, 1885-02-06
CONGRESSIONAL
Discussing the SILVER Question.


SENATE
WASHINGTON, Feb. 5.=At 2 p m. the
senate reached the bill for the redemption
Of the trade dollar and the suspension of
the standard dollar. Upon this Mr.. Bowen
took the floor. He argued that the true
policy Of the United States was to develop
the resources Of their own country and to
leave other nations look out for them
selves; above all il was important 10 main
tain the balance Of trade in our favor,
even if. for this purpose, it should become
necessary TO increase the tariff duties and
to hut out all foreign Injuries Gold
would then flow in from abroad and in
time would be sufficient to retire every
legal tender note and leave us
with currency composed exclusively
Of gold and silver. 1t should
be clearly announced that the
production of silver was one Of
the industries Of the United States and
hat that the nation was planted on that
platform and would not get of it. Bowen
opposed the senate committees amend
ment to the house bill and hoped the
house bill providing merely for the re-
demption Of the trade dollar would be
passed by the senate, and that the coin
age Of the standard dollars would not be
adopted.
Mr.. Bayard strongly opposed the re-
demption Of the trade dollar at its face
value. Indeed, he objected to the word
redemption in connection with it.
Trade dollars were in the same category as
silver bars. 1t was to Mr.. Bayard para
dox how men could ask in the name Of
justice to receive less for more, yet we
were told hat the honor Of the country
was at stake. This so-called ''redemp-
ton would be a departure from the
landmarks of the government-passing
from the real and tested to the unreal and
imaginary. If the American people
could learn at the expense Of six, eight or
nine million dollars the simple truth that
lay at the bottom of this question. a
great lesson would be learned, even
economically. for the great question was,
can congress create values? Which Of you
by taking thought, can add a cubit to his
stature2 Which of you, which majority
Of you, by passing laws from now till
doomsday, can create a value2 Could we
create values by congressional fiat, could
congress say Let value be- and value
would be? Congress had already tried it.
With 2,000,000 Of men in the field con-
gress had issued notes having their value
stamped upon them, yet it had been un-
able to keep those notes at half their face
value. Thiswas not a question, Mr.. Bayard
continued, in which party should be ar
rayed against party. Truth was truth.
There was nc obligation, moral. equitable
or legal, upon the United States to re
deem, " as it was called, the trade dollar.
Mr. Bayard advocated the suspension of
the silver coinage act. He would favor
more prompt suspension than that pro-
vided by the senate committees amend
ment under consideration, but if the pres
ent measure was the best that could now
be had he would support ii. Mr.. Bayard
added that in dealing with the subject of
money, no experiment should be tried:
just and admitted laws of business should
be recognized. Those who would
suffer most by silver meno-metalism
were the laborers-those who could not
bide their time. An apprehension ex-
isted in the business community, Bayard
said, whether rightly or wrongly, of the
evil stand by Secretary McCulloch as
likely to follow any approach to memo
metalism on the basis of silver. There
were laws Of commerce that could not be
set aside at the behest of the Legislators.
To be sure the supreme court had said
congress could destroy every pecuniary
obligation expressed in the lawful money
Of the United States. Bayard did not
wish to comment further upon that most
remarkable and startling decision. But
there was one thing congress and the
supreme court and all the armies that
could be raised could not do, and that
was to create or maintain a value against
the belief ofthe person to whom rendered.
Bayard believed that all currency neces-
saIy for the United States at the present
time was here.