehs SD"s S
amount than was proposed by the House. The
United States to maintain tho parity, OF the
two metals the authority TO stimulate in con-
sse n thu co e o
silver bullion ut gold value. and tho repeal OF
The net providing Tor the se6seIcss s2inaGe q,
silver dollars in tho Treasury that we could
not circulate. were all in the line OF sound
Another object had in view was to secure
q then much needed addition to our currency.
ment Of National Bank notes on the payment
Of the United states bonds This would have
Ss sS9
could not, then he secured. These reasons
fully iuatified the compromise.
agrced to it was that 1t was the only eNpedient
BY which we could defeat the free coinage OF
posed by the senate .ss a practical rePuaia;
ten Of Of the debts Gf the United
S"son on the
Of our currencvton single silver standard as
the ne ." GSI and snS5P ds
great commercial nations Of the world. To de-
feat such policy SO pregnant with. evil Twas
what we proSiied suarnrd as far as We could
consent OF the Republican representatives,
from the silver producing States. This, we
oas Sn do b" S"yT tf sy
silver we purchased Is not worth as much as
we paid for it. but this loss is insignificant
compared to our gain by the defeat of tho tree !
it is said there was no danger of free coin
upon him; Besides his veto would leave the
Veto a would os sne the ht ' eN
listed for free coinage. Many people wanted |
the cxp"rimrnt tried, The result # th,G OK
ounces OF silver month at its market value.
will be the lest antidote against tho purchase
than it's mar ket value
for m"me ssh have regretted The
The sherman act: though. as YOU know. had
no more to do withit than the other conferrers
There Is but one provision In It that | would
sorry purchase OF a given quantity OF silver
and give authority to the. Secretary of tho
Ircasuryto buy silver bullion at its market
Other provisions should hc made for full
legal tender United States notes supported by
srSd sIf ys I stfs
We nor is rom
would gladly nave reduced the amount to DO
pure hased and at a fixed time suspended the
purchase. but this was refused by our con-
Now that the great evil we have feared has.
| trust. passed away we would willingly leave
or held in the Treasury to the law of supply
and demand. assume that Republican srna-
tors and members who after full conference
the repeal Of tSe compusory purchase
silver bullion T., and hope that , our ;political
Of their constituency to advocat Q that clause
or FREQ coinage, will be convinced by the
experiment made that the only position
ents at large is one fixed standard Of value.
and the use of both metals maintained Mt par
Th Aso ery
is right. With reserves both OF gold and silver
in due proportions. We can ma intai in the entire
par with each other. For one. l will never
agree to the reyiva! OF Stnte bank paner money;
cann not be made sTa 5endsr and
respectfully yours JOHN SHERMAN"