San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1878-02-23
SENATOR THURMAN ON SILVER.
Abstract of His Speech in the Senate on
the Bland Bill.

Abstract of His Speech in the Senate on
the Bland Bill.
In the Senate, OH the It'll, consideration of
| the Silver bill was resumed and Senator
| Thurman spoke in favor thereof.
| He argued that silver and gold had been the
metallic money of the world for thousands
of years They were also the money of the
Constitution. They were the metallic money
of the Colonies, and afterward of the United
States from the Declaration of Independence
until silver was demonetiZed by mistake and
without the knowledge OF the people or Con-
gress, or by the enactment OF the Revised
Statutes in 1874. Both metals are suited to
perform the functions OF money, and silver
does perform that function among the large
majority of the human race. Silver1s especi-
ally suited for small transactions, and may
therefore be properly called the money of
people in humble circumstances. 1t follows
that the burden of proof rests on those who
insist that silver should be demonetized.
1t is argued that to rehabilltate the dollar
of 4l2H grains would defrahd the public cred
itors This can not be true, for the contract
is to pay in either gold or silver of the standard
value of the United States on July IA, 1870,
when the silver dollar of 4l21i grains was full
legal tender, with the right of unlimited coin
age and it Is simply impossible that person
performing his contract, entered into by both
parties, but with full knowledge of its terms
and effect, can thereby be guilty OF fraud or
dishOnOr Both houses OF Congress have by
overwhelming majorities decided that no
such fraud would be perpetrated by paying
the public creditors in silver dollars OF ll2!a
grains. If rcmonetizing silver would bring 1t
to par with gold, the public creditor can not
lose. 1t is said that to coin silver dollar OF
4l2f grains and make it full legal tender,
would defraud individual creditors who have
loaned money or sold property to other lnul-
viduals since silver was demonetized, that is,
since June %, 1874. This is Il great mistake.
Every creditor of the foregoing description
is compelled by law to receive greenbacks in
payment unless his contract expressly pro,
vidcs for payment in metallic money, and
these exceptional cases are not affected by
the bill under consideration. Now, no one,
l think, doubts thatif the coinage of Il dollar
of 4l2h grains be restored, and it is made full |
legal tender, its value will be at least equalto
that of the greenback; hence no possible
injury to the individual creditor, such
as that above supposed, can occur. IT,
has been asserted, the aver
age duration of individual debts in
the United states is about two years. think
it is lcss-then it is easy to see that the pas |
sage of this bill can not injure any considera.
bic number of creditors, if, indeed, it should !
iniure any, for it is certain that in the next |
two years not over fifty million silver dollars |.
could he coined, and nearly all such dollars |
would be absorbed by the payment of Gus /
toms duties, and would be used for nothing |
else. 1t is argued that if this bill pass silver /
will be II less valuable currency than gold, |
and will cXpel gold from the country, III ac- |
cordancc with what is called Grcsham's law, /
namely, that the least valuable currency |
drives out the more valuable and hence sew /
eral amendments have been offered to in /
crease the number of grains in the silver dol |
lar, so as to make 1t an equivalent, rs 1t Is .
said, of the gold dollar. This objection to |
the bill rests upon the assumption that the .
silver dollar of il2ts grains, if made full legal
tender, will be of less value than the gold .
dollar.
Mr. Thurman argued that this assumption .
was incorrect, and said: If the greenOack, Z
which has no intrinsic value, no circulation .
outside of the United States, and is Il limited .
legal tender here, i Yet within less than two .
per cent. of par with gold, why should not .
silver money, which has an intrinsic value,
and which circulatcs over the greater part OF .
the globe, If mdorscd with the full legal
tender faculty, rise to par with gold: Espe-
cially If we rate the metals at II 9S-l00 tn /,
while most other nations using both give but
l5ls for !. One reason why greenbacks have F..
been aud are deprecated, il the fact that they
have not been receivable IN payment of Gus
toms duties. or Of interest on the public debt;
but make the silver dollar of 4l2ls grains full
legal tender and II viii he receivable Tor both
these purposes and IL must closely approx
mate. u It does not reach, par with gold. /
believe that it will reach it. But suppose IL
does not, and suppose Gresham's law o. nave
it, effect to what extent would gold De- cN-
PEELED from the country by silver Maniic-tIy
only - iar ~ silver supplied IL. Three hun
bred millions of dollars in gold could not Ice
driven ont by an issue Of Sj0,uuO.VQ iu silver.
Z ne utmost effect could only Ice u cNI''l So
1u' COS ~ gold the place Of which would be
taken by silver, and the volume Of the me
iaIlic money would lie the same But would
the $40 0.eu1 in gpld De- expelled Not un-
les ssnfu.es VA all the metallic money
hat the country needed. Hit needs ss-o.ga.-
ui-amd u needs more to safely and Certainly
maintain specie Vaynent--the gradual al
sitiBn Of 5000 q OF silver to the sstsul1etl
u gold would not drive gold out But. in
ruth. Ne have not half Il So 90. 90 If gold.
and uien - consider how slow all Dc the
process 81 cuiuiu- silver dollar. ne viii fud Z
hat ue are in NO immediate danger % llfSiuz
lur gold. u gold be expelled. 10 viii not D. .
-u much by silver currency a. ~ our small
lctes.
Whether the people n TIE United states
ruu u give up fiIt. nee q suall usis- D. uol ri
lol vcuture to preilcts but u they s7oall act