The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1878-02-14
THURMAN SPEAKS.

On the 9th met, the Silver Bill be-
ing under con sideration in the Senate
Mr.. Thurman made a powerful speech
in favor Of the reconciliation of sill
yer, of which the telegraph furnishes
the following synopsis:
"Mr. Thurman argued that silver
and gold had been the metallic money
of the world for thousands Of years.
They were alec the money of the Con
stitution. They were the metallic
money of the Colonies, and afterwar6
Of the United States. from the declar
alton of independence until silver was
demonetized by mistake, aud withou,
the knowledge of the people or Con-
gress. or by enactment, in the Revised
Statutes in 1874. Both metals are
suited to perform the functions O.:
money, and silver does perform thai
function among a large majority OF
the human race. Silver is especially
suited for small transactions, and ma,
therefore be properly called the mon
ey Of people in humble circumstances
1t follows that the burden of proof
rests ON those who insist that silver
should be deinOnetized.
1t is argued that to rehabitilate the
dollar of 4l211s grains would defraud
the public creditor. This can not b.
true, for the contract is to pay in eth
er gold or silver of the standard valus
of the United States on July IA. 1870.
when q silver dollar of 4l21s grains
was full legal tender, with the right
of unlimited coinage; and it is simply
impossible that party performing his
contract (eDtered into by both parties
but with full knowledge of its terms
and efIecD can thereby be guilty OF
fraud or dishOnor. Both Houses o
Congress have, by overwhelming ma
jorities, decided that no such fraud
would be perpetrated by paying the
public creditors in silver dollars OF
4l2H grains. If remonetizing silver
will bring i to par with gold the pub
lie creditor can not lose.
of 4l21s gra,na, and make it full legal
tender would defraud individual cred
itors who have loaned money or sold
property to other individuals since
silver was demonetiz sd that ia, since
June %, 1874. This is a great mis-
take. Every creditor of the foregoing
description is compelled by law to re-
ceive greenbacks in payment, unless
his contract expressly provides for
payment in metallic money; and
these exceptional cases are not affect
ed by the bill under consideration.
Now, no one, I think, doubts that il
the coinage of dollar OF 4l21s grains
be restored, will be at least equal to
that OF the greenback hence no pos
sible injury to the individual creditor,
such as that above supposed, can oc-
cur.
II, as has been asserted, the average
duration Of individual debts in the
United States is about two years q
think it is less), then it is easy to see
that the passage of this bill can no.
injure any considerable number Of
creditors, if, indeed, it should irjnre
any, for it is certain that in the next
two years not over fifty million silver
dollars could be coined, and nearly
all such dollars would be absorbed by
the payment Of custom duties, aud
would be used for nothing else.
tits argued that il this bill pass sill
yer will be . less valuable currency
than gold, and will expel gold from
the country. .in-asaordauce with whaf
is called Gresham's law-name1y, thsr
the least valuable currency drives out
the more valuable. and, hence, several
amendments have been offered to in.
crease the number of grains in the sil-
yer dollar, so as to make it an equiva-
lent, as it is said, Of the gold dollar.
This objection to the bill rests upon
the assumption that silver dollar of
4l21s graina. it made full legal tender,
will be OF less value than q gold dol
lar.
Mr.. Thurman argued that this as
sumption was incorrect, aud said il
the greenback, which has no intrinsic
value, no circulation outside of the
United States, aud is q limited legal
tender here, is yet within less than
per cent. of par with gold, why should
not silver money, which has Intrinsic
value, aud which circulatcs over the
greater part of the globe, if indorse I
with full legal tender facuaIty, rise 20
par with gold, especially ii we rate
metals at Is 9S-lOO to l, while most
other nations using both give but los
for L.
One reason why greenbacks have
been, and are deprecated, is the fact
that they have not been receivable in
| ayments of customs duties or of in-
terest on the public debt. But make
! the silver dollar Of 4l2lls grains full
legal tender, and 1t will be receivable
for both these purposes, and it must
closely approximate, it it does not
reach par with gold. l believe that it
will reach it. But suppose that il
does not, aud suppose Gresham's law
to have its effect, to what extent would
gold be expelled from the country
by silver2 Msnitestly, only SO far as
silver supplied it. Three hundred
millions in gold could not be driven
out by an issue of fifty millions of sill
yer. The utmost effect could only lie
to expel fifty millions of goli. the
place of which would be taken by sill
yer, aud the volume Of metallic mon.
ey would be the same. But would iht
fifty millions Of the gold be expelled
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