The weekly Thibodaux sentinel and journal of the 8th Senatorial District. [volume] (Thibodaux, Lna. [i.e. La.]) 1875-1898, 1878-03-16
The Silver Bill.

lengthy. animated, and somewhat
bitter discussion in both houses.
The advocates of the measure,
claim that the former act which
demonetiZed silver was a surprise
to the people, being passed
through Congress surreptltlously
and without its object having
been made KNOWN to the country
at large. They also contend that
the present depreciation OF silver
has been effected by that ltgiSla-
ton that took away its value, by
denyingi it to be a legal tender.
and that the present act, lately
passed, will restore its former
value, or at least cause il to APP
proXimate sc near the value Of
gold, that it will practically
amount 20 no material difference.
They also contend that the princi
pal debt of the Government con
sists in bonds payable i'll coin.
silver or gold, at the value it pos
sessed at the period of the adop
ton OF the law authorizing the
issue of said bonds, and that, then
the silver dollar was 4125 grains
of silver for each and every dot
lar that the bonds call for. They
also contend that Silver and Gold
have been contempareous curren-
cy for thousands of years and that
their relative values are effected
by the amount Of each of those
precious metals that may be in
circulation, and that money that
was good for the fathers is cool
enough for the sons. They advo-
cate the theory that TO put Silver
again iii general circulation, max
ing it a legal tender for dehts.for
Custom House, and all other gov
eminent dues will cause business
to revive, commerce to grow.
manufactures to work and ali
species of labor to find employ
ment and thus restore the pros
perlty that once was so remark
able in the Western World.
On the other hand the oppo-
ncnts of the measure contend that
it will have deleterious effect on
all species OF business, injure the
national credit, and he reDudi-
alton to ii limited extent, Of the
debt that tho limited States hon,
estlv owes.
They contend that the demoniti-
cation OF silver and the making Of
gold The only legal tender for
Bonds of the United States de
prived the government of the
power to re-institute Silver as a
legal tender for the same by any
subsequent legislation.
The debates on this important
question were not confined to any
of the political party lines. both
Democrats and Republicans sup
porting and opposing the Bill.
Among the Democrats Voor-
HES, Thurman, Maxey, MELON
aid, Cockerill, Sc. advocated the
measure, whist Bayard, Eaton,
Herman. Hill and Lamar Sc.
>poke and voted against tie meas
ure. On the Republican side III
gals. Allison, OgIesby. Mathews.
but1er OF Mass, &c, favored the
act, Whilst Blaine, Christiancy,
Booth, Edmonds and Others were
opposed to its adoption.
1t WAS rather a contest of the
South and West against the East.
There is no fact more certain
than that The cheaper metal will
drive the more precious one out
of circulation. as has been eyidenc
ed time and again III this and all
all other countries. a man if 90
Years OF age has witnessed Silver
driven from circulation by cheap.
er gold, and has seen gold driven
from general Use by cheaper silver,
and both hidden from the public
view by cheaper greenback cur
rrncy.
The law issued certain bonds
PAYABLE in coin worth 4125 grams
Ct silver to the dollar. When sill
Yer will be placed on an equal
footing with gold, the fact will
then be as%certained whether 4125
grains of silver is equal to a dol
lar IN gold of its present weight.
The effect OF restoring silver to
It's former standard, with power to
llquldate all debts may have the
effect OF driving gold from circula
ton or rather Of keeping it out of
circulation, for it has had no habl-
tatlon among the masses for many
long years !; in that case it will
make no material Change: and if
this act raises the value of silver
to a par with gold no one Will be
hurt.
The reading of those able de-
bateSonly leaves the reader to
his own tbocr . e.