Clarksville weekly chronicle. (Clarksville, Tenn.) 1873-1890, 1879-01-25
SHERMAN AND SILVER.
speech Of the Hon. j. Il. Beck, Of
kentucky, in the United States
senate, January 9th, 1879


senate, January 9th, 1879.
SIr. President. desire to call Vi
i the resolution which offered da,
or two ago, and of which I CAV
notice, in order that | may make
few remarks in regard to it thi
Il morning and let final action b,
takasl upon it. ] move To take III
Il the resolution for consideration.
4 The motion was agreed to. anC
4 the Senate proceeded to eonside
/ the following resolution, submitted
by Air. Beck January
Resolved, That the communica
4 htlon from the Secretary of the Treas
| ury, being Executive Document
L No. s OF the present session, il
answer to the resolution of the Sen
] ale passed December 3, 1873, rela
/ tive to the amosant of silver -coir
/ received in payment of customs
/ dues during the current fiscal year
/ and the disposition which has been
made of it, be referred 70 the Com.
| mittee oal Finance, and said com.
mittee is authorized and directed tC
make such investigations as it may
deem BeeessaFy to ascertain whether
the laws relative to the payment o1
customs dues, and the payment OF
interest on the public debt with the
coin received therefrOnl, have been
and are being complied with, and
report by bill or otherwise.
Mr.. eBeck-Mr. President, desir-
ing to be as brief as possible, / shall,
tlssi eSs the Senate orders otherwise.
ask the Reporter, without reading
1t ina detail, to insert in the Record
Executive Document No. S, being
the. answer of the Secretary of the
Treasury to the resolution l had the
honor 10 offer. which the Senate
passed Dec.ats, 1873. II is as follows:
TREASURY DEPARTMENT, Dec.
18, 1878.-Sir: i have the honor to
acknowledge the receipt of Senate
resolution dated Dee. 3, 1878, as fol-
lows:
RESOLVED, That the Secretary Of
the Treasury be, and he is hereby,
directed to. inform the Senate what
amount and denomination of silver
coin has been received in payment
of customs dues since the beginning
of the current fiscal year, and
whether or not he has applied the
silver coin so received in whole or
in part TO the payment of the inter
est on. the bonds or notes of the
United States. If it has not been so
applied, to state the reason why; if
it has been applied to that purpose
in part only, TO state what portion
has been SO used and on what char
acter Of obligations. He is directed
to inform The Senate the amount of
interest he has paid on the bonds
and notes of the United States since
the current fiscal year began, and
the amount Of such interest which
he has paid in gold and silver coin
respectively"
And In reply to inclose herewith
copy of report. dated 9th inst, from
the Treasurer of the United States,
to whom the resolution had been
referred, which gives the informa-
tiOn called for.
Under existing law, either gold
coin or standard silver dollars may
be used in payment of the interest
OF the public debt. The law does
not direct which shall be paid, but
leaves this to the discretion OF the
Department, to be exercised upon
considerations of public policy, and
the practice, as stated by the Treas
urer, of allowing the public creditor
t!ge option of the form and denom-
illaGOn of money in which he shall
be paid has thus far been observed. /
The manifest object OF the act to
authorize the coinage of the silver
dollar aaad restore It's legal Eander
when construed IN Qoil-
nectfon with the RESUMPTION aes, is-
that gold coins and the standard
silver dollar shall be maintained ut
par with each other, and this object
I.an best be attained by paying out
such coin as may subserve the con-
venieaee of the person to be paid,
and not TO force upon him either
form OF money.
ANY G4AasSr course would diScrim-
mate against the standard silver
dollar and tesd to its depreciation.
Very respectfully,
JOHN SHERMAN, Sec'Y.
Hon. VIM. A. wheeler, President
United States Senate" "
TREASURY OF THE UNITED
STATES. WASHINGTON, Dec. S, 1878.
Sir: ] have the honor TO return
in compliance with your
request, Senate resolution of the Sd |
instant, referred to this Office by you
essaer daEe of,the Ath instant for in
formation. iFtfQ scope of the reso-
luton seems to he GQpprehended in I
Gaae following Inquiries
+First-What are the afa2kalfllqatt and |
Denomination Of silver c0i'9s Pc |
,eiveaS in payment of customs dues !
since Saly !, 1878?
SeconG-gEh hether the silver coins /!
10 received have been applied to !
he payment Of Interest on the bonds !
,r notes of the iUs;ted States and, !
f not, the reason why?
Third-Wha amQEEt of coin in /
crest has been paid SINCE the above |
late in gold and silver coins, re- !
;gectively ?''
In answer to the first inquSag it |
aaay be said that no distinction has
9Ver been made between gold and |
silver aznoney in the Treasurer's
gOEGTSA 2CCOuuI vi COI1y AZ W AANIl az
count alI coin receipts of the Gov
34nment are carried by warrant of
he Secretary Of the Treasury, under
a. fT0n 305, Revised Statutes; no
aco ~d is kept of the denominations
f eit Ser the gold Or silver coins re-
nivod Cor customs, and no infOrma-
On can be given from the records
f this of 'Nce showing what amount
f the GENE, %af receipts from customs
Dr the cure. nj fiscal year was IN sill
er coins; the receipts Of subsidiary
liver on accou VI of ct1stoaas is nee
ssarily small, f,,r the seascSa that
Ich coins are not receivable except
,r fractions of a dollar, when lhe
ayment to be maTie exceeds So,
he total receipts of 5 tandafd silver
oIlars at this office, a. I'd at the sub
offices, for the period from
ally /, 1873, to November ~, 1873, |
,ere s., ,16S, ,345, from all sources eN- l.
eDt coinage, including customs the
per cent. loan and silv er eerfiti-
ltes deducting from this SUM re-
aipt5 of silver dollars frOlti ofileF
lurces than customs, and Sl4sSt9,-
90 is a very liberal estimate OF the
mount of silver dollars recei Ved on
ccOunt Of customs for the period
bOVe mentioned.
81 rln u