Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-02-08
Senator BlaIne's Remarks

On THE BILL REMoSETIzISG THE SILVER DOL
LAR-DRLIvERED IN THE SENATE FEBRUARY
9TH, 1878.
Mr.. BLAINE. The discussion on the question
of remonetizing silver, Mr.. President, has been
prolonged, able and exhaustive. | may not ex-
pect to add much TO its value, but promise not
TO add much 10 its length. | shall endeavor to
consider facts rather than theories, to state con-
clusions rather than arguments:
First believe gold aud silver coin to be the
money Of the Constituton-indeed the money Of
the American people anterior to the Constitution,
which that great organic Law recognized as quite
independent of its own existence. No power was
conferred on Congress to declare that either met
al should not be money. Congress has therefore
IN my judgment, no power to demonetze silver
any more than 10 demoneuze gold no power to
demopetize either any more than 10 demonetze
both. In this statement am but repeating the
weighty dictum of the first constitutional lawyers.
~ am certainly Of the opinion" said Mr.. Webster
THAT gold and silver, at rates fixed by Congress
constitute the legal standard of value IN thu
country, and that neither Congress nor any State
has authority TO establish any other standard or
TO dspace this standard" Few persons can be
found, spprehend, who will maintain that Con-
gress possesses the power to demonetze both gold
and silver. or that Congress could be Justified ~
refusing 10 provide for the coinage of both, aud
yet in logic and legal cons ructon it would be dIf.
flcult to show where and why the power OF Con-
gress over silver is greater than over goldAgreat.
er over either than over the two IT, therefore
silver has been demoneiized, | AN 10 favor of re
moDetizing 1t. If its coinage has been prohibited
am in favor Of ordering il TO be resumed. If il
has been restricted am IN favor OF having il en-.
larged.
second. What power, then, has Congress oyer
gold and silver 1t has the exclusive power I,
com II; the exclusive power TO regulate 1t, value
very great, very wise, very necessary powers, fo
tne discreet exercise OF which critical occasion
has now arisen. However men may differ abou
causes and processes, all will admit that within
few years great dlstutb anee has taken III ace il
the relative values Of gold and silver, aud tina
silver IS worth less or goll is worth more in III,
money markets Of the world 10 1878 than in 1873
when the further coinage Of silver dollars wa
prohibited In this country. To remonetize II no q
az though the facts and circumstances of that da,
were surrounding US, Is TO wliully aua bnol,
deceive ourselves. Ii our decentralization wer,
the only cause for the decline III the value Of iii
ver, then reconciliation would be its proper an,
efectual cure. But other Causes, quite beyon
our control, have been far more potentially Opera
tive than the simple fact Of Congress prohibition
its further coinage, aud as legislators we az
bound to take cognizance Of these causes. Tn
characterization of silver in the great German En-
pure and the consequent partial, well-nigh com
ple.e, suspension of coinage in the government
of the Latin union, have been the leaoing, dom
nsui causes for the rapid decline IN the value
silver. ! do not think the oyersupIly of sily,
has had, 10 comparison with these other cause
an sppreciabie influence 10 the decline Of its yalu
because its oyefsappy lib respect TO gold 10 the,
later years has not been nearly SO great as WI