Daily Los Angeles herald., 1878-02-07
Latest Eastern views.
CONGRESSIONAL.


duce the cost of mail service on the
Pacific Coast. Referred to the
Committee OH Post Offices and Post
Roads. In explanation Of the
bill he said it simply proposed to
extend the time for receiving bids
for carrying the mails in Oregon,
Nevada and Idaho and Washington
Territories, as the mails had been
delayed in those States and Terri
tories recently on account of bad
weather and, therefore, bids did
not reach the Post Office Depart
ment before the expiration of the
time allowed for their reception.
Bruce presented joint resolutions
Of the Mississippi Legislature in
favor of the passage of a bill remu-
nerating certain citizens of Missis-
sippi, mill owners and log men,
for damages sustained by them on
account OF the seizure of certain
lumber and logs in the lum Der dis
trict by agelts of theUnited States.
Referred.
Discussion on the Bland bill re-
sumed: Thurman argued that sill
yer and gold had been the metallic
currency of the world for thousands
of years. They were the money ofthis
country since the declaration of
independence until, by some mis-
take, silver was demonetized in
1878. Silver performs the func-
tions of money among a majority
of the human race and is especially
adapted to small transactions. 1t
is the money OF the people. Re-
monetization Of the AHA grains
dollar would not defraud the cred
itor, because his contract called for
silver. He denied that there was
any possible dishonor or fraud and
both houses had by overwhelming
majoritles declared the same thing.
If the remonetizing Of silver will
bring it to par with gold the public
creditor cannot lose. n obody
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 two
years, and it certainly is not more,
then the passage of this bill cannot
injure any considerable number of
creditors, for it is certain that in
the next two years not over 90, 00O,-
600 of silver dollars can be coined,
and nearly every such dollar would
be absorbed by the payment of Gus
toms duties. That silver would be
less than gold in value unless the
dollar contained more grains than
now, he denied, and therefore the
theory that cheap silver will expel
gold from the country is false in
premises. If greenbacks of no in
trinsic value are worth wit hin two
per cent. of gold, why sh ould not
silver, which has intrinsic value
and circulation all over the globe,
not rise to par when endowed with
the full legal tender faculty? One
reason for the depreciati on OF
greenbacks is that they are not re-
ceivable in payment of customs
duties OF of interest on the public
debt. Make the silver dollar q
legal tender for both these, ard it
must closely approximate or reach
gold. Suppose it did not, and, ac-
cording to Gresham's law, gold
was driven out, how much of our
three hundred millions of gold
could fifty millions of silver drive
out? Not over fifty millions
in theory, and not that amount
in fact. All that could be driven
out would be replaced with another
metallic currency. The process of
coinage was ~ slow that the dan
ger of losing gold is remote. Some
reasoned that silver would leave
the country If the dollar of 4l24
grains were coined. This might &C.
cur should the Latin States open
their minis to the unlimited coin
age of five franc pieces, which they
were not apt to do. Others dreaded
that there would be an overflow Of
silver from our minis and from
other countries. He had no fears
Of this. Germany had eighty mil
lions but none to spare and we
might absorb it all without trouble.
If she sent it away it would sooner
go to Asia, Russia, Austria or the
Latin States than here. 1t was by
40 means certain that the standard
of value was less variable in mono
metallic than in bi-metalIc
countries and the fears of trouble
from a bi-metalic standard were as
baseless as our hours during the
seventy-one years of gold and sill
yer. Now let us turn to Europe for
a moment. What do we hear? The
wailings of thousands of laboring
men, women and children thrown
out of employment; the cries of
anguish of thousands of other men
who, but a year ago, were rich but
now are bankrupts. In u word,
they are the same notes
of sorrow that so affect our
ears in our own distressed land.
But from what countries do they
mainly come? From two; gold
mono-metallic England and gold
mono-metallic Germany. Bi-me-
tallic France, the land of silver as
well as gold, enjoys prosperity
hardly excelled by that Of any
people on earth. The balance of
trade was in our favor now, with a
greenback currency, and yet it was
claimed that a silver currency
would destroy foreign commerce.
Would the credit of the country
be destroyed by paying the
bonds as we promised? He longed
to see our Indebtedness held at
home, so there would be no annual
drain to enrich Europe. But bonds
would go abroad, for they paid the
best interest of any safe invest
ment in the market. He argued
that silver was necessary for re-
sumption. Every friend Of a specie
basis should favor reconciliation
This bill would, if passed, tend to
stop characterization elsewhere.
Silver was an American product,
and to destroy or cripple this in
dustry would be cruel to thousands
of men employed in its production.
Herman said he would also be
glad if we could hold our bonds at
home, but this was new country,
and needed its capital to develop