Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1896-09-24
STORY OF THE CRIME OF '73.
George c. 0Orham, Secretary Of the Senate
When the Ubiquitous Measure Passed,
Details Its Stealthy Progress.
Special to the Kanpas CITY Times.

st. Louis, Mo, Sept Zone of
the features Of the Bryan meeting at
the Auditorium tonight was the pre-
sentstlon by ex Governor Charles P.
johnson of letter from Col. Geo. @.
Gorham of Washington, d. O., who
was Secretary of the United States
Senate when the act demonetizing
silver passed the senate. For thirty
five years Colonel Gorham has been
a leader in the republican party, and
this narration OF the steslthy step
leading up to the crime Of 1873 is one
of the most interesting documents in
this hitherto most interesting cam
paign. The following is the letter:
"To The Honorable Charles 2. John
SOD, ST. Louis, Mo.
Dear Sir-In compliance with your
request, I present the following narra-
tive of the steps which led to the dem
= onetization of silver in the United
States in 1873, and the methods adopt
ed to accomplish that result.
"The national debt at the close of
the civil war was about $4,000, 100000
the principal being payable by law in
any legal tender money and the in
terest in coin. Certain great bank
ing houses of Europe-following the
example set by their predecessors in
England, Immediately after the fall
of Napoleon, and setting an example
which was followed by their class in
Germany after the Franco Prussian
wsr-inaugurated a scheme to greatly
enhance the value of this vast obliga-
ton, by making it payable IN gold
and then increasing the value of
gold This involved two legislative
measures:
"First-Such changes in the laws
of the United States as would provide
forithe payment of the principal of
the bonds In coin only; and would
forbid thepayment Of any portion Of
it, prior to the resumption of specie
payment, in legal tender Treasury
notes, in which it was expressly made
payable by the law authorizing the
issue Of the bonds, and in exchange
for which, when greatly deprecated,
they have all been issued.
"Second-The demonstration Of
silver in the United States, so that
coin would mean gold only, and the
value of that metal at the time be
greatly enhanced.
SHERMAN DOES THE BRITISH BIDDING.
"The Hon. John Sherman, sena-
tor from Ohio, became the chief pro-
motor Of this foreign scheme TWAS,
Of course, also supported by the Am
ericsn satellites of the European
houses referred to.
"On the 18th of May, 1867, being
then on a visit to Paris, and having
just visited London, he addressed
letter to the United States Commits
sioner Of International Conference on
Coinage, Weights and Measures, then
in session in the former city. In that
letter, which was published, he strong
ly urged the adoption of the gold
standard, and said of h,s own country:
AS coin is not now in general circula.
ton we can easily fix by law the size,
weight and measure of future issues
The conference adopted the gold
standard, and our commissioner re-
ported that this result was largely
due to the letter Of Mr. Sherman.
Senator Sherman next attempted
to easily fix by law in this country
the new monetary system go essential
to the success of the scheme above
described To that end, on February
8, 1868, he introduced IN the senate a
bill mo. 210 to demonetize silver by
discontinul9g the coinage of the sill
yer dollar. He reported this bill fav-
orably from the financs committee,
but Senator E. D. Morgan of New
York vigorously antagonized it in a
minority report, in which, after show
ing the advantages to the United
States of continuing the double
standard, he said;
"'We have a distinctively Amerl-
can policy to work out-one sufficient
" free from the traditions of Europe
to be suited to our peculiar situation,
and the genius Of our enterprising
countrymen.'
"Frcm the stalwart blow by the
great merchant Senator from New
York the bill never reeovered,. Mr.