The Philipsburg mail. [volume] (Philipsburg, Mont.) 1887-current, 1894-05-31
Stewart Tells of the Demon
itization of Silver.
SEN. SHERMAN'S RANK DUPLICITY
How the Schen1ng senator From
Ohio Planned the Gold Standard
YER Gradual Contration OF
the Currency for Years

Senator Stewart gave out for publica-
tion the following succ1nct history of
the manner in which silver was demonc-
tized in reply to the question:
by what means was the United States
induced to join the combination and take
the lead in the practical work Of demone-
tizing silver?
"Ihe fact is that some Of the persons
who we're the chief participants in the
crime are still living, and it is unfortun-
ate that their names must be mentioned
in giving history Of the transaction. I
hope that they will not feel aggr1eved by
the publication of the part they acted in
the matter and that their conscienees do
not reproach them, and that they are un-
conscious of the wrongs they have in
fiicted upon the human race In 1865
France and her immediate nelghbors.
Italy, Greece, Belgium and Switzerland,
formed what is known as the Latin
Union, which was a treaty by which,
among other things, common coins we're
established and made legal tender in each
OF the countries which entered into the
combination. In 1867 France invited
the United States and the nations of
Europe which had not joined the Union
to monetary conference at Paris for the
purpose of including all commercial ma
tions in a union with view to adopting
common coinage, weights and measures
The United States sent Mr.. Samuel B.
Ruggles as a delegate to that conferences.
Shortly before the conference met, the
Senator from Ohio (Mr. Sherman), who
was chairman of the Committee on
Finance of the Senate of the United
States, visited London, the center of
dealings IN bonds and other money
futures. Whom he met and what con-
sultation he may have had while there
have not been published But when he
left London he went to Paris about the
time the monetary conference assembled,
and wrote powerful letter advocating
the gold standard, which Mr.. Ruggles
fastened to lay before the Emperor and
select committee of the conference to
which the question Of demonetizing sill
YER and adopting the gold standard had
been referred. Mr.. Ruggles reported to
the Secretary Of State by several COM
munications in all of which he ascribed
to Senator Sherman and his letter q
most potent influence in accomplishing
what he said was the principal object of
the conference, namely a recommends
tion for the adoption of the gold stan
dard by all the nations represented from
Great Britain but was instructed to take
no part in the proceedings of the confer
ence unless the b1metallic principals of
the Latin Union was abandoned and the
British system Of a single gold standard
adopted. There was great opposition
among the delegates to the single gold
standard. France took very strong
grounds against it, but finally to prevent
failure of the conference to recommend
common coin, yielded. Mr.. Ruggles
and Senator Sherman both bear testi-
mony that France reluctantly yielded
and 19 nations were swung into line in
favor of single gold standard. The
work OF procuring legislation in pursu-
ance OF the recommendation of the con-
ference was first undertaken by Senator
Sherman IN the United States. No agl-
tatlon OF the question whatever, was at
tempted until final action could be Sc
cured IN the United States. If any
other course had been pursued, there
would have been danger that the people
of this country, having everything to lose
and nothing to gain by the scheme,
might become alarmed and thwart the
purpose Of the manipulators The Uni
ted States at the time was the great
producer of silver and had more unde-
veloped resources than all Europe; and
the combined debts Of the nation and the
people were greater than those Of any
nation in the world Consequently, the
United States would lose more and the
would gain more by the
success of the scheme in this country
than from the success of the whole con-
tinent Of Europe. Mr.. Sherman re-
turned to the United States, and in the
session of congress, on the 9Th
day of January, 1865 introduced q bill in
the Senate with the following harmless
title: "A bill IN relation to the coinage
Of gold and silver" On the 9th of June,
1868, Mr.. Sherman reported the bill to