The Republican. [volume] (Oakland, Md.) 1877-current, 1896-08-20
Senator Sherman on the Silver
Question

From it we have extracted the fol-
lowing:
When the war was oyer the Re-
publican party sought to restore
specie payment as soon as practi
cable. In March, 1869, it pledged
the faith of the nation to payment
in coin, or its equivalent, of all
bonds of the United States and
to redeem the United States notes
at the earliest practicable moment
in com. In order to carry out
this pledge it became necessary to
revise the various coinage laws of
the United States, This was care
fully done by a bill framed in the
Treasury Department while Mr..
Boutwell, was Secretary. 1t was
thoroughly considered by the ex-
perts of that department, and was
printed and submitted to all per-
sons IN the United States who were
supposed to be familiar with the
coinage laws.
This bill was pending in Congress
for three years, was carefully con-
sidered in both houses, and special
attention was called to the omission
of the 4124 grains silver dollar,
which was never in the bill at any
stage, and the reasons for this
omission given. 1t was finally
determined, at the urgent request
of members from the Pacific coast,
to insert among the silver coins
trade dollar containing 420 grains
of standard silver, but this dollar
was made, like the minor coins,
legal tender for five dollars only.
There was but one yea-and-nay
vote on the bill, and that was on
the proposition to repeal the charge
made by. the mint for the coinage
of gold. | voted against its repeal.
The bill passed both houses and
became a law FEBRUARY u, 1872, by
practically a unanimous vote of
both parties, and was specially sup
ported and voted for by the Sena-
tors and mem bers from the silver
States. This has been called the
crime of 1878, and as the bill was
under my charge in the Senate |
was held to be the chief criminal.
1t was, in fact, wise measure of
public policy, carefully discussed
and considered during three years.
When we test the cutlery against
this act with the silver facts shown
by the official record it appears sim
ply ludicrous. The total number
of silver dollars coined from 1892
to 1878 was S,O31, 23S, while
the number of trade dollars issued
under the coinage act of 1878, con-
tanning y grains more silver than
the old dollars. 50, 965, 925, and
the number of standard silver
dollars coined under the Bland
Allison act of 1873 was 430,790,-
041, or 81 times the number issued
before 1878.
There have been a great many
battles fought against gold, land gold
has always won. Gold has made the
world respect it all the time. The
English people once thought they
could get along without gold for
awhile, but they had to come back
to 1t.
We cannot by law fix the value
of either metal, or coin, or of any
of the articles that enter into the
wants of life. The great law of
demand and supply affects the value
as it does IRON, copper or zinc. All
have fallen in market value by
means of new discoveries and i'm
proved methods of production.
The United States has thus far
maintained its silver coins at parity
with gold coinage and by limiting
the amount, but with free coinage
of silver there could be no limita-
ton. Silver bullion in every form
will be pressed upon the mints, and
with the mandatory duty of free
coinage, silver dollars will soon fill
the channels of circulation and the
gold dollar will be boarded, or will
be quoted at its commercial value.
If the free coinage of silver is
authorized, then the market value
of silver bullion becomes the stan
dard for payments on all contracts
made in the past, the present or
the future; 4123 grains of standard
silver bullion, worth now SO cents,
can with free coinage be coined into
a dollar upon the demand of any
holder of any such bullion.
1t is impossible to estimate the
wrong and injustice that will be
done to creditors by the scaling of
nearly one-half of debts due them.
The very threat to do it will lead
to the rapid collection of debts, the
sacrifice of property and deepen
existing financial difficulties.
Free coinage will wipe out nearly
one-half the value of life insurance
which provident people of the Uni.
L. b ,oo,,,,o -,