Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-10-13
IHE CRIME OF '7S.
The Great Conspiracy Laid Bare
by George O. German.

The Great Conspiracy Laid Bare
by George q. German.
The Dark Methods Used by Senator Sher.
man and Others to Secure tho Demon
etization of Silver-Statements of sena-
tors and Members on tho Subject.
Col. George C. German, for many years
resided in California, and was a mem
Der of the national republican commit
tee from that state from 1868 to 1880.
He was secretary of the United States
senate from 1868 to 1879, and was in the
national political councils of the Grant
and Conkling element. He edited the
National Republican at Washington for
four yehrs. For more than 20 years he
has favored the restoration of the free
coinage of silver, and left the republican
party in June last, when 1t adopted the
gold standard, and is now On earnest
supporter of Bryan and sewall. He has
written the following letter:
Hon. Charles P. Johnson. st. Louis Mo.
Dear Sir: In compliance with your res
quest, I present the following narrative
of the steps which led to the demonettza-
ton of silver in the United States In 1878.
and the methods adopted to accomplish
that result:
The national debt at the close of the
civil war was about 81, SOC, 900, the prin-
cipal being paid by law in any legal tender
money, and the interest in coin. Certain
| great banking houses of Europe-following
| the example set by their predecessors In
| England Immediately after the fall of Ma
| ti,,O nv mn, 10 ~ W.
| followed by their class in Germany after
| the Franco-Prussian war-inauguratcd
| scheme to greatly enhance the value OF
this vast obligation by making 1t payable
| in gold and then increasing the value OF
| gold.
| The Methods Adopted.
This involved two legislative measures:
| First. Such changes in the laws Of the
| United States as would provide for the ray
| ment Of the principal of the bonds in coin
| only, and would forbid the payment of any
| portion of 1t prior to the resumption Of
specie payment, in legal tender treasury
notes, in which 1t was expressly made pay
able by the law authorizing the issue Of
the bonds, and in exchange for which, when
greatly deprecated, they had all been is
sued.
Second. The decentralization Of silver in
the United States so that coin would mean
gold only, and the value of that metal at
Hon. John Sherman, senator from Ohio.
became the chief promoter Of this foreign
scheme.
On the 18th of May, 1867, being then on a
visit to Paris and having just visited Lon
don. he addressed a letter to the United
States commissioner to the international
conference on coinage. weights and meas
ures, then in session in the former city.
In that letter. which was published. he
strongly urged the adoption of the gold
standard, and said of his own country:
LAS coin is not now in general circulation,
we can easily fix by law the size, weight
and measure of future issues" The confer
ence adopted the gold standard. and our
! commissioner reported that this result was
largely due to the letter of Mr.. Sherman.
Senator Sherman next attempted to
5 "easily fix by law" in this country the
new monetary system so essential to the
, success Of the scheme above described
TO that end, on the Sth of February, 1868.
he introduced in the senate bill (No. 2lO
to demonetize silver by discontinuing the
coinage of the silver dollar. He reported
this bill favorably from the finance COM
mittee, but Senator E. d. Morgan of New
York, vigorously antagonized 1t in minor
fly report, In which, after showing the
advantages to the United States of contin.
uing the double standard, he said
I'VE have a distinctive American policy
to work out-one sufficiently free from the
peculiar situation, and the genius of oui
enterprising countrymen."
From this stalwart blow by the great
merchant senator from New York the bill
, never recovered. Mr.. Sherman never agar
, called 1t up.
. The movement for a gold standard wa.
not renewed in any quarter until nearly
= two years afterwards, and more than I
year after the expiration of Senator Nor
6 EGn'S term of office.
Strengthening the Bondholders.
Meanwhile, in obedience to the concerted
newspaper clamor inspired by the opera
tors in bonds, congress passed the act o
u March, 1869, ITO strengthen the publ
a credit" by which, without any considera
ton whatever, the principal of the bond
n OF the government, then paid in any Lawful
# money, was made payable in coin only
The advantage this gave to the bondhold
ers will be apparent when We consider tina
70 the major portion of the bonds We're b
q law redeenable in any lawful money q
the pleasure Of the United States. The nc
l. of 1869, to strengthen the purses Of tn
: hondhclders, surrendered this privilege an
bound the government to redeem in col
then al an enormous premium.
u This was followed July IA, 1870 by tn
M refunding act, under which existing bond
" were authorized to be converted into bond
payable, principal and interest. "in IN
N coin of the United States of the preser
N Il Z.
~ Of July IA, 1870. Silver dollars were. at tha
" time equally with gold full legal tender.
= A second unsuccessful attempt at the d.
M monetization of silver was inaugurated o
~ the 25th of April, 1870. by the introductio
~ in the senator by Senator Sherman of .
" bill mo. S5O) revising the laws relating
- the mint, assay offices and coinage of IT
y United States" 1t contained u section
N the 18th of which gave list of all silvt
coins to be thereafter issued, and II
d 18th of which prohibited the issuance
lr any not named therein. The silver dole
-, was omitted from the list.
- The bill passed the senate January
1871, but was never acted upon by II
m house.
Tho Third and Successful Attempt.
The third and finally successful mcV
of ment for the characterization of silver WI
the introduction in the house of represent
ttves On the 9th of March, 1871. OF "a b
rs fNo. LID revising and amending the Law
la relative to minis, assay office and coird
of the United States" 1t was introduce
by Mr.. Kelly, of Pennsylvania, chairman
le the committee on coinage, and reported
\, him favorably from that committee the
~ of January, 1872. He Informed the hou
rs that it had been prepared in the treasu
al department for the purpose of codifyil
and simplifying the mint laws, the only IL
portant change being the creation of a mi
bureau in the treasury department.
1t was reported January 10 and aga
reported with amendments February
IL 1872. this time by Hon. Samuel Hooper.
Massachusetts. He stated that the
VI reduced the weight of the silver doll
g. from APPS grains 10 SS4. but he did not sta
n ipm0nnfl