The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1895-06-01
VIEWS OF SENATOR HILL.
WHAT HE HAS TO SAY REGARDLNG
THE SPEECH or MIR. SHERAIAN.

IHG 81 EECH Or IHhs SA AEftIuANs
He Says If an Ohio Democrat Had Made
1t 1t Would Have Been Met With Con
demnatlon-He Take a Very Bold Stand
on tho Silver Questionable is Difficult for
Him to Believe That Any Congress viii
Create a New American Dollar.
Albany, May Ex-senator Hill to-day
was asked whether he had read Senator
ISherman's speech on the monetary ques.
t!on.
II have" said the senator. 'If an
Ohio democrat had made the speech II
would have met condemnation. The i'm.
plication startled me that there are in
a prosperous state like Ohio republican
voters who wish to degrade our dollar
standard and pay their debts in cheap
er money than they promised to pay in.
1t Is difficult for me to believe that a
majority in any state or in any Amerl-
can congress will vote to create a new
dollar merely in order that thereby debt
| ors may eVade the payment of one-half,
| one-quarter or any percentage of what
they owe and have promised. That
would be worse and more indefensible
than the creation in 1862 by Senator
Shermans party of the full legal tender
greenback dollar. Then the country
was in the agony of war, but now there
is profound peace.
Until l read the latest legal tender
decision in 1883 by a republican supreme
", TYrfi ~ 7 ,+.,Ir
that our highest judicial tribunal could
tolerate such repudiation of private con-
tracts by degradation of our legal TEN
der dollar. 1t has not been attempted
until 1862. Whether our standard was
gold or silver, 1t was until 1862 an hon
est standard an undegraded standard.
During those seventy years nobody
loanfng dollars felt IL necessary in note
or bond, as now, to describe the dollars
Of payment as gold dollars of present
weight and fneness.' Not till 1862 did
congress begin to force the circulation
of degraded dollars by. imparting to
them a full legal tender faculty. The
failure of congress in 1884 to adopt the
European coinage ration Of 1914 under
valued silver and expelled 1t, so that in
order to keep In the country minor sill
yer the law of 1853 authorized the coin
age of small underweighted silver
pieces, but they were not a full legal
tender That Senator Sherman de-
scribes as proper and true bimetallism,
I deny it. 1t was compulsory treasury
silver purchasing and coming like the
Bland-Allison statute of 1878 and his
own statute of 1890, which differed in
no substantial aspect from the law Of
1853, excepting that those Of 1878 and
1890 coined dollars (not minor silver, as
did 1859 and made them a full legal
tender.
Senator Sherman said at GAINESVILLE,
what was news to me, that for fourteen
years after the resumption of specie
while the republican party
was in power, we had gold, silver and
paper money passing current in all
parts of the commercial world l had
never known that from 1880 till 1884,
when Cleveland came, our silver dollars
and greenback dollars were exportable'l
like our gold dollars One of my objec-
tions to our government having taken
full legal tender silver and greenback
dollars is that they are not exportalble. |
1 would exterminate forever the green
back dollars which by the endless re- |
demption chain make the chiefest of our
existing currency woes. I would be in
ternational bimetalllsm, by free bimet- |
allie coinage and ratio of 151s, and not |
by Senator Sherman's bastard bimet- |
allism exenplified in his law of 1890 and |
now repealed, lift our standard silver |
dollars into a worldwide parity with |
our gold dollars ! would thereby put |
an end to the degradation Of any coin |
ed dollar of ours. l object to Senator |
5herman's nlisdescription of the bimet |
allism of 1892, which on an International
ratio of 151s l advocate. We have sus-
pended the compulsory treasury pur-
chasing of silver and coinage of silver |
lollars. I urged it in the interest of
bimetallism. The suspen-
sion is steadilyworking in Europe to
hat end. 1t has persuaded Bismarck
Gould have my wish I would not have
he treasury purchase another ounce of
flver or coin another silver dollar under
existing conditions till the possibility
If international bimetallism on ratio
# 15h has been fairly tested by the
United States"