National Republican., 1877-08-29
SENA TOR MATTHEW'S SPEECH

Republicans, explained his views upon the |
silver question with great minutencss and |
clearness. We find, by carefully reading
his speech, that his position has been |
grossly misreprcscnted, for his propositions |
would not, as has been charged, give the
country q deprecated currency, or violate |
The pledges which have been made 10 the |
creditors of the nation. The Senator's |
treatment Of this subject Is characterized |
by breadth and thoroughness which is |
highly creditable to his ability rs q states |
man and his integrity rs o citizen.
Mr.. MATTHEWS favors the re-establish-
ment of the bi-metallic standard, but with
such qualifications and limitations us will
keep both metals in circulation together ut
home. He would not permit the free coin
age Of silver on private account, for in the
present relations between the market value
Of gold and silver bullion such permission
would result in q depreciation Of silver,
which would drive gold out Of circulation.
No evil can ever result from the coinage of
silver, provided the principle of coming no
more than will circulate side by side with
gold is adhered to, for whenever the equi-
fbrium is destroyed the gold will disap-
pear. Such result is not contemplated by
Mr.. MATTHEW'S theory, for he expressly
says that the coinage of silver should for
the present be made on Government account
alone, and in quantities which would not
prevent the circulation Of gold.
The reconciliation OF silver by limited
coinage, M proposed by Mr.. MATTHEWS,
would put our metallic currency on the
same footing with that Of the countries EN-
braced within the Latin Union, and would
no doubt lead to international treaties upon
this subject, by which the quantity of silver
coin to be issued would be limited 80 as to
preserve the proper relations between that
metal and gold. The task is one which can
readily be accomplished, for in France and
other countries embraced IN the Latin
Union both metals are kept in circulation
as money Mr.. MATTHEWS simply pro-
poses to adopt the same policy for this
country, and IL can certainly be done, and
retain honest money for the use Of the
people.
The question as to the amount of silver
which could be put in circulation without
interfering with the circulation Of gold
would be, 10 some extent, a matter of ex-
pertinent. The present capacity Of the
mints Of this country is only sufficient TO
coin fifty millions annually, and it would,
therefore, be very safe for Congress, as soon
rs II assemblies, to authorize that amount of
silver dollars to be coined, for there can be
no question but that that amount of silver
C0ttlu I've lSNutu WltuOut VIII
the circulation of gold, or retarding return
10 specie payments. That would dispose Of
the silver question for year and allow
ample time for further deliberation in the
light of experience as to what additional
amounts of silver coin could be safely issued.
We think, therefore, that the views of Mr..
MATTHEWS on this subject are sound, and
could be safely adopted by Congress.
Mr.. MATTHEWS discusses at considerable
length the legal effect of the repeal Of the
law authorizing the coinage of the silver
dollar. He well says that prior to March
10, 1859, none of the obligations of the
Government were by law specially payable
IN gold, but there was q question as to
whether the same were not payable in
greeubacks. The legal effect Of the act
psssed on that day was to make all public
obligations payable in either gold or silver.
,zing the coinage Of the silver dollar did
not deprive the Government Of the legal
right 10 pay any or all of its obligations
With silver dollars of the old coinage, SO far
rs they might be in existence, or with new
ones o. equal value, to be coined hereafter,
70 Government should see proper 50
40 ).
'Ir. MATTHEWS makes very logical and
siansw cradle argument TO prove that there
hs nothing TO prevent the restoration Of the
silver dollar to its place in our currency as
an unlimited legal tender so far as the pub
die creditors are concerned. He further
more holds that the moral right comedies
with the legal right in this case, inasmuch
M the only pledge which the Government
has legally made was to pay in coin OF gold
ir silver of the then current standard
value.
}ut, while such are our strict legal rights,
q might not be expedient to insist upon
them, if 80 doing would depreciate the pub
lie credit. Although Mr.. MATTHEWS states
this doctrine very clearly, we think he
scarcely dwells upon it long enough, in
view OF the fact that there are many per-
sons who favor paying the yublic crcditera
with silver, because thereby they would be
compelled to receive n cheaper money than
IL paid in gold With view of taking ad-
vantage Of the public creditors, they would
not limit the coinage Of silver This mon
strous doctrine prevails SO widely that it
wOuld have been well had Mr.. MATTHEWS
expressly rcprobated it.
Mr.. MATTHEWS very properly says that
the question Of remOnetizing silver is alto
gether distinct from the one as to what
coin the public debt ought to be paid in.
This ilet is too often lost sight of The sill
yer question should be discussed entirely
upon its own merits, for even il we rem0ne-
tze silver we can still pay our bonds in
gold. lie holds that 1t may turn out in the
end that IL silver ia remOnetiZed gold may
become the cheaper currency. That is o
course mere matter Of speculation, and
cannot affect the question of remonetizing
silver, which must be settled upon the basis
Of the present relations between gold and
silver.
The speech of Senator MATTHEWS is ar
able and exhaustive one upon all the sub
iects he treats Of 1t not only frees him
from the discredt Of holding the absurt
financial views which have been wrongly at
tributed to him, but it is u fair, logical ant
effective presentation Of sound views upoI
nearly all the great questions which now en-
gage public attention. Ohio has had man,
gifted Senators, but this speech shows tha
MATTHEWS is the peer Of the greatest o
them.
CONGRESS- AND THE PUBLIC PRESS
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