San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1878-02-09
THE SILVER DISCUSSION.
Extract from senator CockrsIrs Argument.


Extract from senator Coclxrcll's Argument.
The following Is u portion Of Senator
Cockrell's speech on the resolution OF Sena-
tor Matthews to pay the interest and princi-
pal OF the bonds In silver:
Mr.. Cockrcll argued that silver was still
legal tender coin of the United states. The
custom regulations OF "a provided that sill
Yer dollars, though no longer coined or
issued, were receivable for duties on imports
In unlimited sums, and subsidiary silver coin
was receivable to the extent OF i've dollars.
Mr.. Conant, late Assistant Secretary of the
Treasury, in letter dated In 1878 tn the Sur
veyor of Customs, st. Louis, stated that sill
yer dollars were receivable tor duties on i'm.
ports to an unlimited extent; that the Gov
ernment officials proclaimed silver dollars rs
legal tender. lie argued that the 6ondholder
knew that the dollar in his bond meant the
silver coin of AJAX grains or the gold coin OF
25 s. 10 grains. Silver dollars had been prac-
tically us much in circulation ms money, since
1861, MS gold. Neither metal had been actu-
ally used and circulated Gas; as NOR money IN the
Mr.. Cockrell then quoted extensively from
statistics, showing the coinage OF gold ana
silver, and called particular attention to the
following figures. Coinage OF the silver dol
lar in '6S was S5i,sO0; in 90, $50; in 20,
S5ss sos; in III, $65i $40 in ~, 81 and up
to the time silver was demonetized, the coin
age amounted to S9I7, l55 Had the coinage
been continued that year. IT would have
amounted to Sl,57l ,l02. These facts were not
mere assertions they showed the rapid and
wonderful increase In silver coinage. The
20, $780, in III, $30,940; in I2, ,o3o; in 49,
s25sOO "a Sses 800, and in '75itfell to the enor
nous sum of $50.
Mr.. Bayard inquired II the Senator, in pre-
pairing his table, had not counted each piece
of silver coined as dollarg Did not the table
show that the value of gold coined was five
times as much as that of silver!
Mr.. Cockrell replied that his tables were
on knew flint sucl assertions nuu
been published in the newspapers, ana made
in speeches, and went forth us facts, though
they were not true: The Government ON.
ciais had acknowledged the facts. He then
argued that all subsidiary silver coined prior
TO the act of April l. 1858, was full legal tender
or all debts, public or private Prior to that
date the half dollar quarter. dollar, ten ana
five cent pieces were proportionately OF the
same value as the silver dollar Mt 4l2n grains:
All subsidiary coin issued prior to the net OF
April l, 1853, was day vested with unlimt.
ed legal tender power, and the government
must receive such coin in payment OF oil Gus
toms dues.
Mr.. Bayard said the Senator would recol-
lect that in 1858, when six and seventh tentns
grains were taken out of every half dollar, 1t
was because they could not be kept in the
country. They were swept out OF this coun.
try, where they were undervalueu, ana Went
to other countries, where they were properly
Mr. Cockrell said that in the Western coun'
try there were many silver halves and quar-,
tiers coined prior to 1853, still in use. Many OF
them had been locked up for years, ana were
brought out since the close OF the war. lie
argued that the bOndholder had no right to
question the power OF Congress IN regard 10
coming money and regulating its value. Iney
had no right to complain, because no matter
what happened they would still De pald IN
coin of the standard value OF July II, 1870. lie
then referred to the assurances OF the Gov
eminent officers that bonds would be paid IN
gold, and he argued that these officials bad
no right to modify the plain words OF the
law that they could change the terms OF con-
tracts. Officers of the Governments were al
ministratOrs of the law and not law makers,
and no one knew this better than the present
Secretary of the Treasury.
He then quoted from the recent report OF
that officer, urgently recommending con Con ION
bonds would be paid in gold. The Secretary
had dared to give unauthorized assurances
to the bondholders, but he had not dared TO
issue a single bond contrary to law. To claim
now that the United States must pay its bonds
in gold on account of the assurance OF the
Secretary of the Treasury, was scarcely less
than crime The cry Of "repudiiatlo r.
violating national honor" impugn1nS the
faith of the Government" ana so on, had
been heard far and wide, from the Eastern
press, and from the bondholdels, their allies
and friends. Western men in favor OF tine
RECOMMENDATION of silver had been stigmatized
as lunatics. He (CockrelD was us nrmiy de,
voted to the maintenance OF tne natioIal
honor as any of these Pharisees, and he
imputations. He stood upon the floor OF this
Senate as one of the Senators from the great
State of Missouri, and demanded Tor tie peo-
pie the enforcement of the contract. lie
boldly asserted that to pay the bonds IN gold
and silver, or in silver alone, was IN perlect
compliance with the word of the law and with
all recognized principles of honesty and ma
tional honor. He charged these crimes OF re-
pudiation upon those who upheld the bond
holders The people whom he represented,
with the bayonets of truth in their hands,
would drive them into decent observance
of the plain terms of the law. The bondhold-
ers, by their false cries, were attempting 10
fasten their high crimes and misdemeanors
upon those who desired to comply IN GOOD
faith with the letter and spirit OF the law.
The taxpayers of the country had theif
rights; one of which was to pay bonds in sill.
YER and they would never surrender that
right. People could not. and would not, pay
gold alone. He heartily approved the reso-
luton of the Senator from Ohio, and 1t was
the imperative duty of Congress to- day not
only to pass this resolution, but also to re-
store free coinage of the silver dollar by pass
ing the silver bill. 10.