The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-02-13

i
gold. He believes the European coun-
tries will be driven to full RECOMMENDATION;
then they must of necessity adopt their old
ratio of 15X of silver to l of
| gold. Then we shall be compelled
| to adopt the same ratio instead of
we shall lose our silver which will seek the
highest market. Our difficult problem is
how to re-establish silver without
the co operation of European powers and
as an advance movement to them
/ into the same policy. If we
/ coin a silver dollar below the current value
of gold we invite Europe to take our gold
from us. which will force US into a single
silver standard and cripple our relations
with the leading commercial countries. In
the present conditions, at current rates OF
silver, the free coinage of silver dollar
containing 4121% grains gives an lllegitimate
profit to the owner Of bullion, which would
defraud the man who is forced to take
the dollar. . 1t assuredly follows that
the free coinage and circulation OF this
| inferior dollar must he at the expense OF
| our gold, which will flow out with certainty
and the resistless force of tides What gain,
therefore, would we make in circulating a
medium il in opening gate for silver to flow
/ in we open wider the gate for gold TO flow
I out. Until Europe remonetizes we can't
afford to coin dollar as low as 4l2% grains.
After Europe remonetizes on the old
standard we can't afford to coin dollar
above 400 grains, because if we
do silver will leave us. Mr.. Blaine argued
the public injustice and private wrong of
making debased silver standard which
must inevitably fix lower standard OF
value for our paper money. He urged a
strict regard to the interest of the public
creditor, which is indissOlubly bound up
with the interest of the whole people. He
repudiated the specific demand for the pay
ment OF bonds in gold, but they must be
paid in good and not in inferior silver dol
I lars. Our pledge to the public creditor
in 1870 binds us TO pay in the standard of
the then existing value. A silver dollar of
425 grains would equitably represent the
dollar of that date. Such dollar will bene-
fit in turn the miner, the owner of bullion,
the holder of coin and the government, and
| will insure to our laborers a full dollars
pay for dollars worth of work. For
these reasons he advocated the uniim-
tied coinage of legal tender for
dollar of that weight. He did not
expect the adoption of his substitute in
view of the precluding committals and
avowals of the senators. He was not in line
with either extremeS-those who favor a
single gold standard, or those whose views,
if sustained, would force us to a single silver
standard. We needed both and could
have them only by making each the equal o.
the other. He called attention to the fact that
the dollar proposed by the bill is lighter
minis for the ignorant class of heather labor
ers in China and India and in the name of
/ common sense and common honesty asked
the American congress not TO force upon the
American laborer an inferior dollar which
the naked, furnishing and degraded
laborers of India and China refuse
to accept. He denied the assertion that
the people demand cheap money. They
demand abundance of good money. They
do not want single gold standard that will
exclude silver and benefit those already
rich, nor do they want an inferior standard
that will expel gold and not help those al
ready poor. They want both metals in full
value IN equal honor.
Mr.. Blaine concluded his remarks at D.
M, and as he took his seat there was applause
in the galleries.
The vice president gave notice if such ap.
plause be repeated the galleries would be
cleared.
Mr.. Johnston then spoke in favor Of the
silver bill. Mr.. Johnston said it could not
have escaped the attention of any one that
a portion of the public press, especially at
the north, had indicated that the south
stood ready at any time to repudiate the
public debt of the United States. He
(Johnston) wished to say for himself and on
behalf of his southern colleagues on this
floor that no people had national honor more
at heart than the people of the south.
They had passed through the most
terrible suffering, and did not propose to
undergo the journey again. If they had no
better motive for upholding the national
honor than that of self interest they would
not do anything to bring discredit upon the
government. The people of the south know
that their condition is indissolubly mixed
up with those of the north aud they must
uphold the honor and credit of the govern
ment All were in the same ship, and the
southern people did not propose to scut-
tie and wreck that vessel. So far as
they were concerned they proposed that she
have prosperous voyage. He argued that
silver was one of the products of the country,
and il was The duty of congress to see that it
was not injured. There was great popular
demand for the reconciliation of silver.
The people of the country believed it was
demonetiZed by fraud; they believed the
act which demonetized il struggled
through and should be repealed. 1t was not
the part of craftsmanship to be blind
Ssr;.d the ts.t demand
would drive gold out of the country, and
spoke at length of the necessity of a BIZ
metallic currency. Referring TO the de-
monetizing of silver by Germany, he sai1 all
knew that the German empire to day, not
withstanding the large indemnity received
from France. was in the throes of financial
distress. This did not speak well of the
practical effect of demonetzing silver.
He then spoke of the value OF
silver to the colored people of the south and
said they knew nothing about the value Of
gold and did not appreciate paper. Re-
mOnetize SILVER and much of it would be
absorbed by them. Philanthropists and
abolitionists who had freed the negro ought
to consider what they should do for their
benefit. Give the colOred people of the
south the money they want and it would
make them better citizens. They would
have something TO work for and it would
encourage industry.
Mr.. Hill then took the floor, but before
proceeding with his remarks yielded TO Mr..
Morgan, upon whose motion the senate went
into executive session, and when the doors
reopened adjourned.
HOUSE.
Immed lately after the reading OF the Jour