The New York herald., 1878-02-07

back TO an uuredeemabIe paper currency. He
favored making The silver dollar worth more 10.
irinsicaliy, say 43i or 430 grains The legislation
should be such keep silver subordinate 10 gold
coin. and probably alter lime by treaties with other
nations The two metals might be brought together.
REMARKS OF MR. cHRsTtANcY
Mr. CHRsrIAScY, oil Micnigsn, said he would venture
the pdrpose OF referring to the report Of the silver
commission, which had been quoted from during this
debate he argued that that report was the product
OF ono or moro Jealous advocates OF the remonctza
non OF silver, and PROBABLY gavo too much weight 10
facts favorable TO the reconciliation. He quoted
from that report and argued that there were many
points 10 be considered against The reconciliation OF
silver. II had been claimed hat there an nsuti-
cent volume OF currency IN the country. which caused
the present hard times. He denied that such
wm the case, and COD tended that Tho present
distress throughout the country was caused by The
extravagance which prevailed alter tho war; and tho
people AT last woke to the fact that all were IN deDt
aud mono could pay. During the past lew months,
working well uutil this ill-omened Di into
the Senate. He thought the present very inoppor
gold and silver. In conclusion, ne submitted sub
stitute tor the pending BILL aud It was ordefed that II
be printed.
Mr. cHRrsrrASuY's SUBSTITUTE.
The substitute offered by Senator Christiancy pro-
vidos Tor the coinage OF silver dollars oil AJAX grains
the mints OF tho United States but that gold shall
be the standard OF value. Tho present subsidiary Sill
to De legal tender in all cases 10 the
amount oil $40 The silver dollars and subsidiary
CON and silver bars stamped At tho mints or New
York Assay Office with their weight and hnoness and
tho trade dollars are TO DO made legal tender
scCoIoiuB 10 tuelr market vaiuo, 70 DO uXeu
monthly by the Secretary OF The Treasury, the
Treasurer OF tho United States and the Director OF
the Mint. on gold valuation In accordance with the
current rates o the markets OF the world which valu
alton ~ TO be gated and published In tho prncl
pal commercial cities oil the United States In hxing
the value OF CONS the cost OF coinage to be added
The substitute further provides that United States
legal tender notes may be redeemed upon presenta.
ton with silver OF the valuations liked as ABOVE and
when redeemed shall not again be issued but snail
be placed to the credit OF the Sinking Fund. Owners
Of SILVER bullion are permitted 10 deposit It ana re-
In 6rnt aAaA fho nlnrA nj
issue In silver bars ~ he hxed valuation
Mr.. CHKIsTiANcy said this was proposition upon
silver would appreciate would have silver At its real
value, and those VINO believed II would remain at
Discount would nnd IN this measure safeguard against
SAVING SERVICE.
Mr.. RANSOM, (dem OF N. c., submitted tho follow
Ing resolutions:-
c.nsos and state ecsncy Of tho liz saynx se
in his Judgment needs increase Improvement In
Resolved That the Secretary Of the Navy be and he
os ..p 81 IL. miy S Ss.
affect the and security OF navigation on the
ment greater and security may
Resolved. That the Commis.se on Commerce be and 1t
disney Of SO improving the inland navsston between the
pamco sound and also the Cape Fear River furnish
safer and better channel Of between the states
leave to report by bill or otherwise.
The first two resolutions were agreed to aud the
third was referred TO the Committee on Com merco
Mr. TELLER, (rep.) Of COL, withdrew the amend
ment to the Silver b in regard TO issuing cerhcat
Tor silver bullion submitted by him yesterday, and
said he would submit II some time hereafter in
dependent proposition.
Mr. BLAINE. (rep.) OF Me-, then took the floor to
speak upon the Silver bill with tho understanding
that he would proceed with his remarks at one O'Clock
Tomorrow.
The Senate then, at twenty-five minutes pas. four.
A., on motion OF Mr.. HAALiS, went into executive
session, and when the doors reopened adjourned