The daily gazette., 1878-02-19

buy given amount Of gold than II its
value Eads-aot been thus increased. /
would not lessen the quantity of gold in
the coin, but l would impart to 1t by no
legislation any additional purchasing
power by excluding silver from the coin
Of the country or limiting its power for
or the payment OF debts. sh'
AT this point, Mr., President, wish to
call the attention of Senators to the idea
which have suggested, that by our act
OF demonetization we created a greater
demand for gold, and have created an
appreciation of that metal. II, as 4 hope
and as / believe, the passage of this bill
will reduce the purchasing power of
gold, 1t will add to the value of every
species Of property throughout this ooun-
from Maine, Mr.. Blaine,J who spoke q
few days ago, that we had $40, ,000.O00, 900
OF prop erty in this country to-day. Sup
pose you reduce the purchasing power
OF gold but l per cent, that moment you
add Si00, 100000 to all other property as
compared with gold. - H
Mr. Eaton. That is your theory?
Mr.. Salisbury. speak of the theory.
The theory Is my own, which believe.
farm worth 5000 to-day in gold, and
you reduce the value of the gold winch
he holds per cent, ask whether, as
compared with gold, his farm is not
wortif1 per cent. more than it, iaRs be-
fore you reduced the purchasing power
of gold? pr
If the effect of this bill therefore be to
reduce the purchasing power of gold 2i
per cent, you will add, according to my
theory, which believe upon exanina-
ton will be found to be correct, to the
actual value of the 100000, 900 900 of
property in this country, as compared
with gold, 81 ,000, ,0O0, 900, sufficient to pay
one-half the public debt. i commend
this theory to the examination of the
Senator from Connecticut, who, know,
always gives to every theory which he
examines careful consideration; and If,
upon his examination, he can concur
with me in opinion, l shall be very hap
py IL he will SO inform me. =
Mr.. President, the senator from Con-
neticut appeals TO the history OF the past
AMI now II pin him in the appeal, aud 1
reiterate that since 1884 and 1887 up to
your Nm wise act Of demOnet ization the
silver dollar of 4l2t grains maintained its
superiority TO your gold dollar, aud whsn
you pur he ban upon 10 by striking it
from your coinage you discredited silver
In the markets OF the world; and at
tribute myself much II not the entire de-
PfoSseetVh VI hho cA4NCE OahfhOh W bho
world to day to tho unwise act which
struck it from our currency and made
an impression throughout the civilized
world thatiG was not TO be again one Of
the coins Of this country. .I
Mr. President, this bill is rega, ,ded by
those who oppose 1t as hostile To the in
tsrest OF creditors, public and private.
In giving it my support l am aatuated
by no such feeling, and do not be heve
d. fnH.
prej judlce the rights of either debtors or
creditors. Every man who holds the
obligations OF the Governments should be
paid honestly and fairly, whether he IL a
citizen of this county or IL the subject
of foreign power. L shall join in no
attack upon bondholders or capitals Is,
but would guard their rights AZ carefully
as those of any other class of IN en-. 1
know that there are those who seek to
inspire prejudice against men of for
tune and affect to regard them as the
oppressors of the laboring men, tax pay
ors of the Country. L have no sympathy
with and can give NO encouragement
To any such ell ,rt. The man who Dy
| industry and frugality has acquired an
estate large or small, deserves the es-
TEEN instead of the censure of others.
can feel no envy or prejucice against the
man who by such MEANS has outstripped
me In The race OF fortune. Such men
generally are an advantage to the COM
Munlties in which they live. hey give
employment to labor, pay taxes, and
bear their full share in the support OF
government and The maintenance of
public schools. Upon that class of per-
SONS we depend very largely for aid in
| matters OF po bile enterprise. Some OF
them contrib literally in the erection
and support OF churches ana academies,
in which the whole community Is inter-
ested, and sustain with liberal hand H.
situations of benevolence aud chaiIty. L
may feel more sympathy for the man in
humble circumstances, because he may
need more, but would project the rign Is
of tue one as sacredly as those of the
other. i cannot believe that this bill
Will impair the rights of any; IL may
| prove "a benefit to all.
Mr.. President, while l do not regard
this measure as mi nrlous to any interest
aud can see in 1t nothing that can impair
the credit or tarnish the honor and faith
| OF The country, L am free to say that do
not hope from 1T the full measure of re-
lief from financial embarrassment aud
distress which some OF its friends seem
TO anticipate. The causes of the prese ut
conultion of affairs in this country are
too RADICAL and deep seated to be entire
ly eradicated by the passage Of this bill.
lJ may assist IN relieving the distress
| flowing from these causes, but Will not
OF itself entirely counteract their effect.
We are paying the penalty or our follies
aud mistakes IN the past, and no action
Of the Government, no legislation OF
Congress can relieve us entirely from 1t
or 40 more than mitigate its severity. BY
adding TO the amount Of the coin III the
county 1t will aid resumption and coun,
teract 10 some extent the effect of con-
traction OF the currency anu the depre-
clation In the value of property, aud
thus assist in the restoration of that con-
tidence essential to business and enter
prise; but it will pay no mans debt, it
will lift the mortgage from no farm, it
will cancel no obligation or enable men
to reallze imitation prices for what they
have To ..sell. One beneficial effect 1
hope IL will have, namely, To bring down
to aproper STANDARD the price .of gold,
which, IL Is insisted, meas ures oil values
BY our act OF Recommendation we not ou-
ly lessened the demand for silver in
this country but by our example discour-
aged It's use for coin i'll other countries.
ne effect has been, as l have already
stated TO depreciate silver in the markets
of The world ant. at the same time To in
crease The purchasing Bower of gold by