Daily globe., 1878-01-24
'C1lufe.


Washington, jan. "a large number OF
petitions were presented by Senators from
working men in various parts OF the country
demonstrating against the reduction Of duties
on certain goods and the restoration of a
duty on tea and coffee. Referred.
The committee on naval affairs was dis
charged from further consideration of the
question of the reinstatement Of Surgeon j.
L. Draper in the navy; and the committee on
the Judiciary was directed to make the in
quiry in the Ru; Je case.
Senator Sergeant called up the Senate bill
to provide for removal of the naval observe-
tory, and it was discussed until the expiration
of the morning hour, and laid over.
Senator Blaine introduced bill to coin q
silver dollar of SO many grams as the director
of the mint shall from time to time pre-
scribe, to be a legal tender in common with
gold coin up to and including five dollars,
and for all sums exceeding five dollars. The
debtor shall have the right to tender and
the creditor demand, one-haf of the amount
in gold and one-half in silver coin. Ordered
printed and to lie on the table
Senator Sargent presented 8 petition of
1900 citizens of California i'll favor of gov
ernment aid to construct the Texas Pacific
railroad 80 as to have competing line from
the Pacific to the Atlantic ocean. Referred.
Senator Terry introduced bill to regulate
the compensation of postmasters, and for
other purposes. Referred. It provides as
its main feature, that the compensation of
fourth class postmasters shall be based upon
stamps cancelled in their Offices, instead of
stamps sold.
Senator Cockrell submitted resolution to
print 10000 copies of the eulogies on the
life and character of the late Senator Bogy,
and Senator Mcdonald submitted q similar
resolution to print an equal number Of copies
of the eulogies on the late Senator Morton.
The Senate then resumed consideration of
the unfinished business, the resolution of
Senator Matthews to pay the interest and
principal of the bonds in silver.
Senator Cockrell argued that silver was
still 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 i'm
ports in limited sums, and subsidiary silver
coin was receivable to the extent of S5. Mr..
Conant, late Assistant Secretary of the Treas
ury, in letter directed in 1875 to the Sur
veyor Of Customs at St. Louis, stated that
silver dollars were receivable for duties on
imports to an unlimited extent. Thus the
government officials proclaimed the silver
dollar as a legal tender. He argued that the
bondhloders knew that the dollar named i'll
his bond meant the silver coin of 1925
grains, or the coin of Is $40 grains. Silver
dollars had been practically as much in Cir
eulation, as money since 1861, as gold. Meth
or metal had been actually used and circulat-
tlah hJ1cJ of fkn
that time.
Senator Cockrell then quoted extensively
from statistics showing the coinage or gold
and silver, and called particular attention to
the following figures: The coinage Of the
silver dollar in 1868 was SS54 800; in 1869 it
was 1921, 1850; in 1870, $5Ss, ,308; in 1871,
$657,929; in 1872, $1,112,961, and in 1878
up to the time that silver was demonetized.
tho coinage amounted to Ss977,155. Had the
coinage been continued that year it would
have amounted to 81 ,571, ,102. These facts
were not mere assertions. They showed a
rapid and wonderful increase of silver coin
age. The gold coinage in 1868 was $lO,-
$50; in 1869, $5,925; i'll 1870, $4,000; in
1871, $3,940; in 1872, 81 ,O3O in 1873, $685.
600; in 1874, 1923, 42O, and in 1875 it fell to
the.enOrmous sum OF Sp2O.
Senator Bayard inquired if the Senator in
preparing his table had not counted each
piece of silver coined as dollar. Did not
the tables show that the value Of gold coined
was twice as much as that OF silver?
Senator Cockrell replied that his tables
were correct He knew that assertions had
been published in the newspapers, and made
in speeches and sent forth as facts, toouc |,
they were not true. The government Oil
cials had falsitied the facts. He then argued
that all the subsidiary silver coined prior to
the act of the first of April, 1863 was full
legal tender for all debts, public and private
Prior to that date the half dollar uuarte,
dollars, ten and five cent pieces, were pro-
portionateiy of the same value as the silver
dollar of 4121ss grains. AL subsidiary coin
issued prior to the act of April 1st, 1853, was
to-day vested with unlimited legal tender
power, and the government must receive such
coin in payment of all customs duties.
Senator Bayard said the Senator woulc
recollect that In 1853, when six and seven.
tenths grains were taken out Of every hal
dollar, it was because they could not be KEEP
in the country. They were swept out of this
country where they were undervalued, anc
went to other countries where they wer,
properly valued.
Senator Cockrell said in the western coun-
try there were many silver half and quar-
of them had been locked up for years, an,
brought out since the war. He argued tha
the bondholders had no right to question
the power of Congress in regard to coinin
money and regulating its value. They ha
no right to complain, because no matte
what happened, they would still be paid il
coin of the standard of value of July II
1870.
He then referred to the assurance of gov
ernment officers that the bonds would b
paid in gold, and argued that these official
had no right to modify the plain words Q
the law. They could not change the term
of the contract. Officers of the government
were administrators of law and not law max
ers, and no one knew this better than th
present Secretary of the Treasury.
He then quoted from a recent report 6
that officer urgently recommending Congress
to sanction his assertion that the bond
would be paid in gold. The Secretary ha
dared to give unauthorized assurances to th
.bondholders but he had not dared to issue
single bond contrary to law. To claim no,
that the United States must pay it's bonds i
gold on account of the assurance of the Sec
retary of the Treasury was scarcely less tina
crime. The cry of reputation, violatin
national honor, impugningE the faith of th
government, and so on, had been heard fror
far and wide, from the eastern press an
from the bondholders, their allies an
friends. Western men in favor of the r.
monetization of Silver had been stigmatize
as lunatics.
He, Cockrell, was as firmly devoted to Ii
maintenance of the national honor as any
these parties, and he hurled back with scor