New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-30
DEBATE on SILVER.

.iR. SINNERS RESOLUTION DENOUNCING THE
BLAND BILL PASSED IN THE SENATE BY VOTE
OF % TO 3~PRoPOsED SUBSTITUTES DEFEATED
By LARGE MAJOR1rIEs
IrRoM THE REGULAR CORRESPONDENT OF TIE TRIBUFE.i
ALBANY, Jan. 29.-Thc members OF the
Senate debated throughout long session. TO day, MI
SINNERS resolution den0uncing the Bland Bill aud
favorng the payment OF United States bonds in gold or
It's full equivalent Senator POmerOy led of in the
debate. and made by far the ablest speech OF tie
day. He sketcDed the history of the financial legislation
of the Government for the past fifteen years and argued
that it would be dishonorahle and Illegal 10 pay the
United staes bonds in silver. He also strongly
opposed the coinage OF the Bland silver dollar.
Senator Sessions the advocate OF an I'M
limited silver coinage, surprised his fellow
members by expressing his willingness TO have the guam
tty SILVER in the proposed silver dollar increased if
was insufficient in value when compared with the
gold dollar. Politics crossed the path 'of the
debate several times. II was evident also, that
many Of the Senators were t-metallsts. Senator
Raines OF Rochester, led TINS band Of Senators and per
haps if he had had opportunity could have obtained
large vote for the Of silver dollar worth 100
cents gold at present. Tie debate was partly upon
Senator Se sionss substitute approving OF tho Inland Bill
and directly reversing the meaning OF Mr. SINNERS
bluton in other respects This substitute and several
others Of like purpor rejected, and the resolution
was adopted by large vote.
TIE DEBATE.
Senator Pomeroy said that the argument Of Senator
Sessions at previous session of the Senate clear
statement of the technical right of the United states,
under the laws upon the statue books Of the time OF tho
creation of the debt 10 pay off the .same
in silver. that before passing Upon The question
ought to look into the facts attending the
issue OF the bonds and further into the consequences
upon the trade of the country Of reiniOducng An cX-
tinct Of silver into the standard CONS for the mere
purpose of such payment He described the legis
latiOn respecting the OF silver 10 the time OF its
Decentralization.
When the Treasury note made legalender all coin
necessarily disappeared. and from that day until today
period Of fifteen years the legal standard mas betl tue
greenbaek and the actual standard OF value has been
only coin received by the Government for
recognized in foreign commerce, has been the coin OF
gold. while the obsolete silver dollar OF 4l2l2 grains
obsolete the eon, and the statute OF 1873 denOncuZ
ing the silver dollar did nothing practically OF seli
ton had been virtual. and for eleven years actual
viz TIE nonexsence Of the coin itself IN al me de
bates in Congress upon the subject from the time of The
issuing OF the first bond until the last the word god"
invariably used as the recognized synonym Of the
word coin in the statute the latter word being used
in the statute merely 10 designate the micd gold from
the bar Whatever the word CON" as used IN The
various statutes may have technically included. the
undeniablo fact is that bond Of the United states of
all the thousands Of millions in value issued has been
bought sold of which the purchasngand selling prices
were rot fixed IN gold az between buyer ana purchaser
present holder Of which Gid not take IT, and is not
holding IL ~ the honest expectation that was an obi
Can the GOyerument bcnoraby avail itself OF decline
payments specie to tie exclusion OF the other and
more valuable coin, the equilibrium between the TWO
Itself and Tie Indebtedness having been created upon the
value of the standard OF the more valuable coini
silver the election made five years ago TO pay
III gold IL can heInsr IeGaN nor hohoiale chahg9
word Without degree. whether by this at
fennted new election we repudiale absolutely.
or stand before the word az slightly o1-color,'
It is all the same The faint Is absolute loss.
Government q
borrowing al PEI cent interest 10 desires TO pay of
ills indebtedness by borrowing a like amount upon
per cent bonds and could readily do it except or the dis
trut created by the present syeragtatOn The current
cost to the Government by the doubt thus thrown upon
its credit Is r cent per annuu upon the amount OF
It's per cent bonded debt This cost will re-
main until doubt upon the integrity OF the
Government is renewed. and mere matter OF expo
dency. demands honest recognition OF tAe gold stand
ara az thai 81 the whole 1ody Oh the pubic deDL Inc
simple question presented il: Shall We 20 ahead 10 re-
sumption in gold. tie standard Of the world, go back
INTO Isolation Ike tle n0no0mneiclal natiOlaites OF
Senator Sessions said: Ny amendment merely says
that the silver dollar shall he made the equivalent Of tue
gold Que Ny position is merely that the bonds be
coin. Every one TIE bonds issued under ihc Law
OF 1862, Q30OOOO,OO0 could have been paid in
greenbacks. TAo interest them was express
ly made PAYABLE in com. In 1869 the Act 10
Strengthen the public credit was passed Any one who
SAW The agents VI the foreign bankers and OF Waist
bankers here could see why that act was passed.
Where is tue bad faith OF the Government in paving
IN coiR what 1t SAID 1t would pay In Preenbaoks!
In order to DC honorable must do what proInsed
dollar hasn't sufficient silver in II 70 make il have the
present value OF gold. let Us put more silver
In H. Giving leCatendcr quality Will enhance its
value II that is not sufficient 10 bring up ITS value 10
the gold dollar put In SAL silver take issue with
the affirmation that gold the only coin used by the
word Gcld is only the money OF about onefIh OF the
world.
Senator wagstah-Ih Africa they soap for legal
tender currency Perhaps some of the advocates OF an
unlimited silver coinage would favor soft soap.
SenatOr RauesThe substitute OF Mr.. Sessions IL not
plain respect 10 making silver full equivalent OF
gold. propose Offering amendment that will har-
inOnlze both views
Senator Ecclesne said that he desired to show that
Democratic Of former times were In favor of
bardnOney and therefore moved that the further dis
cussiOn OF the resolution be postponed one week.
Senator Mccarthy Tho movement In favor of the
Bland BIZ is IN favor Of another imitation. affirm that
the Republican party entitled 70 the credit OF the Re
sumption Act IL twas for this agitation, should
easily resume. Let 1t take eject, and IN less
than three months gold and silver would
be a drug Ia the market II the Democrats in Congress
will let the tarf alone, you Will need dollar OF gold
10 pay on the debt The balance OF trade is
e20U0OO. 900 In our favor under Republican rule.
The Democratic party has always been nard money
party venture 10 predict that the only vote given
against this resolution will be given BY Republican
Senator Sessions withdrew bis substitute and in