The New York herald., 1878-02-06
HERALD WEDNESDAY, SHEET

HERALD, WEDNESDAY,
money appreciated ts value he would make the silver
amend the bill BY striking out 4l25 grams and nsort
ing instead 44o grains. Ordered that II be printed
CONTINUING bis argument. Mr. Eaton said The bill
now before the Senate was detective and faulty, and
should not receive the assent OF the national iegsla
violent sdectives, could have weight in this dis
cussion-
CURRENCY IN THE corNrRY.
he argued TIA. there was sufhciency Of coin and
currency In tho United States OF
oil the business Of the country On the lss OF January
1873, thcre were In the country:-
In legal tendcr notes. $349 943, ,776 90
10 fractional currency...... 177641os 30
In silver coin. 3s, s,056, $50 ~
In gold coin (estimated). ........... 10000 900 20
In national bank aoies 32l, sos 90
sact The business Of the United States AZ present
rs!s o. gold this would be on gold basis. more than
Commercial hssory Of rss, Britain and sa,u the prav
eer on the Europe with notes OF tho Bank
o. England @ 10 mis- Pcckst could CON manda premium
than sixty years the statesmen OF England haa held
last 10 The faith which the experience OF the world for
the precious metals constituted the only safe money
Tor the people, ana gold was the chief thereof Gold
There was not gold and silver enough In the whole
wero coined and In bullion to transact the business
Of rnat great nation which ave her among
AL the nations 0 the earth
MT. EATON thon referred TO the recent remarks OF
mr BOOK IN regard 10 idle money 10 the country and
Mr BEck In explanation Of that portion Of his speech,
said the fact that 50 many people out OF employ
from New YORK paper OF as to the suffering IN
Ho6oksn among persons out oi employ msnt.
cents to the dollar would IL take relieve those pec-
pie whom they could not get any OF thcpaf That is
THE DciLAs ov OUR rArxxxs.
Continuing his remarks Mr.. Eaton said the cry
for more currency, out there was great amount now
nj al HIM ax,A
this Silver bill and tho people would be relieved
NO senator had Undertaken show how II would re-
tho melting pots OF sons He had heard enough
about the dollar OF our fetherA Now lot US have
There were two classes IN the Senate clAmorng
for the restoration Of tho silver dollar. One,
insisted that It would MAKE moucy cneapsr, and III.
other, led by she Senator from ONO (Mr. Thurmanl
insisted that Z would equszs tho value oi the gold
and SILVER dollar and both would be OF
value IN tho commercial world. Both could DO
right but both mient be wrong. He did object
the coinage Of the silver dollar under proper resric
tions. but there could be no double standard. The
civilized world mad never seen double standard
such standard had been claimed, but metal al
ways drove the other out Of Tho country.
REPLY TO vooRHBEs.
MI EATON tnen reerrod 10 the recent speech OF the
question, ana said he did not attack or arragn the
motive Of any honorable Senator this floor. but OF
ne had the right 10 speak, suoh remarks as were IT.
tered BY that Senator would array class against
wa. The design 81 q the 80 honorable ono @ Sc Senator tor,
but such would be the effect Of hts speech.
Millions S.an of, Of She capital Of connectcut y had
and capitalists to-day did not ask its return
In greenbseks gold or silver All they asked the
appointed to make inquiry concerning Investments
reporting to the Connectcut Legislature, recon-
mendcd that capitalists having money invested in the
West reduce the rate OF interest that the Western
debtor might continue In possession Of his prop
sr%: srsy; Tho % North, south. East and wes. were
bond OF brotherhood could not DO broken.
The Senator from Iodiana charged that capital
was always timid ana quiet and av0ided anything
like revolution. To his Southern friends he would
Y shs ssw Ssv'sfs ., sna
New England mad the capi!ai and the natural advan
;ases % o. The south Afforded good investmens ior IT,
fear u and Honorable men would indulge in IT,
RrBgCH or NJ. AowE.
Mr. HOWE, OF WISCONSIN, said only that sort OF
courage born Of conviction would induce him TO
speak immediately succesding tho very able and
quons speech which tho Senate had just listened TO.
II was not bis purpose this evening to per.
suads any one else how 70 vote; his only
etjec. was % briefly explain his own vote.
regard 10 the psyment OF tho bond: in silver. and
said tho simple truth was that tho debt would
coin did NOT exist with wbicn 10 bay il The debt
must be pasa y aeemmodl,Iss. he then spoke Of the
valuc thereof said Congress hsd better exercise
thai power catefuily AID ooin the hest money II
currency u
rnors said wss then the Uuiled States had batter
adopt II, even though some other countries had
coinage: The pending mc.suro had been siisma.izcd
- dishouess nnAnoes, bot Ne was not suro It
There was difference OF opinion AZ 10 whether
We had or had not promised 70 pay
debt IN gold, and boforo he allowed himself to bo
placed IN ,he category OF repudiators ne must be
allowed to give his view OF tho contract under which
Mr.. HOWE thon reviewed at length the acts OF 1859
TO strengthen the public deb and argued that II the
creditor insisted upon the payment Of the bond
Pei tina NS
claim and not upon tho law OF tho lana.
He favored the rsmonetization Of silver
he could not legislate against IL The world grew old
and prosperous. and commerce was born with gold
ssmpts 10 demon.tzs silver as consp,racy and said
large part of Europe was already In tho conspiracy.
The practical question for Congress should the
United states become party to tho conspiracy For
one, he declined. II was deliberate effort TO blast
thirty-three per cent Of the means Of peo-
ple 10 pay their debts He then referred to the
needs Of tho West, and said that section had tower
miliionnaircs than the East and fewor paupers as
consequences This silver question was not an issue
between the West and tue East. 1t an issue be.
tween productive effort and nxed capital The simple
truth wa: that the people Of the West believed that
some OF the East werc trying 10 alter the contract
made by tho government In the sale oil the bonds and
they objected ,oit.
with the understanding that he would proceed with
his remarks tomorrow
Mr. TELLER, (rep) OF Col. submitted tho Following
amendment:-
That the holders Of silver bullion may deposit with the
Treasurer Assistant Treasurer Of the United states
such silver bullion in amounts than 1000 ounces
Of 800 fine and receive therefor certificates of than
500 esch computing dollar OF 4l21s grains The bullion
received may be coined By the Of the United
Of such certificates on presentation ut the Treas
ury whore issued. IL the bullion deposited
shall be coined by the government such certain
certificates shall be paid In bullion Of like standard fine
ness aad weight or In coined dollars part bullion and
part n coin NJ the option OF the The ion
so received shall be included in the silver
to be coined each month under the provisions the first
section OF this act such cerincases shall not be legal
tender Tor tho payment Of any deots whatever
Ordered printed.
The Senate then, At halfpast Ave p. NJ, adjourned
until tomorrow.
TOryaR or urpp = ,rryus