Omaha daily bee., 1896-08-16

The speech of Senator John sherman,
delivered at Columbus, O.. yesterday.
ought to be carefully read by every
man who is Interested in the currency
issue before the country. 1t is IN his
toricnl statement of the whole con
troyerSy, presented so clearly and
plainly that no man of ordinary intel
ligerce can fail TO understand just what
has taken place in the relations between
gold ard silver since the beginning Of
the government. while any onc who
cares to take the trouble to verify the
statements of the Ohio statesman VIII
have no difficulty in doing so, for he re
fers to times and dates.
Senator Sherman is not an enemy of
silver. He believes in the largest use
of that metal consistent with its main
tenance at IL parity with gold. But
he is opposed TO its free and unlimited
coinage by the United States alone
because he knows that the result of
that policy would be to bring this cuun-
try to the single silver standard, with
all the evils incident to such Il change
i'll our monetary basis. Mr.. sherman
points ont that Jefferson and iIamil-
ton. who disagreed upon nearly all
other questions. agreed rs to the raJiO
upon which gold and silver should be
coined and that this ratio should b.
established according to the cOmmer
cial value of the two metals. Mir. JEFF
ferSOn distinctly stated this principle
when he said that '"the proportion be
tween the values of gold and silver
is II mercantile problem altogether, y
and further that Just principles viii
lead us to disregard the legal proper
ton altogether: to inquire into the
market price of gold in the several COUn-
tries with which We shall principally
be connected in commerce. and to take
an average from them" This is the
principle upon which the founders of
the government proceeded in establish
ing n ratio. between silver and gold,
but this principle the present alro-
Gates of free silver would utterly ig-
more m discard.
HIial' ia A'Aa'h' ~ NA''@7 '''
torical facts that the gold standard
! was established in 1924. during the
administration of President Jackson,
this having been declared to be the
| purpose of the legislation of that year,
| because both metals had never ci'cu-
lated simultaneously and cOnCurrently
in any country. This was the fact more
than sixty years ago and ii has been
the fact in all subsequent experience.
The law of 1891. approved by Andrew
Jackson, practically demoncti2ed silver
| and established gold ms practically the
! only coin in circulation. As Senator
Sherman says, NIL democrats We're then
gold bugs A striking fact in SenG-
tor Sherman's speech, which we under
| take 10 say no IL will venture to dis
pute, is the statement that the II
tors and representatives, of he silver
states in 1873 ''were urgent and honest
in saying that gold was the best and
only standard of value" That was the
position of Senators Jones and Stew.
I art of Nevada and there was no in.
nuential voice in he silver producing
states at that time opposed to the gold
| standard policy. one of the most I'M.
compromising advocates of that policy
Mt that time was Senator Jones OF
Nevada.
What Senator Sherman says in re,
gard to the effect Of the free coinags
Of silver in depreciating the purchasing
power of the money of the country
ought to commend itself TO the in
telligeut consideration of every man IN
the country and particularly of the
wage Garner. 1t Is not Il fanciful oil
theoretical idea that the distinguished
Ohio statesman presents. 1t is a
simple proposition that the working.
man, If he is paid in a deprecated dol