Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1894-05-04
FUTURE OF SILVER.
Brought to the Front by the
London Conference.
THE OUTLOOK SOMEWHAT IMPROVED

American Senators Cable Their sympathy
for the Objects of the Gathering-Sher
man, One of the Sisncrs, states His Posi-
tion Aenin-Comments OF Teller and His
Interpretation of the CalDlegram Posi-
ton of the Administration.
WASHINGTON, May 4.-The following is
copy of IL cablegram sent to the lord
mayer of London apropos of the bimetal-
lie conference going on in that city: I'VE
Lesire to express our cordial sympathy
with the movement to promote the resto-
ration of silver by international agree
ment, in aid of which we understand a
meeting is held today under your lord
ships presidency. W.. believe the free
coinage Of both gold and silver by inter-
national agreement at u fixed ratio would
secure to mankind the blessing of a suffi-
cicnt volume of metallic money, and
which is hardly less important-secure
to the world of trade immunity from vio-
lent exchange fluctuations"
The document was signed only by sen
| asors who voted for the repeal of the Sher
| man Jaw, among the sieners being Sena-
tors Sherman, Allison Voorhees,, Hoar,
Aldrich, Hill, German, Brice, Frye, Davis,
| Cuilom and Lodge.
| Sherman's Comments or ti,c Matter.
Senator Sherman, in speaking of the
London bimctallic convention and the
above telegram, expressed the hope that
the convention would lead to tine calling
of another international monetary confer
ence and said: There is no division Of
sentiment among conservative people as to
the necessity OF re:saining silver as one of
the moneys of the country. The only
question we have discussed il congress is
whether we can have free coinage without
dcmonetizing gold. The general opinion
| is that this would be the esult of an at
tempt by the United States alone to main
| tain sixteen ounces of silver with one
ounce OF gold, when in the open market
we can buy THIRTY -one ounces of silver with
one ounce of gold.
Sot u Double Standard Man.
'While have always opposed the free
coinage of silver l have none the less de-
sired that silver should be used to the ut
most extent possible as a money metal,
| providing only that it would not place
Us on n single standard of silver and drive
gold from the country, gold being the
recognized standard in monetary tralsac-
| tons with all the chief commercial ma
| tons. l therefore Joined heartily in en-
pressing the hope that the bimetallic con-
Eress would recommend some plan by
which all the commercial nations would
arrange mode of coming both metals
rs money. My own opinion is that il is
| better to recognize ut once as a fact that
\ Is apparent that on account of the vast
| increase of the production of silver the
ratio should be based upon the present
relative market value of silver and gold.''
Teller lnterprets the Telegram.
Senator Teller said: AS to the effect of
the telegram sent to the Manchester meet
| ing by Senator Sherman and other sena-
| tors who have not been known as silver
men think the telegram will encourage
bimetailism i'll Europe by showing that
even those who oppose the free coinage of
| silver have come TO recognize the necessity
| of II double standard, and that it will be
seen from this that while differences O,
opinion may exist among Americans As to
how we shall secure the full use of silver
rs standard money none exists as to the
| necessity of the Use of both gold and silver
on terms of mint equality