Daily globe., 1878-02-08
BLAIN'S JINGLE
OF THE MONEY! OF OUR fathers.

OF THE MONEY OF OUR fathers.
Demonstration Fraud and Remonetiza-
ton Necessity---But it Should be of
Equal Value of Gold---senator Johnston
Asks it for the South, Especially the Col
ored REORGANIZATION Seated In tile
House---Hayes Approved the River Snag
Bill---Paris Commissioners.
Senate.
WARRINGTON, Feb. Senator Allison
presented petition of the liberal league of
Iowa favoring q constitutional amendment
separating church and state. Referred.
Secretary Edmunds submitted resolution
instructing the committee on appropriations
to inquire whether there exists adequate pro-
vision for prompt examination, report and
action in pension cases in the pension bureau
and surgeon generals Office, and that said
committee report thereon, by bill or other
wise, as soon as may be,
After some discussion Senator Window
adjutant generals Office which was accepted
by Senator Edmunds. The resolution was
adopted.
Senator Davis, of Illinois, called up the
Senate bill to remit the tax on insolvent saw
ings banks, the pending question being on
the amendment providing that no savings
bank having no capital stock, shall on ac-
count of mercantile or business deposits on
which no interest has been allowed be denied
the exemption allowed to savings banks hav-
ing no capital stock, and it was agreed to:
ayes 3s, nays 27.
The bill was then read a third time and
passed.
| Senator Sargent submitted resolution in
structing the committee on appropriations
to have printed the testimony in the investi-
cation of the affairs of the Freedmen's hos
pital of this city. Agreed to.
| Senator Hamlin called up the House bill
to further suspend the operations of section
5,594 Of the revised statutes in relation to
Guano islands, which was briefly discussed
and laid aside.
/ Consideration was then resumed of the
unfinished business silver bill and Sen
ator Blaine spoke thereon.
He said gold and silver coin are the money
of the constitution. The organic law con-
ferred no power on Congress to declare that
either should not be money. Congress,
therefore, has no power to demonetize silver
any more than gold, or than it has to de-
nonetize both of them. Therefore silver
has been demonetized wrongfully. He was
in favor of remonetizing it. If its coinage
dering it to be resumed. If it has been re-
. | Of ofo ho Go Of boX,
larged.
Congress has the exclusive power to coin
gold and silver, and regulate their value. If
Germany should remonetize silver and the
gates of the Latin Union reopen their mines
silver would resume its former relation with
gold. He believes European countries will
be driven to full reconciliation. They must
of necessity adopt their old ratio of 15L
of silver to / of gold. Then we shall be
compelled to adopt the same ratio instead q
our former 16 to 1. If we fail to do this, we
} shall lose our silver, which will seek tn.
highest market.
One difficult problem is how to re-ostab
lish silver without the cooperation of tn,
European powers, and as an advance move
ment to coerce them into the same policy
If we can keep the silver dollar below the
} current value Of the gold dollar, we invite
Europe to take our gold from us, which viii
force us to single silver standard, and Grip
pie our relations with leading countries. II
the present conditions of the current rates O.
! silver free coinage of dollar containing
41212 grains, would give legitimate prof
to the owners of bullion, which would de
fraud the man who is forced to take the dollar
, It assuredly follows that the free coinag.
and circulation of this inferior dollar mus
| be at the expense of our gold coinage, which
will flow out with the certainty and resistles
3 force of the tides. What gain, therefore
, would we make in the circulating medium
if, on opening the gate for silver to flow in
: we open wider the gate for gold to flow out
Until Europe remonetizes silver, we canno
I afford to coin a dollar as low as 4121:
8 grains. After Europe remonetizes silver OF
:, the old standard, we cannot afford to coin
. dollar above 400 grains, because if we do
= silver will leave US.
Senator Blaine argued the public injustice
t and private wrong of making debased sill
Q yer standard, which must inevitably fix
= lower standard of value for our pape
, money, and urged strict regard for the in
: terests of the public credit, which is indis
: solubly bound up with the interests of tn
: whole people. He repudiated the specific de
d mand for the payment of the bonds in gold
but said they must be paid in gold and no
. in an inferior silver dollar, in accordanc
q with our public pledge to the public credi
! tors.
In 1870 the banks used to pay the stand
J. ard of the then existing value as the silye
! dollar of four hundred and twenty -fv
= grains would equally represent the dolla
q Of that date. Such dollar will benefit
turn the owner of billions, the holder {
\ coin and the government. and will assu1
n to our laborors full dollar in pay for
: dollars worth Of work.
. For these reasons he advocated unlimite
n coinage and legal tender for dollar of tn
n weight. He did not expect the adoption
,e his substitute in view of the precluding con
initials and avowais of Senators. He ewas n
al in line with either extremes, those who fav
,e the single gold standard or those who
10 views, if sustained would force us to sing
70 silver standard. We need both, and cou
have them only by making each the equ
4. of the other.
~ He called attention to the fact that t
be dollar proposed by the bill is lighter and le
=. valuable than the one coined by our mi1
he for the ignorant class Of heather laborers
.tv China and India, and in the name of comm
sense and common honesty he asked t
nd American Congress not to force upon t
til American laborer an inferior dollar VIII
the naked, famishing and degraded LAHORE
of India and China refused to accept
denied the assertion that the people demar
ed cheaper money. They demand an abu1
h ance of good money they do not want
q. single gold standard. That will exclude sill
and benefit those already rich. Nor do Il
,,,% o:I,,o,, c%o,,1or1 +hot will aY;le1 D