John Sherman On Free Coinage

I can appreciate the earnest demand of the producers of silver bullion that the United States should pay $1.20 an ounce for silver bullion, which in the markets of the world has been for a series of years worth only about $1 an ounce, sometimes a little more, sometimes a litte less. But I cannot appreciate why any farmer or other producer should desire that the government should pay for any article more than its market value. The government should purchase the articles it needs, like all other purchasers, at the market price. The dist i net ion songht to be made in favor of silver is without foundation." The government now buys in the open market more than the entire domestic production of silver bullion because it needs it for coinage, and as the basis of Treasury notes. I gladly contributed my full shareto this measure and would do anything in my power to advance the market value of silver to its legal ratio to gold. But this can only be done in concert with other commercial nations. The attempt to do it by the United States alone would only strate our weakness. To the extent that the enormous demand made by the existinglaw ad vances the priceof silver, the producers derive the benefit, and to-day the production of silver is probably the most profitable in the United Statee. To ask more seems 10 be unreasonable, and if yielded to will bring all of our inoney to the Bingle silver standard alone, demonetize gold and detach the United States from the standing of the great commercial nations of the world. The unreasoniible demand for the free coinage of silver has nothing to do with the reasonable demand for the increase of the volume of money required by the increase o business and population of the Unitec States. We have provided by existing law for the increase of money to ar amount greater than the increase o business and population, but even i more money is required, there are many ways of pro vidi iig it without cheapen ing the purcbasing power of our njonej 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 in checks, drafts and other commercial devices. All kinds of circulating notes are now equal to each otlier and are kept at the gold standard by redemption and exchange. Our money and our credit are now equal to or better than those of the most civilized nations of the world. Our productions of every kind are increasing, and it seems to me almost a wild lunacy for us to disturb :his happy condition by changing the Standard of all contráete, including special contracts, payable in gold and again paying gold to the capitalista, ami silver, at an exaggerated price, to the rarmer, laborer and pensioner.