The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1896-09-30

book two years before il became gener-
ally known.
Such il the statement of Senator
Stewart. Others have denounced the
''crime" and characterized it in Ian
guage more notable for strength than
elegance, and the sum total of the
''crime," as painted by the advocates OF
free silver, is this: Senator Sherman,
at the instance of and for the advant-
age of the British bondholders, SNUG
gled the measure through both branch
es Of the National Legislature, the OBJ
ject and intent of the conspiracy being
to demonetize silver in order that, by
reducing the value of silver, the gold
of the bondholder might be enhanced
in value. So secretly was the thing
done that no member of Congress and
no Senator when he voted for the meas
ure ever suspected that it demonetized
silver, and even the President when
he signed the bill was equally ignorant,
That is the story, and il is made more
dramatic and the scoundrelism of the
"conspirators' is made more damning-
ly plain by telling how it was that this
surreptitious demonetization of the
"money of theplain people, has reduc-
ed the market value of silver and cut the
price of all the products of the farms
ia two.
To some people-to most reasonable
peopie-it might be sufficient reply to
point out that Senator Stewart was AT
the time member of the Senate, but
then the Senator has pleaded the "baby
act,r and says he did not understand
the bill. He was also I'm the gall OF
bitterness and bonds of iniquity at the
time, being still a gold bug whose eyes
had not been opened to the divinity OF
silver. But if Mr.. Stewart, Mr.. Bryan
and the other champions of debased
currency are too busy talking of the
iniquity of the ''crime" to have time TO
get at the facts, it may not be amiss
briefly to recite the history of the
''crime.n
On April p, 1870, Mr.. Boutwell,,
Secretary of the Treasury addressed a
communication TO Senator Sherman,
chairman ofthe Committee on Finance,
inclosing bill for thorough revision
of the mint laws. Accompanying the
bill was report which had been pre-
pared by the Deputy Controller of the
Currency, John J. Knox, explaining
the several provisions of the bill and
giving reasons for them. One of the
sections of the bill provided for the dis
continuance of the coinage of the sill
yer dollar, and the reason given by Mr..
Knox for this was that because of its
excess of bullion over its nominal value
it had ceased to be coin of circulation.
This would seem TO conflict, first with
the story that Mr.. Sherman got his in
spiration in England, and, second with
the assertion that the bill was intend
cd to demonetize silver secretly"
The proposed bill before being sent to
Congress was printed, with wide mar
gins, and distributed among experts
and others whose opinions were re-
garded as valuable-a curious part of a
conspiracy, by the way, in its original
form il provided for a silver dollar OF
3s4 grains standard, to be of limited
legal tender. The following extract
from one of the replies received will
show that if Mr.. Stewart was unable to
understand the purPort and intent OF
the bill so far as ii related TO the silver
dollar, his ignorance and dullness were
not shared by Others at would be
better" wrote DR.. Lindernian, former
ly Director of the 3iint, ITO discon-
tinue the issue of the silver dollar alto
gether than to issue il at reduced
value as a subsidiary poin. The gold
dollar is really the legal unit and meas
ure of value. Having higher value
as bullion than its nominal value, the
silver dollar long ago ceased to be
coin of circulation, and being of no
practical use whatever, its use should
bo discontinued.
This suggestion, also made by Others,
was adopted. On December i9, $50,
and on January 8, 1871, the oil was
discussed at much length in the Senate.
Among those taking part in the de
bates appear the names Of Senators
Cole, Sherman, Corbett, Williams.
Morrill,, Casserly, Nye and-no sure
ly not -yes-Stewart. Managed il
so secretly as to avoid discussion and
prevent opposition" says Stewart.
Yet there was discussion, prolonged
discussion, and opposition as well.
Senator Stewart spoke not once, but
several times, and on both occasions,
and voted for the bill which he now
has the hardihood to say was neither
discussed nor opposed. The records OF
these debates will be found in ''The
Congressional Globe" for that session.
page S6s, and the succeeding pages,
and page 39l aud the succeeding pages
The bill then went to the House, and
was discussed there and amended, but
failed to pass for lack of time. At the
next session of Congress, on March Q
1871, it was again introduced in the
House, this time by the Hon. William
ID. Kelley, of Pennsylvania. 1t would
take much more than the entire mouth
power of the whole free-silver host tC
persuade Americans-American work
ingmen, especially-that that name
could be connected with any eOnspira
CIV against the interests OF the masses
When the bill was introduced Mr.
Wood, of New York, asked whether il
was Mr.. Kelley's intention to ask fol
the question on the bill that day. Mr.
Kelley replied: "No, sir; l desire thai
the bill should be fairly discussed" Il
was brought up for discussion on Jan
uary 8, 1872, when it was found tha
many members wanted a silver dollal
piece which should be the equal of two
half-dollars, with limited legal tendel
and coinage-exactly the proposition
made in the original draft of the bill
II was referred back to committee, and
February la, ls72, it was reported one'
more to the House, this time with al
amendment providing for silver dol
lar as suggested. The bill, with thi