Sherman On Silver

Senator John Sherman, In a letter datad Mansfield, Ohio, July 7tli, sn.vs regartiing the free eoinage of silver: I eau appreciate iii' earnesi demand of tlie producers of silver bullion that the ünlted States should pay $1.20 an ounce for silver bullion, which in tihe markets of the WOrW has been for a series of years wortitk only abo ut l an ounce, sometimes a littlc more, sometimes a Uttle teas, is ut I can not appreciate why any farmer or other producer hould desire t h.it the governiiH'nt ishould pay ïor any artiele more than its maiket value. It would be much better that the government shmiiii pay tor any artiele more than its market value. It wouM be much Uetter that the governnvent ShouW pay $1.00 a bushei for wheat when it is worth less, hut no sensible farmer would desire the government to embark in amen an enterprlse. The government Bhould purchase the artilles it needs. like all other purchasors, at the market price. The distinction ought to be made in favor of silver is without foundation. The government now buya In the open market more than the entire dom est ie prewtuction of silver bullion because it neods it for colnage and as the basis oí treasury notes. I gladly contributed my full sh&re to this measure and would do anythlng in my power to advance the market value of i-ilver to its legal ratio to gold. But this oan only be done in concert with otber commercial nations. The attem.pl to do it by the Dnited States alone would demónstrate our weakness. To the extent that the enormous d?mand made by tlie existing law adranoes tlie prlce of silver, the producers derive the benefit, and to-day the produetion of silver is probably the most profitable business in the United State.-. To ask more, seems tinrtMsonable, and if yielded to, wJD bring all of our money to the single silver standard alone, demonetize gold, and det ach the United States from the standing of the great commercial nations of the worid. The tinreasonable demand for the free Poina.ce of silver has nothing to do With the reasonable demand for the inei-eaise for the volume of money required by the increaae of business and population of the United States. We have provided by existing law for the increaee of money ïo an amount greaer than the increase of business and population, but even if more money is required, there are many vays of providing it without clieapening the purclKVsing power of our money or making a wide difference between the kinds of money in circulation based on silver and gold. More than 92 per cent of all payments are now made ín checks, frafts, and other commercial deviees. All kinds of circulating notes ore now equal to each other and are kept at the gold standard by redemption and exdiange. Our money and our credit are now equal to or better than thoxe of the most civilized nations of the world. Our produetlons of every kind are increasing, and it seems to me almost a wild lunacy for -us to distnrb this bappy cotulition by changing the etan'dard of all contracts, ineluding special coiitracts payable in gold and again paylng gold to the eapitalists. and silver, at an exaggregated priee, to the focmer, laboreer, and pensioaer. I would not be true to my convictions of what is best for the goeed of my constituents, if I did not frankly and iirmly stand by my convictions, -srhatever may be the effect upon me personally. My greatest obligations 'have been to the farmers et Ohio, and I would be unworthy of their trust and confi(],once if I did not ech them to stand by the financial policy which will secure them the best resulta for their labor and poductions and the comfort and prosperity of all classes alike.