The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-03-15

- for Sherman.

Editor of The TRIBUNE;
Dear Sirt-Tbe honorable senator from
Ohio, MIR Sherman, is certainly one Of the
best authorities on finance. Any state
ment he may make on this matter Is
worthy, therefore, OF attention. C0nse-
quently whel Mr.. Sherman publicly de-
clares that to coin the 'seigniorage"
would DO breach Of the public trust"
and shameful disregard for obligations
Of contracts, it is well to inquire what
he means and to what extent is founded
u denurCation OF this import against a
bill proposed and sustained by as good
and honorable authority on finance as
Mr.. Bland. III his argument against the
Bland bill, Mr.. Sherman maintains that
the whole a mount OF the Sl25, 600, 900 OF
silver bullion purchased under the act of
1880, is as saCredly mortgaged for the re-
demption of the treasury notes issued for
the5e purchases on the same prin
ciple-as farm is encumbered, or wheat
or any other commodity held in bond
his entire augmentation against the
Bland bill, now before the senate, being
ba, ed on the market value of silver-its
value as coin being to him no cOnsidera-
tiou whatever. Let us admit, then, with
Mr.. Sherman, that the silver bullion in
question ia to be considered by reason Of
the act,,of 1890, under which itwi purchased
as commodity only. In which case it
must have been bought as a commodity
also, and as such, simply to enhance its
market price for the sole advantage and
profit of the producers Of silver. In other
words, Mr.. Shermans view, if correct
meansIthat Sl25, 000, OU0 Of the public funds
were expended by our legislators simply
to enhance the market price Of COM
Ia N ~ aIa nall
then buy oats, corn, potatoes or even
chickens and sewing machines out OF pub.
lie money to enhance the profits o. thelr
producers.
If, as the honorable senator from Ohio
affirms such was the spirit In which these
purchases tof silver bullion were made,
then, indeed are these purchases them
selves breaches Of public trust, far more
| open, and disregard for "the sacred obi
| cations of contracts" far more shameful
| than the Bland bill which Mr.. Sherman
feels called upon to denounce in tho afore.
said terms. Oa the other hand, one might
suppose that Mr. Sherman would know,
better than any one else, the true spirit Of
| the act Of 1892 inasmuch as this act bears
his own name. Consequently he ought to
be able to tell whether the bullion bought
under his act was purchased at the sole
| instigaton Of the silver kings, or whether
these purchases were made in view OF its
coin value and monetary functions for the
| public good. Let us suppose it wa3 the
latter consideration, for the honor Of the
trainers and sustAiners OF the bill
and this view is evidently correct, seeing
that the treasury notes issued for those
purchases OF silver bullion are redeemable
in gold at the option Of the bearer which
! proves conclusiYply that their value Is es
| timated on the public credit and not eX.
| clusively, as Mr.. Sherman announces on
the silver in the treasury vaults At any
rate, when this famous act of 1890 was
passed, the public was led to believe that
the silver bullion was purchased with re.
spect TO its future value in coin, notwith-
standing that these purchases might have
the effect OF maintaining the price Of the
home silver product. 1t seems to me,
therefore, very bad taste to say the least,
to come at this late hour and view the
question OF the seigniorage simply from
the standpoint OF the market price Of bull
lion silver such view tending not only
to falslfy the whole original act, but TO
place at the same time the Republican ad-
ministratioD, under which It was voted.
In very awkward, not to say dishonest,
light before the public.
| E#A
What also proves that it was as coin
that this bullion was purchased is that
the very act under which II was bought
provides at the same time for the
coming OF the seig nl0rage- which seiguior
age could not exist II its value as coin is
not paramount. Therefore, these 1925.
600 900 In silver bullion have certainly an
actual value Of $3.50 00O, 600 in silver coin
dollar for dollar Const uuently there
must bs u seigniorage Of s55. 0OO.
600 available at any time, which, on the
original spirit Of the act of 1890, we have
fully as much right to coin as any other
part or parcel Of tho bullion itself bouI Iht
under this act-uuess, 1indeed, we are TO
suspend, as soon as possible, the coinage of
silver altogether. IL this IL what
the opponents OF the Bland bin are
frankly for the enlightenment of
their constituents before the next Sem.
torial eleOtiont Furthermore tho honor
able senator from OHIO ,clares he would
rather borrow Mt q heavy discount than
coin the segniorage in question calling 1t
"sham Ruu b fraud IL is quite easy
will admit, to borrow Rt u heavy discount
ut tho peoples expense, but We've In this
light the llnD language Of the honorable
senator loso' somewhat OF its would be
sentiment aud chvdlry. And on the other
haud we all know, that to coin auy silver
whatever, instead OF borrowing gold at n
high rate Of interest from the money
lenders, has always been "sham and
fraud" in the eyes of.Wall street But
what about the Taxpayers Are they also
to be held as "yacuum" tho same As Mr.
Shermans party considers the Bland hills
| Whpn Hnn financial nrinpin1aa III, M,