The daily gazette., 1879-06-24
FIRST EDITION.
Mr.. stephens speech Oh the RecOin-
Ing Of the Trade Dollar.


The following is the closing part Of
Mr.. Stephens speech on his bill for re-
ceiving the trade dollar. We copy from
the Congressional Record:
"There are some other things l want
to refer to very briefly. We have
heard great deal about bimetallic
currency, about bullion. Some gentle
men have intimated to me that if we
pass this bill We will have twenty eight
millions of these trade-dollars returned
to us from China. BY adopting an
amendment which is to be offered to the
bill, no one need apprehend such danger.
But | am free to tell you that l wish IL
would bring back all the millions Of
trade-dollars that are now in China.
would say to every silver coin aAoat with
the American eagle on it "Homeward;
we want YOU
But how is it going to benefit the
Chinaman who holds the trade-dollar?
Do you suppose that he will bring over
here 420 gains of silver and give it to
our Government for 4l2a grains? Never
or hardly ever. Laughter The
Heather Chinee is hardly big enough
fool for that. lie will never do it-or
hardly ever. Renewed laughter.]
What! Bring over here from China 420
grains of silver in order to get 4l2a grains
for it from our Government No, sir.
No, sir. Even the Heather Chinee will
see that that will not pay the expense of
the operation.
wish that could be done. l will tell
you that am not afraid of the silver
glut that frightens members so much. L
want all the silver that we can get. The
trade-dollar is now under discussion
know. Upon the general silver bill,
which is now in the other branch of Con-
gress, and which was here before us a
short time ago, | will say that | wish we
could buy all the silver bullion in the
world and coin it into silver dollars.
Then as to the influx of silver from
Germany and other countries under our
policy. Since we passed the silver bill
Germany has changed her policy. The
nations of Europe are beginning to see
the great error they committed five years
ago. make the prediction here to-day
that i'm less than six months England,
France, Germany, and the Latin states
will be striving to rectify the mistake
they have committed. There will be
revolution of public sentiment in those
countries upon the silver question. That
revolution is going on already. Why,
sir. as | have said, since we passed the
silver bill Germany has changed her pol
lev and refuses to allow any more silver
to be sold so that if we pass this bill we
shall not receive that $4,000, 900 of sill
yer from Germany which gentlemen an
ticipated we would be flooded with, and
the silver from all the other countries OF
the world. have in my hand an ed.-
torial of the New York World of re-
cent date, which / will not read but hand
to the reporters to be put in full in these
remarks, showing a great revolution go,
ing on even in England on this subject
The New York World has, up TO lie
cent date, been opposed to the policy OF
the silver bill. This is the editorial tC
which | refer:
[We have not room for the WOHTs
editorial. 1t shows great change i'll the
tone of that paper.1
-Four years ago there were in the world
about $S,000,000, 900 OF metal money,
which has been the money of the world
from period long anterior of Herodotus.
long anterior to Grecian history-whicl
was the money of the world even long
before the time of the patriarchs. Ofthese
SS,000,000,0 900 of metal money in ex ST.
ence four years ago, $4 SOC, 100000 were
silver, the r, st gold. What was done by
those nations that demonetized silver
At one fell swoop they deposed from it:
functions more than halt of the meta
money of the world. The began none
tary revolutions. The United States IL
1873 adopted this demonetizing pol cy
, What has been our business history since'
/ Why, sir, the first year following de
monetization there were upward OF sever
thousand failures in this country Will
upward of 5000, 100000 ofliatiitles th'
next year upward of nine thousand ofth'
sturdiest houses i'll the country fallet
with near $500, 600, 900 of liabilities; tn
next year there were upward OF eish
thousand failures with near $2OO, ,oOO,OO'
liabilities and the last year ten housan'
failures and upward With still large
amount OF liabilities, over 500, ,OOO,OOO
From 1874 until the close of last yea
thrty-six thousand of the stanche,
, houses in the country failed with liabili
ties amounting to over $500, 1000, ,OOO-al
most one-third of the public debt OF tn
. United States. What was the cause
this? The gentleman from Ohio MI
Garfield entertained us the other da
/. with interesting description OF seen
that he witnessed on the Ohio Rive
,e when hay-stack with dog fast asletl
upon it was hoationg down the river AN
the dog was totally unconscious OF tn
= flood or his danger. 1t seems to me tina
many people of this country are fioatn
down upon this tremendous tide of rulI
i, and are inst as unconscious as that seeE
, ing dog as to what has happened
Laughter and applause.] | do not kno
whether the dog in question was put
or grown-up dog; but they say, ana
believe it is true, that it takes a pup riI
days to get its eyes open. Some pop
" who are going down upon this flood wit
N their eyes closed, may IT quire nine yea
to get their eyes open but they will Sc
the truth after while. A large part
he cause OF these sasters was The strll
- ing down as currency of more than ha
:, of the zeal money of the world.
But il is said we must await the actio
of European nations. This is what "
~ were told yesterday. Sir, l predict
u change in the p ,licy of European nalio'
in this regard. venture to predict tn
by the next meeting of this Congre
there will be such tide in favor OF VIII
4; Inown 40 onr silver bill that 1t wi