The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-06-09
SILVER COIN.
ARGUMENT IN THE SENATE ON THE BILL TO
AMEND THE LAWS RELATING TO LEGAL
TENDER or SILVER.


TENDER OF SILVER.
WASHINGTON June s, 1876.
At the expiration Of the morning hour tho Senate to-
day resumed the consideration Of tho bill to amend
laws relating legal tender Of silver CON- known
the Silver bill.
ARGUMENT MORRILL,.
Mr. Morrill,, OF Vermont, read lengthy argument
against the bill He said If he could attract the
ton OF the Senate TO tho character OF this DILL his
whole purpose would DO accomplished. II had been
urged upon the stop toward specie rcsump-
ton. II step in that direction, but desperate
one. The policy OF paying small debts IN silver and
large debts in gold would be laughed at by the people
He referred TO the argument OF the Senator from
Indiana (Mr Morton) and said this view OF the
ure accurately presented by that Senator that
he would barely refer to It. and in doing no wished
to do full justice to that able Senator.
former occasion ho mr. Morrp charged him
with Pcndctonanism, perhaps insufficient
grounds. He lMr. MorrllD had differed widely from
that Senator Gnanca questions but they had both
voted for the 1870 Resumption act and he proposed
stand by IL He glad be able agree with that
Senator lar as be had disclosed his views He
thinks promised to mako the grccnback dollar equal
in value 10 the gold dollar that will be the opinion
only Of our people but of the world. Mr.. Morrill,
then referred 10 the amendments proposed by him
providing that silver shall DO legal tender above
the amount of S. and said If silver to be issued
be to take the plare OF small bills lie had deep
ON that SILVER ms standard measure OF value
had been forever dotnroned. He argued that ii was
possible 10 resume specie payments in 1870 and said
resumed in 1913 with less gold than had 1887
ami Ia the stock OF gold had increased nearly
iiity per cent The bill reported by tho commitie e
instead OF being remedy would aggravato the evils
had promised to redeem United States notes CON,
and mere Bill was presented 10 redeem them in a
coinage OF little more value than the notes them
selves He then referred TO tho argument OF the
Senator from Missouri MR. Bogyh ana said II the
views OF that Senator should prevail bonds will DO
legal tender to an Unlimited extent 81 GOO Of our
public debt would be worth $e22, go There was no
nation now which attempted to MAINTAIN double
standard OF gold and silver without limiting the issue
Of silver CON.
Mr. sherman SAID the bill proposed by the Commit.
Finance limited the OF silver to be issued
precisely rs they did in England.
Mr.. Morrill, (rcsuming) referred at length to the
financial condition OF England, Germany. France and
other countries, and, referring the annual produc-
tons OF silver SAID lie would encourage production
Us TAR as possible but he would put government
stamp upon 1t and say IL should DO a legal
tender at price far above It's market value
He spoke in favor OF gold stshdard alone
defended tho Specie Resumption act passed In 1874
and said that the act was not tho result OF narrow
statcsmanshp Tho double standard oil GOLD silver
might lind place in tho statute books. but II
lusion everywhere else. In conclusion he SAID The bill
must be measuredby Its results upon the uture and he
appealed TO the Senators TO that be shaped
and no prejudice to the future prosperous
country.
ARGUMENT ar. nooTH
Mr. Booth, (ind) OF Cal, referred 10 the provisions
OF the bill and said the new factor proposed be in.
troduced only failed. to reconcile those already IN
use, but II Instrumental against reconciliation Ii
this bill should be passed the value OF silver
would be somewhat enhanced by the
use created Tor i, but Just how much no
might be operative period, but IL would only DO
temporary II Il should be passed and Resumption
OF 1878 repealed the effect would be that ali bills
OF $40 and less would be redeemed silver larger
ones IN gold He had doubt that the grcenback aud
gold could be brought 70 common value, but he did
not expect to nauguratc the millennium by legislative
enactment II was The true policy oi the country to
bring every form OF money used to the
value and that should be tho gold standard 1t could be
accomplished by national notes more than by any bank
notes lilo believed the funded debt of the United
states should be raid In gold that All forms Of cur
roncy in use ounht "a be equivalent in value ,ha o
Is the only standard OF value, and that
the government should the national credit
IN the form OF national notes, and not
lend 1t to the banks. He argued thar the interest on
the funded debt should be reduced lowest possible
sum and United States notes be maintained at gold
Standard THIS he believed could be done by the OF
interviewer bonds the interest which should be
paid IN gold. He then referred 10 tho national bank
system and said II was probably the best had
but II oneourth OF The attention had been gwen to
improving the national currency which had been gwen
to banks and the maintenance oil strict artificial and
complicated system the greenbacks would have been ut
par with gold long ago.
Mr. Booth then spoke at somc length in favor OF an
interconvertibe bond ana IN conclusion said he had
no idea that II would at tho lag gard wheels
Of industry. but IL would INSPIRE hope
SPEECH or SHERMAN
Mr.. Sherman Of OHIO, referring the bill said Il
was very small measure was intended TO meet
temporary necessity, yet u had given rise to very
long DEBATE. All thai the bill provided was that f
any holders OF United States TO exchange
for SILVER coin he could do 1t simply restored tue
old silver dollar and made II legal tender currency
contracts TO the extent OF 500 There nothing IN
the bill but an attempt to crafty the wish Of the people
OF the United States TO have silver money m exchange
"A Tbarn
nothing in the bill to force exchange He argued
that the government had now surplus of
from $50 QUO TO s33 0o0 coo year. called
n sinking iun., aud the Committee finance pro-
posed to nave silver 10 the OF sinking
iund The bii did not propose an unlimited Issue of
silver. To the extent TINT SILVER should be issued un
der this bill the government would be strengthened
gold redemption. lie believed with population We
could maintain rcuaion OF $50 600 IN silver at
par with gold. While arguments were beng mtdo
here that silver was dropping down very low stand
ard OF value long lines OF people were at every custom
House in the country to get silver tor their fractional
currency The surplus revenue OF tho sinking fund
being used redeem bonds not due or fifteen
years. aud this surplus revenue might just well DO
used TO redeem outstanding notes. He argued thai
silver resumption must precedc gold resumption 1.-THE
volume OF United states notes could be reuuccd By the
OF silver gold resumption would be accd to that
extent; would not be contraction OF the currency.
The promises TO pay would be reduced. but silver
would be substituted Tor tncm II Congress should
Journ this session without providing Tor SILVER
money there woua DO cearih Of small change which
would bring upon the members The reproach OF the
people OF The United states He would never vote 10
adjourn this until something should be done to
meet this want for small change. He then referred to
the amendment proposed by the Senator from
Missouri (Mr bogyl TO make silver a 10 al tender
unlimited extent aud said u adopted 1t would strike
blow al the puhlic credit II the senate
SIRED TO reduce the legal tender limit from $40
to $40 he would not object. but he hoped laws In
gard TO the public credit would no. be changed Any
sttcmpt 10 change them now would be almost an ncen-
diary proposition. He appealed the Senate take
q the bill to-day
Mr.. Bogy OF Missouri. SAID this subject was Of much
Importance and he desired To speak upon 10, but
not well enough TO do 30 to-day. He perfectly in
accord with the senator from Ohio us 10 tho necessity
Of passing some bill - AVOID the scarcity VI change
which would inevitably take place before tall.
He believed silver should be made legal tender all
debts AZ the proper time he proposed modify the
amendment recently submitted W hun 10 have
onchai OF tho duties on imports paid silver thoagh
he adhered TO the principle that all such should
be paid IN silver and he also proposed 10 modify has
anne ndmeut so as TO have the relative value between
gold and silver sixteen 10 instead Of fifteen aud
half TO Nc moved that tho further consideration
OF the bill be postponed until Tuesday The 10th inst
at r. NJ, with the understanding that should not
dspiacc an appropriation bill Agreed to