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

among the people exists sides of the Rio
Grande.
PROCEEDINGS OF CONGRESS-
SENATE.
WASHINGTON Dec. l3, 1877.
Mr. CAMERON, (rep.) OF Wis, presented tho petition
Of David I. Corbn, OF South Carolina, who contested
for the seat now held by NJ c. Butler, praying that
his right seat in the Senate may be inquired into
and decided upon it's inertia He moved that It lie
the table for the present, and gave notice that he
would call 1t hereafter and move its reference TO the
Committee on Privileges and Elections
tn. SILVER QUESTION.
The Senate then resumed consideration OF the
finished business, being the resolution OF Mr. Mat
thews declaring the right OF the government to pay
the bonds OF the United States In silver
BAYARD.
Mr.. BAYARD (dem.) Of Del, said 1t seemed to him
that no more severe or bitter commentary upon the
management OF the finances of this for last
twelve years could be made than was contained in the
preamble aud resolution upon which the Senate
now ASKED vote 1t declared shat restore
to Its coinage such silver coins as legal
tender n payment OF said , bonds, principal pal
public faith nor in derogation OF the rights OF the
pubic creditor" The very proposition was astound
ing and exhibited doubt In the minds oil It's movers
to Its propriey. II was tho duty oithe Legislature
to frame law, but 1t was not its duty TO pass upon
another branch oil tho government which could not
DO invaded. He spoke OF his service IN the Senate,
with the majority In treating our finances. He OPP
posed tho act OF 1862 because he regarded IL as moth
tho bonds OF the United States without taking any
step toward the resumption 0f specie payme The
Funding bill Q. 1870 he regarded as wholly in tho
interest OF those who held the bonds Here on this
floor he endeavorcd 10 get recognition OF the act
that could currency be brought 10 par with CON-
bonds would necessarily be lifted into safety and
security. Upward OF i've hundred millions OF
dollars in gold had been sold out OF the
Treasury OF tho United States to pay for
bon no
higher value by class OF legislation intended
TO produce that effect and no other while the demand
notes of tho Treasury, the currency Of the people,
were dishonored day after day. year after year. until
this very day. Il had been this unwise financial
He reviewed At length tho financial acts of the
United States. and argued that it had always been az
and when the government, In 1879, took the
silver dollar out OF It's coinage reserved
ment had dealing equivalents. and 1t did not
intend that any dsarrangemeLt OF value between
these two metals should result In the profit or loss OF
either the government or those who purchased the
bonds He then referred to tue preamble OF the reso
luton OF Mr.. Matthews rectng the various financial
acts since 1869, and said II was not historically cor
rect. 1t failed recognize the OF February IL
1873, which was just as binding as any Of the acts
mentioned The honorable Senator (Mr. Mattnewsl,
10 mako his preamble binding should have also said
In IT,
Aud where's. from and after the act Of Congress Of 1894
silver having been found to have Create
% . pas 70 be ns soS s 10 o
souags silver dollar already coined
4ias grains having Sscome practically obsolete gov
Of the Sy by @ Of sy ing
coinage the silver dollar Of 4i2a grams
as ee that ior nearly hvs the same
Continuing his argument, Mr. Bayard said tho con-
Law Of the iaud, bestowed upon Congress the sole
power TO coin money aud 70 regulate the value
sus was not r.sa. coin i. alone
quoted from the Mint report OF Alexander Hamilton,
and contended that by the act OF 1878 domonetzing
the silver dollar Congress simply renquished the at.
tempt 70 keep gold and silver at equilibrium Of
value. Whether this act was wiso unwise he
would not now stop 10 argue. 1t would be most IN
willingly, and for causes beyond his CONTROL If silver
should cease to be used q money OF the United
States but that did not touch the question presented
by resolution before the Senate, aud he pro-
posed to reserve his upon that subject until the
Silver bill should DO before the Senate. Then he
demanded
THE VALUE OF SILVER
he then argued that o change In the standard OF
value OF silver had taken place. and that silver to-day
worth in the markets OF the world 17Z parts to
one Of gold whom by our law OF 1884 tho standard was
10 $780, or nearly 10 parts of silver to OF gold.
What was now proposed was that Congress should
enact by law that which, under tho pretext OF regu
lating the value oil the two metals when coined, would
falsy their true value Was there any piece Of silver
OF 4l2 grams OF tue standard value Of the United
States worth 20 $40 grains OF gold OF the came
dard OF value? No man could say there 1t
not true Did the power TO coin and regulate mean
the power to CON and falsiiyf Had Congress the
right 10 make this false declaration and stamp 1t upon
metal that the lie might be better presorved2 Could
tins government use its law making power to produce
the face OF the earth could do without dishonor
When foroathers sought the liberty OF the people
they meant liberty in the funcss OF the law and they
law founded upon morals and justice. This
great question affecting the honor and duty OF q
strong, and, he hoped, proud people The credit Of
the nation must DO maintained. Any one could SEQ
the misery OF a discredited man. and should this
country In the great family Of nations become dis
eased member-a pitiable objectS In 1873. when sill
was demonetiZed, SO lar from being advantage
to the people as money 1t was disadvantage, as IL
was worth bullion than CON- There was no
dark sinister motive in the characterization Of silver
THE DOLLAR or OUR FATHERS
He then referred To the amount OF silver dollars
coined prior TO 1873 and said he supposed they
called tho dollars OF our fathers because fathers
did not got them. He might safely appeal TO the
objection OF every man within the sound OF his
VINO, unless he had been onnected with mint, could
ever remember having ten silver dollars In his hands,
From 1884 10 1873 there were practically no svor doll
lars circulation in this country OF 412l grains.
From 1902 TO 1877 there was coined at tho mnts OF
the United States 1888 1863 t95 in gold. During tho
same time there was coined in silver 1854 900 GAL
Who could say IN the face Of this fact that the
people OF this country during their specie paying
times ever lived under a silver currency Even
our silver half dollars would have taken nigh
nad not been arrested by Congress IN 1858 by Diet
basng them. and since that time half dollars
coined were equal to silver dollar. Since the crea-
ton OF funded debt by the United States
silver had ever paid upon II for either princi-
pal or interest Who could furnish a quotation OF
United States boud IN silver money In any market OF
the worldY In the great events transpiring IN the
great family Of nations while those important prob
lens OF single or double standard being
sdcred by other nations, tho United States had been
kept away from the Council Board and this nation
was, therefore, In position to profit by the expert
ence OF others In conclusion Mr. Bayard urged
wutchfu regard the interests Of the people and
the honor oil the nation.
AMENDMENT SILVER BILL
Mr. ALLISON. OF Iowa, submitted the following
amendment TO the silver Dill recently reported from
the Committee On Finance, and now upon the calen-
dar:-
srcrlos 2Ths Immediately AFTER the passage Of this
the President shall invite the governments
countries composing tho Latin Union. called and
Buch other natio he deem advisable.
Join the nited states In conferences to adopt
legal tender between gold and silver.
OF establishing internationally the Of hi
etac money and securing hsty Ji relative value he
those metals; such conference to he held
place IN europe Or Ia the United states, At
within six months be mutually agreed by the
executives OF the governments juiniDg In the
Nhency tue governments invited. three Of
them SHAH have s-n,hed their willingness unite In the
the T. esidcnt snail aud with the advice