American citizen. [volume] (Canton, Miss.) 1864-1890, 1878-02-02
THE SILVER DISCUSSION.


Extract from Senator COckrelPS Argument
The following is 4 portion of Senator
Cockrell's speech on the resolution OF Sena
tor Matthews to pay the interest and princi
pal of the bonds in silver:
Mr.. Cockrell argued that silver was still
| legal-te tender coin of the United States. The
custom regulations of IA provided that sill
yer dollars, though no longer coined OF
issued, We're receivaBle for duties ON import.
| in unlimited sums, and Subsidiary silver coir
was receivable to the extent of fitt dollars
Mr.. Conant. late Assistant Secretary Of tht
! Treasury, in letter dated i'll 1873 to the sur
| veyOr of Customs st Louis stated that siI.
yer dollars were receivable tor duties on i'm
! ports to an unlimited extent; that the Gov
| ernment officials proclaimed silver dollars as
legaI-tender. He argued that the bondholdeT
! knew that the dollar in his bond meant the
! silver coin of 4l212 grains or the gold coin OF
! % $40 grains Silver dollars had been prac-
flcally as much in circulation as money, since
| 1861, as gold. Neither metal had been actu- p
| ttly used and circulated as money in the
business OF the country since that time
Mr. Cockrell then quoted extensively from
STATISTICS, showing the coinage of gold and
silver ana called particular attention TO the
following figures. Coinage of the silver dol
S5SS SOS: in IL s65f 929 in 70 81 Ii2 g6I and p
to the time silver was demonetized the coin
age amounted to S977 ,I55. Had the coinage
been continued that year, it would have
mere assertions; they showed the rapid and
wonderful increase IN silver coinage The
20, $780, in II, $780, $40; in u, 81 63O in 49,
1920; IA, 1923 $40, and in fen to the enor
nous sum of $50.
Mr.. Bayard inquired if the Senator, in pre-
pairing his table, had not counted each piece
OF silver coined as dollar? Did not the table
show that the value of gold coined was five
times as much as that of silver?
Mr. .Cockrell replied that his tables were
correct. He knew that such assertions had
been published in the newspapers, and made
IN speeches, and went forth as facts, though
ciais had acknowledged the facts. He then
argued that all subsidiary silver coined prior
to the act of APRIL 1858, was full legal tendef
10 or nrIN- Df-in ffNf fllgf
date the half dollar quarter dollar, ten and
fVe-cent pieces were proportionately of the
same value as the silver dollar at 4l21< grains.
All subsidiary coin issued prior to the act of
April l, 1873, was to-day vested with unlimit-
ed legal tender power, and the Government
must receive such COIN in payment of all Gus
toms dues.
Mr.. Bayard said the Senator would recol-
lect that in 1853, when six and seventh tenths
grains were taken out of every half dollar, it
was because they could not be kept in the
country. They were swept out of this coun-
try, where they were underValued, and went
to other countries, where they were properly
Mr.. Cocl1reH said that in the Western coun-
try there were many silver halves and quar-
ters coined prior to 1853 still in use MANY of
them had been locked up for years and were
brought out since the close of the war. He
argued that the bondholder had no right to
question the power of Congress in regard to |
coming money and regulating its value. They |
had no right to complain, because no matter |
coin of the standard value of July IA, 1870. He |
then referred to the assurances OF the Gov |
gold, and he argued that these officials had |
no right to modify the plain words of the |
law that they could change the terms of con-
tracts Officers of the Government were adj
of the law and not law makers,
ana no one knew this better than the present |
of the Treasury.
He then quoted from the recent report of |
hat officer, urgently recommending Con
ponds would ee paid in gold. The Secretary
lad dared to give unauthorized assurances
% the bondholders, but he had not dared to
q fTsglUs fO ll To 4ls1Tr
low that the United States must pay its bonds
n gold on account of the assurance of the
secretary of the Treasury, was scarcely less
han crime. The cry of Reputation"
violating national honor" SO iInpugning the
'een heard far and wide, from the Eastern
lress, and from the bondholdeIs, their allies
md friends. Western men in favor of the
augmentation OF silver had been stigmatiZed
Is lunatics. He (Cockrel) was as firmly de-
'oted to the maintenance of the national
lOnor as any of these Pharisees and he
lurled back with scorn and contempt their
He stood upon the floor of this
enate as one of the Senators from the great
tate OF Missouri, and demanded for tie peo-
lie the enforcement of the contract He
'oldly asserted that to pay the bonds in gold
nd silver, or in silver alone, was in perfect
ompliance with the word of the law and with
III recognized principles of honesty and ma |
ional honor. He charged these crimes of re
udIat1on upon those who upheld the bond
olders. The people whom he represented,
nth the bayonets of trttth in their hands,
Iould drive them into decent Observance
+ the plain terms of the law. The bondhold-
rs, by their false cries, were attempting to
lsten their high crimes and misdemeanors
pom those who desired to comply in good
lith with the letter and spirit of the law.
he taxpayers of the country had their
lghtS; one OF which was to pay bonds in sill
err and they would never surrender that
ght. People could not. and would not, pay
ltion of the Senator from Ohio, and it was
1e imperative duty of Congress to-day not
ore free coinage of the silver dollar by pass
lS the silver bill.