Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1876-09-07
The Silver Question.
Extract from the Speech OF
Hon. i. DANFORD.
At FarmingfOn, August 10th.
Especial report for the Chronicle. ,

hT. heiys VI Itulioy INduid, Ou lhe
9th day of July last, to suspend the
rules and pass an act repeating the leg
islation of July II, 1873, by which the
silver dollar was demOnetized, as it is
termed, and my vote thereon, l desire
to say few things. In the first place,
as to the legislation of February, 1878,
the Democratic press of the State per
sistently keep before their readers the
idea that this legislation was done in a
corner, and surreptitiously; that it was
the work OF gold riI.g, formed for the
purpose of enhancing the value of gold
and thereby benefitting the bondhold-
ers and the creditors OF the country at
the expense of the producer and of the
debtor class. find by referring to the
journals of the House of Representa-
tives and of the Senate, that the act of
1873, was introduced in the House on
the 9th day of February, 1872, by Mr..
Samuel Hooper. of Massachusetts,
Chairman of the Committee on coin
age, weights and measures; that as is
usual with all bills, it was read a first
and second time, reeOmmitted to the
Committee and ordered to be printed.
That on the 18th day of February of
the same year, Mr.. Hooper reported
the bill back from the committee, and
time was then fixed for its consider
alton; that afterwards on the 9th day
OF April, the bill came up as the regu-
lar order, the question being on order
ing it to be engrossed and read third
time. AT that time Mr.. Hooper made
a speech upon the bill. and called spe-
cial attention to the sixteenth section
as it was reported by the ommittee,
pointing out that it reduced the weight
of the silver dollar from 4l21 grains to
3S4 grains, "thus making it subsidi-
ary coin, in harmony with the silver
coins of less denomination, to secure
concurrent circulation with Them"
He further said, "that the silver dol
lar of 4122 grains, by reason of its bull
lion, or intrinsic value, has long since
ceased to be coin for circulation, and
is melted by manufacturers of silver
ware, that it does not circulate in COM
mercial transactions, with any country,
that small stamped bars of the same
standard weight are used, supplying
its place in commerce." Mr.. Slough
ton, of Michigan, also alluded to this
special feature of the bill in these
words: "The value of silver depends in
a great measure upon the fluctuations
of the market, and the supply and de.
mand." He further said, "Gold is
practically the standard of value, the
money of civilized nations, and the
time has come in this country when
the gold dollar should be distinctly de-
clared to be the coin representative of
the money unit"
AT that time Messrs. Clarkson n.
Potter, of New York, VIM. D. Kelly,
Thompson w. McNeely, Democratic
member of the Committee upon COIN
age, weights and measures, Fernando
Wood, Aaron A. Sargent, then men,
Der of the House, James Brooks, and
many others, participated in the de-
bate. The bill went over to the 9th
day of May, 1872, when Mr.. Hooper
again called it up, and moved 10 sus.
pend the rules, and pass it. The read
ing OF the bill was called fOr-the Clerk
began reading, when questions as to its
particular features were asked by
MeSsrs. VIM. s. Holman, of Indiana,
James A. Garfield, Clinton l.. Mervin,
Michael G. Kerr, late Speaker of the
House, James Brooks, James R. Me-
COrmick, and were answered by Mr.,
Hooper. AT that time Mr.. McNeely-
the Democratic member of the Com.
mittee said: "As committee on coin-
age, weights and measures, and hav-
ing carefully examined every section
and line of this bill, and generally well
the subject before us,
am satisfied that the bill ought to
pass" The motion of Mr.. Hooper was
then agreed to by a rising vote, ayes
ITO, nays 13, and the bill passed. 1t
then went to the Senate, and received
its first consideration there on the 10Th
day of December, 1872, having been re-
ported by Mr.. Sherman, from the
Committee on Finance, with amend
ments, he stating at the time of the re
port that the same hill i'm substance,
had passed the Senate in the last Con-
gress. The bill was again taken up in
the Senate on the 18th of January 1873,
was discussed, amended and passed
without division. 1t then went to
the House, and on the 2lst of January,
1873, the Senate amendments were or
1ered to be printed, and on the 23d of
January, 1873, the House non-concur-
red in the Senate amendments, and
asked for d committee of conference.
These amendments by the Senate, how
ever, did not affect the 10Th section of
,he bill-the section now specially un-
Ter consideration. On the 9th of JAN
larry conference committee was ap-
by the Senate, consisting of
senator's Sherman, Scott and Bayard.
The committee on the part of the
House consisted of MessrS. Samuel
Hooper, VIM. T.. Stoughton and
Thompson w. McNeely, and after
wards on the 9th day of February, the
epOrt of the committee of conference
vas adopted by the Senate and by the
House on the 7th of February, and fl
lally the bill became law on the 18th
lay of February, 1873. 1t will be seen
hat this act was not passed in a corner,
nd that it was not done surreptitious-
y, and the fact is, as was stated by i
Ir. Hooper, that at the time of the I
'assage of this act, the silver dollar of
l24 grains had ceased on account of its {
Intrinsic value, to circulate as money.
t was worth % per cent more, at that
ime, than the gold unit, or dollar. {
his action on the part of Congress was [
undoubtedly, as expressed by Mr.. 4
lcNeely, the Democratic member of {
he com mmittee, in the direction of t
ingle standard of value. And from I
hat time until within the last six 9
lonths, we heard nothing in relation q
D the demonetization of silver in the e
lterest of the bondhelder, and not un-1 /
i, by reason of the discovery of large
uantities of silver in this country, its u
emonetization by Germany, by Hol- q
md, Hanover and other continental e
Duntries, as well as its practical de- f
by Great Britain, the sill n
er bullion that was worth at the time 7
the passage of this law, 1929 cents, C
ad fallen to about so cents on the dol r.
r., do we hear any outcry against the b
gislation of 1873, and no effort is v
lade to repeal that legislation until Il
le fact of its heavy depreciation is q
L L r