New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-06-23
PRICE FOUR CENTS.
THE BANKING BILL PASSED.
SENATOR SHERMAN ON BLMETALLIsM .

tension bill was passed this afternoon in the form IN
which 1T was left at adjournment last night. Tho
debate opened with speeches from Senator'S Coke
and Call. neither Of which amounted TO anything as
factors contributing to the result. Senator Morgan
followed briefly in support Of an amendment offered
yesterday by HIMSELF which was practically similar
to one offered by Senator Beck and voted down yes
terday Itprovided that all standard tendercoi
and coin certificates should be received on deposit
by National banks at their face value and in pay
ment of all obligations from one National bank to
another. and that the banks should have the right
to repay depositors in money Of the same kind OF
which the deposit was composed The penalty was
to be the forfeiture of the ban ks charter. Senator
Morgan declared himself a friend Of the National
banks, and said that without such fiscal agents
he did not see how the volume of the currency could
be regulated with respect to the degree o. CONNER
cial and industrial necessities OF the country. He
not in favor Of tearing 1t down or disposng OF it
suddenly but preferred TO let the experience Of the
country bring its own lesson. and that Congress
should act from time TO time in accordance with the
teachings of experience. Now that Congress was In
the act Of passing bill demanded by the National
banks. comforting upon them an extended lease OF
life it had the power to make such conditions as
majority might fit Senator Aldrich opposed
the amendment. He said there was not the slightest
to receive silver certificates except the testimony Of
one Senator whose certificate had been refused by
railroad conductor in South Carolina the ground
that it was not bankable. This not sufficient
evidence to fern foundation for important legis-
lation. Congress had never yet assumed the right
to say that National banks should receive deposits
of any kind, or from any individual.
Senator Allison opposed the amendment. as q
friend of silver money. He declared that ii would
not accomplish what its inventor intended namely,
that the silver certificates should not
be discredited. The amendment proposed
practically to make distinction where no distine-
ton existed. bank receiving silver certificates on
deposit was practically directed by the amendment
to keep them separate from it's other funds. to be
paid back to particular depositors 1t invited
hostility, and he was opposed TO that kind Of
degradation Of silver by statutory enactment.
The time fixed for the voting TO begin was now
approaching and Senator Sherman who had re-
mained a silent listener during two days discussion
Of the silver question, chiefly by men who held
views in opposition to his own, took the occasion to
state his opinions in order, as he said. that tho
country might not think there was nothing to be
said on the other side. He showed all that famli-
arity with the subject which was TO be expected
from one of his great reputation and experience.
He avowed his adherence to the theory of double
standard. He would make no discrimination be-
tween gold and silver. What he did contend for
was a requirement by law that the two metals
should he placed on parallel with each other ac-
cordng to market value. 1t was moi right for the
Government to coin silver money which was not
the equal in value of the other tandard IL had
created. When the standard changed it the
duty of wise legislators to acknowledge the fact
and conform their coinage to it, Thirty times
within the last four hundred years this had been
done. -Four hundred years ago eight pounds OF
silver was equal TO pound OF gold. Ono
hundred years ago fifteen pounds Of silver were re-
duired to purchase of gold. When the COnsti-
tuition of the United States was adopted the fathers
took pains by melting up silver coins of other
nations to find then the average proportionate
value, and reached the conclusion that fifteen
to was the true proportion. few
wears afterward it was made fifteen and half to
one. subsequently Congress determined upon sixteen
to one as the proper relation between the metals.
Congress has no power to fix the market value.
He might refer to the predictions made when the
bill of 1873 was under consideration, that its pas
sage would bring silver up to par Had II done sol
On the contrary in spite of every effort 10 force il
into circulation il had steadily refused to circulate
Sent out 10 distance, ii had quickly come back ia
the Treasury vaults. Make the silver dollar the
equal in value of the gold dollar and more would
be heard of the silver question. No one would suf-
fer by it, The producer would receive the market
value, as he does now The banks would receive
it, and there would be no need of this fostering leg
islation in its behalf.
This speech called forth a spirited reply from
Senator Allison, the sponsor in the Senate for the
Silver bill of 1878. Although opposed 10 the
amendments which had been proposed to force the
certificates upon unwilling banks, he could not suf-
tba 10 rio e1atio nf ast
unnoticed. It would be impossible for the United
States alone to fix the relations of the two metals.
The Senator from Ohio proposed TO fix tho relation
at Il to l. That would bring upon us all the silver
of the world. If he (Alsonl had the action Of 1873
to repeal he would favor ratio of 15i2 to l in
stead of 10 to l. France had $780, 900 of silver
coin. bearing ratio to gold of 15 TO l,
floating side by side with gold at par. Germany
had completed the reconciliation of her silver in
1873. vet more than 81 sc, 600, 900 worth remained
in Germany and freely received at par. its rea
ton to gold being Is TO 1. In every country in
Europe, except England alone, silver was legal
tender at par In his opinion there were but two
WAYS to settle the questions which still unset
tied in this regard The country must either accept
single standard of gold silver or have an agree
ment with other nations whereby there must be
common unit While he found no fanlt with the
domestic management of the silver question, In his
opinion the subject had not been pressed upon tho at
tention of other nations with that vigor which
was to have been expected Nevertheless great prog.
ress had been made in that direction since 1873,
even the Bank of England having consented TO keep
portion of its in silver upon certain condi-
tions
Senator Vest closed the debate, arralgning the Re-
publican party Tor persistent and consistent ennity
to silver When Germany and England demone.
tized silver duel between them for the possession
of the gold circulation of the world had taken place.
and the Senator from Ohio, then the premier Of the
Hayes Administration, had at that time declared