Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1876-09-07


the gold dollar, and the latter had al
former. We have coined in this coun-
try, since the organization of our mints
in 1898 to June, 1873, SS16, ,905, SIS so in
gold, and of silver we have coined
Sl45, 14l ,SS4 60. This includes the SUBJ
sidiary coin as well as the silver dollar.
1t will be seen that the value of our
gold coinage is more than five and a
half times greater than that of our
silver coinage. In my judgment, in
returning to the silver dollar as unit
of value, and as legal tender, we
should be careful that we do not there
by baniSh from the country our gold
bullion as well as the gold coinage of
our mints, and thus lose it as circula-
ting medium. There is scarcely a
country with which we do any cOnsid-
erable amount of commercial business
that does not recognize gold as the
standard of value. And whilst 1 am
in favor of utilizing the vast mountains
of silver in Nevada, Colorado, and on
the Pacific coast, in returning to coin
standard in this country, l repeat,
that we should do it with reference to
both silver and gold as our circulating
medium.
l believe that Congress did exactly
the right thing in appointing a COM
mission to take into consideration the
relative value of gold and silver bull
lion, the reasons for the great differ
eDce in their value now existing, what
effect the remonetizing of silver would
have upou the value of bullion, as well
oil OIL nls,fi n
circulating medium, whether of gold
or silver, or paper. AS l remarked a
moment ago, ii is a serious question,
vitality affecting values in this country.
1t should be approached with care, and
while | have very decided opinion in
favor of the silver dollar, yet believe
that hasty legislation in that direction
might prove disastrous to the credit of
the country, and to the best interests Of
the whole people. l look to the COM
mission appointed by Congress, in the
hope and belief that it will present to
Congress next winter, legislation that
will restore the silver dollar, and at the
same time preserve to US our vast coin
age of gold. In reference 10 nv vote
upon Mr.. Kelly's motion, there was
one reason that operated upon my
mind at the time, that to me Was con-
elusive against the proposition. Mr..
Kelly simply proposed to repeal the
legislation of 1873, and restore the law
as it was prior to the passage of the act
repealed. By the law thus restored,
the owners of bullion would have been
entitled to receive for every 4129 grains
of silver bullion presented at the mints
of the United States for coinage, a sill
yer dollar stamped by the Government
and made legal tender in payment of
all debts public and private. And
while their bullion is worth but eighty
cents, the silver dollar, by reason of
the enforced value given to it by the
stamp of the United States would be
received at one hundred cents, in the
payment of debts. There was lobby
present upon the floor of the House on
the morning Mr.. Kelly's motion was
made, consisting of the owners of the
big Bonanza and other silver mines
in the West. Ex-senator Stewart was
there lObbying for the passage of the
bill, and Senator Jones was anxious
that it should become law, and it was
for the reason that these men had
a huge job depending on the passage of
Mr.. Kelly's bill. On this point de-
sire to read short extract from a
speech in the House, made some days
prior to the introduction of Mr.. Kel-
ly's resolution, upon bill reported
from the committee on Banking and
Currency, by Mr.. Payne, of this State,
to which bill Mr.. Landers, of Indiana,
proposed substitute, which was prac
tically the Kelly bill, as afterward in
troduced. Mr.. Payne said:
Snow, right shere is one very important
feature, and am only submitting these sug
gestions to the consideration of the House as
reasons why the committee could not agree
in recommending the adoption of this propo-
sitiOn by the two Houses. Hers is profit of
twenty cents on the dollars for every dollars
worth of bullion manufactured into coin and
put into circulation The Government, by
the power of the statute, authorizes the bull
lion, which is the private property of an indi-
vidual, to undergo manufacture at the mint,
to receive the stamp of the Government, and
then to have an enforced circulation at 90 per
cent above the value of the silver bullion.
Who is to have the profit of this 20 per cent
value? My friend from Indiana,
Mr.. Landers(, will say that this is enforced
of value shall innure to the benefit of
The owner of the bnllion, and not 10 the bene-
it of the Government, while those who look
20 the interests of the Government will say, |
md with great propriety, that this enforced
Increase CT value to the extent of 20 per cent |
yiven to this article of merchandise in the |
Orm of silver bullion should innure to the |
benefit of the Government as the power that !
,ives this increased value; that the benefit of |
his increase should go into the Treasury of |
he nation. This question is not settled by
he proviso of the gentleman from Indiana,
Ind is very material one."
Mr.. Payne further said:
''This silver dollar is to be made legal |
ender for all debts, public and private.
rant that this comes directly to the PROPOSE
ion that the bondholder for his principal and
is interest shall be compelled to receive this
liver dollar in payment at par. am not 60
nc to discuss that question here, for there is
Ot time, and this is not the occasion. l be-
eve myself that legally, the Government has
right to coin this silver dollar, and to re-
uire the bondholder to receive in payment of
is debt. Whether it is desirable, whether it
equitable, whether it is polititic, is ques-
on which needs TO be discussed very serious
: by this House and the Senate before such
proposition is enacted into law"
1 desire to say that concur with Mr..
oy hO III ehO DCiiCi tiol tiio UOuuCu
ebt of the country, principal and in t
crest, is legally payable in silver, and
8 1 before stated, ] am DESTROYS that l
ur silver shall be utilized in our efforts C
} reach resumption of specie pay :
lents. But it will be seen that there
re many serious questions affecting us
; a people, which should be consider
i, as well as the legal rights of the n
o
We are paying now an annual tax
pom our deprecated paper currency,
many millions more than the inter- i.
1t upon the public debt. We buy R
ON abroad, and pay necessarily in the u u
leney of the world-that is, in gold. v
he importer and the merchant re- st