, 1876-07-31

Tho silver question Inns evoked q Wafm pro-
teat in behalf Of "publio morality" the au-
thors Of this protest assuming that 1t would |
bo dishonest for the United States to coin |
silver dollars of tue standard which prevailed |
from 17O2 to 1879, and use them in payment
Of tho public debts. Among tho moro car
nest of these is tho New York Nation, which
thus speaks, ignorantly or prevaricatingly, Of
tho "1nonatrous thrust at tia public credit
contained in the Silver bill now before Con-
gross:
Aside from tho imitation which tho bill psoposes,
It Ia tho aamc It the Government SHOULD receive
my othus utmost uullmftable product Of tho coun-
try and issue notes thereon. The bill makea 4
most direct thrust aga!nst the public credit. When
our bonds wcrc lssnci 1t was expressly stipulated
that to guasantee forever the payment Of the In
tercst on these In goid tho cusomv receipts should
be ruyubie only In gold coin. Tic Bonanza bill
removes, so far Us q law can. this safeguard, and
permits tho customs to be paid In bu!llon certlh'
Gates; Us silycr-hu1l!on certificates could bo used
they Of course would be-; and tho rovcnuc Of tho
Government would consist Of silver. This would
compp, tho payment Of tic Interest In silver and
tho principal ws,cn due ~ we'll. and would drivo
gold into disnHc.
The Nation is in error In assuming that in
any of tho acts Of Congress relating to tho
public debt thoro is my promise to pay in
torcst or principal in goM. Tho term used
in every instance ia "coin." Tho act Of
Feb. 25, 1869, providing sinking fund,
provides, SEQ. &, that oil duties on inl-
ported goods shall be paid in coin," and the
coin 10 received sl.all be set apart as o
special fund, and applied, l, "to tho pay-
nout in coin Of the interest" on tho public
debt; 2, to tho purchase Of l per contu1n
of tho public debt. So that, up to 1879, tho
silver dollar was lcgal-tonder in payment
Of duties on customs and oven now tho
debased subsidiary silver coin ia received In
payment Of duties for Ill s,11nB not exceod-
iug 90. At no timo was there ever any
pledge or promise to pay in "gold," tho
torn used being "coin," the silvcr dollar OF
4121 grains being thon legal-tcndor for
my amount.
The net Of 1879, SO far as 1t dropped tho
silyor dollar out Of the list Of American
coins, and substituted tho gold dollar as the
unit Of yaluo In tho United 6tates, WIS botf
unwiso mud unjust. So fur o. tho Harno wat
done secretly aud without the knowledge o1
the public, it was frnul upon tho country
"NkEA buHlt4t& DG AGA$ice9GA ~ tAaS tGatNAnsAVA
OF tho silver dollar as lugal-tentler.
It will bo difficult TO raiso my Horious qucs
ton Of moral delinquency in coming th'
silver dollar aud mixing it 4 lcgal-teudor
Tho facts oil preclude any charge Of want o
good faith IN such proceeding. In t79
tho silver dollar was Mado n Legal
tender, and, with gold, the silver coli
Of tho United Statcs WIS legal
! tender until ls53. At Tint time The rolatiy
{ yplue of gold had declined, and tho America
! silver coin was worth nearly per cont NOR
as bullion than 1t was as coiu; consequeutl
I our silver coiu, as fast as 1t was issued, wa
t purchased ut its coin valuo aud exported 9
: bullion. There was, therefore, q scarcit
t. Of our own silver coin, aud m influx OF ii
: worn and depreciated coin Of other countrie
especially from Spain. 10 remedy this. Coz
press reduced tho weight Of tho half'doll'
= from aoBt grains to lY6 grains, and Of Il
y u amaller coins in proportion. Thoir valnc
70 coln was therefore greater than ~ bullio
~ and thoy ceased TO be exported, and ccas,
to bo q lcgal-tonler beyond ST.. Tho sily
- dollar however, was not changed; Il
y weight Of that coin continued ut 4l24 gTnlu
=, - aul it continued q legal-tondcr and thu III
:" Of American values, ~ it lad been from l7u
~ The silver dullar-pieca wasat that time wor
. - LOT cents in gold, and, in consequence OF t
~, I high price Of silver compared with gold, t
- silver dollar waa not coiuel to any serio
81 extent. In March, 1872, when this act
% 1873 was considered in tho House of 1sepl
sentatiyes, tho silver dollar was worth 103
g. gold.
rk Up to 187a-from l653-tho silver dol
% nnd tho American gold coin wcro both leg
or tendors to my amount; under nll tho ce
lbg tracts Of tho United States with it's credito