The daily gazette., 1878-01-19
THE SILVER DEBATE.
SPEECHES or SENATOR'S MERRIMoN AND
MAxEY IN FAVOR OF REMoNETIzA-
TION. HHNI I'D HN fH

mAAhh IN rAFoh VI ShoNAAANA
TION. fNtl HltN
WASHINGTON, Jan. 1s, 1s7s--When the
Senate resumed consideration Of the reso-
luton of Mr.. Matthews declaring the
right of the government to pay the in
terest and principal of the bonds in silver
to-day, Mr.. Merrimon, of North Carolina,
said the subject was worthy of more seri-
ous consideration, and he trusted free
and frank expression of views would
lead the Senate to wise and Wholesome
conclusion. He would discuss the reso-
lution submitted by the Senator from
Ohio, Mr.. Matthews), and not the expe-
iiency of remonetizing silver. He would
never consent that the honor and good
faith Of the government shonld be i'm
paired in the slightest degree. The naked
question before the Senate was, whether
the government could lawfully pay its
creditors in silver of the standard value
July IA, 1870. He then reviewed at some
length the financial legislation since 1852
and quoted from various acts to show
that all bonds issued were payable in
| legal tender coin Of the United States
When these acts were passed there were
but two species of coin established by
law--to wit gold and silver and as the
contract stood between the government
and the creditors the government could
pay its debts in both or either of these
coins. The fact that there was more or
less of particular kind of coin in circu-
lation when the bonds were issued did
not affect the contract at all 1t had been
argued that creditors of the government
did not have the silver dollar In view
when the bought bonds, because silver
| was not then In circulation. That made
no difference The law then provided fol
the coinage of the silver dollar as well as
the gold dollar, and had ii been intended
to exclude the silver dollar when the
bonds were issued why was not pro.
vision inserted for that purpose Thai
the government had right to pay its
bonds in silver was clear, and he conld
not see how any such action could bt
looked upon as reputation. ~
n CONDITION OF THE COUNTRY.
/ He spoke of the business prostratiol
and suffering existing throughout thu
country, and argued that it was the effec
of Inwise legislation. The financial legis
lation since the war had been calculated
to enhance the value of the bonds of tn
government in the hands of creditors. u
the natural order of things, after tn
close of the war, specie payments woul
have returned and prosperity. existe'
throughout the country but the intel
: ested bondholders could not wait TO
, things in their natural order. 1t was to
ISlOW. ~ was tboat5no esass" -
: traction of the paper currency would n
store prosperity aud the early resumI
| ton of specie payments. This course Q
contraction had been pursued, but III
happily none of the good results antic
pated followed. The volume Of pape
currency in circulation had been reg
. lated by the government and not by tt
: requirements of business. Since the pam
of 1873 nothing had fiourished save go
:. ernment bonds.
! SPEECH OF SENATOR MAxEY.
. Mr.. Maxey, (dem.) of Texas, reviewt
!, the arguments against the remonetiz
= ton of silver, and said gold and silv'
T wastbe metals out of which money w
= coined when our constitution was frame
: He spoke at length as to the constitutio
y al powers of Congress in coming none
: &c, and argued that the constitution
It self recognized the double standard. L
3. then referred to the acts of Congress u
Z der which the bonds were issued, al
+ argued that they were payable in eth
y gold OF silver. He next alludes to Il
IS demonetization of silver by the act
> 1873, and argued that the act was not u
It derstood when passed. He quoted fro
D the speeches of Hon. John Sherman
IT livered in the Senate of the United State
IS to the effect that Congress had the rig
to restore the silver dollar whenever
thinks proper to do SO, and in his IN
Maxey's) opinion the time had now cor
: when it should be restored to the COMA
D. of the country. Any legislation to q
a. strov silver as money was in violation
e. the Constitution. The restoration of s
l. yer now would be blessing to the Ann
" lean people. The demonetizing of silv
q degraded it to the level of other meta
increased the value of gold, made t
rich richer and the poor poorer, and,
the end would destroy free governme
The objection that the passage of the
yer bilf would strike grievous blow
the credit of the government was fan
full, not real He would vote for t
pending resolution cheerfully, because
believed that the welfare of the peol
ne imperatively demanded 1t.
The Senate then, at half-past t.
al o'clock, went into executive session, al
when the doors were reopened, adjourn
at until Monday.