Kansas City daily journal. [volume] (Kansas City, Mo.) 1892-1897, 1896-08-16
JOHN SHERMAN TALKS.
Continued From Eiraf PAGE.


Continued From First PAGE
the coinage law OF 1875 was enacted. all of
the states except those on the Pacific
const conducted their business upon the
basis of sreenbacks or United States notes,
then at discount of about 13 per cent.
Neither silvor nor gold was used In domes-
tic transactions, but we collected our GUS
foras. TOMS duties in gold coin and conducted our
world. 1t was not until January, 1875. that
| the first step was taken to resume specie
payments. nor did we resume until jan
During this period silver rapidly fell in
market value below gold at the ratio Of
changes were made in coinage by the lead
Ing countries of the world. Germany IN
lsI changed its standard from silver to
GOLD. France, Italy, Switzerland and Bel
gium had in 1865 entered into a treaty
called the Latin union to which others be-
came parties and by which the coins of
paid by all of them. This important ar
| rahgement was first modified and finally
abandoned and gold became the standard
Or values of these countries. but in all
silver was coined and largely used as n
SUBSIDIARY coin precisely as in the United
The Binnd-AlIison Act.
In anticipation of the resumption Of
provided silver coins of dimes, quarters
ami half dollars. for the redemption OF the
fractional @ currency then in general use in
our country. These new silver coins gave
great satisfaction. The- were limited in
legal @ tender quantities to si0. At this time
A Mr BiaHd. of Missouri. introduced his bill
OF lS TO ! on the demand of the holders
OF silver bullion. Silver had then declined
,I Torth more than sixteen ounces of silver.
The Bland bill. if it had become a law as
| t;u u nassed the mouse. would have demone-
IiZed soid Such was not the purpose Of
| congress. When the bill came TO the sem
atc. an amendment was made. on the mo-
non OF senator Allison. which changed the
| n,ra, ,ru.I,d the secretary of the treasury to
purchase from time 10 time silver bullion
at AT! tne market price. not less than 100000
anu cause the same 10 be coined into sill
Yer dollars as fast as purchased II also
psevided that any holder of the coin au-
same same with tho treasurer of the United
states in sums not less than $40 and re-
tsive ts coin certificates therefor of not less
man. man sl9 each. and that the coin deposited
snouid be reta ined in the treasury for the
| payment pay of the certificates on demand.
It ns was ok knoyn SE AMENDED de. Passed both houses
greatly added to the difficulties of redemp-
I,oh and for that reason was vetoed h.
his veto. D"H'e Id" over
Under its provisions. the United States
p1rehased m over o 2sl o. million ounces of silver
This enormos Uer o1 sSos;Ms2eo 1t was hoped that
decline OF silver. but in spite of II si,ver
steadily declined III market value, and al
ment on the purchase of silver nndcr this
act amounts to over 800. 1000.
sherman Purchasing Act.
when congress met in December 1880
lhere was strong desire In both houses to
u.iiiHe % silver as legal tender money under
AS the result of long discussions in both
houses and after a conference between
fhem Whinb ,ba bill was PASSED july a. 1890 by
directed to purchase from time 10 time sill
! yer bullion to the aggregate of 5000
| iosIa ounces month at the market price and TO
ury notes of the United States which were
dsh.e made a ,sI legal ten tender in payment of all
| deemable by the secretary of the treasury
in gold or silver coin at his discretion. This
measure measure; 1t was thought. would arrest the
enable the secretary TO maintain the two
| metals on parity with each other at the
ratio of l6 TO /. But the market value of
| silver continued to decline. The govern
| Ea msnt purchased under the act of July "a.
| The act was accompanied by the following
| declaration, made part of the repeating
act;
! policy of the United States 70 continue the
| use of both gold and silve. as standard
into money Of equal intrinsic and ex-
| chanseabIe value. such equality to be Sc
sfs saas sssIszS aIssss 9ssi a ss..ssat: &
insure The msintens -
faiue isd EN-, q, tas - COR Of the two metals and
in the mark ot every dollar ola at all times
debts Ana fnrahdp nna deeare tne nhs tSe
| Iv directed government should be steadi- !
system 81 y the establishment OF such a !
anSs ali nnmSSs ,e e4uai power OF every dollar
tS~s or sueA by the United States in
-afe iiafke'spd in the payment OF dsets-~i
lived hy i"s People.
,nnrasad This ddesclheation made by congress and
public m at nam time n% wnsn I
gecT geT question; fha3 o,a wise statement of public
passed the hour of renresenta,;ven uso S fresh
ism lis navs ,ne and 9p.h th vote of 2ss yeas and
yeas against 80 bs 3y snt ,ne was xase not &c, %
Pisr,y Pinn of yo5e ae;nIon hus believe the exprss
sfea, & or papties qpinion of majority of the two
! And here. fellov.i.izenrss We ought to
S.anu. Sa i appeal 10 ,mocrats and Repub-
,ns uahs anKe annaa W., we arel interested in hav
upon gold and slver.we cannot by law
fix the value of aither,e,aI or coin or Of
any of the articles TT enter into the
The great law of daand and supply
affects the values as it ds iron. copper CIR
zinc All have fallen in te market value
| oS heaiS VI heW uiscoFeiS and improved
methods of production. have here a
statement of the director tSe mint.
We had, July !, last; ir,ctual circula-
1883. .725. 300 as stated by thyenort of the
treasury department We ha also at that
date s6S4.5l9.9S! in the treasury mostly gold
and silver. held for the reamntion of
United States notes and silvef,ertin.at.s
All these forms of money have,een main
tanned by the government at pa with gold
and they travel the circle of he world
without diminution of their ,rcbasinf
| power. Though silver billion as falJaE
TO nearly one-half its former val. vet Nh
have used 1t and maintained sil,r collie
made from it at a parity with gof at tbs
ratio of is to ], lie
silver standard ThreRtena. /
But now W. are brought face / ~
with proposition which, Ii agreed t wee
make silver the sole standard of yalh }ill
all debts and credits for the wages lor
Dor and the purchase and sale of propvta-
The Democratic party at its recent ".
vention at Chicago adopted resolution n
favor of the free coinage of silver at Gn
ratio of Is parts of silver to of gold. pe
know that in the United States and in e
countries of the world thirty ounces d
more of silver can be purchased by on
ounce of gold. With the free coinage o
silver gold will be demonetized Nothing
money only will circulate. If the free coin
age of silver is authorized. then the mar
ket value of silver bullion becomes tn
standard for payments on all contract
made in the past, the present or the future
and 412i. of standard silver hrlIio