The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-24
THE SILVER QUESTION.
SPEECHES OF SENATOR CocKRELL, OF MIS-
SOURI,, AND RANDOLPH, OF NEW JERsEY-A
VOTE TO BE PRESSED ON FRIDAY.


Matthews resolution declaring the right OF tho gov
ernmeng ~ pay the bonds Ia silver. and Mr.. Cockre
Of Missouri, continued his remarks from the point
where he suspended them whom the Senate adjourned
on Monday last. He argued that silver was still legal
tender coin OF tho United States The customs rogua
tons OF 1874 provided that silver dollars, though
longer coined issued were receivable Tor duties
imports in unlimited sums. and subsidiary silver
receivable to the extent OF S. Mr.. Conant,
the lalo Assistant Secretary OF the Treasury in let
ter in 1865 directed to tho Surveyor OF Customs ut
ST. Louis, stated that silver dollars were receivable
for duties on imports 10 an unlimited extent Thus
the government officials proclaimed the silver
dollar as legal tender lie argued that
the bonaholder knew tnat the dollar uamed
In his bond the silver coin OF 4l21s grains or
the gold coin OF 20 $40 grains Silver dollars had
been practically as much IN circulation as money
1861 gold; neither metal had been actually
used aud circulated money in the business or the
country since that time.
COINAGE SILVER AND GOLD.
Mr.. CocKRELL then quoted extensively from sta
tistics showing the coinage OF gold and silver, and
called particular attention 10 the following lgures:-
the coinage of the silver dollar 1858 ssh 300;
in 1862 $685. $780, in 1870, s5sS, sos; 1871 $o57
in 1872, 961 and in 1873 up TO the time silver
was demonet,zed the coinage amounted 10 S977, los.
Had the coinage been continued that year II would
have amounted to Sl,571 l02. These FACTS, he SAID,
mere assertions; tney showed tho rapid and
wonderful increase OF silver coinage.
The gold coinage IN 1865 was $l0550; Ia 1867,
$685.; IN 1870, $3.50; 1871, IS, $40; IN 1872,
Sl,O3O; IN 1873 $2,o2o; IN 1874. s323, go; and
1915 II leii 10 tne enormous sum vi $50
Mr. BAYARD, (dem OF Del, inquired II tho Senator
in preparing his table had not counted piece of
silver coined us dollar? DID not the tables
tho value OF gold coined was I'VE times mucn that
OF siiverY
Mr. CocKRELL replied that his tables were correct.
He knew tina. assertions bad been published In the
newspapers and made IN speeches and gone forth as
facts though they were not true. The government
officials nad alshed the facts lie then argued that
all subsidiary silver coined PRIOR 10 the act OF April l,
1868, fu legal tender tor all debts, public aud
pubic Prior to that date the halt dollar, quarer dol
lar, ten and tive pieces were proportlonacly OF
tho sare value the silver dollar OF 4l21. grams All
subsidiary coin Issued prior 10 tho OF April l,
1853, Was to-day vested with unlimited legal tender
power and the government must receive such in
pay ment oi all customs dues.
Mr BAyARp OF Delaware, said tho Senator would
recollect That N 1888 when six ana seven. tenihs
grams were taken oul OF every MALT dollar 1t be-
Cause they could not be Kept In the country. They
swept oat OF this country, where they were un-
dervauei and went 10 other countries where they
were properly valued.
Mr.. CocKRELl sad, IN the Western country there
were many silver bali dollars ami quarter dollars
coined prior TO 1858 still III Many of the III had
been locked up Tor years. and were brought since
The close Of the war. He argued that the bondnolder
had 10 right to question the power oil Congress
gurd 10 coming money and regulating its vaIue They
had no right 10 complain because, no matter what
standard OF vaiuc oil July ii, 1870.
AUTHORITY OF GOVERNMENT OFFICIALS
He then referred 10 tho ASSURANCES Of Inc govern
mcnt officials that the bonus would be paid Ia gold
argued that those oicias had 10 right TO modify
the slim words OF tho law. They couid cnansc
the terms OF the contract. The officers the govern
ncnt the administrators o. the law aud Lot the
law makers, ana no one knew TINS better than the
present Secretary OF the Treasury. lie then auoted
the report OF that officer, urgcD tiy
mendng Congress to give junction to his assurance
that The bonds would b, pad III gold The Secretary
bad dan ed TO give the bond
holders. out he hai net dared u ngle bond
contrary to law. TO claim low that the United
states must pay It's bonds IN god GU account OF the
assurance OF tue Secretary OF tho Treasury
scarcely less than crime. Tho cry OF reputation
VIC atiug The national honor impugniug the faith OF
the government, snd So ON, had been heard Ear aud
vide IRON the Eastern press anu from the bond
noiuers, their allies and friends Western men in
favor OF the remoueti zatou OF silver had been stig-
InatiZed as lunaties.
THE NATIONAL HONOR
He (blr. CockreiD was AS nrmIy devoted 10 the main
tenance oil the national honor any Of these Pnar-
sees, and be hurried back with scorn ana contempt
tneIr mputatiOns. He STOOD upon The floor OF this
Senate as one OF the Senators of the great STATE OF
Miss and demanded Tor the people the enforce
ment of the CONTRACTS He boldly asserted that
10 pay tho bonds IN gold and silver, or
with tho plain words OF the law, and with all recog
nized prinC pies oil honest ana national nOnor. Eo
charged these crimes of reputation upon inose VINO
upred the oondhoiders. The people wnom he repre-.
scented, with tue Dayonets VI truth in their hands,
would drive them into decent observance OF tho
alse cries, were attempting 10 asten their high
crimes ana III isdemeanors upon those VINO dcsircn 10
comply N good ailh wth The letter and spirit
OF tho law. The taxpayers OF the country hal
tnoir rights, one OF which was 10 pay tho
bonds III silver, ana ihoy would never surrender
tnat right The people could not ana would not
pay gold alone. He heartily approved OF tho rcsou-
lon OF the Senator from Onio ana IL was me impera
tive du,y OF Congress to-day not only to pass ,his
resolution but also TO restore tne free coinage OF tho
silver dollar by passing the silver lill.
SPEECH OF MR. RANDOLPH.
Mr.. RANDOLPH, OF New jersey spoke in oppositiou
to the resolution ana IN favor gold as a single
standard of value. Ho referred length TO the va
rlous sovernmcn. bonds and argued That The govern
had The right 10 pay bonds PRIOR TO 1878
III gold or silver coin, at IT'S option, while TO the
maindcr OF It's bonded obligaion the payment must
absolutely be paid in goid. Hc would endcavor 10
show that where IL was our lawful right 10 pay in
either coD our Interests would not be suUscrvcd by
pay mcnt in SILVER He argued TINT 1t mad been tho
studied purpose oil the government to persuade
the mind OF capital that com meant gold. No rosolu-
IONS OF Congress, no opinions OF secretaries could
have, or ever did nave, breath Of influence upon
mus OF lenders compared with the long uu orok ell
practice OF the government Itself. Aside from
sderations OF interest or policy We had never 40
lime, nor at all times put together, WAL tho history
OF our government, the silver com 10 make paymcnt
with. Counting all silver CON since 1872, 1t amounted
to S400O,OO0 an amount Insufficient to pay the inter-
est on tue Dondea ucDt OF the country Tor fourteen
aays. WncG We made our Obligations took
thought OF payment IA silver, dreamed OF no chance
Ike the ono now sought Tor and meant by coin that
metal wbich ,hc sovernmsnt nad ever before paid TO
It's CREDITOR, mat the government had alone ever
com, which TIE whole Commercial aud financial world
WIN wniCn We have 10 ucai were thcn dcaiiag, aud
knew only as our coin OF payment should We make
law rciOnetziug SILVER. and mat coin Az grams
remain relatively much cheaper than goid AS ~
now rs, Vi wnat advantage Will our ronou citation BIO
10 the peopcY Beyond that gwen to those now N
debt W jud possess nVuc. As 10 all new Obligations
they would 10 made expressly payable ia goia or SO
charged Tor IN Di.ncr rates OF interest," or higher
charge Tor commodities rs 10 make the to the
borrower vi money or purchaser OF merchandise rcIa
lively tue same as Inc transactions mad taken place
on god basls.
He argued that since tho Silver bill had been under
discussion large loans Of money have only been had
by Inserting tue gold coin pay mont IN the bond. tho
laws oil Congress, though they % piled mountains
bigD, cannot change the nlgner and immutable laws
o. supply and dcDand or tnc specdy exit OF capital
IRON tue protection OF "a government that meDaccs
either It's honest value or ITS righteous POSSESSION
lie argued That The rcmoHetzion OF silver would DC
a loss 10 tho people ana the government and would
not les sen The pubic burden. II silver made legal
tcLder and remains tue cheaper CON- ana Is TO be paid
out by Inc government then all Will agree that NO
may no longer refund our debt, now being done at
Tour per cent AT The same rate OF interest sell our
bonds at the price We OBTAIN ior them now Just 10
the extent, therefore, that The government pays
lIQ OF OP bo or "A