Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-02-01
THE DEBATE.


Mr.. Edmnnds replied very likely. The
United States since l776, had been gradually
progressing in everything which went to
make up a well ordered nation, and yet
there was period Of four years about ISL
when we went backward, and there was
another period more recently when VIC went
backward. lie argued that the simple
declaration of statute would not equalize
the value of gold and silver. Congress might
as vel! saw that a bushel of potatoes should
he equal in value to a bushel of corn. The
farmers of the West would smile at such
proposition. and the respective values oil
corn and potatoes would remain Just as
before.
Legislators in 1887 had discovered that
no amount of law-makipg would give any
value to silver at all. He begged the Senate
to bear in mind that the laws of the United
States 10 years ago ceased to impute value
to either silver or gold The legislators then
found out that the word value related to the
operations of men, Of society and OF COM
merce, and a statute could not add one bit
to the value of anything. lie next spoke oil
the act OF 1919, authorizing the coinage OF
the gold dollar, and said that there was a
necessity for coming that dollar because
there were no silver dollars in circulation.
He next referred to the coinage act of 1858,
and said that, when the act of 1884 was
passed, there was but trifing difference be-
tween gold and silver. but that difference had
continued until gold coin overruled silver and
drove it away from the people. The
House of Representatives then deliberately
declared in favor of gold coin and rejected
silver as a measure of value. Gold was
then, as it had been years before, the only
real. true, operating standard OF value IN
the United States, and yet Senators argued
now that it was proper to 80 back and
unset history and legislation. Andrew
johnson was member of the House OF
Representatives in 1858, and he then
argued that debasing the silver coin would
be injurious to the laboring man, and there
was a good deal in what he said. Now,
if the nottingham should be compelled to
take two half-dollars for his days work,
worth about 81 or SIS cents, he would be
injured. The very men who were now
urging the reconciliation of silver, should
they stay in the Senate 10 years, would be
among the first to undo the proposed legis-
lation of to-day. When the late civil war
began, and the tremendous initiation OF paper
currency took place, silver coin had long
since passed out of existence, and the stat
utes recognized the fact.
Mr.. Edmunds then referred to the tinan-
cal legislation since 1861, and said that,
before the passage of the legal-tender act,
when war loans were being forced upon the
people. Thaddeus Stevens, chairman OF the
committee Of ways and means in the House
of Representatives, argued that the people,
who advanced their earnings, were entitled
to be paid in gold, because years before that
gold was recognized as the only standard OF
value. The act of 1869, under which the
bonds were issued, provided that they should
be paid in coin. but it was understood that
such coin should be gold. The word coin
imputed, not silver dollars. 1t imputed half
dollars, quarters, coppers. and nickels, and
if the nation was going to stand upon the
letter ofthe law why not give notice that 1t
is intended to pay the bonds in copper,
which was coin of the United States.
Mr. Matthews, of Ohio, said that no com
but gold and silver was legal tender
above So.
Mr.. EdmunGs replied that this was not a
legal-tender act 1t was an act pledging the
good faith of the Government. II he should
draw the act of 1869 now with his present
opinion, he would use the terms gold and
silver Just as they were used in that act.
There vas part Of the debt Of the United
States, according to the letter of the law,
which could be paid in silver. Every inter-
est coupon less than SIS might be paid in
silver, every dollar note could be redeemed
in silver coin. That coin could be used for
all small debts.
Mr.. Blaine, of Maine, said that very
large portion of the public debt was held In
800 pieces of scrip on which the interest
was 50 so, payable serni-annually. Did he
understand the Senator (Edmunds) to say
that this interest was payable in silver half
dollars. while the man who held registered
bond of s 900 must have gold?
Mr.. Edmunds replied that the letter OF
the law was one thing and the spirit Of it
another. The nation would be in a sad con-
dtion to resort to litera! construction of
its statute, against which no one could have
redress, except by appealing to the con.
science of the nation. The honest import OF
the pledge Of public faith was that the bonds
were payable in gold. 1t would be in viola
ton OF the national honor to pay the small
bond holders in silver. unless such silver be
equal in value to gold.
Mr.. Matthews quoted from the speeches
of Mr.. Edmund., made in the Senate in
1867, to the effect that the bonds were pay
able in gold and silver.
Mr.. Edmunds said he did so argue, but
the silver question then was Of no possible
moment. The question was whether the
debt should be paid in coin or paper.
There was party in this country which
claimed that the debt was payable in green
backs, and. no doubt, in reply to their argu-
ments, he claimed that the debt was payable
in both gold and silver.
Mr.. Blaine spoke of the bondholders OF
the country, and said he still wanted it
made specific whether there was any more
color for paying the small coupons in silver
than there was for paying the large ones.
Mr.. Edmunds said that he was qnite
ready to give his opinion, and that was that.
in the present attitude Of the history OF our
affairs, the Government was just as much in
honor bound to pay the 81 80 coupon in
gold as it was the $50 one lie then
quoted at length from the act of 1850, and
argued INIT luC I hlttu pAhtt' hhu nv
or honorable right to pay its debts in the
silver dollar which was not worth as much
as gold lie next referred to the act OF
1873, demonetizing the silver dollar, and
argued that it was perfectly understood
when it passed, and itproyidcd that gold
coin should be the unit OF value.
Mr. EImundS's amendment was defeated
by % ayes to A hayes.
The question then REQUIRED on the amend
ment OF Mr. Morrill,. to the effect that it
would be detrimental to the economical IN
tcrcsts of the government and people TO
nav the bonds in silver.
Mr.. Morrill, argued that, since the pas
sage of the act Of 1873, the laws OF the
United States had not provided for the
coinage of silver dollars, and it was Illogical,
1t wCs not true, to say that the bonds could
be paid N silver. They could not he so
maid, unless tho silver bill shall become the
law of the land lie reserved TO himself
the right to considcr the subject when the
silver bill should come before the SENATE
This resolution Of the Senator from Ohio
could have no other effect than to damage
the public credit. II he (MorrlD were IN
favor of the so-called silver bill, he could
no. vote for this resolution with its pream-
bic as nov 1Iawn. The Morrill, amendment
was then rejected. ycgs !, nays IL.
Several other amendments were voted
down and various Senators defined thslr
position on the subject. The Matthews
roaouton was finally passed by the follow
ing vote
Yeas Messrs Allison Of Ia, Anderson o, Mo.
Bal ry Of Tenn. Beck of o, Booth of cal. lirnce
OF Miss cameron OF Pa Cameron y Wiz, Ghailee
OF Col, Coke OF Tex, tonoyer OF IA, nayis o. "
Davis Of W Va Dennis Of Ind. Dorsey OF Arb,
Eustis o, La, Ferry Of Mich, GOreen Of tia GROCER