The herald., 1896-08-16
Sherman ON FREE silver
At the Opening of the Ohio
Campaign
A GREAT CROWD LISTENS
To the Advocate of the Single Gold
Standard
The Senator Cannot Consider Free Silver In
Any Other Light Than a Fraud
ana Robbery
Associated Press Special Wire.


to attend n 'e meeting. On account of
the warm we. 'ther the proposed parade
in the evening v as abandoned. but some
oluhs of other c,, ties appeared in uni
form. At 1:S0 PM, Governor Bushnell,
chairman. formally opened the eXer-
cises with a short speec. \. He Nrtroduced
Senator Sherman, who was received
with great applause He Spoke in part
as follows:
Mr. Chairman and Fellow ChIzens:
A citizen of Ohio has been selected by
the Republican national convent on as
their candidate for president OF the
United States and we are here to ratlly
and support his nomination. We ltahe
pride in William Mckinley, not only 1or
the honor conferred upon Ohio by the
convention, but because we know M III
to be fitted for that great office.
1t is the distinguishing feature of oul
republican system that every question
affecting the people of the United States
must ultimately be determined by them
at the ballot box. 1t so happens al the
coming presidential election there will
be submitted to your judgment two such
holder of silver bullion may deposit it at
the mints of the United States and have
it coined for his benefit, and without cost
to him. into silver dollars each of the
weight of 412 50 grains of standard silver,
nine tenths fine, and may tender them
for any debt, public or private. The
other question is whether in levying
duties or taxes on imported goods we
shall only consider the revenue required.
or whether while raising the needed rev.
enue, we shall seek also to protect and
encourage domestic inductries; the one
is called revenue tariff and the other
protective tariff. l propose on this oc-
oasion to confne my remarks mainly to
what is known as the free coinage of
silver at the .atio of 16 parts of silver to
one of gold
Gold ard silver coins are recognized
by all commercial nations of the world
as the best standard of value, as the
measure of every article of desire, of
everything that is bought or sold. These
two metals not only measure all things
but they measure each other Their rel
ative value constantly changes. Twenty
three years ago sixteen ounces of silver
were worth more than one ounce of sold.
Now thirty-one ounces of silver can be
bought for ore ounce of gold. This fluc
tuation of value cannot be prevented by
Jaw. 1t is beyond the reach of legisla
ton. 1t is caused by the changing de-
mands for and the increasing supply
of these metals from the mines.
The great law of supply and demand
affects the value of silver and gold as it
does iron, copper or zinc. All have fallen
in market value by means of new dis
coveries and improved methods of pro-
duction. have here statement of the
director of the mint, dated July 21, 1895,
showing the amount and cost Of silver
bullion purchased under the acts OF
1878 and 1880. and its value at the pres
ent market price, showing a shrinkage
of over $145 0G0:
Hon. John Sherman. Mansfield O..
Sir: | have the honor to state in reply
to your letter of the 18th instant that
the aggregate amount and cost of silver
bullion purchased under the acts of Feb
luary 2S, 1878, and July IA, 1890 was as
follows:
Act of Feb. 2S,
1878 ............ 291, ,272 01S Sc $90S 219 2eO 20
Act of July II,
1850 ............. 16S,674eS2 80 s155 931, ,Oo2 %
Total ............ 459 946 701 % S464 2lO 262 96
Worth at todays market price for sill
Yer namely $0.92l2 per fine ounce, s4IS,-
34S 40 10
Loss in purchase, $145, ST. 952 81.
Respectfully yours,
r. L. PRESTON.
Director of the Mint
We had July l, last, in actual circula-
tlon among the people of the United
States, ST, 509, ,725, 200, as stated by the re-
port of the treasury department, which
will read:
amount of circulation, July l, 1896:
Gold coin, S456 12s, ,4S3; standard silver
dollars, So, 1856, 99S; subsidiary silver.
$685. sos; gold certificates. $40. 800. 759;
silver certificates, 1891, ,259. 5O9: treasury
notes, act of July IA, 1890, $95, ,217. .361:
United States notes. $225. .451 ,36S; cur
rency certificates act of June s. 1892,
S3l GOO; national bank notes, $215, ,331.-
921 total, 81, 500, 525, POO
We had also at that date 1854, ,519 .9S1 in
the treasury, mostly gold and silver.
held for the redemption of United States
notes and silver certificates, as follows:
Gold coin, $1l1,S03, $40; standard silver
dollars, s3S7 GA. O43; subsidiary silver.
Sl5,I3O976; gold certificates, $497. .43O; sill
yer certificates, S11 1853, ,995; treasury
notes act July IA, 1890, $34, ,465 919: United
States notes. $l2l, ,229, sos; currency GER
tifcates, act June 8, 1879, $3.50, 900: ma
tional bank notes, S1,O6662O. Total.
1854 ,519 9S1.
All these forms of money have been
maintained by the government on a
par with gold, and they travel the circle
or the world without dimnution of the
purchasing power Though silver bull
Ion has fallen to nearly one-h half its for
mer value, yet we have used il and
maintained silver coin made from if al
parity with gold at the ratio of 16 to1.
But we are now brought face to face
with proposition which if agreed to
will make silver the sole standard of
value for all debts and credits. for the
wages of labor and the purchase and
sale OF property. Nothing can be more
certain that the cheaper money only
will circulate. Silver bullion In ev,,ry
form will be pressed upon the mints
And with the manda tory duty of free
coinage, silver dollars will soon fill the
hannels of circulation and the gold dol