The New York herald., 1878-02-08

a. those Of the Bank Of England and doing away al
once with The dreaded Inconvenience OF silver on ac-
count OF bulk and weight
! do pot fai, Nr President, to recognize that the
commteas and avowals OF senators on this question
preclude the nope OF my substitute beng adopted.
Indeed, fail recognize that TINS question
am not II line with either extreme with those who
believe the single gold standard or with those VINO
by premature aud unwse action, as must regard H.
would force Us 10 the single silver standard Either
WI 20 ound' n my jnds men. srea. misfortune 20
can have both only oy making each equal OF the
otner. II would NOT be dnicas 10 show tnal ~ tho
the most widely dnused, the stcsdiest and
most continuous prosperity has oeen On. en-
reaches ali Classes bu, wn begins With tho oay la
uorcr, whose toll lays the iounuation OF the wn0Io
superstruclareo OF wealth The exclusively gold nation
like England may show the most massive fortunes IN
the rung classes but shows also The most helpless
and hopeless poverty the humber walks Of ife rho
gold and slvcr nation like Franco can exhibit no such
indlvidua! fortunes abound IN England, but II has
peasaniry that wlh their SILVER savings pay war
indemnify that would have boggared the gold oansers
OF London, and to winch the peasantry oil England
could not have contributed pound sterling IN gold
nor single shilling Ia silver.
Tue PAYMENT
The effect OF paying The labor OF this country In silver
coin Of full value, as compared with the trrodecmabc
value, will make itself lot single generation to
the extent vi tens OF millions perhaps hundreds cf
oonso',oa,sd cam,S Ire insnc. ns" Of man from
the savage 10 the schoar-developed IN childhood aud
remaining with ageto value the metals which Ia all
tongues are called precious Excessive paper money
leads 10 extravagance, 10 waste and " want, AZ We
painfully witness on all sides to-day. And In tho
iniust Of proof oi Its demoralizng and destructive
effect hear II proclaimed in the halls oil Congress
that ''Iho people demand cheap money" deny IT,
declare such phrase TO be total msappreh ems on,
u total mislnterpretation OF the popular wish The
people do not demand cheap money. rDey demand
an abundance OF good money, which is an entirely
different thing They do not want single gold
standard tnat will exclude silver aud bpnent those
already r.ch. They do not want an Inferior silver
standard that will drive out gold and not help those
already poor They botn metals. In iull value,
In equal nonor IN whatever abundancs the oountiul
eartn Will yield them TO the searching cyc OF science
and to tho hard hand OF labor rhe Two metals have
existed side by side In harmonious, honorable COM
panionship as money ever since Intelligent Trade
was known among men. 1t Is well nigh forty Gen.
turies since "Abraham weighed to Epnrou the silver
when no had named in the audience OF the
OF Koth-s400 shekes OF siiver--current mo.ey with
the merchant - Since that time nations have risen
and allcn races have disappeared. dialects and Ian
guages have been forgotten arts nave been ost treas
uros perished continents have been discovered,
Islands have beUn sunk In the sea- and through all
these ages aud through all these changes silver and
gold relgned supreme. as the representatives oil
value, as the media Of exchange. The dethronement
OF each has becn attempted in turn, and sometimes
here to-day, dsiberating anew over tue prob
lem which comes down TO US IRON Abraham's time
the weight OF the silver that shall be current money
When Mr. Blaine concluded, At two O'Clock, thero
wus applause IN tho galleries.
The VICE PRESIDENT sud he assumed that persons
In tho galleries ignorant the laws of the SEN
ate. He therefore gave nouco that II the applause
should be repeated tho galleries would be cleared.
SPEECH OF MIR. JOHNSTON.
Mr.. JOHNSTON, (den1) Ol Va, said the discussion on
this Silver bill had been protraced that he did
expect TO say anything which had not been already
said but the su6ect was one OF great importance
the people OF the whole country aud he felt It ncum-
bent On him 70 state briefly why he supported the bl.
that portion OF the public press. especially at the
North nad Indicated tha! the South stood ready at any
time to rcpudate the public debt OF the United Stacs
He mr. Johnston) wished to say for himself and on
behalf OF his Southern colleagues this floor that
people had national honor more at heart than tho pco
Pile OF tho South. Tncy had passed through the most
terrible suffering and DID not propose " undergo the
journey again. II they had no bottcr motive for up
holding the national honor than that OF selintcrest
they would not DO anything 10 bring dscredit upon
their condition was indssoluOy mixed up with that
Of the North, and they must uphold the honor and
credit OF tho government. All were IN tho
same ship, and the Southern people did not
propose TO scuttle wreck that vessel. So far US
They were concerned they proposed she should have
prosperous VOYAGE He argued that silver one
Of the products OF the country and II the duty
Congress 10 see that II was not injured There was
great popular demand or the reconciliation OF silver.
The people of the country believed demOnetzed
by fraud. They believed the act which deMonetzed
It was smuggled through and should be repealed 1t
popular demand. He denied shat the renonetzation
OF silver would drive gold out OF the country, and
spoke ut length o the necessity OF bi-meallic cur
rency.
0ERMASY's ACTION AND CONDITION.
Referring ~ the Gemonetizing OF silver by Ger
many he said all Knew that the German Empire to-day,
Notwithstanding The largo indemnity received from
France, was Ia The throes Of financial DISTRESS This
did not speak well OF the practical effect OF dcm0ne
uzing silver. He then spoke Of the value OF silver to
the colored people Of the South aud said they knew
nothing about the value of gold and did not appreciate
paper. RcmonetZe silver and much oi II would DO
absorbed by them Philant ropists aud abo tIon
had iroed the negro ought 10 consider what they
should do tor his practical benefit Give the coIored
people OF the South the money they want anu II would
make them better citZens Thcy would nave some
thing TO work ior ana II would encourage industry.
Mr.. HILL dem OF Ga, then took the floor, but be-
fore proceeding with his remarks vel led TO Mr. NOR.
GAM OF Alabama, upon whose motion the Senate at
throe O'Clock, NJ. won't into executive session. and
when the doors were reopened, at haf-past
O'Clock, adjourned until tomorrow.