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.

"I would not be true to my conviction of what is best for the good
of my constituents if I did not frankly and firmly stand by my
opinions, whatever may be the effect upon me personally. My greatest
obligations have been to the farmers of Ohio, and I would be unworthy
of their trust and confidence if I did not beseech them to stand
by the financial policy which will secure them the best results
for their labor and productions, and the comfort and prosperity of
all classes alike.

"Very truly yours,
"John Sherman."

When this letter was written the demand for the free coinage of
silver was at its height. I knew that my position was not a popular
one, yet felt confident that in the end the people would become
convinced that no change should be made in the standard of value
then existing, and that the use of silver as money should be
continued and it should be maintained at par with gold, but that
when the volume of it became so great as to threaten the demonetization
of gold, its coinage should be discontinued and silver bullion in
the treasury should be represented by treasury notes in circulation
equal in amount to the cost of the silver bullion. This was the
basis of the act of 1890, but, unfortunately, the amount of silver
bullion produced in the United States and in the world at large so
rapidly increased that it continually declined in market value.
Every purchase of