"Very truly yours,
"John Sherman."
I had faith in the good sense and conservative tendencies of the people, and believed they would not be deluded by such fantasies and fallacies as were contained in the platform of the People's party. That party made a very active canvass, and expected, as a prominent member of it said, "to hold the balance of power in the legislature and dictate who the next United States Senator from Ohio shall be, and you may depend upon it that that man will not be John Sherman."
This Alliance subsequently changed its ground from irredeemable paper money to the free coinage of silver. Professing to care for the farmers and laborers it sought in every way to depreciate the purchasing power of their money.
CHAPTER LX. FREE SILVER AND PROTECTION TO AMERICAN INDUSTRIES. My Views in 1891 on the Free Coinage of Silver—Letter to an Ohio Newspaper on the Subject—A Problem for the Next Congress to Solve —Views Regarding Protection to American Industries by Tariff Laws —My Deep Interest in This Campaign—Its Importance to the Country at Large—Ohio the Battle Ground of These Financial Questions— Opening the Campaign in Paulding Late in August—Extracts from My Speech There—Appeal to the Conservative Men of Ohio of Both Parties —Address at the State Fair at Columbus—Review of the History of Tariff Legislation in the United States—Five Republican Principles Pertaining to the Reduction of Taxes—Speeches at Cleveland, Toledo, Cincinnati and Elsewhere—McKinley's Election by Over 21,000 Plurality.
In the progress of the canvass of 1891 it was apparent that the farmers of Ohio would not agree to free coinage of silver, and divided as usual between the two great parties. In the heat of this contest I wrote to the "Cyclone" the following letter:
"Mansfield, O., July 7, 1891.
"Editors 'Cyclone,' Washington C. H.
"My Dear Sirs:—In answer to your letter of the 6th, I can only say that my views on the question of the free coinage of silver are fully stated in the speech I made at the last session of the Senate, a copy of which I send you, and I can add nothing new to it.
"I can appreciate the earnest demand of the producers of silver bullion, that the United States should pay $1.29 an ounce for silver bullion which in the markets of the world has been for a series of years worth only about one dollar an ounce—sometimes a little more, sometimes a little 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 distinction sought to be made in favor of silver is without just 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 share to 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 demonstrate our weakness.
"To the extent that the enormous demand made by the existing law advances the price of silver, the producer receives the benefit, and to-day the production of silver is probably the most profitable industry in the United States. To ask more seems to me unreasonable, and, if yielded to, will bring all our money to the single silver standard alone, demonetize gold and detach the United States from the standards of the great commercial nations of the world. The unreasonable 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 of business and population of the United States.
"We have provided by existing laws for the increase of money to an amount greater than the increase of business and population; but, even if more money is required, there are many ways of providing it without cheapening its purchasing power, or making a wide difference between the kinds of money in circulation based on silver and gold. More than ninety-two per cent. of all payments is now made in checks, drafts and other commercial devices. All kinds of circulating notes are now equal to each other 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 this happy condition by changing the standard of all contracts, including special contracts payable in gold, and again paying gold to the capitalists, and silver (at an exaggerated price) to the farmer, laborer and pensioner.