New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-08
ME-. BLAINES SPEECH.
RECONCILIATION AND SILVER DOLLAR WHICH Is
WORTH A DOLLAR ADVOCATED.

REORGANIZATION AND A SILVER DOLLAR WHICH Is
WORTH DOLLAR ADVOCATED.
WAsnINGTOY, Feb 1.-THE morning hour having
expired In the Senate to-day, the Silver Bill came
up for discussion, and Mr. Blaine spoke in advocacy
of his own BILL and Mr.. Johnston in favor of silver
reconciliation in general. The proceedings were
as follows:
Mr.. Blaine (lfcp, Mainel said:
The discussion on the question of remonotzng silver,
Mr. President, las been prolonged, able and exhaus
tive may not expect 20 add much 10 its value,
but promise not TO add much to its length shall en-
deavor to facts rather than theories to state
conclusions rather than argumeuts
First-I believe gold and silver coin TO be the money
of the Constitution indeed the OF the American
people anterior the Constitution which that great or
ganc law recognized quite independent OF Its own eX
isenee No power conferred on Congress to declare
that either metal should not be money. Congress has
therefore, in my judgment no power TO domoDctze sill
yer any than to demonetze gold no power TO de-
monetizc either, any moro than to deinOnetze both
In this statement l am but repeating the weighty
dictum Of the first of constitutional lawyers Il am GER
tainly OF opinion, said Mr.. Webster that gold and
silver at rates fixed by Congress- constitute the legal
standard of value i'll this country and that peithcr Con-
gress any state has authority to establish any other
standard OF to dispace this standard" Few persons
can be found, apprehend, who Will maintain that Con
gress possesses the power 10 demOneZe both gold and
silver or that Congress could be justified IN prohibiting
the coinage of both and yet in logic and legal consnc-
tion it would be difficult to show where and why the
power of Congress silver ia greater than over gold
greater over either than the two. IT, therefore,
silver has been demoneized in favor OF rcmouetiz
ing IT, its coinage has been prohibited am in favor OF
ordering it to be resumed If has been restricted am
III favor of having it enlarged.
THE DISTURBANCE OF RELATIVE VALUES.
SecOnd-What power, then has Congress over gold and
silyeri 1t has the exclusive power to coin them the
exclusive power TO regulate their vaue-very great,
very wse very powers for tic discreet eXer
else OF which critical occasion has arisen How
ever men may differ about causes and processes, all
will admit that within few years great disturbance
has taken place in the relative values of gold and silver
and that silver worth less gold worth more in the
money markets OF the world in 1873 than in 1873 when
the further coinage OF silver dollars was prohibited in
this country To rcmODetzc it though the facts
and circumstances OF that day surrounding us, is
wilfully aud blndy TO deceive ourselves. If our de-
monetzatOn were only for the decline in the
value OF sivcr then reconciliation would be iis proper
aud efFectual But other causes, quite be-
yond our coDtro have been far more poten-
TALLY operative than The simple fact of Congress prOLb
itlng its further coinage; and legislators we are
bound take cOgnizance u these causes The dcone-
tizaton OF silver in great German Empire ana the
consequent partial wenigh complete, suspension Of
coinage in the Governments OF the Latin Union, have
been the leading dominant for the rapid decline
iu tho value of silver do not think the Over-suppy of
silver has had comparison with these other causes
Improbable influence in the decline of its value because
its oyersuppy with respect 10 gold IN these later years
has not nearly great as was the oversuppy OF
gold with respect silver for many years after the
mines OF California aud Australia were opened and the
over-suppiy OF gold from those rich sources did not
affect the relative positions and Of the two metals
IN any European country.
believe, them IL Germany were to remonetize silver
md The Kingdoms and States OF the Latin Union were TO
reopen their mints, silver would at once resume It's
former relation with gold. The European countries
when driven 10 full reconciliation, as believe they
will be- must OF necessity adopt their old ratio of fifteen
aud half OF silver to one Of gold and shall then DO
compelled adopt ratio instead OF our former
sixteen For II fail to do this we shall, as
before, lose silver which like all things else seeks
the highest market; and IL fifteen and half pounds OF
silver will buy much gold in Europe sixteen pounds
Will buy in America. tho silver, OF course will go to
Europe. But our line OF policy In Joint movement
with other Nations TO remonetize very simple and
very direct
The difficult problem is what shall do when we aim
70 restabsh silver without the cooperation Of European
Powers and really an advance movement to coercc
them there into the policy. Evidently the first
dictate prudence is TO coin dollar as VIII not only do
Justice among our citizens at home, but will prove a
proecton-an absolute acknowledgements the gold
nonometalsts OF Europe, who whenever the opportu-
nifty offers will quickly draw from the one hundred ana
sixty millions OF gold coin stu in our midst Ana III We
coin silver dollar OF full legaltender obviously below
the current value of the gold dollar. opening wide
our doors and inviting England TO take gold And
with our gold flowing out from forced TO the
single silver standard and relations with the leading
commercial countries Of the world are at embar-
raised and crippled.
FREE COINAGE OF A 41212 GRAIN DOLLAR UNSAFE
NOW.
ThirdThe question before Congress then-sharpy de-
Aned I'm the pending House BILLS, whether IL Is now
safe and expeden to offer free coinage to the silver dol
lar of 4l2a grains, with the minta of the Latin URion
closed and Germany not permitting silver to be coined
ss money
At current rates Of silver, the free coinage Of dollar
containing grains worth In gold about o. cents.