The Osceola times., 1878-02-16

OF fraud or dish0nor. Both houses OF con.
gress have, by overwhelming majorities, de,
cided that no such fraud would be perpe.
trated by paying public creditors in the
silver dollar of 412X grains. II remonetix
ing silver will bring it to q par with gold,
the public creditor cannot lose. II Is said
that TO coin a silver dollar OF 4l2X grains
and make i a full legal tender, would de.
fraud individual creditors who have loaned
money or sold property to other individuals
since silver was emonetized-that Ia, since
June 22, 1874. This is q great mistake,
Every creditor Of the foregoing description
is compelled by law to receive greenbacks in
payment, unless his contract expressly pro.
vides for payment in metallic money, and
these exceptional cases are not Affected by
the bill under consideration. Now, no one
l think, doubts that II the coinage OF the
dollar OF 4l2H grains be restored, and II be
made full legal tender, its value will be a,
least equal to that of the greenback; hence
no possible injury to the individual creditor
such as that above supposed, can occur. II,
as has been asserted, the average duration oil
individual debts in the United States is
ABOUT two years-I think it is less--then II
is easy to see that the passage OF this bill
cannot injure any considerable number OF
creditors, II, indeed, 1t should injure any,
for it is certain that in the next two years
not over fifty million silver dollars could be
coined. and nearly all such dollars
would be absorbed by the payment Of custom
duties, and would be used for nothing else.
1t is argued that If this bill pass. silver will
be less valuable currency than gold, md
will expel gold from the country, in accord
namely: That the least valuable currency
Al lrivaa fka ualst.k1o apl
several amendments have been offered to
increase the number Of grains in the silver
dollar SO as to make il an equivalent, as II is
said, OF the gold dollar TINS objection TO
the bill rests upon the assumption that the
silver dollar Of 4l2h grains, il made full
legal tender, will be Of less value that the
gold dollar. Mr.. Thurman argued that this
was incorrect, and said II
which has no intrinsic value, no
outside Of the United States, and
is limited legal tender here, il yet within
less than two per cent. Of par with gold, why
should not silver money, which has an in
trinsic value, and which circulates over the
greater part Of the globe, II indorsed with
full legal tender faculty. rise to par with
gold, especially II we rate metals at is 9S.l00
to one, while most other nations using both
give but l5K for one? The reason why
have been and are deprecated,
Is on account OF the fact that they have not
been receivable in payment OF customs
l1ties, or of interest on the public debt but
make the silver dollar Of 4i2H grains full
egal tender, and II will be receivable for
both these purposes and il must closely
approximate, IL 1t does not reach par with
gold. | believe that IL will reach II, but
suppose 1t does not, and suppose Greshams
aw to have its effect, to what extent would
gold be expelled from the country by silver
Three hundred millions In gold could not be
silver. The utmost effect could only be 10
txpel fifty millions Of gold, the place Of
which would be taken by silver, and the
volume of metallic money would be the
same. But would fifty million dollars Of
gold be expelled2 Not unless three huns
dred million dollars was all the metallic
money that the country needed. II IL needs
three hundred and fifty million dollars, and
it needs more to safely and certainly main.
tain specie payments, the gradual addition
Of fifty million dollars of silver to the three
hundred million dollars of gold would not
drive gold out. But we have not half Of
three hundred million dollars of gold, and
when we consider how slow will be the pro.
cess OF coming silver dollars, we will find we
are in no immediate danger of losing our
gold. II gold be expelled it will not be 30
much by silver as it will be by small notes.
the people Of the United States
would ever give up the use of small notes he
would not venture to predict; but If they
would not they must agree that with us
metallic money shall be shorn Of its func.
lions-that of a circulating medium. An.
other set Of reasoners argued that silver
would go out OF the country should the dol
lar OF 412ls grains be coined that as silver
was undervalued in the dollar of 4l2k grains
rs compared with its valuation in the states
II the Latin union, it will leave here and
low into these states. So 1t would undoubt.
edly tend to do so were these states to open
miuts to an unlimited coinage of five franc
pieces. But he thought they would not do
20. Another objection TO the bill was that II
i should become the law we would be flooded
with silver; that Germany would pour her
surplus on us, and our mines would produce
30 much that we would have more than we
would know what to do with. He had no
fears from Germany. II was said she had
eighty million dollars TO spare, Suppose II
were all poured into the United States we
,ould absorb IL all without injury; but 1t
would not be poured into this country. Ger.
many could not spare her silver, but IL The
could the greater part Of II would be much
more likely to 90 TO Asia and to Russia,
Austria and Spain, to say nothing OF the
Latin states, than TO come to the United
States, who undervalue silver as compared
with the rest of the world. lie did not think
Ne had anything to fear from an excessive
product Of our mints. He had not been con.
idered an infstionist, but he knew Of no
7alid reason againstenlarging our specie bas.
land II we are to3hsve and maintain specie
payments il must be enlarged. Another OBJ
ection TO the bill was the well-known argu.
nent against bi.metallism, and the most
gloomy pictures had been drawn OF the ruin
hat would befall our country il il adopt bi.
netallism. He argued that IL was BY no
means certain that the standard value was
ess variable in mono>metallic than IL was
N bi metallic country. An absolutely un.
7arying standard Of value was an impossiti bill.
ty. Had there ever been more prosperous
country than the United States from 1889 to
IS5ly Did any nation ever exceed the pro-
yress We made in population, wealth. educa.
ion, refinement and the general well being
1f the people in these 70 years? And vet,
turing all that period, we had bi.metallism,
or we gave no preference to gold over sil>
yer, or to silver over gold. These metals
luctuated then as they have done since, and
ever will do but no American
statesman OF that period thought Of demone
.izing either. And now let Us turn 10 Eu.
rope for moment. What do we hear7 The
vail of thousands Of labonng men, women
md children thrown out Of employment
he cries Of Thousands Of other men who, but
year ago, were rich, but now bankrupts.
In word, the same notes Of sorrow that 90
,tfect our ears In our own distressed land
But from what countries do they mainly
come? Two-from gold mono-metallic Eng.
and, and gold mono-metallic Germany,
while bi-metallic France--the land of silver
Is we'll as gold enjoys . prosperity hardly
by any people on the earth. II
nad been argued that our foreign commerce
not carried on our business during tbs past
,ixteen wears with an ipcoptroyertihle nansr