The United States Since the Civil WarLingley, Charles Ramsdell
History
The United States Since the Civil War
Lingley, Charles Ramsdell
United States -- History -- 1865-1921
The silver to be purchased was substantially the total output of the
American mines. Fearing the strength of the silver element in the
Senate and doubtful of the position which the President might take,
former Secretary Sherman, now in the Senate, supported the act,
although confessing that he was ready to vote for repeal at any time
when it could be done without substituting free coinage. The provision
for the purchase of four and one-half million ounces instead of four
and one-half million dollars' worth was introduced at Sherman's
suggestion. This clause kept the amount to be absorbed at a uniform
level, whereas the purchase of a fixed number of dollars' worth would
have increased the coinage when the price of bullion fell. The vote on
the Sherman act was strictly partisan--no Republicans opposing it and
no Democrats favoring it when the measure was finally passed, although
116 members of the House failed to answer to their names on the
roll-call.
In view of the fact that the industrial and commercial countries of
Europe were almost universally reducing their silver coinage, the
passage by the United States of an act which substantially doubled
the amount of silver purchased under the Bland-Allison law seems
extraordinary. Moreover, only six years later a presidential campaign
was fought almost wholly on the silver issue and at that time the
Republican party resolutely opposed free coinage. It is obvious that
powerful forces must have been at work to align the party so unitedly
in behalf of the Sherman law. It was to be expected that western
Republicans would support it, but the eastern members were found
voting for it as well. Doubtless many things contributed to the
result. Some perhaps agreed with Sherman that the silver advocates
were so strong that free coinage would result in case Congress refused
to pass legislation of any kind. Some may have feared with Platt of
Connecticut, that a party split would ensue unless the wishes of the
westerners were acceded to--hence an act which gave liberal assistance
to silver to please the West and South but stopped short of free
coinage so as to please the East. That opportunist politics had an
influence with certain members is indicated by the remarks of a
Massachusetts Republican representative who later favored the gold
standard:
It is pure politics, gentlemen; that is all there is about it.
We Republicans want to come back and we do not want you (to
the Democratic side) to come back in the majority, because,
on the whole, you must excuse us for thinking we are better
fellows than you are. That is human nature, that is all there
is in this silver bill (laughter on the Republican side); pure
politics.
Public-domain text, read in full here on John Shaqi.
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