The daily gazette., 1878-01-24
THE SILVER QUESTION.

HE SHLtER QUESlHONs
srEEcHEs OF SENATOR'S cocKRRLL, or
/ MISSOURI AND RANDOLPH, OF NEW JER-
sEr--A VOTE TO BE PRESSED ON FRI
] DAY.
A2 WASHINGTON, Jan. %, 1873.
| The Senate to-day resumed considera-
ton of Mr.. Matthews resolution declar-
ing the right Of the government TO pay
the bonds in silver, and Mr.. Cockrell, of
Missouri continued his remarks from the
point where he suspended them when
the Senate adjourned on Monday last
He 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 unlimited sums, and subsidiary
silver coin was receivable to the extent
of 80. Mr.. Conant, the late Assistant
Secsetary Of the Treasury, in letter in
1863, directed to the Surveyor of Customs
at st. Louis, stated that silver dollars
were receivable for duties ON imports TO
an unlimited extent. Thus the govern
ment officials proclaimed the silver dollar
as legal tender. He argued that the
bondhohier knew that the dollar named
in his bond meant the silver coin of 412t
grains of the gold coin of 25 $40 grains
Silver dollars had been practically as
much in circulation as money since 1861
as gold; neither metal had been actually
used and circulated AZ money in the bus
iness of the country since that time.
Mr.. Cockrell then quoted extensively
from statists showing the coinage Of
gold and silver; and called particular at
tention 20 the following figures:-The
coinage of the silver dollar In 1868 was
S54 800, in 1869, S231 ,350 in 1870, $3.50, ,3O8
in 1871, s657 ,g39; in 1872, 81, i,i12 ,96l; and
1873, up TO the time silver was defnone-
tized, the coinage amounted to S977 ,155
Had the coinage been continued that
year IL would have amounted to 81 ,571 ,102
These facts, he said, were not mere as
sertions; they showed the rapid and won-
derful increase of silver coinage.
The gold coinage in 1868 was SIC, $50; in
1869, 9,925; in 1870, 81, 1886; in 1871, $, $40;
in 1872, 81 ,03O; in 1873, S2,525: in 1874,
S323, 800; and in 1875 1t fell TO the enor-
nous sum of $50.
Mr.. Bayarli, (dem.) of Del, inquired If
the Senaaor in preparing his table had
not counted each pice of silver coined as
dollar? Did not the table show that
the value of gold coined was five times
ms much as that of silver? ..at
Mr.. Cockerell replied that his tables
We're correct. He knew that assertions
had been published in the newspapers
and made in speeches and had gone forth
as facts, though thev were not true. The
government officials had falsified the
facts He then argued that ali subsidiary
silver coined prior to the act of
April !, 1853. was a full legal tender for
all debts, public and private. Prior to
that date the half dollar, quarter dollar,
ten and five cent pieces were proportion
ately of the same value ~ the silver dol
lar of 412A grains All the subsidiary
coin issued prior to the act of April 1,
1853, was to-day vested with unlimited
legal tender power, and the government
must receive such coin in payment of all
customs dues.
Mr.. Bayard, of Del, said the Senator
would recollect that in 1853, when six
and seven-tenths grains were taken out
of every half dollar, IL was because they
could not be kept in the country. They
were swept out of this country, where
they were properly valued.
Mr.. Cockrell, said, in the Western
country there were many silver half dol
lars and quarter dollars, coined prior to
1858 still in use. Many ofthem had been
locked, up for years, and were brought
out sincathe close ofwar. He argued that
the bondhoider had no right TO question
the power of Congress in regard to coin
ing money and regulating its value They
had no right TO complain. because no
matter what happened, they would still
be paid in coin of the standard value of
July IA, 1870.
Mr.. Bayard pointed out that all the
speeches now delivered on the subject
included the Silver ill as well and
that no time was really lost, aud, as the
subject was one of momentous Impor-
ianee TO the country, he wished the de
bate 70 go on. Mr.. Thurman replied to
Mr.. B9yard, saying that the Matthews
resolution only declared that something
might honestly be done the expeniency
OF which was declared in an measure
the Silver bill. He wished to have the
present DE- bate closed In order to get the
Silver bill before the Senate. and he de-
clared bis own opinion that silver ought
to be remonetized; that it ought TO ,be n
tull legal tendea; that it would be i'm
possible TO resume specie payments
without this, and that the best interests
of the country demand IL.