Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-02-07
THESILVER CHIMES
RING IN THE sENArE YESTERDAY.
Thurman, Herman and Christiancy Speak
Their Pieces--The Latter's Little JOKER
The House Hesitates to Decide Upon the
California Contested seat---Why Utah
Will Not be Made State.

4 The House Hesitates to Decide Upon the
California Contested Seat---Why Utah
/ Will Not be Made a State.
! WASHINGTON, Feb. 6.-Senator Davis, OF
| Illinois, said there was an immense meeting
of citizens of Chicago, the 18th of Deem
Der last, to give expression to an opinion on
the silver bill. Upwards of five thousand
persons attended the meeting, and every SEN
timent uttered favoring the bill now before
the Senate met with enthusiastic response.
By some oversight the proceedings of the
meeting, which were intended for presenta-
ton to Congress, were not sent here until
now. He then quoted from the pre-
amble and resolutions adopted, which favor
reconciliation of silver, and declare the
government cannot waive its right to pay the
bonds in silver or gold. Laid on the table,
the bill now being before the Senate.
Senator Davis said, accompanying the pro-
ceedings were extracts from the speech of
Mr.. Sherman in the Senate January 81, 1869,
and also from speeches of Webster and Clay,
which tho petitioners desired him to have
read at the clerks desk but as he understood
such clause would be in violation of the
rules, he would not ask for reading of the
extracts.
Senator Ferry presented a petition of
wool-growers of Michigan, demonstrating
against any change in the duty on foreign
WOOL Referred.
Senator Bruce presented a joint resolution
of the Mississippi Legislature in favor of
remunerating certain citizens of Mississippi
mill owners and logmen, for damages sus-
tanned by them on accent of the seizure of
certain lumber and logs in the lumber dis
trict by agents of the United States. Re-
ferred.
The Senate bill to remit taxes on insolvent
savings banks was called up by Senator
Davis, of Illinois, and discussed until the
expiration of the morning hour, when con-
sideration of the silver bill was resumed and
Senator Thurman spoke in favor thereof
Senator Thurman argued that silver and
gold had been the metallic money of the
world for thousands of years. They were
also the money of the constitution. They
were the metallic money of the colonies and
afterward of the United States, from the
declaration of independence until silver was
demonetized by a mistake and without the
knowledge of the people OF Congress, by the
enactment of the revised statutes in 1874.
Both metals are suited to perform the func-
lions of money, and silver does perform that
function among a large majority of the
human race. Silver is especially suited for
small transactions and may therefore be
properly called the money of people iii
humble circumstances. It follows that the
burden of proof rests on those who insist
that silver should be demonetized
1t is argued that to rehabilitate the silver
dollar of 41215 grains would defraud the
public creditors. This cannot be true, for
the contract is to pay in either gold or sill
yer of the standard value Of the United
States on July 14th, 1870, when the silver
dollar of 1925 grains was full legal ten
der, with the right of unlimited coinage, and
it is simply impossible that party peform-
ing his contract, entered into by both par
ties, with full knowledge of its terms and
effect, can thereby be guilty of fraud or dis
honor. Both houses of Congress have by
overwhelming majorities decided that no
such fraud would be perpetrated by paying
the public creditors in the silver dollars of
4l21 grains. If remonetizing silver will
bring it to par with gold the public creditor
cannot lose.
4l212 grains and make it a full legal tender
would defraud individual creditors who have
loaned money or sold property to other in
dividuals since silver was demonetized, that
is, since June 22d, 1874 This is a great
mistake. Every creditor of the foregoing
description is compelled by law to receive
greenbacks i'll payment, unless his contract
expressly provides for payment in metallic
money, and the exceptional cases are not af-
fected by the bill under consideration. Now,
no one, think, doubts that if the coinage of
the dollar of 4121a grains be restored and it
be made full legal tender. it's value will be
at least equal to that of the greenback.
Hence no possible injury to individual
creditors, such as that above supposed. can
occur, If, as has been asserted, the average
duration of individual debts in the United
States is about ten years, q think it is less.)
Then it is easy to see that the passage of this
bill cannot injure any considerable number
of creditors, if, indeed, it should injure
any, for it is certain that in the next two
years not over 100000 silver dollars could
be coined, and nearly every such dollar would
be absorbed by the payment of customs du-
ties, and wonld be used for nothing else
1t is agreed that if this sbill pass, silver
will be less valuable currency than gold.
and will expell gold from the country, in ac-
cordance with what is called Greshams law
namely, that the least valuable currency
drives out the more valuable-and hence,
several amendments have been offered to
increaee the number of grains in the silver
dollar, so as to make it an equivalent, as it
is said. of the gold dollar. The objection to
the bill rests upon the assumption that
the silver dollar of 412L grains, if
made full legal tender, will be of less
value than the gold dollar. Mr.. Thurman
argued that this assumption was incorrect
and said: eff the greenback, which has no
intrinsic value, no circulation outside of the
United States, and is but of limited legal
tender even here, is yet within less than two
per cent. of par with gold, why should not
silver money, which has intrinsic value and
which circulates over the greater part of the
globe, if endorsed with the full legal tender
faculty, rise to par with gold especially if
we rate the metals at Is 9S-1OO to 1, while
most other nations using both give but 15L15
for
One reeson why greenbacks have been and
are deprecated is the fact that they have not
been receivable in payment of customs du-
ties or of interest on the public debt, but
make the silver dollar of 1925 grains full
legal tender and it will be receivable for
both these purposes and it must closely APP
proximate if it does not reach par with gold.
| believe it will reach it, but suppose it does
not, and suppose Gresham's law to have Its
effect, to what extent would gold be expelled
from the country by silver? Manifestly only
| SO far as silver supplanted it. Three hundred
millions in gold could not be driven
out by the issue of fifty millions in silver
The utmost effect could only be to expel fifty
millions of gold, the place of which woule
be taken by silver, and the volume of metal
lie money would be the same. But woult