Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1878-02-01
The silver Discussion in che Senate.


On Monday the United States Senate enter
ed upon the discussion of the subject of the
reconciliation of silver. The debates which
have heretofore occurred were called forth by
| the tendency of Senator Matthew's resolu-
| ton, elsewhere referred to, and were. in eff
feet, only n sort of diminishing preliminary
to the real battle which has now begun. With
the exception of the bill creating the electoral
commission, and the initiation bill, which Con-
gress passed in 1874 and which President
Grant vetoed, no measure so important as the
one under consideration has claimed the at
tention of the Senate for several years The
debate opens upon the bill reported by the
Senate finance committee, which, as will be
seen further on differs from the Bland bill in
two important features namely, the coinage
of silver is limited to 81, COO coo a month. and
the government purchases the silver bullion
at the market price and realizes the profits of
coinage.
The discussion of this topic will doubtless
consume several weeks and will result in the
| passage of some measure providing for the
reconciliation of silver. The best adyces
lead to the conclusion that the bill of the Sen
ate finance committee will not command tie
votes of the majority of the Senate 1t is.
however, barely possible that all the oppo-
nents of the Bland bill may be able to unite
on that measure rs the best possible: many
incline to the opinion that the Senate will
pass the Bland bill in its original and naked
enormity, in which case the measure goes to
the President and will receive his veto As
the friends of that measure cannot muster the
two-thirds necessary TO pass it over the Presi-
dents objections, it will consequently be de-
feated. 1t is however, barely possible that
so many of the advocates of silver remoneti-
cation as are not interested in the success of
the Bland bill as a speculative scheme, will
in view of the certainty of the Presidents ac-
ton, be led to adopt one of the compromise
measures to which Mr.. Hayes would not OBJ
| ject. The discussion and votes in the Senate
will be watched with deeper interest by all
classes than the consideration of any financial
question has ever before elected.
In order that our readers may understand
the status of the silver bill and the difference
between the Bland bill as it passed the House.
and the bill as amended by the Senate finance
| committee, We give below the Bland bill, pure
and simple
An act to GuthOrise the free eohaage Of tie
standard aicer dollar, and tp restore is L.
gal tender character
BE ID enacted dc, That there shall be
| coined, at the several minis of the United
States, silver dollars of the weight of four
hundred and twelve and half grains Troy of
standard silver, as provided by the act of
January eighteenth eighteen hundred and
thirty-seven, on which shall be the devices
and superscrptions provided by said act (;
which coins, together with all silver dollars
heretofore coined by the United States of
| like weight and fitness, shall be legal ten
der at their nominal value, for all debts and
dues, public and private, except where other
wise provided by contract land any owner
of silver bullion may deposit the same at any
| United States coinage mint or assay office, to
be coined into such dollars, for his benefit.
| upon the same terms and conditions as gold
bullion is deposited for coinage under exist
ing laws.
The Senate committee struck out the words
above included within the brackets and in
lieu thereof inserted the following, which is
thetext of the bill now under consideration
in the Senate:
And the Secretary of the Treasury is au-
| thorlzed and directed, out of any money in
the Treasury not otherwise appropriated, to
purchase, from time to time, silver bullion at
the market price thereof, not less than two
million dollars per month, nor more than four
million dollars per month, and cause the same
to be coined into such dollars And any gain
or seigniorage arising from this coinage shall
be accounted for and paid into the Treasury,
as provided under existing laws relative to
the subsidiary coinage; provided, that the
amount of money at any one time invested in
such silver bullion, exclusive of such resulting
coin, shall not exceed 1--WE million dollars"