The daily gazette., 1879-06-24

ueDL WHICH Will tOTeNcI Pios.'o '
have debt of over s., ,2OO, ,OOO,ooo wmcn
by the terms of the contract is to be PAID
II coin of the standard value existing az
the time the debt was contracted. Al
that time the gold dollar contained 700
graf and the silver dollar 4l2a grains.
Now, the gentleman from Marylaud Mr.
McLane1 said yesterday that he was III
favor OF bimetallic money. Nearly every
body on the o; her side of the Bouse has
said the same. Now, # we are TO have
b metallic money this standard must be
preserved. We cannot change the SILVER
dollar. Suppose we increase it as was
proposed by the gentleman from Mary
land Mr.. Kimme' to 430 grains. That
would increase the public debt IL per
cent. over two hundred million dollars
increase on the public debt. l have not
made out exact figures. Suppose the
grains, as another gentleman MIR. Gar
field suggestt d that would be an in
crease OF the public debt to the extent OF
10 per cent, or over $400, 100000, with
All annual increase of interes. of about
Sl6,000,000. Can this country do any
thing like tina, ? We must consider it as
fixed, immutable fact that we cinnot
until at least the public debt is disclarg-
ed. That debt must be discharged, every
dollar and every cent Of 1t, IN good faith
according to the contract. The standard
silver dollar when that contract was
made was 412a grains. Therefore say
it would be chlmerical for us to join iii
any European momentary conference and
change the present standard of the legal
tender dollar of the United States. Such
proposition is preposterous.
Mr.. Mcl4aue.-Do l understand the
gentleman from Georgia to say that be-
cause the existing debt of the country is
to be paid in coin at the standard value
when the debt was contracted, therefore
this country cannot un Ter any circum-
stances regulate by its legislation the
relative value Of gold and silver coin?
Mr.. Stephens. l will answer the gen.
lemar. 1t canuot without the consent
| of the parties to the contract.
Mr.. McLane. understand the cor.
tract with the bondholder to be that the
bondholder shall receive his payment In
C lin of that standard, and that the con-
tract shall be respected; but do i under
stand the gentleman from Georgia to say
if through the huctuation of either metal
it became necessary in order to keep the
two coins In harmony that we are de-
prived OF the right to do 1t by law
Does not the contract with the bond
holder remain still good, although we
may change the value of our standard
COIN?
Mr.. Stephens. 1t does not, because
the contract is "coin according to the
then standard"
Mr.. McLane. To pay according to the
the.. staniardY
Mr.. Stephens. In the coin of tine ther
standard
Mr.. Mel ane. Does that interfere will
the right of tine nation in pursuance o
the Constitution of the United State
and in view of its general trade and com
merce to alter the relative value OF 1t
gold and silver coin when and how i
pleases?
Mr.. Stephens. / stated that 1 woul'
answer the gentleman 1t does so ia
as the bondholder is concerned unles
he consents.
Mr.. McLane. The gentleman from
Georgia certainly understands me to ex
clude the obligation of our debt.
Mr.. Springer. You are together.
Mr.. Stephens. We are right together
then, on that basis-
Mr.. McLane. The gentleman from
Georgia must not put me In the position
of taking any stand here which repu
dates our debt.
Mr.. Stephens. Then we are togethe
entirely, as l understand the gentle
man
Now, then, / shall come to the point
If with the consent of the creditor th
gold coin can be reduced while it is up
we have the right to do it because W
can pay to the creditor in silver COLI
We have the right to do it, according t
the contract.
Next a. to the question of the grea
difference between gold coin and silve
bullion. That is the bugbear throughou
the whole controversy; it IS all in refer
ence to the present price OF silver bul
hon. Some gentlemen said our bill wa
in favor of the bullionists; that it was
! speculation ofthe bnllionists. Why is II
Mr.. Speaker, til at there is disrrepanc
, between the silver dollar, the trade do
, lar, if you please, and the gold dollal
! to-day? That Is the great question. M
own opinion is If we pass this bill to-da
and our silver bill passes the Senate 81
months will not elapse, ninety days wi
} not elapse, before they will be about q
| near together as they ever were befor'
+ What brought silver down? You d.
graded 1t. You deprived 1t OF its none
:. quality, its debt,paying power. You le
I intrinsic worth. Silver, when IL was d.
mouetiZed, when it was thus degraded
was 2 or 3 per cent. above gold.
g Mr.. Claf1in. Will the getleman frol
+ Georgia answer the question why it
an object for anybody 10 demonetlze 81
YER?
Mr.. Stephens. l cannot imagine, {
I at least can assign no rational mot'y
T for it. The fact Is that Europe led off
} it in the interest perhaps Of some or
4 of the money holders; this country fo
e lowed, and the momentyOu struck dow
4 one-haf of the metallic money of u
n world from the functions it served, yC
. naturally enchanced the other more tina
. double. Government creditors may fl
= this reason have induced it; l do II
l. Know
n Mr.. Clahin. Mr.. Speaker
D Mr.. Stephens. II you have four hu
I dred houses in q town to rent and "
n srlke off two hundred, the other tv
~ hundred will raise more than four tim
e the amount. And when you have a &C
II tain sum of money IN the world and u
rs strike half of it off you enchance d
,e value of the other half more than 70
VI times.
Z Mr.. Claf1in. But the gentleman do
If not give us the reason; he merely Civ
us the result. Taking his own premis
now, wild ask him to state TO q
II House the reason which induced d
'e German government aud the Latin unit
to discontinue the coinage of silver.
IS Mr.. Stephens. 1t would be hard
at me or any other rational man on IL
ss earth to account for the reasons of leg
~ Iation or the folies of Legislation in Gt
II many or even in this country. Lang