If I believed this net was in any way re
sponsible for existing conditions I should
certainly vote for Its unconditional repeal,
but as I do not so believe, as I am a bimetal
list, unalterably opposed to the single gold
standard, or measures tending thereto, and
as the Sherman law is now the only legisla
tion between its and monometallism, J shall
not vote for its repeal unless it be accom
panied by an act in favor of tlie free and
unlimited coinage of silver as well as of
gold.
Up to August l(>th, coin notes in purchase
of stiver bullion have been issued amounting
to $150,115,985, all of which are outstanding
except $714,636. redeemed in silver dollars
since August. 3d. The number of dollars
coined from tlie bullion is 36.087.185, leaving
outstanding notes secured by bullion amount
ing to $113,141,164. To secure this last
sum the government owned 133.161,375 line
ounces of silver bullion costing $121,217,677,
and which will coin into more than $170,000,-
000. So tiiat if the administration should
carry out tlie silver act and coin ail its bul
lion it. would have dollars enough to redeem
its notes and $50,000,000 over. The Sherman
act therefore lias added $150,000,000 to the
currency of the country secured by silver
dollars, and bullion enough besides to coin
into $50,000 000 more. Where would we be
If it were not. for tiiat $150,000,000? Bad off
as we are would our condition be improved
if we now had $150,000,000 less money? Can
we relieve a financial stringency by still
further contracting the supply of money?
I challenge any one to show that there is a
want of confidence in any form of money.
