St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-27
THE SILVER BILL

Under Discussion in the Senafc-Views of
sherman. Ecck. Hin and Others.
WASHINGTON, Feb. 26.-Tnc senate trans
acted the usual routine business aud the sill
yer bill was lucu taken up. Senator Shcr-
man said that he was willing to vote for the
bil as it came from the senate committee
Two questions were involved in it. First.
should the trade dollar be redeemed at par Of
gold. and second whether the coinage of ST.
yer dollar should he discontinued in August
1856 He maintained that there was no obli-
cation whether Of honor, law or public policy
10 give the trade dollar any preference over
the silver bullion purchased in the open
market. Those dollars, like silver bars, had
been issued for bullion purposes and for
trade only, and not for circulate m. After
rccitlng the history Of the trade dollar. Seua-
tor sherman showed that the BILL taking
sway It's
LEGAL TENDER QUALITY,
had been passed without objection being
raised. Senator Mcpherson asked why the
government should have taken away the
legal tender quality of the trade dollar with
out providing for its retirement. Senator
Sherman replied that 10 have talked OF pro-
yidiug for the retirement" Of the trade
dollar when the law was passed taking away
Us legal tender quality would have been folly,
because that dollar az the time was worth Is
cents on dollar more than United States
money. Perhaps 1t would have been better
II arrangement had At that time been made
permitting the holders of trade dollars 10
convert tacm into grceuhacks, but it would
have been simply considered ludicrous aud
ridiculous. senator Mcpherson thought the
Tact that Ouitcd States paper money was
worth less than gold at that time there
vas no reason why the trade dollar should
have been robbed of lis value as circulating
medium. What notice had congress given
90 holders tdat coin % that legal tender
quality was 20 hc taken away. senator Shrr-
Srau said the law vas notice To everybody.
Owing to the appreciation of paper money in
1S.1 The trade dollar became of less vslue
than paper and while sherman svmpathized
With those vho may hold
THE TRADE DOLLARS.
still he could not see that they had anv right
10 call on the government 90 repair their
losses ans more than IL they had invested in
wheat ur co-u Although there was no
Obligation on the part ot the government.
vet Il congress chose 10 pay $1,000. 600 20
Vedecm those CONS be tSDermaul would not
object It would make good some bad bar
gains Of bullion dealers. II the bill stood
as tnc house had passed il sherman
would have opposed it, bat as
amended bv the senate committee
he would vote for it. All commercial trans
actions In the United States. sherman con
i.uucd, were based. aud had since 1855 been
based. ou the gold dollar. - - grains solid
u'ld market value. silver bullion had been
steadily declining since the passage of the act
authorizing tae coinage of the standard silver
dollar. Ii this should lead 70 large expectation
Nad boarding Of gold the sole standard value
would 10 time hc based upon the market
value OK the standard silver dollar. TIE
Ell CT W01,d be the contraction OF the cur
rcuey 50 sharp A. % send shock to every
village in lie country. The volume Of Psper