New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-11
4 CHOICE OF EVILS.
TT HAD TO BE LIMITED SILVER PURCHASES
OR FREE COINAGE.

SENATOR SHERMAN SAYS THE ACT THAT
FEARS HIS NAME WAS A NECES'
sARY COMPROMISE.
worcester Muss.. July 1O-Congressman Walker has
made public the following letter from John Sherman
which he received to-day:
Mansfield Ohio July s. 1893.
Hon j. IT, Walker.
Nv Dear Sir: Yours OF osth ult. Enclosing copy
- statement OF the causes that led Mt Conger your
.c and me TO agree with great reluctance 70 the silver
act ~ 1890 is received. has been delayed oy
my absence Chicago. You clearly ana correctly s~''e
tho history OF that The bill that passed the House
rovded for the purchase $500 900 worth OF silver at
cold value The Senate struck out this provision ana
provided for the free coinage Of silver the purchase Oh
all that was offered the Iate OF I'll ~ an ounce
As conerrees acting for the two houses II was our ouS
to bring agreement IL praeucaoe "i'""u' ie'
spect individual opinion.
The result the conference was to REJECT Tree co'
age and provide for the purchase OF aoooooo ounces
Of silver at It's gold prce-a less amount than was pro-
posed by the House The provisions declaring the pup
lie policy OF the United States TO maintain TIE parity OF
the two metals the authority to stlpulae In contracts
for payments gold the limit OF the Issue oi treasury
the actual cost OF silver bullion az soo value.
and repeal Of the act proVioinR Tor the sehse''
coinage of silver dollars when already had 30O,-
900 silver dollars in the Treasury that we couid not
circulate all In the line OF sound money announcer
object had In view was to secure then mrchneedeo
addition TO our currency being reduced by the
compulsory retirement OF National bank the
payment OF the United States bonds This would have
been more wisely provided by notes secured BY both
gold and silver but such provision could not then be
These fully justified the compromise.
But the great controlling why agreed 70
it that It the only exIcdient ty which we eou1
defeat the free coinage Of silver Each CT US regarded
the measure proposed by the Senate practical re-
pudaton third OF the debts Of the United States
and its people, as substantial reduction Of the wages
q labor, f, dcbasement Of our currency 20 single
standard, the demOnetrator Of gold and sharp
disturbance OF all our business relations with the great
commercial nations OF the world. To deleat sucn
policy SO pregnant with evil was willing to buy the
product OF American silver mines at Its gold
value Ard this was what provided guarded a.
far could
To accomplish our object had get the consent OF
tho Republican Representatives, from the silver producing
states This could only do by buying the silver
product OF States. 1t was costly purchase Inc
purchased Is worth much as VIC para lot
IT, but this Insignificant compared to our gain by
the defeat coinage OF silver 1t Is said there
OF free coinage, that the President "ouo
have We had right to throw the responsi'
bty upon him. Beside his veto would leave the BLANC
act In force. We did believe that his veto would
ds spell the that then existed for free coinage many
people wanted the experiment tried. The result OF the
experiment buying 800 900 ounces OF silver month";
at It's market value will be the best antdote against
purchase OF all the silver OF the world at oheuru
M than it, market value
l for moment have regretted the passage OF
1890 commonly coled the sherman Act though
l had o do with IL tnah thc oheF
concrree, There provision in that "ouii
change strike tse compulsory purchase
Of given quantity Of silver and give authority 10 the
Secretary Treasury buy silver bullion at t'
market price when needed subsidiary coinage Other
uoyi,ions should be made full legal tender United
States supported by Of both gold and sill.
yer and backed by the credit and wealth Of the United
States but these grave subjects for se rate cQpsd
Grafton. What We want is relief from further com.
pu.ory purchase OF silver. We would gladly have
duced the BE- purchased and fixed time sus.
pended the purchase, but this refused by
fcrrces
Now that great evil have feared has trust.
passed away, would willingly leave the amount OF
both silver be coined held in the Treasury 10
tic law OF supply and demand. the Republican
members who after full conference agreed 10
cur report WILL the MAN, for the repeal Of the
compulsory purchase OF silver bullion and hope that our
political who felt bound by the local interests Of
their adv that clause free coinage.
Will be- convinced by the experiment made thai the only
position we occupy IN the Interests OF constituents
al large standard OF value and the of
both metals maintained par with each other iatio
As near as possible their market value. such n
nocy sas,e is right. With both Of gold and
silver in plopr proportions can Gaintam the entire
body Of our paper money, including coin, at par with
! each other Fer ono 1 will agree the revival OF
s,te bank paper money, which cahn0t bc made legal
,e,der and which on sign OF alarm viii disappear
- h lost i'm the hands o the holder. Very respectfully
| ,s JOHN SHERMAN.