Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1896-08-20
Sherman at Columbus,

Senate rs Sherman and Foraker and
Gen. Woo dford were the chief speakers
Mt the mass meeting at Columbus, o., last
Saturday.
Sherman was the first speaker at the
afternoon meeting, and after paying a
high compliment to Major Mckinley
said:
"It so happens that at the coming
Presidential election there will be sub
mitted to your Judgment two questions,
one Of which is whether any holder OF sill
yer bullion NAV deposit it at the mints
Of the United States and have it coined
for his benefit aud without cost to him
into silver dollars, each of the weight OF
AI2Z grains of standard silver nine
tenths fine and tender them for any debt
public or private.
"The other question is whether IN levy
ing duties or taxes on imported goods we
should only consider the revenue requlr-
ed. or whether while raising the needed
revenue we should seek also to protect
and encourage domestic industries; the
one is called revenue tariff and the other
a protective tariff. Both the silver and
tariff are vital questions of domestic poll
cy of equal importance, but propose on
this occasion to confne my remarks
mainly to what is known as the tree
coinage of silver at the ratio OF 10 parts
of silver to 1 of gold. This issue IS
thrust upon us by the Democratic party,
or rather by the Populistic branch OF the
-netposIatie Party: -,,rx-zrr- rrropn,zed
by all commercial nations of the world as
the best standards of value, as the meas
ure of every article of desire, or every
thing that is bought or sold. These tive
metals not only measure all other things
but .hey measure each other. Their rel
ative value constantly changes. Twenty
three years ago 10 ounces OF silver were
worth more than ounce of gold. Now
Al ounces of silver can be bought for one
ounce of gold. This functuation of val
ue cannot be prevented by law.
'It is beyond the reach of legislation.
1t is caused by the changing demands for
and the increasing supply of these metals
from the mines. Both are necessary as
money, silver to supply the daily wants
of life and gold to measure the lar gel
transactions of business, especially IN ex
changes with foreign nations. How tc
maintain the parity of the metals at
fixed ratio has been, is, and always viii
be difficult problem, not only In the
United States, but in the civilized world
1t was one of the first questions to occu
py the attention of American statesmen
after the adoption Of the Constitution
and is now one of the most pressing
after more than 100 years OF national
growth"
Mr.. Sherman then discussed the stan
dards of value in this country from I791
and said: cit is certain that from 1901
when Mr.. Jefferson became President, to
the close of Buchanan's administration II
1861, the Democratic party was gold
party, opposed TO silver and all forms o.
paper money. As / have already stated
Mr.. jefferson, in 1906, suspended the
coinage of silver dollars and it remained
suspended for more than 80 years.
"The act of Congress of 1884 established
gold as practically the only coin in circu
lation. Gold coins were Benton's mint
Drops All Democrats were then gold
bugs Senator Hunter, in 1858, during
Pierce's administration, secured the pass
age of law which reduced the silver II
the half dimes, dimes, quarters and hall
dollars, making them subsidiary coins
abolished their free coinage and limited
their legal tender to SIS.
'pThe silver dollar was not mentioned
and practically was excluded from coin
age or circulation-yet now the Demo
cratic party upon the demand of the
Populist party and when silver has faller
in market value to nearly one-half it
former value, seeks to demonetize golt
and to establish silver as the sole stan
dard of value.
When the Republican party came into
power in 1851 by the election of MIR. Lin
coin, it had to face formidable rebellion
Gold and silver were alike banished from
circulation and irredeemable paper mon
ey of all denominations, from 10 cents t.
ST. 600 was substituted in place of coin
When the war was over the Republican
party sought to restore specie payment a
soon as practicable. In March, 1869, /
pledged the faith of the nation to pay
ment in coin or its equivalent for all bond
of the United States and to redeem th
United States notes at the earliest practi
cable moment in coin.
''In order to carry out this pledge
became necessary to revise the varlou
coinage laws of the United States. Thi
was promptly and very carefully done b.
bill framed in the Treasury Department
while Mr.. Boutwell, was secretary,
was thoroughly considered by the expert
of that department and was printed an
submitted to all persons in the Unite
States who were supposed to be farnilia
with the coinage laws. The bill, cor
tanning 81 sections, accompanied by
mass of information that fills volume
was sent to Congress April rs, 1870, b
Secretary Boutwell, and its passage wa
strongly recommended by him. Th
bill omitted from the coins of the Unite
States the silver dollar, precisely as wa
done in 1883, but provided for the coin
age of the fractional parts Of the dollar i
accordance with the act of that year.
"The bill was pending in Congress fc
three years-was carefully considered i
both Houses and special attention W;
called to the omission of the 4I2 l.
grains silver dollar which was never
the bill at any stage and the reasons fC
this omission giver. 1t was finally dete
mined at the urgent request of membe
from the Pacific coast to insert anon
the silver coins trade dollar containir
42o grains of standard silver, but this do
lar was made like the minor COINS,
legal tender for S. only. There was b
one yea and nay vote on the bill and tn
was on the proposition to repeal Il
charge made by the mint for the coinai
of gold. voted against its repeal. II
bill passed both Houses and became la
February IL, 1873, by practically una
imous vote of both parties and was spec
ally supported and voted for by Senate
and members from the silver States.
"This has been called the crime
1873, and as the bill was under II
charge in the Senate, | was held to be Z
chief criminal. 1t was in fact wi
measure Of public policy, carefully d