The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-04-11
SILVER CURRENCY.
Passage by the Senate Of the Bill for the
Issue Of Silver Coin.
SPEECH BY Mr.. SHERMAN, OF OHIO.
The Question of Single and Double
Standard Considered
RELATIVE VALUE OF SILVER AND GOLD.

wAsHISoros. April 10, 1870
In the Senate to-day Mr. Sherman OF Ohio, called up
the House bill 10 provide for deficiency the Print
ing and Engraving OF the Treasury Department.
and for tho OF silver OF tho United States
place Of fractional currency.
The Committee Finance having reported amend
ments in regard to tho coinage OF silver dollar,
authorizing It's exchange for United States notes. &c,
Published on Thursday last Mr. Sherman said he had
hoped this bill would pass the Senate without much
discussion The third section OF the bill presented tho
question Of single double standard, question
which had caused more books and pamphlets than any
other question IN political science Ito then referred
to Eng,sh French and German writers the subject
and, resumng his argument SAID, prico OF trans
pcrtang 100000 in silver moro than for
transporting $4,000 in gold. the cost
based on the value, and not ON the weight. England
alone had adopted gold only US standard. He de-
sired to call the attention OF tho Senate to the laws OF
tho United States well the laws OF England
France and other countries the subject lie first
read from the act OF Congress. 1902, and figured It
established proportonatevaluc between silver and
gold, aud resulted In driving gold Of tho country
The act OF 1884, which made IN OF gold worth
sx,een ounces of silver, drove silver out OF the
country, and gold camc back. Mr.. Sherman quoted
length from Seyds "Financia Word and from the
report Of r NJ 7. Hunter, Of Virginia, made TO the
Senate in 1853, when he was chairman Of the Commit
tee ON Finance. Tho act OF 1884 having driven silver
out Of the country in 1858 there small
change, and Il when Congress undertook to
correct this evil that shs report OF Mr.
Hunter made Between 1853 and 1861 there
was about S4S 000 900 in silver coin the country
but the silver dollar was still undervalucd and never
entered into circulation The effect of the Law OF 1853
practically 10 demonetize the silver dollar. BY the
OF February II 1873, Congress undertook
the laws in regard coin, the weight thereof &c The
old silver dollar dropped out the revision, be-
It in II had been coined for twenty
years But the striking change made by the act
Of 1873 was the Introduction OF new dollar, called
THE TRADE DOLLAR.
The government by coming those trade dollars had
introduced into tho commerce OF the world new
money which was largely absorbed in Japan and
China. The trade dollar worth less than gold
and yet was legal tender. BY the of 1873 any
holder OF silver bullion could have It converted
into trade dollars then tho law stepped and made
them legal tenders TO the extent Of S.. Congress
must either take away from the trade dollar its legal
tender right or take away from the holders OF bullion
the right to have II made into trade dollars He
thought II best TO allow the coinage OF the trade dollar
but take away from u It's legal tender right II tho
trade dollar should continue as legal tender, with
silver deprecated, the whole country would DO
overwhelmed with that silver not at par in gold. Tho
question Of coinage was international one. Cum
gress stop what the laws Of other nations
we're on the subject He then referred ic The laws
OF England, France, Belgium, Switzerland aud
Italy, and argued that wherever silver was
| IN use among modern nations u was a
next referred to the financial laws OF Germany, and
SAID he had take pans 10 have the German statute
translated. Formerly, in that country SILVER alone
was standard of value and 1t had been estimated
that the amount OF silver outstanding in Germany then
$40 900 900 but II had been since that Tho
amount over $500 600 0O0 lilo then read from tho
London Economist Us 10 The amount oil new coiu
suel BY Germany: Continuing his arguments, no s1i
monctize silver Probably no act OF any Parliament
had been so wide reaching ~ that OF the German
Rcichstag Its effect had been TO
DEPREcIATE SILVER /.
all the world. IL also arrested the flow OF silver
into Inda aud China Ter the FIRST time Ia 200 years. and
It settled fact that tho silver from all Of tho
mines in the world had steadily flowed into those
post in England, France and Germany. and said
| in the Bank OF England, the Bank Of France, ana
tho Imperial Bank OF Germany, over 5000 900 900 in
| gold was now on ieposit-neariy onc-nith OF tho
amount oi the whole world. Great Britain was
d Guessing The question Of having double STAN
dard, and In France they had provided for
double standard upon tho RESUMPTION oi specie pay
ment. Gold and silver had travelled side by side from
the beginning Of time, and act Of Parliament, moth
ing but the OF God, could destroy the Of these
metals among the nations OF tho world IL I'M
possible IN the nature OF things to tho precise rca-
two value OF silver and gold II the government
would pay out silver i would enter into circulation
and take the place Of United States notes. l, was
sometimes said the silver dollars would be used.
lie. the government try the people and He would
not mako any man take Tho dollar In silver for his
VI doing SO II lie desired IL
THIS SENATE AxxxpxExrs
lie then explained the difference between the bill MS
before the Senate and as ~ passed the House Of
/ Represcn tativcs He said he had letter from the
Secretary Of the Treasury showing the evil effect OF
making subsidiary coin legal tender Tor greater
amount than s. The House mad proposed mako
the silver dollar legal tender TO the amount oil $50
The Senate Committee on Finance nxod upon $40 IN
stead Hc (,ir shcrman) would have preferred tho
amount $40. To make II legal tender TO the amount
oil $50 would cause the expectation Of gold abroad and
impair gold cobtracs
Mr. Bocy said all Of bonds payable in coin,
AMI not single word was said about pxyin. In gold
! until the law OF 1873
Mr.. SIBERIAN SAID 1t we'll understood that coin
meant gold and any ntniation by Congress ~ impair
lull payment OF tho government debt In gold
would do HARM aud he hoped In this debate thero
would be no suggestion induce the most r,mld man
TO lear that the govc, nment would pay his bonds
In hing else but gold. Ho argued that the
Of SILVER Tor fractional currency would save tho
pensc Of printing that Currency In his opinion there
were but Two Things more needed 20 make this per-
ccl financial measure, and they were to authorize any
holder OF grccnbacss 10 convert them into per
forty year gold bonds, and 10 exchange six
per cent bonds for four per cent ones Then
srkciE PAYMENTS WOULD CONF
without q ripple in tho current Another thing no
believed m Was an international convention for u unit
oi money and accounts both OF gold and silver. Ho
saw Ia the Oil before the Senate an opportunity
do good. and he believed true anship
seuicd. Because tins bill did not sccon plish all no
sired was no reason why he should oppose IT,
After speeches by Mr.. Morton o. Indiana, crcising
the bilI and Mr. Morrill,. o. Vermont Ia opposition,
Mr. Dosy, OF Missouri, at tho conclusion OF few re-
marks moved that the wnoc subject be postponed un-
I'll next Thursday week.
ar SHERMAN said IL was very important that tho
FIRST and second sections OF the bal be passed immcdi
ateiy. 80 The country getting scarce Of change. 4
lie suggested that Those be passed. leaving
tho third anu fourth sections with the understand
lag that The Committee Finance wonid consider tho
SUBJECT embraced IN them and report u as an indepcnd-
ent measure
Mr. loGy withdrew his motion 10 postpone.
Mr. SHERMAN then by unanimous consent withdrew
the third ard fourth the biIl tho FIRST
comprising third VI tho bill passed tho
House which had been amended BY the SENATE Com
mitice on finance.
mr. NoxRiLL, Of Maine, said II was vastly important
that the sections OF tins bill should be passed.
IN order 20 supply the national banks with currency
There nov 1876 national banks without currency.
Mr. SHERMAN SAID. spcaSlng Tor himself and Others
he wished II to be understood that they op.
posed tho thrd aud fourth sections. but Withdrew
them merely TO have The public business expedited
Mr.. MORRILL, OF Name moved amendment TO tho