The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-01-24
CONGR ESSIONAL.
DEBATE ON THE SILVER RESO.
LUTON.
No Vote Reached, but Notice Given
that the Resolution Will be
Disposed OF Friday.
WASHINGTON, January %.
SENATE.

a large number OF petitions were pre-
sented by Senators from workingmsn in
various parts of the country remon-
strsting against the reduction OF the
duties on certain goods, and the restora-
tion of the duty on tea and coffee. Re-
ferred.
Mr.. Blaine introduced bill TO provide
for the coinage Of silver dollars. The
bill makes the silver dollar legal tender
in common with gold up to and includ-
ing FIVE dollars, and for all sums exceed
ing FIVE dollars the debtor shall have the
right to tender and the debtor to de-
mand one-half of the amount in gold
coin and one half in silver coin.
AT the expiration of the morning hour
the Senate resumed the consideration Of
unfinished business being the resolution
of Mr.. Mathews to pay the interest and
principal of bonds IN silver. Mr.. Cock
rell continued his remarks in favor of
the resolution.
Mr.. Cockrell argued that silver was
still the legal tender coin of the United
States. The customs regulations of 1874
provided that silver dollars, though no
longer coined or issued, were receivable
for duties on imports in unlimited sums,
and that subsidiary silver coin was re-
ceivsble to the extent of S.. Mr.. Consnt,
late Assistant Secretary of the Treasury,
in letter in 1876, directed to the Sur
veyor of Customs, st. Louis, stated that
silver dollars were receivable for duties
on imports to an unlimited extent. Thus
the government officials proclaim the
silver dollar as legsl tender. He argued
that the bondholder knew that the dol
lar named ID his bond meant silver coin
of 4l2l grains or the gold coin of 25 $40
grains. Silver dollars had been prsc-
tica!ly as much in circulation as
money since 1861 as gold. Neither metal
had been actually used and circulated ss
money in the business of the country
since that time.
Mr.. Cockrell then quoted extensively
from the statistics. showing the coinage
of gold and silver, and called particular
attention to the following figures: The
coinage of the silver dollar in 1868 was
$4,000; In 1869, 1921 $50; in 1870,
1888, ,3OS; in 1871, S657,929; in 1872,
$l,1l2 .96l, and in 1873, up to the time
when silver was demonetzed, the coinage
was S977,155. Had the coinage been
continued that year it would have
amounted to Sl,57l,102. These facts
were not mere assertions; they showed
rapid and wonderful increase in
the silver coinage. The gold
coinage in 1868 was sl0,550;
iu 1869, s5,929; in 1870, $9,S85; in 1871,
So, $40; in 1872, $1,000; in 1873, S2,525;
in 1874, So, 1872, and In 1875 it fell to the
enormous sum of $50.
Mr. Bsysrd asked if the Senator, in
preparing his tables, had not counted
each piece of silver coined as dollar2
Did not the tables show that the value OF
the gold coined was FIVE times as much
as that of the silver?
Mr.. Cockrell replied that his tables
were correct. He knew that the asser-
tions had been published in the news.
papers aud made in speeches, and went
forth as facts, though they were not
true. The Government officials had
fslsifed the facts. He then argued
that all subsidiary silver coined prior
TO the act of April |, 1873, was q iull
legal tender for all debts, public and
private prior to that date. The half dol
lar, quarter dollars, ten and five cent
pieces we've proportionstely OF the same
value as the silver dollor Of 4l23 grains,
all subsidiary coin Issued prior TO the act
Of April /, 1873, was to-day vested with
unlimited legal tender power, and the
government must receive such coin in
payment OF sll customs dues.
Mr.. Bsysrd said the Senator would re-
collect that in 1873, when 6 40 grains
were taken out OF every half dollar, 1t
was because they could rot be kept in the
country. They were swep. out OF this
country where they were undevalued and
went TO other countries where they were
valued.
MIR. Cockrell said that in the western
country there were many silver halves
and quarters coined prior TO lS4S, still in
use. That many OF them had
been locked up for years, and
were brought out since the close OF the
war. He argued that bondholders had
no right to question the power OF Con-
gress in regard TO coming money snd
regulating It's value. They bad no
right to complain, because no matter
what happened, they would still be paid
in coin OF the standard OF value OF July
IA, 1870. He then referred 10 the as
surancgs s OF government officers that the
bonds would be paid IN gold, and argued
ths. those officials had no right to modI.
fy the plain words OF the law. They
could not change the terms OF the COP
trsct. The officers OF the government
were administrators Of the law and not
law makers, and none knew this better
than the present Secretary OF
the Treasury. He then quoted
from a recent report Of that officer,
urgertly recommending Congress TO
sanction his ASSURANCES thst the bonds
will be paid in gold. The Secretary
had dared 70 give Unauthorized assur-
suces 20 the bondholders, but be bad not
dared 70 issue 8 single bond contrary to
law. To claim now that the United
States must psy its bonds IN gold, on &C
count Of the ASSURANCES OF the Secretlry
of the Treasury, was scarcely less
than 8 crime. The cry Of repudlstion,
violating the national honor, impugning
the iaith Of the government and so on,
had been heard isr and wide, from the
eastern press snd from the botd holders,
their allies and friends. Tie western
men in favor Of the remon siizstion OF
silver hsd been stigmstized IS lunAties.
He rCockrell1 was as firmly devoted to
the maintenance Of the rational honor
a. Any of these Phsrisees, and be hurled
back With scorn and contempt their i'm
pu;a.,ous. he stood on the floor OF this
Senste S. one otthe Senators Of the great
STATE Of Missouri and demanded for The
people the enforcement! Of the contract
he boldly asserted that TO pay the bonds
in gold snd silver, or in silver sIone,
was in perfect compliance with The
pl.,n words of the lsw and with al
The recognized principles OF hooesty and
national honor. He charged these
crimes OF repudistlon on those who up
held the bondholders. The people
vbo-n he represented, with tie osyo-