The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-01-22
THE SILVER DEBATE.
Speeches of Senator's Merrimon and
Maxey in favor of Remone tixation.

When the senate resumed consideration
of the resolution of Mr.. Matthews de-
claring the right of the government to pay
the interest and principal of the bonds in
silver to-day. Mr.. Merrimon, of North
Carolina, said the subject was worthy of
most serious consideration, and he trusted
free and frank expression of views would
lead the senate to a wise and wholesome
conclusion. He would discuss the resolu-
ton submitted by the senator from Ohio
(Mr. Matthews), and not the expediency
of remonetizing silver. He would never
consent that the honor and good faith of
the government should be impaired in the
slightest degree, The naked question be-
tore the senate was, whether the govern.
ment could lawfully pay its creditors in
| silver OF the standard of value of July ID.
1870. He then reviewed at some length
the financial legislation since 1862 and
quoted from various acts to show that all
the bonds issued were payable in legal
tender coin of the United States. When
these acts were passed there we're but two
species of coin established by law-to wit,
gold and silver; and as the contract stood
| between the government and its creditors
the government could pay its debts in both
or either of these coins. The fact that
there was more or less of a particular kind
of coin in circulation when bonds were
issued did not affect the contract at all.
1t had been argued that creditors of the
government did not have the silver dollar
IN view when they bought bonds, because
silver was not then in circulation. That
made no difference. The law then provi $
ded for the coinage of the silver dollar as
we'll as the gold dollar, and had it been
intended to exclude the silver dollar when
| the bonds were issued why was not pro-
vision inserted for that purpose? That
the government had the right to pay it's
| bonds in silver was clear, and he could not
see how any such action could be looked
upon as reputation.
CONDITION OF THE COUNTRY.
He spoke of the business prostration and
suffering existing throughout the country
and argued that it was the effect Of unwise
legislation. The financial legislation since
| the war had been calculated to enhance
the value Of the bonds of the government
In the hands of creditors. In the natural
order of things, after the close of the war,
specie payments would have returned and
prosperity existed throughout the country;
but the interested bondhelders could not
wait for things in their natural order. 1t
was too slow. 1t was thought that a rapid
contraction tof the paper currency would
restore prosperity and the early re-
sumption of specie payments. This course
of contraction had been pursued. but un,
happily none of.the good results anticipated
followed. The volume Of paper currency in
circulation had been regulated by the gov.
ernment and not by the requirements oil
business. Since the panic of 1873 nothing
had fourished save government bonds
SPEECH OF SENATOR MAxEY.
| Mr.. Maxey, (dem.) of Texas, reviewed
the arguments against the RECOMMENDATION
of silver, and said gold and silver were the
metals out of which money was coined
when our constitution was framed. HI
spoke at length as to the constitutional
powers of congress in coming money, &c
r and argued that the constitution itsel
recognized the double standard. He ther
referred to the acts of congress unde
which the bonds were issued, and argued
that they were payable in either gold O.
silver. He next alluded 10 the de
: monetization of silver by the act of 1877
7 and argued that the act was Dot under
stood when passed. He quoted from tn
speeches of Hon. John Sherman, de
livered in the senate of the Unite'
States. to the effect that congress had tn
. right to restore the silver dollar wheneve
i it might think proper to do SO, and in hi
S. (Mr. Maxey's) opinion the time had nov
come when it should be restored 10 tn
coinage of the country. Any legislatio
to destroy silver as money was in violatio
% of the constitution. The restoration of ST
Ill yer now would be blessing to the Amer
can people. The characterization of silve
degraded tito the level of the other metal:
increased the value of gold. made the rio
In richer and the poor poorer, and In the enc
e. would destroy free government. The oil
lection that the passage of the silver bi
would strike grievous blow at the cred
of the government was fanciful, not rea
He would vote for the pending resolutio
cheerfully, because he believed that tt
In welfare of the people imperativeIy de
of mands tn 7. Herald.
in THE ARGUS JOB PRINTING koos
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Bill Heads, Law Briefs, and all 9TH
e D-;ptipr W. Tho h1uhan&