New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-02-07
XIVth CONGRESS---IId SESSION.

IN the Senate. to-day, Mr.. FERRY Rep.,
nich) presented petition OF woolnoNers OF Michigan
communicating against any change IN the duty on foreign
wool
Alarc, number OF petitions demonstrating AGAINST
chance in tho tariff and against any unguardcd revision
were presented by Messrs MCPHERSON tDem.. n JJ
cONKIING rep. n. ". HERMAN Dem, " W CAM
LEOS dtep. P,un.l, WALLACE Dem Pennl' O"Lt.9
III Rep. I'LL, and others, all OF which we're Iei.'eH
the Committee o. Finance -, ,,,,,o, ~,
ST. CONkllN1 ut p, y: plcseh,su u ,iln.orSfJr,t-
D. large number OF persons IN Albany. n u lsinO rt
iug against the proposed change OF Tue o ,sy,ceiv en-
,el IN hr manufacture Of corks. aud y was ronnso
a sono quarters to 1pSss, Gun y"Sd be- fatal 10 the
re 'ss1yEtJNe, also presented petitions o. various
depreeailug rsshuoss In the attempt 10
wr DAVIS dnd., I'D said there was an immense 81
,.r me- ding VA CbiraGo on the 18Th OF DcccubsF. W
wards Of 1000 persons were a,enbcI thee nG erIs
,e Tie senate net VITA enthusiastic response by some
M Tie proceedings OF the meeting had not been
srnt forward unti nov. Mr. Davis then quoted from
tho reeolui ons Lard on tie table. .
Mr. HAMIIN rep. Me) presented communication
tr m, secretary 81 state. In regard 70 present from
lie Impcsor OF Russia TO Lieutenant Gieen' OF the
Nj MCPHERSON Dem: \: j. presented resolutions
81 the NcwBruuswlck, \. j., Board OF Trade asking
Tie following bills were placed Oh the calendar:
For lie relief OF the Abemarle aud Chesar cake Canal
'I Fai tie relief of william II. Cornell.
Tie Ills Tor tie rel q Isabella r. Green and Thorn
ION Mr. ST icHEIL Rep Orecon) introduced bill TO
reduce the Of mail service on the Pacific coast
Nj REI-CE Oep, Miss presented joint resolutions of
the Mississippi Legislature ~ favor Of the PASSAGE OF
ownrrs aId iog-Eeifor damages sustained by them
account OF the OF certain lumber AID logs by
o,rnfs of the United States.
Biiis were introduced and referred rs follows:
BY Mr.. HERMAN Dem. n ITO PROVIDE settle
uet W m the SIX Nations Ot NewYork Indians for I'M
executed treaty sipuations; TO amend the Act Of Feb
ruary 49, 1870 10 authorize the seLeea Nation OF New"
York Indians to lease lands within inc Cat'afaGus ana
Allegheny reservations also 10 amend the Act OF Feb
ary 10 1873 10 provide for tue sale OF certain New
By Mr.. MATTHEWS dSop.. ohiol-To incorporate the
National Security Life Insurance Company OF the DIS
4 COMMUNICATION from the Secretary Of War on the
Nj DAVIS (md ILL., called UP the Senate bill to re-
nit taxes on insOlyeut savings banks.
THURMAN ON SILVER
NO ROBBERY OF cRrDIroRs-sILvER TO RISE IN
VALUE.
Pending discussion the morning hour expired and the
Senate resumed consideration Of the unfinished business
being the silver Bill.
Mr.. THURMAN (Denl., Ohio) said he would appeal to
no pa ssons to prejudces He would attack no man.
or class OF men, He would assal no ones motives
Neither would he waste time in defending his OVID He
would endcavor to answer the prominent objections
made 10 this hin Hc argued that silver and gold had
been tie metallic money Of the world for thousands OF
years They are also the money Of we Ss cnonies
and afterwards Of the United states. from the
jSed by mistake and without KNOWLEDGE of the people
or Congress- 10y the enactment Of the Revised Statutes
silver IL especially suited for small transactions and
may, therefore, lie properly called the money
OF people in humble circumstance 1t follows
412a srsins would dcfiamd the public creditor. This
be s Or 3r value p gned States ON
July H. 1870, and IL is simply impossible that
RB oG parties q It with full Snowlddse Of
its and cfecD thereby be guilty OF fraud and
whelmng mauritcs, decided that no such fraud could
pcrpeira.ed y paying 'he public creditors in silver
bring IT with gold the public creditors cannot
Ii is said that to coin dollar of 412la grains
and make il fu lCgaIendcr would deiTaud individual
creditors Now no one tank doubts that if the coiu
age of the dollar OF ll2i2 grains he restored, and be
made full legal tender its value VIII be al least eQua 10
that creenback Hence no possible injury TO individual
creditors that occur IT, ms has
been asserted, tue aye1ge duration OF individual dents
then Is easy that the passage OF This bill cannot
nure anv considerable number Of creditors if indeed II
years not 600 Of silver could be coined and
nearly every such dollar would he absorbed by the pay
ment of customs duties. aud would be used FOR nothing
valuable currency than gold. and viii eGpel god rom
the country in accorda3ce with what rs called the
drives out the more valuable and hchcc several amend.
grains in the silver dollar so as 10 make II an
egmiyalent, as It is said OF the god dollar.
that the silver dollar Of 4l2i grains Il made full legal
euder. VIII be of less va9e tnan the gold dollar Bnt IS
that depreciation In the market value OF silver bull
IL resi- decentralization
many aud the United States and the efforts being made
10 deInoHeze ii In the Lain Union States Remonetize
IL in the United states aud 1t seems to me that the
probable effect will be to put stop to decentralization
elsewhere though 1t does not BRING ABOUT the
that have adopted improvldenty. think the single
gold standard 1t not correct to treat silver
simply marketable conimodity-eimpy "a bullion.
Such reasoning loses sight OF the value that results from
Make the silver dollar Of 412Ia grains fun lcgaIenGer
and IL must closely approximate II does not REACH
par with gold. believe 1t will reach It,
TIE PROBABLE METAL MOVEMENT.
But suppose Greshan's law have its effect TO what
extent would gold be expelled from the country by sill
vert Manifcstly only far as silver supplanted it.
Three hundred millions in gold could not be driven out
by Of fifty millions OF silver. The utmost effect
could only be to export fifty millions OF gold the place
OF when would he taken by silver, and the volume of
metallic money would he the same But would the 1fty
millions Of gold be expelled Not unless three hundred
millions was all the metallic that the country
needed II II needs three hundred and fifty millions
aud 1t needs more 10 safely and certainly maintain
specie payments-he gradual addition Of S5O.00O000 OF
silver to S300000,000 OF gold would not drive gold out
rUd and when we consider how slow VIII be process
Of coming silver dollars in immediate danger
OF losing our gold II gold be expelled u VIII not be 80
much by silver currency as by our small notes.
Another set Of reasoners argue that SILVER will go out
Of the country should tho dollar OF 4l22 be
coined that silver undery valued III the dollar OF
4I2la grains compared with its valuation IN the
States OF the Latin Union VIII leave here and flow into
those States aud so II undoubtedly would tend 10 do
were tnose States To open minis To unlinited coinage
Of I'VE franc pieces but he thought they would not
do 80.
III
law would he flooded with si yer-that Ger
many would pour surplus silver us, andcur mines
would produce much that We would have more fIan
would know what 10 40 with lie had fears from
Germany. 10 said that she had $4,000. 600 10 |
spare. suppose it all poured INTO The United
States; we could absorb IL all without injury. But II
would lie poured into this country Germany could
not spare her silver
PROSPERITY AND Bi-METALJIsM.
Another objection to the bill is the we!lknown argu
nent against bi-metalisD. and the most gloomy PIC
lures have been drawn OF the ruin that will beia