The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-01-24
BY TELEGRAPH.
ASSOCIATED PRESS REPORT.
TO THE DAILY L8TELLIGENoER
GENERAL NEWS.
The Russian Bear Growls at the
British Lion.
Great Uncertainty Among English
Capitalists.
Marriage of the Spanish King---A
Truly Royal Wedding.
E. K. Collins, the Steamship Man,
is Dead.
A Big Days Discussion Of the
Coinage Question.
A Big Days Discussion Of the
Coinage Question.
CONGRESSIONAL.
SENATE.
WASHINGTON January %.

PETlTIONS FROM WORklhHMkh.
A large number OF petitions were pre-
Sented by Senators from workingmen o.
various parts Of the country remon-
strating agsinst the reduction Of dutie'
on certain goods, and the restoration o.
the duty on lea and coffee. Referred.
The Committee on Naval Affairs were
discharged from tie further consideration
OF the question Of the reinstatement o.
Surgeon l.. !. Draper in the Navy, and
the Committee on Judiciary were directed
TO make inquiry in the linnkle case.
Mr.. Sargent called up the Senate bill
10 provide for the removal OF the Naval
Observatory, and it was discussed until
the expiration Of tho morning hour and
laid over.
Mr.. Sargent presented the petition oI
5000 citizens Of California IN favor oi
government aid 10 construct the Texas
Pacific Railroad no M 10 have coh'
peting line from the Pacific 10 tue
Atlantic Ocean. Referred.
Mr.. Morgan presented the memorial ol
conference OF merchants and others
recently held at Chattanooga, Tenn, favor.
ing mn Improvement Of the Musscel Shell
shoals in the Tennessee river. Refer red
MIR. Terry introduced Il hill 10 regulate
the compensation Of Postnusb.rs, anil ior
other purposes. Referred. 1t provides
as its main feature, that the comPensa-
ton Of fourth class Postmasters shall lie
based on the stamps cancelled in their
offices instead OF the stamps Rold.
Mr.. Cockrell submitted resolution to
print 1900 copies Of the eulogiea on the
life and character Of the late Senator
Bopy, and Mr.. Mcdonald submitted \
similar resolution 10 PRINT an equal
number Of the -culogles on the late Sem
ator Morton. Referred.
The Senate then resumed the consid-
Grafton Of unfinished business. s.-tle reao-
luton OF Mr.. Matthews to pay tho prin.
cipal and interest Of bonds in silver. and
Mr. Cockrell continued his remarks in
favor OF the resolution.
Mr.. Blaine introduced bill TO make
the silver dollar legal tender in connec-
ton with gold coin up to and including
five dollars, and for all sums exceeding
FIVE dollars the debtor shall have the
right To tender and the creditor to de-
mand one half OF the amount in gold coin
and one.half N silver coin.
Mr.. Cockrell argued that silver was
Rtill legal tender coin ol the United
tItates. The custom regulations OF 1874
provided that silver dollars, though no
longer coined or issued, were receivable
for duties on imports in unlimited sums,
and the subsidiary silver coin was re-
ceiyable To the extent Of S.. Mr.. Conant,
late Assistant Secretary OF the Treasury,
in letter directed in 1875 10 the Sur
yeyor OF Customs at St. Louis, stated
that silver dollars were receivable Tor
duties on imports TO an unlimited extent,
thus the government officials proclaim
the silver dollar as legal tender. He
argued that bondholders knew that the
dollar named in his bond meant the all
coin Of 4l2l grains or the gold coin oil
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 as
money in the business OF the country
since that time. Mr.. Cockrell then quoted
extensively from. statistics, showing the
coinage Of gold and silver, and called
particular attention 10 the following fig.
ures:
The coinage Of the silver dollar in 1868
was S54, 800; in 1869, 1921 $50; in 1870,
1856, ,SOS; in 1871, S657, ,029; in 1872, Sli-
1i2,9Gl, and in 1878, up to the time that
silver was demonetized, the coinage was
$977, 1856. Had the coinage been cOntin-
ued that year it would have amounted 10
$l,57l, ,l02. These facts were not mere
asserlions-they showed q rapid and
wonderful increase OF silver coinage. The
gold coinage in 1868 was $40, 800; In 1869,
$5,925; In 1870, S9,3S5; in 1871, $S,9i0;
in 1872, 81, ,OS0; in 1878, $2,525; In 1874,
$S23, ,920, and in 1875 1t fell 10 the cnor-
mons sum Of 1870.
MIR. Bayard asked II the Senator in
preparing his tables had not counted
each piece Of silver coined as n dollar.
Did not the tables show that the value OF
the gold coined was Eve times as mich as
that Of the silver?
Mr.. CoCkrell replied that hia tables
we're correct. He knew that such asser-
tions had been Published in the newsra-
pers and made in speeches and went forth
as facts, though they were not true. The
government officials had falslfied facts.
lie then argued that all the subsidiary
silver coined prior TO the act Of April i,
1878, was a full legal tender for all debts
public and private. Prior TO that date
the half dollar, quarter dollar, ten and
Eve cent pieces were proportionately ot
the same value rs the silver dollar OF
4i2I grains. All subsidiary coin Issued
prior to the act Of April l, 1858, was to-
day vested with unlimited legal tender
power, and the government must receive
such coin in payment oil all customs dues.
Mr.. Bayafd said the Senator would
recoIlect that In 1853, when O q 20 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 underSal'
ued and went TO other countries where
they we're properly valued.
Mr.. Cockrell said: In the Western
country there were many silver halves
and quarters coined prior to 1853 and are
still in use. Many Of them have beer
locked up for years and were brought out
since the war. He argued that the bond
holders had no right 10 question the
power Of Congress in regard to coming
money and regulating its value, and thai
they had no right TO complain, because
no matter what happened, they would
still be paid in coin Of the standard o!
value Of July II, 1870. He then referred
TO the assurances Of the Government
officers that the bonds would be paid iE
| gold, and argued that these officials had
| no right TO modify the plain words OF The
llaw, and that they could not change The
terms OF the contract. The officers OF The
Government were the administrators o.
| the law and not the lawmakers, and non,
knew this better than the present secre