River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1895-11-21
The sherman Silver Act.

In the second volume of Senator
John Sherman's RecollectiOns, just is
sued, is the following explanation of
the legislation of what has generally
been called the Sherman Silver law.
What the senator says on this ques-
tiOn is particularly interesting at this
time. After quoting the text of the
law he says:
THE authorship of this law has
been generally credited to me, and il
was commonly called the Sherman
Silver law though / took but little
part in framing the legislation until
the bill got into conference. The sit
uation at that time was critical. A
large majority of the Senate favored
free silver, and it was feared that the
small majority against it in the other
House might yield and agree to it.
The silence of the President on the
matter gave rise to an apprehension
that if a free coinage bill should pass
both Houses he would not feel at lib
erty to veto it. Some action had to
be taken TO prevent a return to free
silver coinage and the measure
evolved was the best obtainable.
voted for it, but the day it became a
law was ready TO repeal it, if repeal
could be had without substituting in
its place absolute free coinage.
1T will be noticed that the act var
led greatly from the House bill before
the free coinage amendment was at
tached. The amount Of silver bullion
TO be purchased was changed from
81 500, 900 worth per month to 4.500,-
NM OUNCES month FNhfS Phn na
owing to the fall in the price of silver,
not then anticipated, greatly reduced
the quantity to be purchased. The
House conferees yielded reluctantly
TO the striking out of the section in
the bill providing for the redemption
of the notes in bullion, a plan that
had been urged by Sec. Window. In
lieu thereof, however, a clause declar-
ing that it was the purpose of the
government TO mailtain the parity of
the metals was inserted. This was a
most important amendment and one
that has been generally accepted as
indicating the purpose of the country
to maintain all dollars at par with
each other.
THE chief merit of this law was
that il suspended the premptory coin.
age of the silver purchased under il
into silver dollars which could not be
circulated, but were boarded in the
treasury at great cost and inconyen-
fence. 1t required the monthly pur.
chase Of greater amount of silver
than before, but that could be held in
/ the form Of bullion and could be paid
for by treasury notes equal in amount
to the cost Of the bullion, the whole OF
which was held in the treasury as Sc.
curity for the payment of the notes
Ii silver bullion did not decline IN
market value il could. if necessary. be
coined without loss and thus the par
| ity Of the notes with gold could be
readily maintained according to the
declared policy of the law. The
| friends of free coinage stoutly as
serted that this purchase OF silver
| bullion would not only prevent its de
probation, but would advance it,
market value, and thus be a gain Il
the government. l did not believe
this, but hoped that il would not de
| cline ia value, and, in any event, Il
was better To stop the compulsorl
coinage Of the bullion into dollars. a