Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-02-07
On in silver to five hundred million of cold

in gold, and when we consider how slow will
be the process of coming silver dollars we
will find we are in no immediate danger of
losing our gold.
If gold be expelled it will not be so much
by silver currency as by our small notes.
Whether the people of the United States
would ever give up the use of small notes he
would not venture to predict, but if they
would not they must agree with the United
States that metallic money shall be shorn of
one of its functions, that of circulating
medium.
| Another set of reasoners argued that silver
would go out of the country should the dol
lar of 412I grains be coined; that as silver
was undervalued in the dollar of 41215
grains, as compared with its valuation in the
states of the Latin Union, it will leave here
and flow into those states, and SO it tends to
do were those states to open their minis to
an unlimited coinage of tiye-franc pieces; but
he thought they would not do SO.
Another objection to the bill was, if it
should become law we would be flooded
with silyer-that Germany would pour her
surplus silver on us and our mines would
produce SO much that we would have more
than we knew what to do with. He had no
fears from Germany. It was said she had
SSo,ooo,ooo to spare. Suppose it was all
poured into the United States. We could
absorb it all without injury. But it would
not be poured into this country. Ger
many could not spare her silver but if she
could, the greater part of it would be much
more likely to go to Asia and to Russia, Aus
tria and Spain, to say nothing of the Latin
States, than to come to the United States,
who undervalue silver as compared with the
rest of the world. We did not think we
had anything to fear from an excessive pro-
duct of four minis. He was considered an
intiationist; but he knew of no valid reason
against charging our specie basis and if we
are to have and maintain specie payments
it must be enlarged.
Another objection to the bill was the we'll
known argument against bi-metallism. Most
gloomy pictures have been drawn of the
ruin that would befal our country if we adopt
bi-metallism. He argued that it was by no
means certain that the standard value was
less variable in monometallic than it was
in bi-metallic country. An absolutely I'M
varying standard of value was an impossi-
bility. Had there ever been more prosper
GUS country than the United States from 1888
to 1861? Did any nation ever exceed the
progress we made in population, wealth, edu-
cation, refinement and the general well-being
of the people in these seventy-two years?
And yet during all that period we had BIZ
metallism, for we gave no preference to gold
over silver or to silver over gold. These metals
iiuctuated then as they have done since
and probably ever will do, but no
American statesman of that period thought
of demonetizing either. And now let us
turn to Europe for moment-what do we
hear? The wailings of thousands of labor
i,,6r NJ;
OF employment. The cries Of anguish of
thousands of other men who but year ago
were rich, but are now bankrupts. In
word, the same notes of sorrow that SO affect
our ears in our own distressed land. But
from what countries do they mainly come !?
From two-gold and non metallic, England
and gold non-metallic, Germany-while BIZ
metallic France, the land of silver as well as
gold, enjoys prosperity hardly exceeded by
that of any people on earth
It had been argued that our foreign com
merce would be destroyed, would be dis
jointed, by the pending bill. Had we not
carried on business during the past sixteen
years with an incontrovertible paper cur
rency, and was not the balance of trade in
our favor?
Again, it has been argued that the national
credit would be destroyed. How destroyed!
By the United States paying our bonds as
we promised to pay them. The United
States needs no such prop as single gold
standard to support its credit. The re-
sources of this country are too we'll known
for her credit to be injured. He longed to
see our Indebtedness held at home
and not abroad, 50 there would be
no annual drain from America to enrich
Europe. telegram this morning informed
us that six hundred thousand dollars worth
of our bonds were on the way home from
England, they would be getting back there
soon. Whether the bill passed or not, the
interest upon our bonds was greater than
that upon any safe European stocks. If our
bonds should be sent home, they must find
purchasers in the United States; and suppose
they should find such purchasers, would not
every one in the land be glad that our bonds
were held at home? The English debt was
held by Englishmen, the French debt by
Frenchmen, and he hoped the day would
come when the American debt would be held
by Americans.
Our currency would continue to be small
paper money. The problem for Congress to
solve was upon what basis it should rest
yertible at all times into coin, unless we en-
ployed silver as well as gold for it's base.
Unless silver should be made full legal
tender the idea of specie payment in the
United States will soon be abandoned.
Every opponent to an irredeemable paper
currency and every friend of specie currency
should insist upon the full reconciliation
of silver.
If this bill should become q law its ten
dency would be to put stop to the demon
citation of silver in other countries Should
we postpone the reconciliation of silver un-
til compact with other nations be made it
would never be remonetized. He hoped our
country would be ranged by the side of the
bi-metallic States. Let the commercial
world know we do not intend to abandon
the use of silver.
Silver was an American product. Many
millions of dollars and the labor of thousands
of men were employed in its production in
this country, and to destroy or cripple this
industry would be cruel and unjust.
SENATOR HERMAN SPEAKS.
Senator Herman said ne would be glad if
we could hold our bonds at home, but as
compared with European countries, ours was
a new country and needed capital, as cheap
as possible, to develop our industries and
our resources. If the action of Congress in
passing. this bill, should bring home our
bonds from abroad, our capital would be
fastened in them, and would be diminished
to that extent in developing our resources
| He referred to the passage of the Matthews
resolution, and said it stopped at once the
funding of our debt at 4 per cent. That
resolution was bringing back our bonds, and
this was detrimental to our welfare. This
bill, should it pass, would not bring the
relief expected to the laboring classes
This bill was step in the wrong direction
either to alleviate the suferings of ou
countrymen or to prevent their occurrence