The daily gazette., 1878-01-28
TIL e SILVER QUESTION.
Speech Of Senators salisbury,
Hill and Gordon. ina the
Senate ON Friday.

nave NOT Ocgupieu tDc dttenllOn Of the
Senate with any assignment of the rea-
sons which controlled my votes on the
amendments to this resolution, aud do
not nov propose to give any reason for
the vote which shall give further than
this As understand the resolution, 1t
Is reduced In substance TO the naked pro.
position whether the bonds issued by this
Government are payable in silver coin as
we'll rs gold coin. Believing not only
from The best interpretation | can give
the statutes that the bonds are solyable
III silver coin OF tile standard value Vt
July IA, 1870. but also believing upon
the higher plane Of equity and justice,
that equity aud justice which should
always mark and distinguish the dealings
of a government with It's creditors, that
they are thus solvable, shall be COM
PEELED 10 vote for the resolution OF the
Senator from Ohio.
do not say that would have intro
duced that resolution. On the contrary
think it had better not have been in
troducdd until legislation that was practi-
cal was had. But the question is sub
mitted To us, aud as Senator have to
vote on the resolution, and must vote
In accordance with the dictates of my
Judgment, namely, that the bonds Of this
Government are solvabe either In gold
or silver coin of the standard value of
July IA, 1870, and for that reason shall
vote fot that resolution. Fai-
Mr. HILL. 1fr. President, desire
simply TO state that cannot vote for the
resolution offered by the Sena or from
Ohio, hecause 1t affirms that to day the
debt of the United States, principal and
interest, is pay able In silver coin dollars,
There is no silver coin dollar. IL has
been destroyed by the act of the Governs
meHt. How can YOU pay in silver com
to-day when the Government, the debtor
has explicitly stricken silver from the
coinage? lconcede that as naked legal
proposition,if the silver dollar to-day was
a coin, the bonds, according to the letter
Of tse ACT of 1870, would be payable IN
silver Or gold al the option OF the Gov>
ernmeht. l believe II you should restore
silver To the coinage, as was properly said
by the amendment Of the junior Senator
from Vermont, Mr.. Morrill, if you
should restore the silver dollar to the
coinage, then under the letter of the COLI
tract and the law of the contract possibly
and | believe truly, the bonds would be
payable in gold or silver at the option of
The Government. Now, sir, whether sill
yer should be restored to the coinage is
separate, independent, and distinct
question. In my Judgment 1t has no
proper relation To the payment OF the
debt. My Judgment as 10 whether 1t
should be restored to the coinage depends
on otlier and grave economical questions.
l believe that the proper renonetiza-
ton Of silver would be Of great advan>
Lage I'd the country at this time. be-
lieye Ii would aid in the great business
OF resumption, aid in a return TO specie
payments. | believe IL would be a great
benefit to the people in their present con
dition. But believe an improper resto-
ration Of the silver dollar to the coinage
will be hindrance to resumption, will
be the worst contraction Of The currency
this conntry has ever known, will infict
infinite evil upon the country, will mock
all The pains that seem now TO be pre-
tended to be remedied, aud will abso-
lutely mpoverish the very poor and hum
ger the already starving. Therefore the
question as TO the RECOMMENDATION OF sill
yer, whether will vote TO remonetize it
or not, will depend altogether on the
terms In which that reconciliation is
proposed. believe that if you remone-
tie silver In any way that will make the
| silver dollar equal to the gold dollar, you
Will do great thing for this country.
believe That if you remonetize the silver
dollar u any way that throws II into cir
culation as deprecated dollar, you ins
| fict an Infinite calamity on this country.
| believe the silver dollar can be made
equal ID the gold dollar In any one of
three ways. L believe you can increase
The weight OF the silver dollar and make
it equal to the gold dollar. | believe you
can limit the coinage perhaps, as in
France, and make it equal to the gold
dollar. | believe you can limit the legal
tender power of 1t and still make it
equal tp the gold dollar without increas>
ing The weight. But do lot believe in
the face of she manifest tendency of all
great commercial nations of this day, |
do not believe in the face of the great
fact that silver is worth but ninety cents
in the dollar to-day as compared with
gold, that you can restore the silver dol
lar to equal value with the gold dollar
by simply restoring IL to the coinage with
unlimited lesal-tender power and un-
limited free coinage.
make these remarks because, as say,
am ih favor of the proper remonetiza-
ton of silver, and not only in favor of it
but wolld be glad to Sue it done. am
utterly opposed to what l consider I'M
proper decentralization, aud cannot vote
for the resolution before the Senate be-
cause az understand it it requires me to
say thai to-day these bonds are payable
in the silver dollar when the silver dollar
by our own law Is hot coin.
Mr.. GORDON Mr.. President, do
not wish 10 make speech. may do
81 when the silver bill is before the
Senate rise now simply to say that
1 shsll vote for the preamble and reso-
luton of the Senator from Ohio, be-
cause | believe that they recite facts
which are true, legal. propositions
which cannot be successfully contro-
verted, and suggest policy which is
both honest, wise, and just. l will
not, however, 20 into the discussion
pow.
Perhaps l may be pardoned by the
friends of the silver bill for making
one su9gesslon before | take my seat.