The daily gazette., 1878-02-18

- ~ Z -
ment is based upon the assumptsn that
the relative values Of the two metals Is
definitely fxed at the present ratio and
must hereafter remain tho same. Ifit
should happen that silvershould advance
In price aud the dollar, of 4i2i grains be-
come the eq ual Of the gold dollar, then
the whole argument bassed on the as-
| sumption of present values would fall to
the ground, This argument begs the
whole qusstiontn dispute. How does any
one know, or how can it be assumed,
that the relative value of the two metals
is to remain as at present? Does the
history OF gold and silver in the past
warrant such conclusion? Csrtai My
not. At no time in tho history
OF the world prior to 1874 had
gold BEEN worth sixteen tunes more than
silver. l am warranted In this statement
Dy writer whom I suppose to be in
formed on the subject. / will read
what he saws. read from a work pub
llshed by Frederick A. p. Barnard. He
says:
About the middle of the thirteenth GEN.
tury, gold was worth IN England only
ABOUT ten times as much as the same
weight OF silver. A century later, the
ratio stood as i2k to l. The highest point
IL has ever attained appears, by the re-
searches OF r. 3. Elliott, Esq., statistssSs AN
TO have been 10 80 10 1. The same authority
puts this ratio now
The work was published in 1871
as 1888 to /.
Therefore in the whole history of the
world sixteen dollars of silver had not
been worth less than gold dollar up to
our act OF demoneuzation, and yet il has
been assumed in debate by every Senator
who has spoken on the other side of this
question that the present ratio of silver
to gold is fixed aid permanent The
Senator from Connecticut Mr.. Eatonl in
the very able speech which he made
seemed to treat 1t as a settled fact that
silver stood in relation to gold as about
ninety cents to the dollar That was the
assumption of the Senator from Georgia
Mr.. Hill to the very able speech which
he made here on Friday last, whereas the
facts of history from the foundation of
the world up to our denomination was
that gold never was worth sixteen times
as much as silver. Because 1t has declin-
ed from certain causes within the last
three years it is assumed by Senators
who have spoken upon this question
that the true relative value of gold and
silver IL such that silver Is worth about
ninety cents to dollar in gold
Why sir such al assumption is un-
warranted by the past history of the
world, and 1t Is mere assumption. When
l put the question to the Senator from
Georgia on Friday he was compelled to
admit that 1t was an assumption.
Mr.. Eaton. viii my friend allow me
TO interrupt him?
Mr.. Salisbury. Certainly, referred to
the Senator and am bound 70 hear what
he has TO say.
Mr.. Eaton. The Senator will under
stand my question. Did the demonetlz-
alton of the silver dollar, or dropping il
out of the ceinagein 1873 have the slight
est effect on the price of silver?
Mr.. salisbury. / will say to the Sena-
tor from Connecticut that before / am
through he will hear my views upon that
particular question.
Mr.. Eaton. Then shall be satisfied to
wait a.
Mr.. Salisbury. I will take occasion
however, to say now to the Senator that
his question Is very pertinent. 1t is a
question which ought to be considered
by the Senate. If the present ratio OF
silver and gold is to remain forever as ii
now is, then concede that the Senator
from Connecticut and those who support
the views which he advocates are right,
but If silver should return to its normal
position among the coins of the world
then am sure that my good and honor
able friend from Connecticut will con-
cede without hesitation that the position
| which he assumes is wrong and errone-
| Gus.
Mr.. Eaton. shall whenever that is
| shown.
Mr.. Salisbury. The Senator from
Georgia, when l ,propounded question
| to him the other day, replied to me rather
| in a curt manner that would be aston.
ished if / just waited to see that there
was no necessity for the question which
Ipropounded. / have his remarks here
l was astonished first that the Senator
from Georgia to plain and practical
question made curt remark which in.
dicated his unwilingness to be interro.
| gated, but i was astonished for other
reasons. ] was astonished that the Sena-
| tor from Georgia should assume that the
views which ne was about to express
upon that question would carry convic-
| ton to the mind of every other Senator
! on this floor; but l was still more as.
| tonished at the unfair mode of argument.
alton in which he INDUCED, because by
| reference to his speech this morning,
which is the first time had occasion &c
| look at it, l find that he takes the quantity
of silver produced in 1861 and deduces
from that an argument that that was the
ratio of production prior 10 that time
| Then he goes on very ingeniously, but
| am bound to say very unfairly, to deduce
| conclusion from the increased production
of silver that that was one and perhaps
the strongest cause for the decline in the
value of silver at the present time. The
| Senator ought to have known that in
1861 this whole land was convulsed and
agitated with the appearance of civil
strife in the land, and that every interest
not simply the mining interest but every
interest in this land, was in abeyance.-
But yet he took the production of that
year as the basis in order to show the
great increase of value in the production
of the mines of this country; which was
certainly very unfair and disingenious
mode Recommendation.
| But Mr. President, l will turn from
this point. Too much of the time of the
Senate has been consumed already in
discussing the right of the Government
to pay its creditors in the money provid-
ed by this bill. The bonds are not yet
due, and their payment will be matter
more properly to be considered when the
day of payment shall arrive. No one ex.
poets any large amount of the bonded
debt to be paid at maturity. The Gov
ernment in all probability will not be in
condition to pay, and the creditor will
not isire payment. 1t is therefore not
| q question in which the creditors of the
| Gnyarnmaut are very dapplv lntarest-