New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-24
RANDOLPu'S SPEECH.

RANDOLPnS SPEECH.
A STAGGERING BLOW AT THOSE WHO CLAIM UN-
LIMITED SILVER AS A BENEFIT.
IBY TELEGRAPH TO THE TRIBUSE.l
WASHINGTON Jan. 23.-The Senate spent an
other day in the discussion of the silver question,
Mr.. Coclrel had the floor immediately after the
morning hour. After he concluded, Senator Ran
doIph followed with carefully prepared speech,
treating of the subject from the point of view OF
man of business The most striking portions of his
address are herewith presented.
After dividing the bonds of the United States into
three classes: Those issued prior to 1873 still III the
hands of original purchasers those of similar ISSUE
and now in possession of purchasers obtaining them
since the Act of 1878, demonetizing silver; and
those of issue since the passage of the act just re-
ferred to-the Senator said of the first two classes
that we stamped them payable in ''coin," and that
by that phrase be admitted that under then existing
laws we named silver and gold, either both, as
"coin" and for the simple that coins OF both
these metals of certain weight and fineness. were,
under the law for most purposes egatender CON-"
He continued:
But rs the silver dollar the more valuable, the
Government Opton as TO the CON of payment amounted
not hing. our profit TO pay ~ gold Added 10
other sufficient reasons IT was Our manifest policy To pay
IN gold. AZ debtors desiring TO reduce orr burden OF IN
icrest. We adopted payment IN tnat com gon wnc men
gave us the highest price in selling our bonds and
lowest Of Interest could Tx upon
them. Although during these years We held
the option OF payments in gold or silver corn II rs well
that became the studied purpose of the Govern
mcnt to persuade the mind of capital mat coin with II
meant god aud This purpose was enforced by the simple
and substantial argument 0f paving IT, No mere rtsoi-
tons OF Congress no Opinions Oh eou nay
had or ever did have breath OF nillGnce upon the
minds ~ lenders compared with thls long unDrOKeh
practice OF Government itself
But addition TO considerations OF interest or policy
there has ever existed this conclusive Argument AGAINST
The payment Of silver on the obligations of the Govern
ment have had at one time. nor at ali times
silver com to make payment with As has been clearly
shown the total amonnt OF legafender silver coin now
i792 Is less than tl000OOO, an amount Insufficient to
nay interest alone The present debt Of the United
IT, sir he sts that payment Of our obligations
restricted TO the COIN Of the United states my reply
that silver being dIng most OF 0Ur history OF supc-
80 .cr,toin,r,rt NJ lie relative value of gold and
silver each other, no advantage woud come TO
~ from the purchase ot SILVER aDT0ld ana pay
mcnt Of 1t To orr creditors, witnout. indeed we
had regulated foreign coins 20 purchased called them
OF value they not had adopted some other ard
convenient contrvancc not th"n known 70 statesman
suspected purpose 10 pay In foreign money the
lcgaltender value Of which would he subject 10 rgu-
intion hy each succeeding Congress. should proba
bly, have been unable to obtain credit enough 10 borrow
The simple truth is Slr President, when wade
obieatons-thr greater portion OF thcnI-wc took no
, 5h r now %, sou r for and meant NV & that mct
which Government had ever before PAD 10 rs creditors,
that Government bad alone possessed In quantity
sufficient Ia pay with, and that com which tie whole
commercial and financial world with whom we have 10
deal then deaiing aud knew only our coin Of
payment.
no RELIEF ~ SILVER.
The Senator then showed that the reconciliation
of silver would afford permanent relief 20 no class
Of our citizens. As 10 all ucw obligations he said
they would be made expressly payable in gold. or SO
charged for in higher rates of interest or higher
charges for commodities, as to make the cost to
the borrower of money or purchaser of merchandise
relatively the if the transactions had taken
place on a gold basis. On this point his words were
rs follows:
Imay say Mr.. President. that since this bill has been
under discussion large loans Of money have only been
had by inserting the gold coin payment in the bond or
by providing that the loan must be paid in gold or silver
N, the option 81 the lender. We may cry ont So
much. hut long borrowing People there is
remedy for Even the mutieringS OF the distant
thunder that the Senator from Indiana made ccqUcnc"
~ the other day VIII have little effect. let me say witt
nn.bc power. fearing menaccs, viii quietly
withdraw itself 10 some other and more slb.jintiai
rrirctiun No. sir laws of Congress, though they hc
piled mountain lulh. cannot regulate or disorder the
higher and inevitable laws ~ supply and demand or pre-.
vent speedy exit of capita from the protection Of
loy,rm ut 'hat mcDaces either lis honest value or IL
Tncn sir We come 20 tins Though gain the paItry
rd,an'a-e ~ paving portions Of our existing ob-a9ns
National. state " individual IN n coin more or less
cheaper thau gold. We must face t6e grim certainty
that to our new Obligations ile highest standard
coin viii hc brought against ~ directly or indirt city
Tnis least must be the result Of enterprise IN hnanee
ike that now contemplated
IT, Sr. "c really had the aoliy 20 pay M or our Oh
u-aous 10 C.c,I'or- Federal. state ana municipal
computed 10 uc $L0o0opoo0o at present. we would
appear 10 gain 'uueN uat h' pdNWtu ~ SILVER M tle
present value 81 A. Unfortunately however. We cannot
conveniently pay tls sum. ana oar hisest elliott fo
wears Ia come WI h' {" m'tl thc lhcr - upon on
debts and possibly IL accumulate a fraction toward
direct our Efforts toward the eStah i'hen
such credit among icrdcs of money as wll enable
interest Thi, Mr. President. Is really about all we
have hand To do for wears To come as practical men,
He then went on to show that the rcmonctization
of silver would cause loss 10 the people and to the
Governments:
Il silver be made n egal-tcnder. and remain de-
prcciatcd. funding per cent cannot be resumed
and no matter at what rate orr bonds are sold. or
Mt what rate OF interest agree 10 pay. the pur-
chaser viii alwavs remember the Governments op-
ton that silver has been Il per cent below par, aud
may hc again. and he viii tale 10 chances have no sen
tmcnt accept bond that has not all the guarantees
that experience can teach. But il the result Of remone
tzauon should lie To cause gradual appreciation of 81
YER then there would he no pront in H. We take by
eeNor some and by The act all Of The certainty Of loss
in monry and IN credit without "a Is confessed any
considerable chance OF gain H. then, honor question
the Transaction and cupidy does not demand 1t, how
shall stand justified =
After referring bsicy to the fallacy that by the
rcm0ne,zation of silver we can gain indemnity for
past losses and to the Act of characterization passed
in 1873, Mr.. Randolph said:
may recall attention TIE fact that AZ the time Of
the passage OF the Demonstration Act, IN 1873, the
cncng argument made ~ IFS favor that our silver
dollar then ~ that very hour worth Jig cents more
than gold dollar. Where was yigiant capital AZ
that time May not happen M President, that with
the progress of legislation, before the advocates OF
the silver policy shall reach their goal the silver dollar
ot their ycneratcd iaheis ana ours, may aEih becohe
more Nnluabc than present standard gold one. and
IL So what then admit. Sir that IL Is not consistent
with tie Igny of Government that its grave Senators
shall stand ready NJ every change OF season to practice
financial gymnastics.
DISASTER IN SILVER STANDARD.
The Senator then referred TO the fact that silver
dollars even If they made of full cgal-tender
wond buy more abroad than their bullion value
and illustrated his point by striking illustrations