The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-07-12
SHERMAN ON Sill YER,
Why the Act Bearing His Name
Was Passed,
IT WAS THEM A REAL NECESSITY
Because 1t Prevents FREQ Coinage.
He Now Advocates the Changing OF
the Clause Making Silver Purchases
compulsory-ono Standard of VAL
ue and the Use Of Both Metals
Congressman Walker, of Massachu-
sets, has made public the following let
ter from Senator John Sherman;
MANspIPtD O. July g. 1893

Yer IRON oeuNtuF JUN ohoIhAh'
MANSFIELD, o., July 8, 1903,
Hon. j. II, Walker;
My DEAR SIR-YouTs OF 2Sth ult., en-
closing copy OF your statement OF the
causes that led Mr.. Couger, yourself
and me TO agree with great reluctance
to the silver act Of 1890, Is received,
An answer has been delayed by my ABB
sence at Chicago,
You clearly and correctly state the
history Of this act. The bill that
passed the house provided for the pur'
chase Of S4,5OO,000 worth OF silver at
gold value. The senate struck out this
provision and provided for the free
coinage OF silver, or the purchase OF all
that was offered at the rate OF 1870 cents
an ounce. AS conferees acting for the
two houses, it was our duty to bring
about an agreement, II practicable,
without respect to individual opinion.
The results OF the conference, to effect
free coinage and to provide for the pur-
chase OF 1850, 900 ounces OF silver at It's
gold price-a less amount than was pro-
posed by the house-the provisions de-
claring the public policy OF the United
States to maintain the parity OF the
two metals, the authority to stipulate
in contracts for payment in gold, the
limit OF the issue OF treasury notes to
the actual covering Of silver bullion at
gold value, and the repeal OF the act
providing for the senselesa coinage Of
silver dollars when We already had SOO,-
100000 silver dollars in the treasury
that we could not circulate, were all in
the line OF sound money.
THE COMPROMISE JUSTIFIED.
Another object l had in view was to
secure q then much.needed addition to
our currency, then being reduced by
the compulsory retirement OF national
bank notes on the payment of United
States bonds. This would have been
more wisely provided by notes secured
by both gold and silver, but such pro-
vision could not then be secured. These
reasons fully justified the compromise.
But the great controlling reason why
we agreed to 1t was that 1t was the only
expedient by which We could defeat
the free coinage OF silver. Each OF US
regarded the measure proposed BY the
senate as practical reputation Of one
third OF the debts OF the United States
and its people, as q substantial reduc-
ton Of the wages OF labor, as u debase-
ment Of our currency to q single silver
standard, as the characterization OF gold,
and sharp disturbance OF all our BUSH
ness relations with the great CONNER.
Cial nations OF the world. To defeat
such policy, go pregnant with evil ]
was willing to buy the entire product OF
' American silver mines at its gold value.
And this IL what we provided, guard
ed SO far rs we could. 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
product of these states. 1t was q costly
purchase. Tho silver we purchased is
not worth as much as We paid for 1t,
but this loss is Insignificant compared
to our gain by the defeat OF the free
\ coinage OF silver
THE CRAZE HAD TO DE MET.
It 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. Besides,
his veto would leave the Bland act in
force. We did not believe that his veto
would dispel tho craze that then exist
ed for free coinage. Many people
wanted the experiment tried. The re-
suit Of the experiment Of buying 1900
900 ounces OF silver q month at its
market value will be the best antidote
against the purchase Of all the silver OF
the world at one third more than its
market value.
| have never for moment regretted
the passage OF tho act Of 1890, common
" called the Sh erman act, though, as
you know, had no more to do with IL
than the other conferoes. There is but
one provision in 1t that l would change
and that is TO strike out the compulsory
purchase OF given quantity OF silver
and give authority OF the secretary OF
the treasury to buy silver bullion at its
market price when needed for subsidi.
ary coinage. Other provisions should
be made for full legal 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 are grave subjects for separ.
ate consideration,
What we want now is relief from fur
Their compulsory, purchase OF silver.
We would gladly have reduced the
amount to DO purchased, and at fixed
time suspended the purchase, but this
was refused by our conferees, Now
that tho great evil we have feared had
trust, passed away, We would will
ingly leave the amount OF both gold
and silver to be coined or held in the
treaSuryto the law Of supply aud do
mand.
REPEAL OF THE PURCHASE CLAUSE,
/ assume that republican senators
and members, who after full confer.
ence agreed TO our report will, in tho
main, vote for the repeal OF the cotn.
pulsory purchase oil silyer bullion, and
hopo that our political friends, who felt
bound by the local interests Of their
constituents TO advocate that clause or
free coinage, will DO convinced by the
experiment made that the only position
We can occupy in the interests Of our
constituents at large 10 ono Fixed stand.
ard Of value and the use OF both metals
maintained at par with each othor on a
ratio as near aS possible to their market
value.
Such policy believe 10 right. With
reserves both Of gold and silver in tho
proportions wo Cau maintain the entire
body OF our paper money, including
coin, at par with each other. For one,
will never agree to the revival Of state
bank paper money, which cannot be
mado legal tender, aud which on tho
flrst sign Of alarm will disappear or DO
lost in the hand Of the holder