The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1896-08-20
SHERMAN'S VIEWS.
The Senator Opens the Campaign
at Columbus, O.
In HIS Speech Coinage History 10 Re-
Viewed and the Act of 1873 Is Ex-
plained-Foraker and 9th
ers Also Speak.


cities and many of the surrounding
towns and villages of the state arrived
early and remained until late. The ci'y
was decorated in holiday attire to re-
ceive them. The meeting was held i'll a
tent with seating capacity of 5000.
Thousands at both the afternoon and
evening meetings, however, were on
able to get in hearing distance OF the
tent.
Gov. Bushnell Presides.
At 1880 p. m. the great pavilion was
filed to overlooking, and Henry C. Tay-
lor introduced Gov. Bushnell as chair
man of the meeting. The governor said
the people from all parts of the state
were present to open a campaign that
will elevate to the highest Office in the
gift of the people of the United States,
u distinguished son of Ohio, and that
man was William Mckinley.
Gov. Bushnell then introduced Sen
ator Sherman as statesman endearcd
to every man, woman and child in the
country, and he was greeted with cheers.
His opening period eulogizing McKin-
ley was made the occasion of pro-
longed outbreak Of enthusiastic cheers.
Summary OF His Speech.
Senator Sherman, in his speech, claims.
in the first place that the fiuctuat!on Of
the relative value of gold and silver Is
constantly changing, and that this f1uctua-
ton cannot be prevented by law. He says
that both gold and silver are necessary
as money, silver to supply the daily wants
Of life and gold to measure the larger
transactions of business especially in ex-
changes with foreign nations.
Coinage History Reviewed.
He then goes on to review the coinage
history of the United States. He said:
In 1892 silver and gold were made the
common standards OF value In the Cnlted
States at the ratio Of fifteen to one. but
this was because that then the actual mar
ket value Of fifteen ounces of silver was
equal to the actual market value OF one
ounce Of gold.
when the new American coins were is
sued it was found that the abradcd and
worn coins of other countries filled the
channels Of circulation. and the new anc
bright dollars Of the United States were
exported. This led to the discontinuance.
in 1906, by President Jefferson Of the COIN
age Of the silver dollar, and after that date
none were coined for more than 30 years.
In 1884. during the administration Of
President Jackson and under the leader
ship of Daniel Webster and Thomas H.
Benton, congress adopted the ratio OF SIX
teen Of silver to one of gold. by reduc-
ing the number of grains IN the gold com.
As silver was thus slightly underva1ueu'
it was not largely coined.
IN 1853, upon the report of Senator
Hunter, when Pierce was president and
when all branches of government were
under democratic control, congress re-
duced the quantity Of silver in the frac-
tional coins (half dimes, dimes. quarters
and half dollars) more than six per cent
<ko af S}1vor their
coinage on government account, abolished
the law for their free coinage and maze
them a legal tender for five dollars only.
leaving gold still practically the only fun
legal tender United States coin. At this
time the silver dollar had disappeared from
the current coins of the United States
and was practically and purposely de-
monetized."
Act of 1873 Explained.
Then in explanation of the act OF ~
Senator Sherman said that It had oeen
framed for the purpose of carrying OUT the
pledge to pay in coin or its equivalent all
bonds of the United States and to redeem
the United states notes at the earliest
practicable moment In coin. To do this
it become necessary to revise the various
coinage laws. He continues:
This was promptly and very carefully
done by q bill framed In the treasury de-
nartment while Mr.. Boutwell, was secre-
experts Of that department and was print
ed and submitted to all persons in the
United States who were supposed TO De
familiar with the coinage laws. The DILL
containing 81 sections. accompanied by
mass of information that nus so1o v1,u ane
rotary Boutwell, and its passage was
strongly recommended by him. This bill
omitted from the coins of the United states
the silver dollar, precisely as was done IN
1853, but provided for the coinage OF the
fractional parts of the dollar in accord
ance with the act of that year. This bill
was pending in congress for three years
was carefully considered in both houses,
and special attention was called to the
omission OF the 4l2h grains silver dollar.
which was never In the bill at any stage
and the reasons for this omission given.
It was finally determined at the urgent re-
quest of members from the Pacific coast
to insert among the silver coins trade
dollar containing 429 grains OF standard
silver. but this dollar was made like the
minor coins. legal tender for i've dollars
only.
Results of Free Coinage.
Discussing the result of the free coinage
Of silver. Mr., Sherman said that it would
violate every contract for the payment of
money made since January !, 1879 All
forms Of money were then maintained at
par with each other and have been so
maintained ever since. although silver
bullion declined in market value, the coins
made from it have been kept at par with
gold coins at the legal ratio Of sixteen to
one, But il the free coinage of silver is
authorized. then the market value OF sill
yer bullion becomes the standard for pay
ments on all contracts made in the past.
the present or the future; 4121e grains Of
stanard silver bullion worth now 50 cents
can with free coinage be coined into a
dollar upon the demand OF any holder of
such bullion"
Then in reference to the creditor class
he said that there were among money
lenders some men who merit the epithet.
.bloodthirsty Shylocks. aristocrats, blood
suckers, extortion1sts," but the great body
Of the creditors Of our country are among
the thrifty. One great body of creditors.
he said, were the 100000 union soldiers.
their widows and orphans. Another class
were the depositors in saving institutions.
Free coinage. said Mr.. Sherman, would
wipe out nearly one-half the value OF
life insurance which provident people have
paid to secure in case of their death some
support anu protection to wife and chill
dIen
Senator-elect Foraker also spoke in
the afternoon, and in the evening Gen.
Woodford, of New York, made the prin-
cipal address.