The daily gazette., 1878-02-19

the recotnago of silver IN this lcOuntry
willreduce the purchasing power OF gold
to the same extent that 1t was increased
by our nct or decentralization, and Just
to ths ,extent its purchasing power de.
CREASED will the value of all other prop
erty be increased, To that extent, II no
further, the passage Of this bill prove a
measure of relief TO debtors without uaf-.
fecting adversely the interest of credi-
tors. In fact, whatever increas ~ the
ability of debtors TO pay BY enhancing
the value Of their estates increases tho
security for the debts they owe and be-
comes Q mutual benefit beth. to debtors
and creditors.
Mr.. President, there may be persons
who advocate the passage of this till in
the hope that it will lead to greater ex-
pausion in the circulating med lum of the
country, and by producing plethora Of
money lead to Initiation IN prices such as
we had few years ago. / do not ex-
pect nor desire such a. result. Much of
the depression In business aud distress
in the country is the result of an overis-
sue Of paper money during and soon af-
tor the war, IL led to reckless specula-
ton and wild adventure In business, in
Hated the prices OF everything. and pro-
duced an abnormal condition of affairs
throughout the country. Men estimat-
ing property according to the prices it
would then command in q depreciated
Currency, borro wed money at high rates
OF interest aud purchased real estate or
engaged In business forgetting that re-
action would take place aud imitation be
followed by depression and shrinkage in
values, until they found themselves in
volved in debts which they have been
unable to pay. LsE riHl
Many of the failures and bankruptcies
which have taken place and much of the
financial embarrassment now in the
land have resulted from this condition
of affairs. If faN lis
/ do not want to soc undue imitation
by undue expansion again repeated, aud
do not advocate the restoration of silver
to the coinage in o. der to produce such o
result. desire to secure By the passage
Of this bill an additional amount of coin
In the country, andi as a .,consequnce
greater stability and regularity in fiaan-
cial affairs. believe It will aid in se-
curing and maintaining resumption, en-
coul age legitimate enterprise and indus
try, ins pire confidence, and assist in re-
storing greater degree of prosperity to
the country. 5-a 80
Mr.. President, do not deny that 1
support this measure for another reason.
believe 1t Is demanded by the interest
Of the country, and that is sufficient to
control my Vote But there IL another
consideration which can neither over
look nor disregard. In my opinion, it is
demanded by the wishes of large ma
jority of the people of the country. 1t
sometimes becomes the duty of the re-
prssentative to oppose by bis action the
wishes of those he represents. He may
not disregard the prohibitions of the
Constitution he has sworn to support,
| nor yield his judgment to the ill-consid-
cred demands of the multitude, but must
trust to their sober second thought for
his vindication and approval.
But the matured Judgment of the
people upon u subject they have consid-
cred under our representative Govern
ment ought TO be needed and obeyed.
| The Government is theirs, they bear its
burdens and feel the effects of Its policy
and measures. We are but their repre-
sentatives and agents intrusted with
| their confidence and bound by our action
! to effectuate their will. The Judgment
which they have formed upon this sub
ject is no hasty Judgment. The question
Is one with which they have been famI-
liar in all the past. From 1882 until 1874
they possessed an unquestioned right
under acts of Congress To have both gold
| and silver as the coined money of the
country, and their fathers from the
earliest settlement ofthe colonies enjoyed
this right as an inheritance from the
| common law. They know full well their
value and service and are unwilling to
| relinquish their right and discontinue
the use of either of the precious metals az
money. In matter so near their inter-
est, and on question upon which they
are able to form as correct conclusions as
myself, L should distrust my own judg-
ment If IN opposition to theirs.
Upon this question my own Judgment
is in accord with what believe TO be- the
wishes of the people of the country, aud
my pleasure, as well as my highest duty,
is to obey their will.