The New York herald., 1878-02-09


Inc resolution and amendment OF Mr. Paddock
were referred TO the Committee on Appropriations
- THE SILVER BILL
me morning hour having expired the Senate re-
sumed the consideration of The unfinished business,
being the Silver bill
SPEECH MR.. HILL
Mr.. HILL, (dem.) Of Gu, said the Senate had had
before II Tor the past Two months q plain business
question. nwas certainly no OCCASION tor rhetoric.
IT was question which eminenty required exactnoss
In fact and clear strength logic. Yet there
great excitement IN the country IT, and perhaps
n thousand newspapers In this country to-day were
engaged An impressng upon the people that one-half
OF the number OF members OF Congress had been
the bondhoIdsrs The question of suspen ending
sys' says ago s''s and 's' time tia1' snan
Ing people notoriously excitable disposed of .he
matter unanimously. He (Mr. HiD took his position
RESTORATION OF the silver dollar to the currency OF tho
country. He believed that the slvor dollar might be
recoined and remonetized, aud he concurred much
oi the argument OF his friend from Maine mr. Blanel
made yesterday but did not agree with his consttu
tional views expressed In the beginning OF his re-
marks He (Mr. HiD believed Congress had the right
TO demonstxe or stop tine coinage OF either god silver
or copper
that Congress had the constitutional power 10 demon
ctize either metal, and II one why not ALI
Mr. HILL n reply saic he had not 50 stated his posi-
(Mr. HilD would explain his views
Mr. BLAINE-But want 10 convince the Senator
Mr.. HILL-It ID impossible tor tho Senator 70 do
that
Mr. BLAIxx-will the Senator permit mef
Mr. HiLL--No; l decline to be interrupted.
CONTINUING his remarks, Mr.. HILL said he could not
answer argument constitutional in its pretsnsions
but absurd in It's statements. He then argued that
there had always been condition OF the compaui
ship between silver anu gold AS currency Never did
silver and gold keep company with each other except
upon the inhexibe rule Of equality in value. He
favored the reconciliation of silver because
bo thought It's reconciliation would be wise
and proper IN tho present couditon OF tho country
He tho nret place
as thcre we're no constitutional provisions In the way
he would agree 10 IT, In tho second place he thought
tho remonetzston OF silver would add to our lmiled
metallic currency; and again, as silver OF tho
products Of our country II was proper that Congress
inc the demand Tor 1t. Again, the negro popuIa
his section had peculiar attach silver
money He believed the recoinage OF silver would
ia passion Tor boarding, and make them
economize, thus Improving their condition
oBJgCTIoN THE BILL.
He thought the silver dollar should be rcmonetized,
but he could support the bill before tho sem
ate as II from Inc House OF Represen laives He
believed II this bill should pass unamendcd u would
enrich lew individuals and give no rclief TO the
financial embarrassnents OF the country. II would
necessitate additional legislation and finally take
legislation In the rst place he objected 10 tho
coinage feature, and whom gentlemen told him that
coinage no replied That TO do 1t must be made
valuable as gold. 1t cost no more 10 coin twenty
dollar gold piece than 1t did silvor dollar, and wnile
IL might be wise 10 encourage tho coinage OF gold II
would be wise to encourage the coinage OF silver
The pext amendment, which be favored, was to
limit tho conege of silver With tho present capacity
OF our mns We could not coin gold II VIC admitted Tho
Unlimited free coinage vi silver aud Congress must
citner appropriate more money to multiply The min.s
tied legal tender power which 1t proposed gvo
the silver aollar he could not consent 10 the coin
age Of silver dollar worth ninety cents and stamping
dollar. To do so tho governpon would be con-
Ing iasehood and II would do SO knowingly. II had
besn argued that the dsprecia.ion In the value
Of silver was caused by tho demonstration
act of 1873 This he denied. Ten nations
besides the United States demonotzed silver about
the same timc and there had been great increase
its production II this increase in the production
and docrease In tho demand for It WHICH caused lts
depreciation IN value. He believed the most elective
and the way keep the silver dollar equal
with the gold dollar was to prescribe Tor the silver
junction IN currency. He would have silver moro
than subsidiary coin, but would limit It's legal tender
power The people demanded silver dollar, but they
did not demand which would drive gold out OF the
country. He would give silver a legal tender
power for all payments not exceeding 500. He was
IN favor Of some compromise, and hoped his friends
would not plant themselves square upon the House
bill and refuse TO compromise. He cared nothing Tor
the bondho oders any class He believed legislation
which was wise for class was wise for all classes
and he represented no class He represented the
people, the government and The truth
WHAT THE BONDS COST.
II had been argued here that the bondholder pur.
on the dollar. At tho time Tho bondholder made
purchase he (Nr. Hi YVES on the other side ana was
dong all In his power to make the bondholdor lose his
collar, worth but sixty cents H0 believed he
was right, and II did not become him now to
raise q cry because the bondholder made u good
he ' thought 70 be- be- right, but but WINE wnsn he he
surrendered to the government he surrendered hon
esty and he intended 10 be just faithful to the
honor and credit of the United States as he would
have beon 10 tho honor and cred OF the Confederate
States had they succeeded II was 10 the interest Of
MAINTAIN ,ne credit OF the government Mr.. Hill
then referred to the recent speech Of Mr. Eaton,
which that Senator said agrariansm and communism
would never ind toothold IN the United States, and
said those noble words worthy OF the best In
the bos days OF any country Ho deprecated speeches.
charging laws of the country been passed by
fraud. The passions Of The people might be lashcd
into fury which man could control Bioated bond
holders'' wore familiar words IN the vocabulary OF
American fanatics. but there was possible ex
which could justify the disregard Ut tue solemn
obligations Of the government OF any KIND There
patriotic course ior Congress To pursue.
Call thD peopo honest renewed recognition
OF Obligations Of contract. Teach the present gen
GRAFTON, teach all generations that ndelity TO truth
law the best religion, tho wisest statesisu.
ship and tho purest patriotism. Applause in the
gallcrlesl
Mr.. WTHERs. (aems) OF Va, spoke of tho impor-
tancs OF this financial question, and said lno present
condition OF the country was alarming. Possessing,
we did, all the elements OF prosperity, with
genial soil and abundant harvests, II was strange
that our industries were entirely PROSTATE. His
impression when this bill before the Senate
was adverse 70 II. but during the progress OF the de-
bate his opinion had changed, and now hc mad not
tho slightest DOUBT that all the bonds issued by
the government were payable In gold or Sill
yer. he then referred TO the causes OF distress,
and SAID he agreed with Tho Senator IRON Michigan
(Mr. CnrstancyI tnat they were produced by extrav
ugaDce during and since the 10 u great extent:
but which led TO tho distress as tho
fact that the government put Itself The road 10
contraction and followed II closely.
THE FINANCIAL ACTS.
The financial OF 1859 and 1870 plainly indicated
that the bonded Indebtedness OF tho country should
be PAID in manner different from that calculated
when the bonds wero issued Ho argued that tho
bonds were payable IN gold aud silver, and said tho
argument that these pestiierous silver by agita
Ing tho subject had stopped The funding OF
tho public debt anc arrested returning pros
periy was unjust Silver had been The
victim OF oppression and discrnin mating leg isation
and tnat was the cause Of its depreciation In value
He referred al length to tho policy vi England
France ami othor European nations and argued that
France was prosperous with her double standard IL
to Tho CON merciaI interest OF England 10 have q
single gold standard she being u large producer OF
that metal he argued that greenbacks were boarded
IN New England now, because the holders expected TO