New-York tribune., 1876-08-07
THE Decentralization ACT.

bOdy there is no telling where 1t viii end
THE DEMONETlZATION ACT.
THE BILL INTRODUCED BY MR. KELLEY AND
DOUBLE STANDARD OPPOsED-lTS CHARACTER
UNDERS TOOD-MR. KELLEY's RECENT SPEECH IN
FAVOR OF A DOUBLE STANDARD.
tFROM THE REGULAR CORRESPONDENT OF THE TRIBUNE'l
WASHINGTON Aug. 5.-Judge Kelley of Pennsyl-
yania has been during the past few months, one of
the ablest and most earnest advocates of the re-
adoptoh of the double standard in metallic cur
rency. At q time when silver is deprecated in
degree unknown before in the history of the world,
and when its weekly fluctuations are greater than
those of decades and even centuries prior to 1877,
he urges upon the country the abandonment OF the
stable gold standard flor, as Mr. Kelley well knows
that would be the practical effect of his bill and
the substitution of the changeable silver dollar
standard which is to-day as uncertain in value as
an india-rubber yard-stick would be i'll length Aud
in order to accomplish this change he repudlates the
subsidiary principle by which alone any nation has
ever yet been able to utilize both of the precious
metals and make them circulate together, neither
of them driving out the other.
In a speech which he made in the House of Repre-
sentatiycs July IS, 1876, Mr.. Kelley set forth his
present views in the following terse and forcible
language:
Can we increase orr power 10 pay our debt by depriv
Ing ourselves of the great elements for its pay
ment Can we increase our z sources Gy ueliin @
coinagei What has deprecated slveri We and Ge =
n,en m demouetizipr II have deprived II OF its use and
couse0liently of it's value Silver is valuable money
II Is no longer used FOR plate Families DO not nave =,
converted into table services They can get white metal
in forms of equal beauty, and the r0bbcr will not
them off for he cannot melt into ineots as he can
NickeIating Is cheaper and more durable than silver
plating So that by denOnezlug silver who own tho
most valuable silver mines Of the world, dcpeclate lts
% s1g @ m tbg MD DEPRIVE another class of aborcrs OF oppoT
tuny to earn We IL is who are running mp The
price OF gold Measuring the price by al our conmoIl
ties Including silver. we are running up as rapidly As
the mercury went up few days ago 10 yondeT iheIc
eter proving that our Interchangeable standard Is oI
eyerchanging value
pray you. Alr Speaker and gentlemen, to pause,
Stand by the provisions OF the Constitution; maintain
The first dollar you ever had, and the only dollar you
had until 1884 Then other nations rated SILVER r., al
l52; that to say that SILVER ana goa pore me Iea
lion OF TO 1ji2. Gold was discovered ia the southern
silver up to 16 TO l. that other nations might henceoih
take silver and leave us our gold. Whcn we pntlt
and il was exported leaving gold 10 circulate In the
present condition Of her affairs Germany would be com
dollar which tie Joint resolution of March Is. 1863,
fully recognized. We the masters Of the situation
such as they agreed receive Germany, which is to-day
struggling 10 get gold enough TO maintain her credit
our ion action will require restoration OF the Old
tOn OF Isle or 16 OF silver TO l in gold.
As an interesting contribution to the present con-
troversy over the silver question, have looked over
monetzing silver, in order to ascertain If possible
who was responsible for it, find that on the 9th OF
January, 1872, Mr.. Kelley, by unanimous consent,
submitted the following resolution, which was read,
considered, and adopted:
Resolred That the Committee Coinage, Weights, and
Measures be instructed 10 inquire and report whether
with The gold coinage is not above that q other
and greater necessary in coins designed for sub
sdary purposes only and to be retained permanently IN
the country also whether would not be proper to
act segniorage from the silver coinage equal 70 the cost
Of fabrication distribution, aud recOinage at the public
expense, Of coins worn by natural abrasion below the
legal standard weight, aud whether the requiring
OF such seigniorage would not reduce the standard Of
the silver com 70 an extent sufficient TO prevent tdcr
expectation bullion in the ordinary fuctuaon OF the
bullion market, and give the public the advantage OF
metallic currency Tor purposes OF change sueh cOlnage
On the same day, Mr.. Kelley, from the Committee
On Coinage Weights, and Measures. reported the
bill to revise the Mint and Coinage laws and it con-
tanned the section demonetizing silver substantially
as 1t subsequently, passed. Mr. Kelley made a speech
In support of the bill, and the debate upon it con-
tnued AL day. No special discussion Of the discon
tinuance Of the silver dollar occurred, hut express
sOns dropped. by several members showed that this
provision was understood. The next day the debate
upon ~ was resumed the point Of the discussion
Deihg proposed increase Of salaries and the bill
was finally recommtted in order that amendments
relating to the pay Of officers provided in it, might
De prepared. Subsequently the bill was again re-
ported by Mr. Hooper, and made special order for
Apfli ., 1872. On that day speeches made by
MeSsrs. Hooper, Stoughton, Fernando Wood. Kelley,
ana Others, and Mr.. Hooper explained its provisions
secuoh Dy section. Attention was especially called
70 Hle demonetization of the silver dollar and Mr.
heley' in reply to criticisms on this feature of the
Dill oy Mr. Potter made the following speech which
ne VIII now probably read with interest:
p Wish 70 ask the gentleman who has Just spoken CJr
MA. "a, nc KNOWS OF any Government iu the world
si MAKES us subsidiary coinage of full value. The
ea, on OF England Is 10 per cent below the value OF
aud, acting under the advice OF the experts OF
mads hoolntrS anc OF England and France, Japan has
heIo S syer Coinage within the last year II per
ny Naiue OF gold csJn, aud for this reason: IL
gog I 70 retain the double standard. The values of
tery,," % a. sbNef continually huctu8te. You cannot de-
"a nc this year what viii be the relative values of gold
ne sn'ef next They were is to l a short time
sS0 they are 10 10 now
=" experience hGs shOwn that hare
a ~ con eh'eh shall be cGGt tender for all others
by avn !ou Iay promote your domestic convenience
eI,ae % SUBSIDIARY coinage Of silver, which shall cir
limited ar parts OF your country, legal tender for
yas,, uht and Dc TedCemable at It's face value by
ibs u e.neht But Sir. again call the attention OF
hin init & ~ e iaet That the gentlemen who oppose this
AMI half rSnts ,a silver dollar worth three
sex . na oShts more than the gold dollar and worth
even cents more than half adj end that so ana
npse pfoVisiOns remain, You caDnot been silver coin
country certain silver buion dealers ~ New
four government One Of them aSmS,.od =; - M 80 so ~
ssue On the committee and myself thst bs hnsiness
laRe9 rom 81 100000 u 81 600 600 y.ar and bst
pSt Ine silver INTO the mint and drew Snt for ayerv
wv uOnafs Iour half dollars and one ten cent niece 80
oh The 27th of May, 1872, Mr.. Hooner renorted n