The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1896-09-03
STARK COUNTY DEMOCRAT THURSDAY SEPTEMBER g. 1896


ito Of 10 to means repudiation and will
bring us TO silver standard at once SEN
ator Sherman said that same thing in 1873
of the Bland Allison act.
In 1873 Senator Sherman prophesied
that, under the Bland-Allison act, when
$4,000, 900 Of silver dollars had been coin
ed, this country would go to silver stand
ard. l think we have something like $780,
900, 900 now, and we have not got on to q
silver basis yet. Very likely the reason
Senator Sherman does not choose to proph-
esy at present Is because he has had such
hard luck in the past
Senator Sherman protests with all vehe-
mence against the payment of the obliga-
tions Of the United States in anything but
gold, or the settlement, should say, of
those obligations upon anything but the
gold standard We do not hesitate to make
the claim that the gold standard is an un-
just standards that the gold dollar has ap-
preciated in value so that when we now
pay obligations incurred 20 years ago we
pay nearly twice as much as we contract
ed topay. And Senator Sherman attempts
the argument that we have no right to pay
In silver dollars. Senator Sherman knows
as well as any man In this country knows
that with all the efforts that have been
made to create the single gold standard in
this country the congress of the United
States has for the past 90 years sturdily
and steadily refused to establish the gold
standard of payment
Senator Sherman knows that there is
not an obligation Of the United States out.
standing, the whereabouts of which is
known, that is not payable in coin of the
United States, silver or gold. And yet he
tine thaN 4. l..
that we should pny those obligations in
appreciated gold, when the silver dollar Is
part of that contract as much as the
gold dollar is.
Let us go back little to some of Sena-
tor Shermans earlier notions In his last
speech he said, "It would be inexpressibly
mean on the part of the people of the
United States to pay their bonds in silver" "
Now, Senator Sherman discussed a SINH
lar question on the 27th day of February,
1868, when the question arose about pay
ing tire bonds Of the government, not in
gold or silver, but In paper promises of the
United Statcs--in other words, legal ten
der notes that were then deprecated from
the gold basis-and want to quote to you
his words to show to you what he then
thought of the question of national honor:
When Sherman Favored Silver.
81 say that equity and justice are amply
satisfied IL we redeem these bonds at the
end of five years in the same kind Of mon
ey of the same intrinsic value it bore at
the time they were issued.
Senators, he goes on to say-and how
familiar this sounds TO us-''are some.
times in the habit, in order to defeat the
argument of an antagonist, of saying that
| this is repudiation. Bun as to debts con-
tracted since the legal tender law took ef-
feet, they were contracted in currency and
! upon the express stipulation in the law
that their principal should be paid in legal
| tenders and the interest in coin.
Public as well as private debts con-
tracted since the legal tender act do not
rest upon inference but upon the express
stipulation In the law, and it is equitable
and right that the United States should
avail itself of this part of the contract"
Now, he says some more: "We have a
| right to take from our people their money
| to the extent necessary to carry on the or
dinary expenses of the government and
maintain the public faith, but not one
cent further. The great mass of mankind
have nothing to protect except the reward
of their daily labor. This is their only cap
ital In every community, and ours is
more favored than most In this particular,
the majority of men depend only upon
their daily labor and enjoy nothing Of the
blessings Of civil government except in the
protection of the result of their labor. II is
therefore our duty to take not one cent
from them unless it is demanded by the
public exigencies. "
And 1t was to protect the honest taxpay-
er that John Sherman in 1868 said it was
not only the right and the duty of the gov
ernment of the United States to pay its
obligations according to their terms, but
to take the cheapest money that that con-
tract would allow out of the taxpayers of
the United States.
And yet at the present time for what is
Senator Sherman laboring? A portion of
the bonds that he proposes to pay upon the
gold standard are $62, 800, 900 of bonds
sold to the Morgan syndicate in 1895. You
remember the history of that sale. When
the president of the United States notified
congress that If he could have power to
sell a gold bond he could sell it at per
cent rate-if not, be must pay 8 q per cent
congress refused MIN.
This government paid 3A per cent rates
because 1t was payable In silver, and John
Sherman is now pleading for the Morgan
syndicate to take out of this people money
to be paid to that syndicate at rate of
per cent and not 32.
Now, want TO follow out Senator Sher-
mans arguments somewhat, because they
have 80 little to say in their own behalf
that we ought eagerly to accept any state
ments they make which are in the line of
argument. Senator Sherman at least has
1t down to nouns and verbs instead of
~aling solely in adjectives, to his credit
be 1t said.
Now, there are some humors in the cam
paign; there are some very funny things
at which we ought TO laugh, because we are
people who enjoy funny things, but !
never supposed that Senator Sherman
would be guilty of that very laughable
form of argument which we have heard
from some of our poorly informd friends
who attempt to discuss this question.
You know 1t Is common to complain
that, under the free coinage Of silver, the
silver mine owner will get a dollar for 90
cents worth of silver, and that the labor
ing man will receive SO cents worth of
silver in that same dollar. want the re-
porters, II they will, TO take this verbatim,
because this is Senator Sherman's method
of dealing with this question of the "5S
cent dollar"
"Why," he asks, "should we receive this
bullion from the owners of silver mines
at nearly double its market valueP The
only object and effect Of this measure will
be to degrade the dollar, to lessen It's pur-
chasing power nearly one-half, to enable
debtors to pay their debts at SO cents on
the dollar.
Now, when you come to look at 1t, that
Is the funniest thing you ever heard ad-
vanced by sensible man on financial
| question-RiYing to the bullion owner q