The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-07-11
THE SILVER SPHINX SPEAKS
John Sherman Refuses to Shoulder the
Blame for the Silver Bill.
He Says an Experiment as Well as ComprO-
mise Was Demanded and that There Is
Only One Change that He Would Make.

WORCESTER, Mass. July 10-Congress-
man Walker makes public the following
letter from John Sherman at Mansfield. o..
which he received to-day:
Ny Dear Sir-Yours OF 2Sth ult., inclosing
Mr.. Conger, yourself and me to agree with great
reluctance to the silver act of 1890, Is received.
An answer has been delayed by my
correctly state the history of that
act The bill that passed the House provided
for the purchase of $4,000 900 worth OF silver
vision and provided for the free coinage OF sill
or the purchase or all that was offered at the
rate OF $l.29 an ounce. AS conferrees acting
for the two houses, it was our duty TO bring
about an agreement. II practicable, without re-
spect TO individual opinion. The result OF the
conference was to reject free coinage and provide
for the purchase of ,500.O 600 ounces OF silver ut
its gold price-a less amount than was proposed
BY the House. the provisions declaring it to he
the public policy OF the United States to main
tain the purity OF the two metals, the authority
to stipuate In contracts for payment In gold.
actual cost OF silver bullion at gold value. and
the repeal OF the act providing for the
senseless coinage of silver dollars when we al
ready had 30O.000,000 silver dollars i'll the
treasury that we could not circulate were all in
the line OF sound money. Another object had
In view was TO secure then much
being reduced by the compulsory re-
tirement of national bank notes on the
payment OF United States bonds: This would
have been more wisely provided by notes Sc
cured by both gold and silver. but such q pro-
vision could not then be secured. These reasons
fully justified the compromise But the
It was that ii was the only expedient by
which We could defeat the free coinage
of silver. Each OF us regarded the measure pro-
posed by the Senate as practical Reputation OF
one third OF the debt OF the United States and iss
people, as a substantial reduction of the wages
of labor, as debasement of our currency to q
single silver standard, as the demonetiZa-
tion Of gold. and sharp disturbance OF all our
business relations with the great commercial
pregnant with evil was willing TO buy the en-
tire product of American silver mines at its gold
value.
1T WAS A MAKE.SHIFT.
And this was what we provided, guarded as
far as We could. To accomplish our object we
had TO get the consent OF the Republican Rep
resentatives from the silver-producing
States. This We could only do by
buying the silver product of those States.
1t was costly purchase The silver we pur-
chased Is not worth as much as we paid for it
But this loss Is insignificant compared TO our
gain by the defeat of the free coinage OF silver
II is said there was no danger OF free coinage;
that the President would have vetoed ii. We had
no right 10 throw the responsibility upon him.
But, besides. his veto would leave the Bland act
In force We did not believe that his veto would
dispel the craze that then existed for free coin
age Many people wanted the experiment
tried. The result OF the experiment of
buying four and q half million ounces of silver a
month, at its market value would be the best
antdote against the purchase of all the silver OF
the world at one-third more than its market
value.
never for q moment have regretted the pass
age OF the act OF 1890, commonly called the
Sherman act, though, as you know, had no
more to do with it than the other conferrees.
There 10 but one provision in It
that 1 would change, and that is to
strike out the compulsory purchase OF a given
quantity OF silver, and give authority TO the
OF Treasury
ut its market price when needed for subsidiary
coinage. Other provisions should be made for
full lcgal-tender United States notes, supported
by reserves OF both gold and silver and backed
by the credit and wealth of the United States.
but these grave subjects for separate
consideration. What VIC want now Is relief
from further compulsory purchase of silver. We
purchased and at a liked time suspended the
purchase. but this was refused by our
conferrees- Now that the great evil we
have feared has, / trust, passed away, We
would willingly leave the amount OF both gold
and silver 10 be cosed or held in the treasury to
the law OF supply and demand. l assume that
Republican Senators AMI members who, after
full conference agreed To report, WILL In the
main. vote for the repeal OF the COM
pulsory purchase OF silver bullion, and
hope that our political friends who felt
bound by the local interests of their constituents
10 advocate tha' clause or free coinage, will he
convinced by the experiment made that the only
constituents at large Is one fixed standard OF
value. and the use OF both metals maintained at
par with each other on ratio a. possi-
BILE 10 their market value. such a policy be-
lieve right. With reserves both OF gold aud sill
YER In the proportions We can maintain the en-