The Kimball graphic. (Kimball, Brule County, Dakota [S.D.]) 1883-1905, 1893-07-08
INTERVIEW WITH SHERMAN.
The Ohio Senator's Opinion Of the Admins.
tration's Silver Attitude.

CHICAGO, July 5.-"Therc never has
been a time since the law of 1890,
known as the Sherman act, was passed
that would not have voted for its re-
peal" said Senator John Sherman Mt
the Lexington hotel today. 1.-THE Sher-
man act was compromise measure
and it was passed to save the country
from Il free coinage bill that had been
passed by the senate by an overwhclm-
ing majority. The democrats helped
pass they Sherman bill and now they
abuse it and blame it for all the tinan-
man bill had not been passed a free
coinage bill would and the resultwould
have been infinitely m re damaging to
the country. The present dispute over
the silver question is a democratic
party issue. Mr.. Cleveland in oppos-
ing silver is fighting three-fourths OF
his party.
"Will the Sherman bill be repealed?"
"ProDably, but before it is repealed
there are apt to be some warm cx-
pressions of opinion. / would not be
surprised if some of the democratic
congressman and senators should con-
sent to the repeal of the Shermant act
only on conditions that the admlnistra-
tion might not favor"
'.In the silver states and in many
other states are congressman whose
constituents believe in free coinage.
What will the administration do if q
free coinage rider be put on the repeal
ing act? Down south they want more
money, plenty of it, and they nre not
so very particular as to what kind Of
money it is. How will the hard
money democrats like it if the repeal
ing act be loaded with free state
bank currency amendment? These
are only conjectures as to what might
happen, but they indicate how the
democratic party stands on the mone1
tary question. The republicans in con!
gress will be IN the attitude to GER
tain extent of spectators, but we will
be in favor, with few exceptions, of
good money. think the Sherman law
will be repealed, but the danger
is that congress may go too
far. Should the clause pro-
iding for the purchase of 4,5O0,o00
ounces Of silver monthly be stricken
out it will be well, but if congress
should go on and repeal the clause pro-
viding the United States shall main
tain q parity between gold and silver
coins, it would cause widespread disI
trust. 1t is well enough to stop the mint.
age of silver, but that in circulation
must be sustained. Many newspapers
seem to forget that for the bullion
from which tho silver dollars were
coined, the government paid only the
market price in gold at the date of pur-
chase, SO that those silver dollars
coined under the Sherlncn act stand
really on gold basis, and the govern
ment could redeem all in gold now
with a loss of only about $4,000, 900. Z
"What, in your opinion, is the rem
edy for the present financial trouble?"
'sThe restoration of confidence in the
commercial world. The present strin-
gency is caused by the apprehension of
the mercantile and financial world that
we will not meet our obligations in
gold, but will pay in cheap money.
l. believe we should have a sound,
safe currency on n gold basis. No,
L do not think the cessation of
silver coinage will bring gold more
into circulation. do not think gold
will ever again be SO much in circula-
tion. It will be utilized as the reserve
and basis on which the circulating
medium will rest for security. / think
such n currency feasible, and ! am of
the opinion that it will be brought
about.
The action OF India with regard to
silv er is not conclusive. 1t is in the
nature of an experiment. The law that
the rupee shall be worth 16 pence is in
the nature Of fiat money legislation and
has no effect here 53.