New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-17
SENATOR SHERMAN'S SPEECH.

SENATOR SHERMANS SPEECH.
When the venerable Senator Sherman speaks
the people always listen and consider. Forty
years of most distinguished public service have
won for him the regard and confidence OF the
Nation. and men have learned that he always
Eliminates any subject he touches. The Sena-
tors speech in opening the Ohio campaign at
Columbus almost entirely devoted to the
question of silver coinage end was largely his
torcal He began by reviewing the attempts
made to secure the concurrent use of two metals
as money. and the failure Of each. In 1872 JEFF
ferson and Hamilton held that Il to ] was the
right ratio but that drove gold out Of use.
President jefferson by executive order stopped
silver coinage under that act. and the Mint
reports show that not a silver dollar was coined
during the years 1SO61S35 inclusive. Senator
Sherman suggests that Jeffersons order might
now be styled the "crlme of 1906" Then came
the attempt of Jackson. Benton and Webster in
1884 who tried the ratio of 1G TO l. But as
France was coming silver at the ratio Of 15l2 to |,
and thus paying about 3 per cent more for the
metal our silver was sent abroad. and from tina.
time on the country stood on a gold basis Sena-
tor Sherman brings out the important fact. re-
corded in the report of the committee on the bill
in the House. that the avowed purpose of Con-
gress was TO establish a single gold standard,
and this act, approved by President Jackson, he
saws might now be called the "crme Of 1894
The next revision was in 1888. when Democrats
had control Of all branches Of the Government,
and President Pierce signed the act expressly IN
tended. as the report of the committee in the
House declares to make silver subservient This
measure was passed under the leadership Of that
eminent Democrat, Senator Hunter, and should
now be known ms the "crime Of 1858" Senator
Sherman next gives in full the history Of the re-
vision of 1873, which became necessary in order
to prepare for specie resumption, and showed
that the measure was prepared by the Treasury
Department in conference with the ablest experts
In the country. that ii was introduced in 1870
and was under discussion in Congress three
years and that the omission Of the 412lg grain
silver dollar. which was never in the bill ut any
stage" was always plainly stated The meas
IRE passed February II, 1873 when there was no
silver and little gold in circulation, and when
prices We're fixed and quotations made In paper
ONLY then so deprecated that gold bore
premium of If per cent.
These passages Of history are Of the highest
importance at this time, because they completely
refute all the false pretences regarding the "de-
monetiZaton Of silver" which are made the
basis of an attempt TO plumber the whole Nation
for the benefit of silver millonalres But Sena-
tor Sherman strikes home when he quotes from
Senators Jones and Stewart, Of Nevada, their ap-
proval Of the gold standard in 1874. sixteen
months after the act Of 1873 was passed Sena-
tor Jones said in the Senate:
am opposed to any proposition. in whatever
form II may come. that attempts TO override
what God himself has made for money. l be-
lieve the sooner we come down to a purely gold
standard the better 1t will be for the country
This was June II, and the next day Senator
Stewart said:
There have been a great many battles fought
against gold, but gold has won every time. Gold
never has compromised. . Gold has made
the world respect IL all the time The English
people once thought they could get along with
out gold for awhile, but they had TO come back
TO it,
In the same speech Mr.. Stewart said that the
laborlng man ought to have his wages In gold,
because gold was required to pay the interest on
the National debt. He insisted that the simple
question was whether the laboring man is en-
titled to have gold dollar if he earns II, or
whether we are going to cheat him with some
thing else According TO Mr.. Stewart, he and
the other silver Senators are now engaged in
trying TO cheat him with something else. These
speeches prove that the TWO senators from the
silver States who have since become the most
vocifcrous advocates of free silver coinage did
not then imagine that any harm done by
dsuse Of silver TO them, or their constituents, or
to the country. But when silver declined in
price. and n chance came 10 take many millions
from the people by compelling them to pay 100
cents for silver dollars worth much less. then
began the conspiracy Of the silver mlllionaires.
Senator Sherman's statement of the cOnse-
quences Of free coinage TO pensioners. depositors
in savings banks and wageearners Is remark
ably clear and strong. but no one could more
fifty appeal to the honor of the Nation against
the population involved in laying 53-cent dollars
on | nlted States bonds for which the Nation
received gold, and on which IL solemnly promised
TO pay gold He shows that the entire bonded
debt has been created under laws which have
made gold the only standard OF value and within
the last six years have expressly required the
maintenance Of the parity of all other forms Of
money with gold. II is difficult to comprehend
how anv man Of fair intelligence and integrity
Of purpose can read the argument Of the veteran
Senator from Ohio and hesitate In the least as
10 his duty. The speech will be read by millions,
and the American people would have strangely
deprecated in character even as their silver dol
lars have in value, II 1t were possible for them TO