Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-07-13

WORCESTER, Mass., July 10.-Congress-
man Walker makes public letter from
John Sherman which he received to-day:
MANSFIELD, Ohio, July TO- 1893,
Hon. ]. H. Walker:
My Dear Sir-Yours Of the 29th ult., en-
closing a copy Of your statement Of the
causes that led Mr.. Conger, yourself and
me to agree with great reluctance TO the sill
yer act OF 1890, is received.
You clearly and correctly state the his
tory Of that act. The bill that passed the
House provided for the purchase OF $ 4, dOO,
eco worth of silver at gold value The
Senate struck out this provision and pro-
vided for the free coinage of silver, or the
purchase of all that was offered at the rate
of 1919 cents an ounce Tho result OF the
conference was to eject free coinage and to
provide for the purchase of 4, 900, 900 ounces
of silver at its gold price-a less amount
than was proposed by the House.
The provisions declaring the public policy
of the United States to maintain the parity
of the two metals, the authority to stipu-
late in contracts for payments in gold, the
limit of the issue of treasury notes TO the
nctual cost Of silver bullion at gold value,
md the repeal Of the act providing for the
Senseles, Coinage of silver Dollars
when we already had 300 600, 900 silver dol
lars in the treasury that we could not circu-
late, were oil in the line of sound money.
Another object | had in view wns to Sc
cure then much needed addition to our
currency, then being reduced by the com
pusory retirement of national bank enotes
on the payment of United States bonds
This would have bees more wisely provided
by notes secured by both gold and silver,
I,t could ot than ba
cured. These reasons fully justified the
compromise
eaA}ut the great controlling reason why we
agreed to it was that 1t was the only expe
dent by which we could defeat the free
coinage of silver. Each OF us regarded the
measure proposed by the Senate as prac-
cal reputation OF one third of the debts
Of the United States and its people, as
substantial reduction Of the wages of labor,
as debasement of our currency to a single
silver standard, as the demonstration OF
gold and sharp disturbance OF all our
business relations with the great CONNER
cal nations of the world. To defeat such
policy, so pregnant with evil, l was willing
to buy the entire product of American sill
yer mines at its gold value.
To Accomplish Our Object
we had to get the consent of the republican
representatives from the silver producing
States. This we could only do by buying
the silver products of these States 1t was
costly purchase. The silver purchased
is not worth as much we paid tor it, but
this loss is insignificant compared to our
gain by the defeat of the free coinage of
silver.
1t is said there was no danger of free
coinage, that the president would have
vetoed it. We had no right to throw the
responsibility upon him. Beside his veto
would leave the Bland act in force.
never FOR IL moment have regretted the
passage of the act OF 1890 commonly called
tile Sherman act, though, as you known, l
had no more to do with it than the other
conferees. There is but one provision in it
that l would change, and that is to strike
out the compulsory purchase of given
quantity of silver and give authority to the
secretary OF the treasury to buy silver bull
lion at its market price when needed for
subsidiary coinage,
Other provisions should be made for full
legal tender Unitcs notes. supported by re-
serves OF both gold and silver and backed
by the credit and wealth of the United
States but these are
Grave Subjects for Consideration,
What we want now is relief from further
the great evil we have feared has, | trust,
passed away, we would willingly leave the
amount of both gold and silver to be coined
or held in the treasury to the law of supply
and demand.
! assume that republican senators and
members who after full conference agreed
TO our report, will, in the main, vote for the
repeal OF the compulsory purchase of silver
bullion, and hope that our political friends
who ielt bound by the local in terests OF
their constituents to advocate that clause of
Tree coinage, will be convinced by the ex-
pertinent made that the only position we
can occupy In the interest OF our constitu-
ents at large, is one fixed standard of value
and the use of both metals, maintained at
par with each other, on the ratio as near as
possible TO their market value.
With reserves both of gold and silver in
the proportions wo can maintain the entire
body of our paper nancy, including COIN
at par with each other. For one [ will
never agree TO the revival of State bank
paper money, which cannot be made a legal
lender, and which on the first sign of alarm
viii disappear be lost in the hands of the
holders. Very respectfully yours,
CSigned) john SHERMAN.