The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1878-02-07
|CONGR e = SIONAL.
SEEATE,

WASHINGTON, Feb. 6,-Mr Thurman
argued that silver and gold had been the |
metallic money of the world for thousand
years They were the money of the con-
stitution since the declaration of indepen
dence until, by mistake, silver was de-
monetized in 1878. Silver performs the
functions of money among majority of
the 6human race, and is especially adapted
to small transactions. 1t is the money of
the people The reconciliation of the
IAl23 grain dollar would not defraud the
creditor because his contract called for sill
yer. He denied that there was any posi-
bic dishonor or fraud, and both houses
had by overwhelming majorities declared
the same thing. If the remonetizing of
silver will bring it to par with gold, the pub
lie creditor cannot lose. Nobody doubts
but that remonetized silver would at least
equal greenbacks In value Hence, not
even individual creditors can suffer. If
the average duration of Individual debts is
then the passage of this bill cannot injure
auy considerable number of creditors, for
| il is certain that 10 the next two years not
over 50,0OO,000 of silver dollars can be
coined and nearly every such dollar would
be absorbed by the payment OF customs
duties. That silver would be less than
gold in value unless the dollar contained
more grains than now he denied, and there
fore the theory that cheap silver will expel
gold from the country is false IN the
premises. If greenbacks of no intrinsic
value are within two per cent of gold,swhy
should not silver. which has intrinsic
value and is circulated all over the globe.
rise to par when endowed with full legal
tender faculty. One reason for the depre-
citation of greenbacks is that they are not
receivable in payment of customs or OF
interest on the public debt. Make the
silver dollar legal tender for both, the
said money will closely approach or reach
par with gold. Suppose it did not and ac-
cording to Gresham's law gold was driven
out, how much of our $300,000,000 of gold
could $4,000, 900 of silver drive out. Not
over $5O,OOO,OO0 in theory and snot that
amount in fact. All driven out would be
replaced with another metallic currency
The process of coinage was SO slow thai
the danger of losing gold is remote
Others reasoned that silver would leave
the country if dollars of 4l23 grains were
: coined. This might occur should the
Latin States open their mints to the
> unlimited coinage of FIVE franc
pieces, which they were not apt to do
S Others predicted an overflow OF silver
D from our mints and from other conn
tries. He had no fears of this. Ger
D many had $4,000, 900 but none to spare
t and we might abolish it all withou
( trouble. If she sent it away it woulC
sooner so to Asia, Russia, Austria or tn
= Latin States than here. 1t was by III
{ means certain that the standard value wa
D less variable in mouometallic than il
E bimetallic countries and fears of trouble
{ from bimetallic standard were causeiess
e as our history during the seventy one year
e lof the use of gold and silver proves. AM
: now let us turn to Europe for moment
/ Wha. do we hear2 The wailings of thous
! ands of laboriBg men, women and chlldrel
:. thrown out OF employment; the cries o
1 anguish of thousands of other men VIII
o but a year ago were rich, but now bank
3 rupts In a word, the same notes OF sor
e row that so affect our ears 10 our ow
/ distressed land. But from what countrie
@ do they mainly come from? Two. gold
!. mouometallic England and gold-monome
4 tallic money, while the bi-metallic France
a the land of silver as we'll as gold, enjoy
b prosperity hardly exceeded by that of an,
i people on earth. The balance of trad
II was in our favor now with greeDbac
W currency, and yet it was claimed that
% silver currency would destroy our foreig
!. commerce. Would the credit of the cour
l. try be destroyed by paying bonds as "
: promised? He longed to see our lndebt
/. edness held at home so there would be .
,e annual drain to enrich Europe. But To
u bonds would go abroad, for they paid tt
lr best interest of any safe investment IN tt