The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-02-05


from Kentucky mr. BECKY HAD made such progress In
the denunclation or a dcbased coin, and he (Mr
MorrilD hoped soon TO have that Senator acting with
him against issuing debased silver dollar II was
well known that the fractional currency was replaced
out that II could not be used aud appropriation
could be procured TO prn new currency. No country
Issued Its subsidiary coin Tor its full value, and he did
not think the United States should do
SPEECH OF BAyARD
spoke IN opposit,on to the Silver bill He said care
ful, prolonged and conscientious examination OF the
mattcr now bcore the Senate had confirmed his be-
lief that the passage OF such measure would lead
the American people 10 s greater disaster than they
had yet experienced In their financial policy. He
fully appreciated the present distress OF the people OF
this country and he was anxious to strain every
nerve secure relief for them, but he oppose
expand the very evils IRON which the people now
sought relief. There were no troubles as sc.
r r,oas as those which a. accomplished ,mass false
length In favor Of stable currency ana
said we should have currency which would crcu-
late everywhere and MAINTAIN liked value every
where. He next referred 10 competition in trade, and
said the United States was the garden and granary
Of the world How should dispose OF the great
surplus, and how should We compete Tor control OF
the markets OF tho world without fixed and stable
currencyf
He next referred 90 tos Legsi Tender Act OF 1852.
ana said he hoped that the great mistake OF issuing
should be u legal tender for all debts would not
DO repeated. Our government had been called
Of more unlimited power than that OF
1852 He held that the sunerings in this land
Gay Were caused ~ .ha. terrible departure from
value compete with money having intrinsic valuer
Acts OF Congress making things OF value legal ten
dor but shts contrlvances which In the end
doomed TO disappointment As history told they
always had No believed that but the present
agitation BY this silver discussion the minimum
gold coins OF our country would have BEGUN 10 make
their appearance and 80 all doubts as 10 ductuaton
would have ended THIS present bill proposed TO coin
q n n 4 Ate
4l2H grains each, and to call them units OF value or
dollars, Ia the American currency, and TO make
them unlimited legal tenders Tor all debts
This has called In debate restoration OF the silver
dollar the dollar OF cur fathsrs and yet It seemed
not be comprehended or II would not DO so unhcs-
tatingly urged. He then referred TO the action
regard the adoption OF tho svergod standard and
read recently published despatch la regard 10
France suspendlng the coinage Of silver
Mr.. MATTHEW'S, (rep) OF Ohto-Tho vote In tho
French Assembly TO restrain the coinage OF silver
on private account and not on government account
DEMoNETzING ACT
Mr.. BAYARD, resum ng, SAID hs did not 30 under
stand II. Continuing his argument he referred to tho
act Of February H. 1873 the silver dol
isnoran.Iy and uncharisaOiy-as tho cause
he denied '' that the act ct had anything
to do with the decline in the price.
had been rung over the land amounted to nothing.
He quoted from table as 10 tho number OF silver
dollars coined 1t various s%ss aud sala he wanted
did not coin any OF tnein.
Mr.. wrrHxRs (dem.) Of Va, asked II Two hall dollars
then coined did not mako one dollarf
Mr. BAYARD SAID the cry OF the Senator had not been
for hall dollars OF his athers. 1t had tor the
dollar. Continuing his argument he said the number
silver dollars coined from 1871 1851 utterly
insufficient to be considered In the circulation OF
country. He claimed that the act OF 1873 was deib-
eratcy and wisely passed by Congress- No wrong
done to The American people by she passage OF
that ac but 5000 900 silver dollars had been
prior 10 It's passage
He next referred TO the act authorizing the coinage
OF me trade dollar and commenting o.. the fact that
profit nad been made upon them, sad by their intro
duction into our currency these dollars, which cost
the owner OF the bullion about nnetyLw0 cents cost
the people who took them 100 cents Certain II was
that The people OF this country, 30 lar from being de-
privcd Of that which OF them by Congress
ceasng 10 coin the silver dollar Of 4l2 grains had
only been wronged by the coinage OF tho trade dollar
The pending bill might DO called measure Tor the
monetization OF silver; but II was certain 10 DO de-
cree for the demonstration Of gold man would
use the more expensive metal.
PRACTICAL WORKINGS THE BLAND BILL.
II tho collar OF Ainety cents should compose our
currency the dollar OF 100 oents would 20 where Il
IL %
country. Tho practical workings OF This so-called
Bland I'LL would be to put the American people
q silver valuation for all thar operations, and
United States would iake IT'S rank among tne Asiat-
les. Werc ready for thisf should this bill pass
hero would DO the market for silver Otbor nations
would their silver, and Il would cause fall
in the valae OF that metal which could not
resist Where one bondhoder would lose
ton per cent by this measure thousands OF
homes Of American laboring men would suner
from IT, In accordance with the law OF the land The
whole banking capital OF the United was driven
in the form OF 10 stand OF
the credit OF The government and now was proposed
TO shear this capital Another effect Of the passage
OF this bill would be TO diminish revenues from
imports to the extent Of ten per cent and OF his
greatest apprchensons Of the result OF its passage
United States oil large number OF bonds held
abroad. This would lower them In price, Rea-
wo might about our right TO pay the
bonds In silver, the verdict OF the commercial
world would DO that our creditors were treated
unjustly by such payment He had heard
capital denounced during This debate, but u
just 10 do What was capital but tho result Of
labor The Institutions Of our country offered I'M
pediment TO the poor man or poor mans son rising
TO place, influence ana wealth, ana nowhere that
fact illustrated moro than in this Senate How many
men holding seats here had triumphed over adverse
circumstances and risen to wealth and Influence on
account OF our American institutions There not
an apprentice in tho country who did not hope 10 DO
come journey man. not a journeyman who did not
hope 10 become an employer, and not an employer
who was not seeking 10 better his condition. The
man who OvervRlueu money might be wise but the
man who undervalued II certainly was not wiser.
COIN IN TUE COUNTRY.
On the LIST OF February OF the present year the whole
amount OF gold coin and bullion the country was
$lS7 Coz, 000 the whole amount OF silver coin and
bullion 500 00O co., Tho total product Of gold and
$50, 600 900 goo and $40 900 700 sllver Upon what
basis was II supposed tuat wo could resume specie
payment better with 100000, 600 in silver than with
nearly four times that amount in gold? He favored
the amer dmsnt OF the Finance Committee proposing
International conference TO Fix the ratio OF value
between gold and silver and SAID, In his judgment,
should be done ut once; not an hour or day should
BIO lost. He willing TO sec coined freely tho dollar
OF Az grans provided IL should not be used TO DIS
turb our measure OF value He was wiling 10 make It
legal tender 10 limited extent but to do otherwise
meant national bankruptcy and nothing else.
Mr. EATON, (dem.) OF Connecticut, then took the
floor, but before commencing his remarks yielded to
a motion to adjourn, and the Senate, ten utcs
past four 7. NJ, adjourned until tomorrow.
HOUSE OF REPRESENTATIVES,.
WASHINGTON. Feb. 4, 1878.