The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-30

TOT tu1t T PTcsebt tIEe. He aTgueu
the pledges and obligations OF the government 10
make provision for The sinking iund had been prac-
tc.ily carried OUT He asked why should va be so
nLxlous 10 pay bonds in advance OF pledges
aud oolgaons? Our bonds were high enough
now. Inc public creditors were not suffering;
neither was their security diminishing. The
property OF tho United States increasing in value
anu the public debt was a mortgage upon the whole
oflL The sinking fund amply provided for for at
least five years come, and II seemed TO him clear
that was the right and duty OF Congress to re-
uuce the taxation next referred to tns passage OF
tue act oil March 1875 to further protect the sinking
iund, ana argued that II the same Information
mad been before Congress then In regard 10 the sink
II uid, would never have been passed. he quoted
rom debates on that bi aud said Mr. Dawes, who
had charge OF the bill 10 the House OF Representa-
tives, mad been grossly deceived by The Treasury
ofhcias He tNr Beck) now had faith that the n
taxation IN the interest oil the people. All mat any
country could do aud tnat this country had done
70 Apply us surplus revenues 10 the payment Of its
MessrS MORRILL,, OF Vermont, and DAWES. of Mas
ssonuse'.s gave notice tust they would have some
thing 10 say ABOUT the resolution hereafter.
THE bland BILL.
The morning hour having expired tho resolu luton
was laid aside ana the Senate resumed consideration
Of unfinished business being tho oil 10 authorize the
Tree coinage OF the standard silver dollar and
store It's legal tender character
SPEECH OF Mr. WALLACE
MI WALLACE, tdem.) of Pa, ald:-For no drst time
In the history oil this country the government urged
by great interest 70 put and Keep silver subordi
nate place. ana 10 make gold the sole measure OF
value. To add TO the value of gold BY dobasng and
ucSTuulpS sHVeT-suCu mas never UcOu our pOllCy.
Tho doctrine, pushed 10 ITS logical conclusion, IS
reduce the measure OF values, lower the price OF
nodi,ies, lessen the wages OF Tho oer Against this
our history protests There arc but Two questions In
tho discussion.
Fira-Sha gold alone DO tho measure Of values or
shall we use Doth gold and silver?
Sccond-Shail We regulate the value OF coin by
the commercial worth OF silver bullion measured IN
goid coin to-day. or retaining tho relative
that now exist, carefully try Tho iuture?
The lrst question, then-shall gold alouo gold aud
silver be our measure Y-we unhesatingiy solve Tor
n.
divided TO SUIT tue necessities OF the people, whilo
gold and silver Is Just to all classes. Our policy
people mas initiated and maintained the double
standard. The constitution aud laws up To
1913 recognized anu enforced this policy. De-
disuse Tho total dsuse of silver as mou ey re-
duces the measure OF values and increases the value
OF money indebtedness II will destroy use as SUBJ
sidiary coinage. IL Will give tue world scanty IN
stead OF full circulating medium Of intrinsic value.
Bulk is no objection 10 the Of silver for deposit
rs he cost o transportation is based upon the value
aud not on the weight Experience teaches that the
use OF tho double standard with universal relative
value does not drive out either metal It's remoneti
cation anu use gives demand and value 10 silver and
tends 10 equaiize II with gold
OUR INTEREST," AS NATION
give It use as money II we demonetze we discrim-
inale against our own production. We appreciate
Rola ny dscarding silver and legislate 10 raiso the
value OF the article buying. This is contrary
70 the interests OF our own people aud demanded by
nos, no standard Of moraay WITH double standard
there Is less nuctuaton in value than with sin yle
one .Tne use OF both metals gives healthy progress
basis for confidence value to currency in papor and
Just measure OF value. The use OF but QUO strikes
out OF existence a large part of the worlds
capital ~ measure OF value, AMI Is prejud-
OF tho dollar Of 4Iam grain. has been
steady from 1892 to 1879 Its In all those years
has never been interiered with by legislation It's
implied IN the word con, used in ali OF statutes
creating Indebtedness It's coinage was suspended,
not because 1t was cheaper. but because Is dearer
pledged as we'll as when the Public Credit OF 1869
ana tho Funding act OF 1870 were passed, above
par IN gold and was plainly implied in our contract.
Ihere Is nothing In our oblisatons to our
creditors that inirnges upon our right
power to retain the double standard 1t Is
The only safe and sure path 10 resumption
OF specie payments. II Is most unjust and iuequita-
Die Tor those who own and control tho measure Of
values TO seek 10 reduce the quantity thereof upon
the ground that there Is an over supply OF ono Of
TEEN. Those who own debt have no right TO die
tate the forms OF payment. Those VINO owe It and
arc 10 pay u IRE to be consulted before tho contract
changed There Is no foundation, either IN morals
in law Tor enhancing the value Of the debt. und
neither just nor exp0dient 10 do and the exercise
OF the power TO adopt gold standard awakens dts
trust among the people ana tends directly weaken
brethren on this SIDE OF tho chamber determined
10 drive US as an organization into the vortex Of
limited paper inhationY We do not want this in
pennsylvania, and We pray TO DO relieved from tho
inexorable fate 10 which your policy condemns Us.
Why Is 1t that We cannot meet upon the common
ground OF constitutional money, Of gold and SILVER
Arc those who live the 80 weaded
10 the policy OF England In sings standard that no
unity Of action Is possibe lsthere any safer ground
Tor the best interest OF the whole people, for debtor
ana creditor, Tor bondhoIdcr and taxpayer, than a
restoration OF our ancient policy OF constitutional
money OF gold and silver?
Our second question is:-lf return to tho double
standard how shall we regulate the value OF the coin?
creasng It's weight This we cannot do without
violating our contract made In 1870. Shall we IN.
crease Tho value OF the silver dollar by AIDING to
weight measuring silver bullion In gold to-day
This would be unjust to the people, for Il allows
ing for the increase In value Of bullion resulting from
It's and lis legal tender function money IL this
be done 0uu SILVER regaiuS Will 0v
the country because oyervalued shall tho
dollar o. 4l2,s grams BIO reo.neds what rs
for silver, consequent on its reconage under this b
and tho debt-paying power conferred upon It apprc
ciato It's value and TO what extent? This bill 10 not
Tho Bland bill. The free coinage feature IL uck out
The government buys its own bullion monthly-not
less tnan TWO nor more than Tour millions per month
Tho difference between bullion aud coin belongs tho
government This gives u regular monthly demand
for bullion and will increase It's value Inc law OF
mnnd ana supply applies 10 gold and silver bullio
Lessen the demand, prices decrease increase tho
mand, prices rise. Our demand Tor coinage must
crease lhe vaiIe Of bullion as q commodity.
IL Is argued that the use OF gold equity compcls
US 10 return the same metal. Practically notes an
bonds were exchanged Tor bonds. CO or coin was
rarely paid. Tho creditor who gave US gold took his
option ana paid IN cheaper metal Before 1873 god
was the cheaper Silver up 10 1873 was above par.
obligation, reserving our option TO pay. An equity
cannot arise IL must base itself upon violation an
express contract On the face of the contract
express contract TO pay in esther metal Those who
bought since 1873 are on no higner grounds. The
law gavo to NO one the right to waive
our option, but tho very reverse. The bond
bought IN 1916 expressed tue contract PLAIN terms.
Full notice was gwen. No estoppei arise on suca
state VI facts. II this doctrine Is sound equity
iepeas tho constitutional power 10 regulate the value
oil our coin. Pocy or expedieucy gives IT no higher
standin2 Our nrst duty Is to be just This not
incude sacrifice OF the The people TO pay
cain that has no FOUNDATION In law or mOrala
Arc we morally bound 10 shape legislation as 10 IN
crease tue value OF - COMMODITY need TO pay our
deDtsY
Referring to the act OF 1873 emonezing silver Mr.
Wallace argued hat It passed IN "a secret mau ner
In The dark, aud the duty OF Congress 10 70
peal 1t.
REMARKS OF BAyARD
Mr.. BAYARD, (Icm.) OF Dol, SAID he did not propose
now u give any cAtended expression OF his views
upon tho reconciliation OF silver. he was not III
iavor oil abosLiug SILVER as a OF The country.
should II DO IN his power, without disturbance TO the
business aud credit OF the country, TO restore silver
money, tho effort would not DC wanting on MS part
lilo argued thar tho silver dollar wnen II was de.
mobctizcd was worth los, aud used II except
TIC buliion broker ana the who wanted u Tor
smelling purposes. Tho gold dollar was worth