The Leavenworth weekly times., 1878-02-14
IN CONGRESS-.
SENATE.

WASHINGTON, ID. c., February G.-Mr
| DAVIS, (of lllinois) said there was an i'm.
mense meeting of the citizens OF Chicago
on the 18th OF December last, TO give ex.
preston 10 their opinion on the silver bill.
| Upwards of 5000 persons attended the
meeting, and every sentiment uttered favor
ing the provisions OF the bill now heiol G
the Senate met with an enthusiastic re-
sponse. By some oversi sht the proceedings
of the meeting, which were intended ipr
presentation 10 Congress, were not sent un-
I'll now. lie then quoted from the pream
bic and the resolutions adopted, which Ia
vor the remOnetizalion OF silver and declare
th,t the government cannot waive its righr
T. pay its bonds in silver or gold. Laid on
the table.
The bill now being before the S. naie. the
Senate bill TO remit taxes on insolvent saw
ings banks was called up by Mr. Davis, (oi
Iiiinois) and discussed until the expiration
of the morning hour, when the ccnsidera-
ton of the silver bill was resumed, and Mr..
Thurman spoke in favor thereof.
Mr. 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 denonetized by mistake and without
the knowledge OF the people or Congress, by
an enactment of the revised statutes in 1874.
Both metals are suited to perform the func-
tions OF money, and silver does perform
that function. Among large majority Of
the human race silver is especially suited
for small transactions and may therefore be
properly called the money OF the people IN
humble circumstances. !, follows that the
burlhen OF proof rests on
those who insist that silver
should be denonetized. 1t argued that
to rehabilitate the dollar of 4l2! grains
would be to defraud the public creditor.
This cannot be true. for the contract is TO
paw in either gold or silver OF the standard
value OF the United States. When the sill
yer dollar of 4l2l grains was full legal
tender with the right Of unlimited coinage,
it was simply impossible that a creditor
performing his contract entered into by
both parties, but with the full knowl-
edge of its terms and effect,
can thereby be guilty of
fraud or dl-honor. Both houses Of Congress
haye, by overwhelming majOrities, decided
that no such fraud would be perpetrated by
paving the public creditors in silver dollars
of 4l2J grains. Ii remonetizing silver will
bring it to par with gold, the public credi-
tor cannot lose. ii is said that TO coin the
silver dollar of 4l2I grains, and
make it a full legal tender
would defraud the individual creditors who
have loaned money or sold property TO 9TH
1. ipca a var barnnpetirat.
that is, since June end, 1874. This Is
great mistake. Every creditor of the fore
going description is compelled by law 10 re-
ceive greenbacks in payment unless his
contract expressly provides for payment in
metallic money, and these exceptional cases
are not affected by the bill under considera-
ton now. No one. think, doubts that il the
coinage Of the dollar of il2l grains be re-
stored and it be made full legal tender,
its value will be at least equal To that OF
the greenback; hence, no possible injury To
the individual creditor, such as that above
suppo-ed, can occur. IL as has been U.s.
serted that the average duration OF indi-
yidual debts in the | nired States is about
two wears. think it is
les. thet i, il easy tn see that the passage
of this bill cannot ininre any considerable
number OF creditors. il indeed it should in
lure anv, for il j. certain that in the next
Two wears not over so 10000 OF silver dol
lars could he coined. .an1 nearly all such dol |
lars would be absorbed by the payment OF
custom duties and would be used
for nothing else. 1t is argued
that il this bill should pass silver will be
less valuable currency than gold, and will
expel gold from the country in accordance