The daily gazette., 1878-02-08
The silver Debate.
Nh. BLAIsE opPosEb TO THE SINGLE
w. 4als GOLD STANDARD. a
VI IN the Senate Yesterday Senator Blaine

Mn. BLAINE oProsEb TO THE SINGLE
80 .4,,le GOLD STANDARD. III i.
In the Senate yesterday Senator Blaine
said ~ ''' ','
That reconciliation will have con-
siderable effect in advancing the value of
the dollar Is beyond doubt, but not
enough to overcome the difference now
existing-a difference resulting from
causes quite independent Of our control
op this continent. DEMONSTRATION here,
followed by general remonetization in
Europe, will secure to the United States
the most stable basis for its currency that
we have ever enjoyed, and win effectual-
ly aid in solving all the problems by
which I, our financial situation Is sur
rounded He believed that the struggle
now going on in this country and in other
countries for q single gold standard
would, II successful produce widespread
disaster in the end throughout the COM
mercial world. The destruction of silver
as money and establishing gold as the
sole unit of value must have ruinous
effect on all forms of property except
those Investments which yield q fixed
return In money. These would be enor-
inously enhanced IN value.s and would
gain q dispropottionate and unfair advan.
tage over every other species Of property,
He believed the public creditor can
afford TO be paid In any silver dollar that
the United States can afford TO coin and
circulate. We have forty thousand mil
lions of property In this country, sud
wise seif-intsrest will not permit US to
overrun Its relations by seeking for m
| infsrior dollar wherewith to settle the
dues and demands Of any creditor. II
paid In i good silver dollar, the bond
holder has nothing to complain Of. Il
paid IN an inferior silver dollar, he ha.
| the same grievance that viii be uttert
still more plaintively blythe holder of the
| liegattender note and of the national banl
bin, by the pensioner, by the day laborer
and by the countless host Of the pool
whom we have with Us always, and OF
whom the most distressing effect Of infe
ferior money win be ultimately precipita
| IA " q ~ i Isd y W u lta
| Mr.. Blaine declared that the specifi,
demand for the payment Of our bonds ii
gold coin,i and In nothing else, come
with an ill.grace7 from certain quarters
European criticism Is leyeled against u
and hard names are hurled at US acros
the ocean, for simply daring to state tina
the letter Of our law declares the bond
to be payable In standard coin ofJuly ID
1870, expressly and explicitly declared so
and declared so In the interest of the pub
lie creditor, and the declaration inserte'
in the very body of the eight hundre'
millions of bonds that have been issue'
since that date. Beyond all doubt tn
silver dollar was included in the standar'
coins of that public act Payment a
that time would have been as acceptabl
and as undisputed insilver as In gold dol
lars, for both were equally valuable 1
the European as well as in the America
market, '- ID ......,,,,, d. b..
Il When we pledged the public credito
in 1870 that our Obligations should b
paid in the standard coin Of that date 81
yer bullion was worth in the Londo
market fraction over sixty pence pc
ounce its average for the past eigf
months has been about fifty-four penc'
the price 'reckoned in gold in both case
But the large difference is due partly I
, the rise in gold as well rs to the fall
! silver. Allowing for both these cause
J and striking the difference, 1t will
found, in the judgment of many Of th
| wisest men in the country, perfectly sal
to issue dollar of 425 grains standar
silver as one that, anticipating the fu
and legitimate influence of remonetizi
! ton, will equate itself with the gold do
lar, and effectually guard against tn
, drain of our gold during the time nece
sary for international conference in r.
! gard to the general re-establishment
silver rs money. m fe.