The New York herald., 1878-01-15
THE SILVER QUESTION.


PROCEEDINGS OF The sENArE-sENAroR DA-
WIS, OF ILLINOIS, EXPRESSES HIMsEIr-MR
EDMUNDs' SUBSTITUTE FOR MIR. MATTHEW'S
REsoLUTIoN-sENAToR BAILEY IN FAVOR OF
THE DOLLAR.
WARRINGTON Jan. IA, 1873.
In the Senate to-day Mr. DAVIS of Illinois, presented
a petition of bankers and business mon Of Chicago
indorsing financial Of the President Sec
retary OF the Treasury presented TO Congress- aud
expressing the opinion that the prosperity OF tho
country would be best promoted by adhcrlng to gold
MS a single standard OF value, and the speedy re.
sumption OF specie payments. Referred to the Com.
mittee Finance.
On presenting the petition Mr. Davis said no knew
many OF tho sgners. and they were men Of high
standing, but his opinion their Vows enter
tanned only by very small percentage Of the popula
tion OF that city.
He also presented n petition Of citizens OF McDo-
nough, ILL., in favor Of tho restoration OF the silver
dollar, and shat the entire volume OF S400 900 900
legaI tenders bo maintained, that they received
for duties imports Referred to the Committee on
Finance
He also presented the proceedings Of meeting held
nj Bloomington, ILL., In favor OF the remonctzoon OF
silver, and said the meeting was held In tho town
where he resided He did think IL best to attend
licvcd tho proceedings of that moetng to DO true
expression OF the people Of tho whole county, which
was the fourth county population In tho State They
all IN favor oi the silver dollar The resolutions
OF tho meeting wcrc read ~ the Clerks desk, at the
request OF Mr. Davis, and tho papers were laid upon
tho table, the bl having already been reported to the
Senate
THE SENTIMENT ~ THE SOUTH
Mr. HILL, OF Georgia, presented resolutions OF the
Savannah Cotton Exchange denying that The South
unanimously In favor OF tho restoration Of tho silver
and favu IN pnld alona
aud speedy return TO specie payments Referred TO
The Committee on Finance.
Mr.. EDxUSDs, Of Vermont, offered the following
amendment to the resolution submitted by Nj. Mat
thcws on December last
BE enacted. &c that all the bonds Of the United states
are PAYABLE principal and interest In gold coin
consent Of the creditor would be In soson OF the public
faith aud in dcrogston Of his rights
tGs. e.s.ssc Of the silver dollar hs been ss s and
long absolutely obsolete any substantial part the
money OF the country ana that which bad been 80 coined
aid no. exist At the time Of the making of Of the
istins loans have been refunded and whereas the
visions Of ne Coinage ACT Of passed on the l2t day Of
on on the Let day ct DeeembsT Of that year. a provsGns
were repealed aud whereas since the passage Of said a
acts gold coin Which. By reason Of the prem
standard Of ysue Tor all payments above the Of so
United states has in gold coin from the people Of
@ and zoo SAs s Ss ct not ,s, ' ,hs, a"a
any loan before made by tho govern ment, and
able Ia coin; and whereas tho holders of all gov
ernmont securities have right TO expect that
however much tie United States may change Its laws.
will evade favorable legislation either for
the purpose With the effect axe at the
pcnse Of Its credtos and whereas. differing the
transaction OF aairs between private the public
creditors have no Of enforcing tho payment Of their
loans II duty OF the highest obligation the Of
the United states to its aebs in such manner 10
meet the Just expectations OF s crod0vs and TO refrain
from taking advantage Of the chcapness OF silver
by rcvvng either obsolete coins o,soeto rcpencd
coinage laws In order to provide for payments In silver;
dollar OF 42a grains 10 only ninety two per cent OF The
value OF dollar gold would also bc unjust tor the
law making by Legislation compel all private
creditors receive from their debtors such silver dollar
At par In payment OF re-exisnx debts and equally un,
just cruel to compel the grcst number of
citizens OF the United states who subsst tho OF
daily labor receive payment for their In money
eithsr dcpreci ucd or debascd.
ordered TO bc printed and lie on the table.
BAILEy.
Tho Senate then csumcd consideration Of the resou
tion submitted by Mr.. Matthews before the holiday
cess declaring the right OF the government TO pay the
interest and princpal OF the bonds in silver, &c
Mr. BAILEY, OF Tennessee, read lengthy argument,
In which ho reviewed tho constitutional powers Of
Congress TO com money, &c, and tho various Imam
cial acts since 1862 Ho argued that II was the intcn
tion OF Congress TO pay the bonds In coin, ana The
aces were most carefully wordcd that coin mig ht bo
either god or silver. He favored the passage OF tho
resolution OF Nr Matthew. and commended that the
restoration OF the sIiycr dollar would not prevent
or retard the funding OF tho puolio debt.
AS bad been argued Hc had no doubt
our debt could bo funded AT four per cent Tho OBJ