New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-28
SILVER SUBSTITUTION.


The House then at 900 p. IN, went into Committee OF
the Whole, Mr. sAYLEK (DeB., OhO) the Chair, Oh
the bill providing for tine deficiency in the Engraving ana
Printing Bureau of Treasury and for tie issuance of
subsidiary silver coin
Nj TOWNSEND Rep., PENN offered an amendment
providing that SILVER shall be oxchangeabe at par
Tor United states notes IN snS or not ess tEan ~ ana
sha he receivable Tor postage aud revenue stamps and
for all duties the United States except customs, In
sums of 3d. aud SHAH be redeemed on pesehta
ton III such aud under such regulations rs spa ne
prescribed aud that the total issue OF silver coin shall not
Speeches We're made by Messrs. LANDERs Dem, Ind
M Ne. EtaES rep H. H. nnd BCRCHHRD rep M
in support OF the bin. Me- LANDLRS characterized the
tao Republican party ana expressed his regret tht any
Deaocas were found wiling to assist IN Ms manu-
sons because 1t establishes third standard Of value
Wr PTrRTWAJD referred 10 the fact that All govern
ments EXCEPT the United ates mainrains subsidiary
silver curi cncy, and to the fact that II has been demon
srated that II is cheaper 10 The Government TO issue II
than To issue fractional paper cur ency.
Mr. BRIGHT Dem Tenn opposed the sliVer eurren.y
feature OF the hill, and declared that the Democratic
party Las no interest in shoudering financial bluu
ders of Republican party: He favored an appropria
h neon H n out OF the Engraving and Printing Bureau
but he wished distinctly understood that ii Is not Tn
Democratic party that Is striking down the system oil
Mr. HAMILTON Dem, y. j. spoke in favor of the
bill The Republican party conceived and brought forth
the rag baby forced the legitimate bantlng upon
the country he said, against lie protest and remon
strances Of the Democratic party ana j. now very u
KIND in that party to repndatc It's offspring md al
tempt 10 quarter 1t on the Democratic household lie
tie Supreme Court Of United states has been
lied aud packed in order to decide the consututionay
MT GARFIELD llep., Ohio, supported the bill first as
matter OF economy and second because 1t is step III
the direction Of the general resumption OF specie pay
ment He intinaed that there Was III ir Hcwitts Oppo
sitiOn TO the bill another Big Bonanza beside the silver
one and that was the obtaining OF contract IOr New
York bank note company to print the fractional cur
Tency. lie reminded the House that the fractional cur
rency has 10 be renewed every ten months whe silver
currency will not need to be renewed IN Aai century
Inc gentleman from Ncw-York therefore advocates a
currency which would cost the Government almost
$2,O0J,OJ0 year, while the Repu6l'an party Is Tor
currency which Will cost dhout oneiiteih OF that As
10 the gentlenans (iewitps assertion that the rae
toua currency is the poor mans currency ana that the
substitution of silver will be robbery VI the poor man.
he expressed ast0nsbment that the gentleman had not
laughed at the aosuItiily OF h.s OWE proposition.
MI. PAGE rep. Cal) denied that this bill would hene
At iLe Pacinc Coast any than any oteI part Of tue
country tha the interests Vi California ana Nevada
different in that respect from those oil any oher part
Mr.. townsend Rep, PENN advocated the bin and
speech against the bill intensely par tis3n aud gave 10
that gehtcman's quotation" TiDteO danaos Ell dono
ferenfes the free rags are
better than Republican SILVER. iant hter.l A., a.
Mr.. RANDALL Dem. Penn), Chairman Of the Com
speech in avor the bn There j. proposition, he
said dcprecate the silver coin On the contrary the
bill provides the issue Of SILVER coin ~ tie same
weight and purity as Issued by the Mint since 1893 In
coined from SOB 10 1873 the oDiect il TO make the
SILVER dollar conform 10 the weight aud value OF the I'VE
,anc nee LIE pc.e h ny ~, tb Ionr from the
substitution OI silver currency 10 that OF paper currency
was highly ovcrchargcd. MI Randall thought that these
silver would maintain n purchasing power equal
with legatendeT notes vita gold FOR small pay
nents. After the limit OF substitution would he
reached then further issue OF SILVER coin could De
made except eXcLangoable at par IN gold. The entire
amount OF silver coin proposed would be needed and
actively employed change money, and. being Oniy
prOcurabie from the minis Tor gold al par, re-
duudaucy wond he impossible As 10 the objection tha
the silver coin may not remain out account OF an In
creased value in gold premium In silver premium, or
IN both Mr. Randall would be gratied II some pro
visions Of law could be enacted which would appreciate
the greenback, II snch condition OF trade could
be reached a. could produce the same re-
suit, for then silver com would certainly re-
main out. In the absence OF such con
dton OF things risk must be encountered but be-
fore the adjournment OF this session the fail
ur OF the Undertaking would be settled and If there Is
any error IL can easily be corrected - -
Various amendments were offered by Messrs WELLS
Dem. MOI, HOLMAN (Dem ind.l IOMArEND tisep.,
y. ", and others.
The Committee then and reported the bill and the
Amendments, with the erssndng that fiyemnutc
debate VIII be allowed IN the House and votes taken
each amendment. The House then at Dig O'CLOCK, ad-