The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-01-25

oemonetization OF silver, and resunng his argument
sa,d:-
Now, sir l for one, wish 1t understood am not
an advocate of mono metasm either of gold sill
ver and, while ] am In favor OF going far pro-
priety will permit TO the establishment of dual sys-
TEN with fairness OF relation between these two
metals IN the circulation Of this country. do not be-
eve that the bii which reported from the House,
and thar which Ia reported as a substitute by your
committee Will accomplish that object believe the
result OF that bill will be, not bnetasm In America
or IN Europe for, sir It's peculiar and a-overs nadow
ing feature rs that one metal and one metal alone shall
DO the exclusive ruling element OF American cur
reLcy and that metal shall be silver; and
say, with all respect 10 my trend from Tennessee
that II tho hnanciers OF Germany and England had
combined together TO devise q scheme which should
drive the currency OF silver from the markets OF
Europe forever and establish silver mctaiism IN
this country they could not have invented one that
would be more efficient than that which has been
ported by the committee, unless IL rs the one for
which u Is substitute. am aware OF the holiness
OF this assertion, and beg tho Senators to believe
that, with my experience nero, should not venture
on II without ample authority to justify the assertion
nor do l intend 10 invoke to my aid any
opponent OF the restoration OF silver to the
currency OF the world TO the currency OF this
ton. shall call bondhoder upon the stand; shall
cite no witnesses except those who have made them
selves dstng In their efforts restore silver TO
the circulation OF the world
Mr.. Lamar here quoted at length from the writings
of Mr. Cernusch and other writer's who favored BIZ
metallic currency and continued:-
EFVEcr OF THE PROPOSED LEGIslArIoy
Sir, construe the whole thing In arraying tho
point showing that the effect OF legislation as is
here proposed Will consolidate the currency OF all
Europe upon gold basisl ana remand America
TO the Asiac mode and that of those poorer countries
OF Europe that condemned by their very ncesssi
ties 10 receive the rejected coin OF tho great
cial nations do. not say this IN any spirit
OF hostility 10 the restoration OF silver but
the fact IS true that that metal occupies
u subordinate position in the currency OF the ruling
nations OF the European Continent II Is demons-
tzed practically among $50 000 900 of tho population
globe. That 49, II entirely demo etizcd as
legal tender in England and Gcrmanv mo inaOo
has been arrested In the Latin Union ana II Is demon
etizcd in the United States. Silver cannot go INTO
France 10 be coined and the five franc piece which is
the only silver coin that Is full tender there, very
at this time in Franco The great body OF tho
silver IN France, am informed, though have not
verified by original references, Is not Ave franc
pieces, but subsidiary coins.
Now, Mr. President, the fact of demonetizaton Is a
fact irrespective OF our wishes on the question: and
the consequences OF that fact just the same
whether demonetization was grand gigantic Of
this enlightened nation or whether II was duo TO somo
inherent deficiency OF the metal itself. VIZ must
Iegislato with reference to what exists, to things
they are, and not as we would ike to have them
WHAT INFLUENCED GERMANY.
Gentlemen have said that there sufficient
causes for decentralization in Germany, and several
Senators have stated that 1t was because Germany
wished 10 unity her circulation and TO break down
tho diversites oil tho discordant currencies
OF the German prncipalities. That Is good reason
far as it goes but II easy to unity her cur
rency upon silver basis as upon gold basis and It
does not explain why she selected metal which sho
had not and rejected a metal which had as a raw
material Tor her coinage There must have been
some other reason. Gentlemen have talked about
there being despotlsms thore and that should
not follow their example. Sir, other nations are
sponsible to public opinion and are governed by
sense OF the enlightened self interest OF their own
people, and there must have been other causes
more operative than that which have stated.
Another thing, how came France 10 stop the coin
ago OF silver ana partially demonetizo that metal
within her limitsr France was not an
empire 'at the time she did that Tuat
same furnace OF war which fused the German conied-
GRAFTON into one empire, simply melted off tho impe-
ralism Of France and brought OUT her pure and uDa
ioyed rcpublicanism. and when she became a republic
and when Germany flung her demonetizaton OF silver
ut her the proud young Republic nung back In dis
dam and performed a financial manGuvre which gave
her a greater financial success over her naughty
rival than that rival had won her IN
the ruder game OF war. 1t was not follow
ing her example, but 1t was meeting the nnan-
cial step Germany made by her decentralization OF
OF silver with measure OF q like character 1t is
supposed that this silver which lies there idle which
France rejected and tho Latin Union rejected, will
be flooded across to US, ana that hungry America
will snap at the offer and swallow II Well SIR
II we do 1t Will be on the same principle that the boy
swallowed the dollar when he got dollar. lie said II
was not because 10 wanted the dollar cared par
wha: strong stomach he mad. Laughter.)
WILL DRIVE OUT GOLD.
Mr.. President, this bill deals with of tho most
delicate and sensitive parts Of the apparatus OF civil
society-tho currency OF the country and the
aii-pervadng relation OF debtor and creditor.
1t proposes that the old silver dollar shall be coined
legal tender and made equal with the gold dollar
Now would ask Senator'S II tho silver coined dollar
OF this bill largely overvaued by this proposed
legislation Will any one deny That the effect OF this
measure will DO to drive the gold which Is now in this
country from beyond our limits to other countrlesP
Is not the ccct TO domonotize practically the gold
tho country and send to other counriesY Will any
QUO deny this old principle OF political economy
which cannot be found denied In any book that
you may take up on the subject-thal whero a
meal OF certain weight Is made tho legal equivalent
OF certain other metal OF certain weight the over
valued metal as money Will drive out the undervaluod
one from the country in which they both legal
tender. You may look over the coinage OF every
country tho world and Will them br,stling
with Illustrations OF this great law. put the question
now, and really do not see what the answer 1t Is
to be- Where Is the wisdom and policy and
statesman3nip OF substituting In this country
silver circulation for gold 0ney Why
is It that we IN this country should reject
gold IS currency and frame our legislation with
reference to lis expulsion to foreign and to
the adoption OF silver alone as tho controlling ee-
Is II any better? Wherein does the superiority OF
silver over gold consist? Taking any OF the func-
tons OF money, other us a medium Of valuation or
as means OF measuring commodities. or as means
of payment, or as transporter OF values "A pre-
server OF values, and IN what single attribute
beng inferior? Both have their peculiar
functions. Gold Is tho great commercial machine
which swings the products of country in one bulk
IRON continent TO continent while silver buys the
same commodities and products, not In bulk, but In
driblets-as the Senator from Alabama Mr. Morgan
said through tho numerous and labyrintnian ways Of
domestic exchange. But why should silver monopol-
ze the currency OF this country and gold be annih
about tho mountains OF Nevada ana utiliz-
ing tho mines OF that State for The pur-
pose OF giving 10 tnc people com from your
native Sir, do not your gold mines produce tho
material for money IN equal quantities and lar
precious in valueS Why should you regulate cg,sIa-
tion with reference to awaiting yourself the
exclusion Of the other, when one gives you inter
national money That puts you en- rapport with tho
whole commercial word, and the othor IS "a COM
merc:a and financial nsuatorS Sir, such | do not
pretend to say the end aud the design of this bill
but IL IS It's inevitable elect | presume those VINO
advocate 1t regard this result neither with con-
placency Indifference, but of tho incidental
events to tho greater benefits which 10 DC ac-
compshed by tho substitution OF silver as tho
currency OF this country. What those benefits
Evils spoken OF, out what the particular benc-
fits which tho establishment OF silver as a currency
in this country TO the exclusion Of gold Is produce
upon the fortunes OF our people ana their condition
Sir, this bill Is not advocated. in my opinion as far
can gather the arguments of its friends as n mea
sure OF permanent policy OF finance looking 10 tho
lasting prosperity and the future interest OF tho coun
try, but SIMPLY as measure OF relei to the immc-
date sulerngs and necessities OF people which
are great and which deserve all tho eloqeont |
sympathy which has been expressed for them
upon this uoor, and, sir, II consistent |
with sound principle could administer this relief no
one would Cooperate with them moro heartily than |
II sltut u.r