The daily gazette., 1878-02-06
FOUR1 H EDITION IRON INTHE BL GOD
The silver Debate.

I NN.N
. SPEECH OF SENATOR HOWE, OF WIS
CoNsIN.
In the U. s. Senate, yesterday during
the discussion eff the Bland Silver Bill,
Mr.. Howe, of Wisconsin, said only that
sort of courage which was born of con-
viction would induce him to speak I'M
mediately succeeding the very able and
eloquent speech which the Senate had
just listened to. II was not his purpose
this evening to persuade any one else
| how to vote--his only object was 10
| briefly explain his own vote. He referred
TO arguments heretofore made in regard
| TO the payment of the bonds in silver,
and said the simple truth was, the debt
irever would be paid in gold or silver
| either, for the simple reason that the
coin did not exist with which to pay 1t.
The debt must be paid in commodities.
He then spoke of the power of Congress
to coin money and regulate the value
| thereof, and said Congress had better ex-
ercise that power carefully and coin the
best money If the bi-metallic currency
was the best, as some authors said IL was,
then the United States had better adopt
it, even though some other countries had
other coinage. The present measure had
been stigmatized as dishonest finance,
but he was not sure that it was. There
was difference of opinion as to whether
we had or had not promised TO pay our
debt in gold; and before he allowed him.
self to be placed In the category of repu-
diators, he must be allowed to give his
view of the contract under which the
bonds were disposed of
Mr.. Howe then reviewed at length the
acts of 1869, to strengthen the public
credit, and that of 1870, to refund the
public debt, and argued that, II the credi-
fs.~ tx.af 81. IL .
bond in gold, he must rest upon the
equity of his claim and not upon the law
of the land. Capitalists did not exactly
fly TO the rescue of the Government when
IL was in want of means. They consulted
their own interest in making Investments
as they had a perfect right to do. He
favored the reconciliation of silver be-
cause 1t was an American product, and
he could not legislate against 1t. The
world grew old and prosperous, and
commerce was born with gold and silver
as currency. He spoke of the present at
tempts to demonetize silver as con-
spiracy, and said large part of Europe
was already In the conspiracy. The prac-
teal question for Congress was, should
the United States become a party to the
conspiracy? For one he declined. 1t
was q deliberate effort to blast 80 per
cent. of the means of our people to pay
their debts. Gentlemen had charactesiz-
ed this silver question as mania. 1t was
a mania which had afflicted the world for
more than thousand years, and IL was
not to be dispelled now by a sneer. He
then referred to the needs of the West,
and said that section had fewer million
aires than the East, and fewer paupers
as consequence.
This silver question was not an issue
between the West and the East. II was
an issue between productive effort and
fixed capital. The simple truth was that
the people of the West believed some of
the East were trying to alter the contract
made by the Government in the sale of
the bonds and they objected TO 1t. Ifthey
were in error they might be convinced,
but they could not be convinced by abuse
from suborning newspapers TO misrepre-
sent them, or hiring caricaturists TO make
faces at them. They could not be con-
vinced of any error, because they were
right. In his opinion it was the duty of
the United States to give notice to the
world that 1t would not be a party to this
enterprise, shrivel one of its products by
chnging to single standard. 1t had
been said that the President would veto
the bill He (Mr. Howe) would not be-
leve 1t unless he heard so from the presi-
dent himself. The commercial integrity
of this country was not likely to suffer by
the reconciliation of silver, but the
commercial integrity of the country
never could survive that time when the
Government undertook to wrestfrom the
pockets of the people more than they
agreed to pay.