New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-12
SEy1TOR SHERMANS TESTIMONY.

Senator sherman mas dOne Ju>tice W hlW-
self. and rendered great service to the party
he has so long and 50 splcndidly represented
by his letter regarding the statements OF Repre-
sentative Walker This letter presents four
points of great importance FIRST that the
passage of the silver act of 1890 was neccs-
sary in order to meet and successfully resist
the clamor for free coinage: second that the
practical experiment of purchasing o4,ooo'ooo
ounces of silver year has demon
stratcd the uselcssncSS of the alb
sorpt:on of the entire American prod
net rs means of lifting the value of sill
ycr bullion third that the act embraced pro-
visions of the greatest value that should NOT
now be repealed, and fourth that no attempted
settlement Of monetary questions should ever
admit the revival Of wildcat bank notes.
Most men would have filled several columns
with arguments and explanations on these four
points Senator sherman states them most
convincingIy in the space of half column
His review Of the inside history OF the enact
mcnt agrees absolutely with that Of Repre-
sentative Walker. and it is not probable that
either will ever be conttadicted by anybody III
position to know the purposes or plans OF he
publican members of the conference. 1t may
be considered established, on the highest pos
>blc testimony. that the act of 1890 was
passed solely because in 10 other way could
free coinage be prevented and the continued
coinage and issue of certificates rcdccmablc IN
silver only be arrested Senator Sherman
makes il clear that the virtual suspension OF
the Bland act was leading object on the part
of those who controlled the legislation in 1890
though he does not set forth as fully as he
might have done the wide difference between
the new TrcaSur! notes, which the new law
requires the Treasury To maintain at par IN
gold and therefore TO redeem in gold, and the
certificates issued under the Bland act, which
were rcdccmabe in silver only
The country has now tested the virtue OF
silver purchases for more than two years and
n half. Ii has bought every year more than
the entire product of silver from mines of the
United States had been in any previous year
and yet the price Of bullion has not been sup
ported but has fallen lower than over. This
test, the Senator believes, ought to convince
the advocates Of silver coinage that it would
not help the price of silver in the least if the
whole product Of the United States should be
coined into silver dollars and represented by
certificates or notes in circulation. The meal
cuabc value of the act of 1890 is seen in the
change of public opinion. which now calls
strongly for its repeal. even though there
should be no further coinage of silver issue
Of silver notes. a tremendous revolution in
public sympathy is JOY fully witnessed. which
il is hoped will suffice 10 repeal the silver
purchasing clause. and for that most important
change the test afforded by the act of 1890
is in great measure responsible.
There was broad and true craftsmanship in
an enactment which. without fatal Welding to
popular error, enabled the people to discover
their error. And now the same experienced
statesman urges. with the weight which his
great services give to his financial utterances
that the United states ought not under any
circumstances, 10 permit the revival of the
State bank paper money which cannot be
made legal tender and which, on the first
sign of alarm. will disappear or be lost in the
hands of the holders" 1t is only ne, essar, TO
add that the sufferers in that event would be
mainly the wage earnclS and the comparatively
poor people, who have no stores Of accumulated
wealth upon which to rely.