then existed for free
coinage. Many people wanted the experiment tried. The result of
the experiment of buying four and a half million ounces of silver
a month at its market value will be the best antidote against the
purchase of the silver of the world at one-third more than its
market value.

"I never for a moment regretted the passage of the act of 1890,
commonly called the 'Sherman act,' though, as you know, I had no
more to do with it than the other conferees. There is but one
provision in it that I would change and that is to strike out the
compulsory purchase of a given quantity of silver and give authority
to the Secretary of the Treasury to buy silver bullion at its market
price when needed for subsidiary coinage. The only position we
can occupy in the interests of our constituents at large is one
fixed standard of value and the use of both metals at par with each
other, on a ratio as near as possible to their market value.

"Such a policy I believe is right. With reserves both of gold and
silver in the proper proportions we can maintain the entire body
of our paper money, including coin, at par with each other. For
one I will never agree to the revival of state bank paper money,
which cannot be made legal tender, and which, on the first sign of
alarm, will disappear or be lost in the hands of the holder.

"Very respectfully yours,
"John Sherman."

I had expressed similar views in speeches in Congress and before
the people and in numerous published interviews, and in the previous
Congress had introduced a bill to suspend the purchase of silver
bullion, substantially similar in terms to the bill that became a
law in November, 1893. During the month of August I took a more
active part in the proceedings than usual. On the 8th, the 16th
and the 18th I made speeches in the current debate.

A brief statement of the passage of this law of 1893 may be of
interest. It was introduced as a bill by William L. Wilson, of
West Virginia, in the House of Representatives, in the words of
the bill introduced by me in the Senate on the 14th of July, 1892,
as already stated, and passed the House on the 28th of August, by
the decisive vote of 239 yeas and 108 nays. It was referred in
the Senate to the committee on finance, of which Daniel W. Voorhees
was then chairman. It was on the next day reported by him from
that committee, with an amendment in the nature of a substitute,
but substantially similar in le