The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-12-14

II seemed to him (Mr AIN son) that this WAC abso-
lutey begging the question In order to make his argu
ment stronger That Senator (Mr. Bayardl asked tho
question whether there was any place In world
where Az grains OF silver worth 20 sl0 grams
400 grains Of standard silver were equal 10 Is $40
grains OF standard gold. That place the Bank Of
France The standard OF silver now proposed here was
standard 10 10 1. Go 10 Germany, even, aud they
would give gold Tor silver al the ratio OF l5k TO l. he
would not so regulate the value Of money that the
SILVER dollar should be less In value than tho gold dol
lar, out ne favored such legislation as would place
these TWO metals practically nj par with each other
upon some 0ssis. AS to the obligation OF tho
government to pay It's bonds In gold, that depended
IN a'grcat measure upon what should be the coin OF
the country the maturity OF tho bonds but in the
meantime the government hau the interest TO pay
upon Them and IT should be paid with the money
contemplated 10 tho contract when the bonds were
issued. hr. Allison then reviewed al length tho va
ricus financial acts since tho early history OF
the government, and argued that silver Was
the money Of accounts and the unit OF value
under the law oil 1872 Was not the great debt in
Cured on account OF the with Great Britain IN
1917 PAID IN siverY Silver was tho money OF ac-
counts IN Al transactions OF tho government as well
as those OF individuals Alexander Hamilton recon-.
mended that the unit of value be placed upon both gold
ana silver but by the Mint act OF 1902 Congress
Jeced his recommendation and continued the unit OF
value upon the silver dollar lie then referred TO The
law OF 1900, which, he said debased silver CON- He
argued that, as lar the law concerned the pur
chssers OF our bonds understood that they we're pay
able IN either gold silver coin. The Secretary of
tho Treasury In his report Tor 1878 spoke OF return
to gold anu silver as the money contemplated by the
constitution.
THE MONEY OF THIS COUNTRY
Mr.. ALLISON argued that tho money OF this country
should-De ITS constitutional money-namely, gold and
Paris, NJ which the United States represented by
Mr. kuggles He undertook to make the delegates TO
that conference believe that In this country had
single standard but the president OF the conference
minded him that the double standard still existed in
tho United States. THIS showed that IL under
stood the bonds were payable other gold or silver
Mr. Allison then read from the report OF the Secretary
o. me treasury Just submitted 70 Congress TO show
strction against tho coinage OF more than 500 900
In silver be removed, and argued that the
silver coin, though II had been deoased,
was popular with The people The Secretary did not
believe that there would be any difficulty IN maintain
ing silver par with United states notes In
France Belgium, Holland, tho Netherlands and else
whore silver main AIMED Itself on par with gold.
There ~ 900 people in heart OF Europe
to-day who make difference in their business trans
actions between silver and gold. Silver was paid out
ny the great banks on the ratio OF l5h TO !.
The Senator from Alabama (Mr. Morgan) In his
remarks yesterday spoke OF the popularity OF silver
with tho coored people. That rue; they boarded
It, and ne Mr. AlIson) believed the country could 20
on coming II Tor years TO come AZ the rate OF
$50 100000 year without disturbing at all the rcla
ton between sverand geld He believed that with the
proper limitations and the RECOMMENDATION OF the silver
dollar silver would be maintained at par with gold
at tho ratio OF l5h TO l. The reconciliation OF the
silver dollar, with proper restrictions, would have the
effect oil making silver equal to gold. Who was there
who did not believe to-day that II gold should be de-
moneiZed BY all nations IL would TALL In value, and
should alI naons demonetzs silver It would decrease
Ia value more than even nowY The value OF these
two metals us money depended upon their use as
such He represented State as loyal 10 the credit OF
this nation as any State In tho Union. Tho people OF
Iowa intended that the obligations OF tho government
should DO fulfilled 10 the letter OF the law, that there
should DO reputation. and 1t would not DO 10 say
that one section OF this country which proposed TO re.
monetize silver proposed TO violate national honor
When the silver bill should before tue Senate he
would have something TO say IN regard TO II and It's
effect upon the people.
Pending discussion Mr.. ANTHONY OF Rhode Island,
from the Committee on Printing, reported iavorably
the Senate bill to further regulate the purchase of
material for the public printing and binding Passed
Nr. HEREFORD, dom Of W. Va, then took the floor
to speak upon Mr Matthew'S resolution, but yielded
for motion for executive session. and the Senate,
iour O'Clock, proceeded to consider executive bust
ness, and when the doors were rcopened, at ten min
utes before seven, adjourned until Tomorrow.