Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-01-26
were not much nearer together than they
were in 1884 and 1885.

we're not much nearer together than they
were in 1884 and 1885,
Senator Edmunds replied that it was very
likely. The United States since 1776 ha d
been gradually progressing in everything
which went to make up we'll ordered ma
ton, and yet there was period of four years
about 1872 when we went backward, and
there was another period more recently when
we went backward.
He argued that the simple declaration of
Statute was not equalization of the value of
gold and silver. Congress might well
say that bushel of potatoes should be equal
to bushel of corn. The farmers of the
west would smile at such proposition, and
the respective values Of corn and potatoes
would remain Just the same as they were be-
fore.
Senator Jones inquired of the Senator
from Vermont, if all the troubles of 1847
were not attributable to the removal of de-
posts by Gen. jackson, and were not petit
tions presented asking for a restoration of
such deposits.
Senator Edmunds replied, of course.
Stump orators and the newspapers then, as
now, cried out to fasten the cause of all the
distress upon this or that thing. They did
not like continuing the argument. He said
the legislatures in 1887 had discovered that
no amount of law making would give any
value to silver at all. He begged the Senate
States forty years ago ceased to impute value
to either silver or gold. The Legislators then
found out that the word value related to OPP
erations of men of society and CONNER ce,
and a statute could not add one bit of value
to anything
He next spoke of the act of 1849 author
izing the coinage of the gold dollar, and said
there was necessity for coming that dollar,
because there were no silver dollars in circu-
ton. He next referred to the coinage act of
1853, and said that when the act of 1884
was passed there was but trifing difference
between gold and silver, but that difference
had continued until gold coin overruled sill
yer and drove it away from the people. The
House of Representatives then deliberately
declared in favor of gold coin and rejected
silver as measure of value. Gold was then,
as it had been for years before, the only true
operating standard of value in the United
States, and yet Senators argued now that it
was proper to 60 back and upset history and
legislation.
Andrew johnson was member of the
House of Representatives. in 1853 and he
then argued that debasing silver coin would
be I'M urious to the laboring man, and there
was good deal in what he said. Now, if
the working man should be compelled to
take two half dollars for his days work,
worth about 81 or IS cents, he would be in
jured. The very men who were now urging
reconciliation of silver, should they stay in
the Senate ten years, would be the first to
undo the proposed legislation of to-day.
When the late civil war began and the tre-
mendous initiation of paper currency took
place, silver coin had long since passed out
Of existence and the statutes recognized the
fact.
He then referred to the financial legisla-
ton since 1861, and said before the passage.
of the legal tender act, when war loans were
being forced on the people, Thaddeus Stew
ems, chairman of the committee of ways and
means in the house of representatives, ar
gued that the people who advanced their
cause years before gold was recognized as
the only standard of value. The act of 1869
under which the bonds were issued. provided
that they should be paid in coin, but it was
understood that such coin should be gold.
The word coin imputed not silver dollars-it
imputed half dollars, quarters, copper, nickel,
and if the nation was going to stand upon
the letter of the law, why not give notice that
it intended to pay the bonds in copper,
which was coin of the United States.
Senator Matthews said no coin but gold
and silver was legal tender above SIS.
Senator Edmunds replied this was not
legal tender act, it was an act pledging the
good faith of the government. If he should
draw the act of 1869 now, with his present
opinion, he would use the terms gold and
silver just as they were used in that act.
There was a part of the debt Of the United
States, according to the letter of the law
which could be paid in silver. That coin
could be used for all debts.
Senator Blaine said very large portion
of the public debt was held in one hundred
dollar pieces of scrip, on which the interest
was 2l9 dollars payable SINH annually. Did
he understand the senator to say that this
interest was payable in silver half dollars
unlike the man who had registered bond OF
Isl 900 must have gold.
Senator Edmunds replied that the letter of
the law was one thing and the spirit of it
another. The nation would be in con-
dition to resort to literal construction of
its statutes against which no one could have
redress except by appealing to the con
science Of such nation. The honest inn
port of the pledge of public faith was that
the bonds we're payable in gold. It would be
in violation Of natural honor to pay the
small bondholders in silver unless such sill
yer should be equal in value to gold.
Senator Matthews quoted from the speech
of Senator Edmunds made in the Senate in
1867 to the effect that the bonds were pay
able in gold and silver.
Senator Edmunds said no doubt he did SO
argue, but the silver question then was of no
considerable moment. The question was
whether the debt should be paid in coin or
paper. There was party in this country
which deemed that the debt was payable in
greenbacks, and no doubt in reply to their
arguments he claimed the debt was payable
in both gold and silver.
Senator Blaine spoke of the bondholders
of. the country, and said he still wanted it
made specific whether there was any more
color for paying small coupons in silver than
there was for paying large ones. The people
Of the country wanted to know it.
Senator Edmunds said he was not like the
distinguished Senator from Maine, talking to
the country. He was talking to the Senate.
Senator Blaine-But the bondholders live
in the country.
Continuing his remarks, Edmunds said he
was quite ready to give his opinion, and that
was, that in the present attitude of the his
tory of our affairs the government was lust
as much in honor bound to pay the 1875
coupon in gold as it was the $50 one. He
than ruotad ot 1arofh from tho AFT of I Qe0