The San Francisco call., 1896-08-16
SENATOR JOHN SHERMAN of Ohio Who Opened the Repub-
1ican Campaign at Columbus Last Night With an Eloquent
Plea for the of the National Credit and Honor.

people OF the United States. $1,509, ,725, 200.
We had also at that date 1864, ,5199S1 in the
treasury, mostly gold and silver, held for the
redemption OF United States notes and silver
certificates, All these forms of money have
been maintained by the Government at par
with gold and they travel the circle of the
world without diminution of their purchasing
power.
Though silver bullion has fallen to nearly
one-half its former value, yet we have used it
and maintained silver coin made from it at a
parity with gold at the ratio of 16 to 1. But
now we are brought face to face with propo-
sition 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. The Democratic party at it's
recent convention at Chicago adopted reso-
luton in favor of the free coinage of silver at
the ratio of 16 to 1.
With the free coinage of silver gold viii be
demonetzed. Nothing can be more certain
than that the cheaper money only will circu-
late. The United States has thus far MAIN
tanned its silver coins at parity with gold coins
only by its exclusive monopoly of coinage and
by limiting the amount, but with free coinage
of silver there could be no limitation. Silver
bullion in every form viii be pressed upon the
mints and, with the mandatory duty of free
coinage, silver dollars viii soon fiji the chan
nels of circulation and the gold dollar will be
boarded Or will be quoted and sold as COM
modify. Silver will stand as the par of value
and gold will be quoted at its commercial
value. Let us contemplate sfor awhile the in
evitabie result of the free coinage of silver,
even if 1 repeat what say.
1t would violate every contract for the pay
ment of money made since January l, 1879.
The res umption act, which went into opera
tion on that day. provided for the payment in
coin on demand of all United States bonds
presented for redemption. All forms of money,
whether OF silver or gold or paper, were then
maintained at par with each other and have
been SO maintained ever since. During all
this period gold and silver coins at par with
each other have been the standard of value of
all loans, contracts or purchases, and the faith
of the United States was pledged for their
maintenance at parity with each other. AL
though silver bullion declined in market value
the coins made from it have been kept at par
with gold coins at the legal ratio of 16 to l.
But if the free coinage of silver is authorized
then the market value of silver bullion be-
comes the standard for the paymento of all con-
(. tracts made in the past, the present or the fu-
ture, and 4121a grains of standard silver bull
lion, worth now SO cents, can with free coin
age be coined into dollar upon the demand
of any holder OF such bullion. 1t is the doc
trine of the Populist and the anarchist, but is
in direct opposition to the traditional policy
of Thomas jefferson, Andrew Jackson and the
Democr attic party.
1t is impossible to estimate the injustice
that will be done to creditors by the scaling of
nearly one-half of the debts due them. The
very threat to do it will lead to the prom pit
and harsh collection of debts before free COIN
age can become law. 1t is certain that before
a free-colnage bill can become law the wide
~f;e r.. xt Of n
measure will lead to the rapid collection of
debts, the sacrifice of property, and deepen
the existing financial difficulties growing out
of insufficient revenues for the National as
we'll as for many State governments. The
great body of the creditors of our country are
among the thrifty, industrious and intelligent
men and women of every community. One
great body of creditors here is the $4,000
Union soldiers, their widows and orphans. who
are creditors of the United States to the
amount of over $140,000,000 year for SER
vices and sacrifices in the Union army. 1t
would be an act of peridy and meanness
beyond expression for this great country to
pay them with money of less purchasing
power than gold coin, merely because the
overproduction of silver in the United States
has reduced the market value of silver bullion
contained in a silver dollar.
There is another class of creditors that the
free coinage of silver will greatly injure. tits
the depositors in savings institutions and
kindred organizations, who, according to Off
cial statistics, number nearly 100000 people
and whose deposits amount to more than
$1,800,000, 900. Free coinage will also wipe
out nearly one-haf the value of life insurance.
which provident people OF the United States
have paid. to secure in case OF their death,
some support and protection to wife and
children. 1t will affect injuriously the multi
tude of clerks and employees who depend upon
monthly pay, and will reduce the purchasing
power of all salaries of officers and employees
in the public service of the United States and
OF every State, county, city or township in this
broad land.
But by far the greatest injury resulting
from the free coinage of silver will fall on
workingmen. Their wages are now based
upon money of the highest value, upon gold
coin OF standard value. Under free coinage OF
silver the value of the silver dollar will fall to
53 cents in gold, or the 100 cents of the gold
dollar will be worth 194 cents of the silver
dollar.
OF all the evils which government can in
hlct none can be greater than cheap money,
whether OF coin or paper. That dollar is the
best dollar that buys the largest quantity OF
1000 aud clothing. That dollar is the gold dol
lar, Tor 1t buys more food and clothing than
any other dollar, and will also buy a silver
dollar for 53 cents if the coinage of silver is
made free at the ratio of 10 to of gold.
Experience has shown that the United States
can make the silver dollar buy as much as the
gold dollar, but it can only be done by the
Government buying silver bullion as needed
and coming it into dollars on Government ac-
count. This has been tried. The only object
and effect of free coinage will be to degrade
the dollar, to lessen its purchasing power
nearly one half, to enable debtors TO pay their