Arizona republican., 1895-06-04
PHGNIx. JUNE 4, 1895.
SHERMAN'S SPEECH.

It is astonishing to read, says the Idaho Statesman, that Senator Sherman stated in his speech before the Ohio convention that the low price of silver resulted from ''enormous production" :"
 No one knows better than he that that is not true. Perhaps, however, it should not astonish us to find him re- beating that assertion of the goldites, for whenever it's falsity is acknowledged the contention oi the monometallist must fall to the earth. They maintain that the silver men desire to secure "cheap money, that is money worth more as coin than as bullion. If they were to admit that the market price of silver has fallen below it's coinage value because of it's being driven out of it's position as 8 money metal having the same privileges as gold, they could no longer use that thread bare assertion against the advocates of free coinage, and at the same time they would be obliged to acknowledge that restoration of silver to the right of free and un- limited coinage would at once raise the market price to the coining figure.
 But to refer again to Sherman's speech. We would like to ask him if the enormous production of gold from the mines of California and Australia caused any appreciable difference be- tween the bullion and coin values of that metal? Relatively the increase in the production of gold after the dis coverY of the mines in California and Australia was far greater than anything that has occurred in connection with the production of silver. If there were any foundation for Sherman's assertion it would follow that there should have been fall in the bullion price of gold during the palmy days of the great gold mining regions. but nothing of the kind occurred. England's coinage figure was established in 1916 and the enormous production 40 years later had no effect upon 1t.
 However, question relating to some thing more recent might make the point clearer. We would like to ask MT. Sherman if the great fall in the price of silver bullion in 1893 did not result from the closing of the hints of India to free coinage. He must an- swer "Yes," for the fact has been re- psatediy stated by all of his school of financiers. If he were correct in his as- serton it would follow that there should have been no fall In the price of silver upon the closing of the hints of India. II the decline in silver has been be- cause of enormous production," and HUI DcCGuoO Ol IuC ClOSluS Ol luo niAbS to its free coinage, the closing of the Indian hints should have had no effect whatever upon the market. But the fact is that the closing of those hints caused the quotations of silver to drop about 33 per cent. Nor can it be claim. ed that any other cause contributed to that decline, for it came at once. Sil- yer went down instantly and remained down There was no news of "enorm- ous production" either before or after the decline; it was simply the closing of the Isdian hints that reduced the price and fixed it on a lower plane.
 In the light of such record, and such a recent record, too, il is utterly absurd for Mr. Sherman or any one else to stand uD brf,te an audience and declare that th ? ,ce Of silver has gone down be-