Omaha daily bee., 1895-11-10
LOOKING BACKWARD 40 YEARS
Important National Events Reviewed by
Senator Sherman.
~GLEANlNGS FROM HIS "RECoLLtCrIONs"
Interesting Facts Regarding the FL
nnncinl Policies of the GoVcrn-
mcnt, In the shaping of which
lie Took n Leading Fart.

Proof copies OF the FIRST volume of Senator
John Sherman's Recollection Of Forty
Years in the House, Senate and Cabinet"
have been received from the Werner COM
pany of Chicago. The second volume will be
issued during the present month. Extracts
from the "Recollections' published recently
gave but a meager glimpse Of the vast and
instructive quantity Of historical facts and
incidents contained in its pages. II illus
tra,es nearly half a century's record of most
stirring and important public events by one
Of the most prominent characters in Amer
lean politics,
Although the Recollection" give a very
complete chronicle of Senator Sherman's pub
lie services, little of his private life can be
CLEANED from the first volume. No pretension
is made to literary style and a great mass
Of facts is laid out in cold rows of type with
nothing to relieve the monotony but a plentI-
full insertion of letters. OF these Mr.. Sher-
man must have an enormous number on an
exceedingly wide range of topics. Selection
seems TO h2ve been made with a decided
preference for those letters in which some
compliment was paid to the senator. The
impression may be wrong, however, and the
great prominence given the ego excused on
the ground Of the nature Of the work which
the senator has undertaken. In a sort OF an
Apologize way the author ODStINeS III MS
preface that "egotism is a natural trait of
mankind" and explains that he fully appre-
Ciates that lone man is but an atom in the
lifo Of today.
Several chapters already made public have
caused considerable discussion in political
circles. Much has been written Of Mr.. Sher-
mans estimate Of President Garfield, and a
mild sensation, tempered by the lapse OF
time, was caused by the publication of the
story of the ~latter's nomination for the pres
iIpppv GorpnthiDp now has also bppu given
on the history of the presidential contest Of
1876, which subject offers many inducements
to aspiring historians of the present day.
But il occurs on second thought that Senator
Sherman's recital Of financial history of the
last four decades and an exposition of his
views on this theme are Of far more value
than his estimates of his contemporaries.
His literary talents are frugal. One does
not have to read through more than one or
two chapters before he is confronted with
this fact.
Senator Sherman was a leader in the
movement which resulted in the most i'm
portant change in the monetary system Of
the United States made in half a century.
The prominence of the silver question has
evidently forced a certain measure Of re-
serve upon the writer. He goes into the
subject with caution and comes out without
having said a great deal. No doubt of his
opposition to free silver, however, is allowed
to remain.
1t is interesting to learn that Senator
Stewart of Nevada, one of the present up
holders Of free silver of greatest physical
endurance, said February II, 1874, according
to the Congressional Record: Il want the
standard gold, and no paper money not re-
deemable in gold; no paper money the value
of which is not ascertained; no paper money
that will organize a gold board to speculate
in it." a few days later Mr.. Stewart, while
speaking in favor of a resolution instructing
the committee on finance to report a bill pro-
yiding for the convertibility Of treasury
notes into gold coin or 5 per cent bonds, -
said: by this process we shall come to a
specie basis, and when the laboring man re-
ceives a dollar 1t will have the purchasing
power of a dollar, and he will not be called
upon to do what is impossible for him or
the producing classes to do, figure upon the
exchanges, figure upon the fluctuations, figure
upon the gambling in New York; but he will
know what his money is worth. Gold is
the universal standard of the world. Every
body knows what a dollar in gold is worth"
After the passage Of the act of 1853 great
quantities of gold from the California mines
were coined at the ratio of 16 to |, and this
money was in general circulation. Senator
Sherman asserts that "if the purchase Ct
silver instead of the free coinage of silver
Is tho demonetizatiOn of silver, it was de-
monetized practically in 1884, and certainly
in 1858, when the purchase of silver and its
use as money increased enormously. In 1852
the coinage of silver was less than 81 900, 900.
In the next year the coinage of silver rose
to over SO, 900, 900, and reached the aggregate
Of nearly $50, 900, 900 before the beginning of
the civil war. Then, as now, the purchase
Of silver bullion led to a greater coinage
than free coinage.
In answer to the charge that the act of 1873
went through congress ''stealthily like a cat
Senator Sherman says that there never was
a bill proposed in the congress of the United
States which was so publicly aud openly IRE
sented and agitated." Continuing, he says
Il know of no bill in my experience whicL
was printed, as this was, thirteen times, in
order to draw attention to it,"
He gives an interesting review of the his
tory Of the act as follows: 1T vas framed
in the Treasury department after a thorough
examination by experts, TRANSMITTED to both
houses of congress, thoroughly examined and
debated during four consecutive sessions, with
information called for by the house of repre-
sentatives, printed thirteen times by order,
and broadly circulated, and many amendments
were proposed, but no material changes were
made in the coinage clause iron the begin
ming to- the end Of the controversy. II added
the French dollar for a time, but that was
superseded by the trade dollar, and neither
was made a legal tender but for So. 1t passed
the senate on the 10th of January, 1915
yeas and IA nays-every senator from the
Pacific coast voting for it. 1t was introduced
in the house of representatives by Mr.. Kelley
at the next session. 1t was debated, scru-
tinized and passed unanimously, dropping the
silver dollar, as directly stated by Mr.. Hooper.
1t was reported, debated, amended and passed
by the senate unanimously. In every stage
of the bill, and every print, the dollar OF
4l21a grains was prohibited and the single
gold standard recognized, proclaimed and un-
d]erstood. 1t was not until silver was a
cheaper dollar that any one demanded it, and
then it was to take advantage of a creditor.
1T has been within the power of con
gress to correct this error, If error was
made, but congress has refused over and
over again to do it. When the controversy
arose in 1878 on the Bland bill and the house
Of representatives. proposed the free coin
age of silver the senate rejected it after q
deliberate contest, and substituted in place
1T7T