Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1878-02-07
THE SILVER BILL.
Senator MOrrill's Great Speech
A Strong Argument L gilinst Re
mOnetiZaltOn.

WASHINGTON, Jan. 27-The Bland
Silver bill was taken up i'm the Senate
to day, and Mr.. Morrill,, Chairman OF
the Finance Committee, spoke in op-
position to its passage. His speech
was recognized amongst ell parties rs
cogent and admirable. Its strongest
points were in the showing that il
would be folly for the United States
one of the greatest gold producing
countries in the world, to Ostracise gold
in favor OF silver in its coinage. He
said, in the first place, that the bill
now before the Senate provides for
the resuscitation of the obsolete dollar
of 4l21 grains of silver, which Con-
gress entombed in 1884 by an act which
diminished the weight of gold coins to
the extent OF 6.6 per cent, and thus
babe long farewell to silver. 1t is to
be q dollar made of metal worth now
fifty.three and five-eighths pence pei
ounce, or ten cents less in value than q
geld dollar, and on January %, awk.
wardly enough, worth 81 cents less
than dollar in greenbacks, gold being
only II per cent premium, but, never
theless, to be legal tender for all
debts, public and private, except where
otherwise provided by contract. The
words seem to be aptly chosen toOver-
ride and annul whatever now may be
otherwise provided by law. Beyond
this, as the bill came from the House,
the holders of silver bullion-nOt the
Government or the whole people
were to have all the profits of coinage
and the Government all of the ex.
pense. This, but for the amendment
proposed by the Committee on FL
nance, would have furnished the pow.
er to the enterprising operators in sill.
yer, either at home or abroad, to in
fate the currency without limit: and,
even as amended, imitation will be Sc
cured to the full extent of all the sill.
yer which may be issued, for there is
no provision for redeeming or retiring
single dollar of paper currency. La
Dor is threatened with q continuation
of the unequal struggle against de-
preciated and fiuctuating standard Of
money.
Mr.. Morrill, went on to speak of the
Bland bill as an assault upon the pub
lie credit, and of the conspiracy that
had been arranged TO enact it into u
law.
We are the largest producers of sill
yer, as well as of gold, and seek for
both a permanent market, not an
ephelneral nor a tickle one. Can this
be realized by our separate, headlong
adoption of a low-built silver stand
ard; or will it not be more likely to be
realized through the concurrent and
possibly more scientific action of lead
ing nations? The idea that by prompt
ly coming silver dollars we can drive
Europe to follow our example will
work like driving an Irish pig-by
Europe will be sure to
go on In the opposite direction. | am
persuaded that an increased, fixed and
staple value to silver cannot be secured
by our action alone, except for the mo-
ment, or while we may be reckOned
among its temporary purchasers; but
II secured at all, which am inclined
to doubt, it must be secured by the
combined action of Europe and Amer
lea. Even this mode OF advancing or
maintaining the price OF silver may
have insuperable difficulties. II at
tempted by US alone 1t must surely
turn out stupendous failure, acceler-
ating its ultimate declension in value,
instead of raising 1t, and the United
States would swiftly become the COM
mon dumping place where other na-
tions, to free themselves from deprecia-
ted silver, would ship and unload their
troublesome surplus. After that, with
all room for 1t here exhausted, its fur.
ther slide downw ward would proceed
without let or hindrance, and without
hope Of futsre recovery.
Mr.. Morrill, then discussed the re-