New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-02-27
SILVER DEBATE IN THE SENATE.

SILVER DEBATE IN THE SENATE.
- ,pcv prIoIcEs AT TIE "MIsERABLE FAIL
,,pv - IN THE HoUsE-MR. sHERMANs Nih"''
W.su,NGToN. Feb. 26.-The Silver Dill was
an the Senate to-day. Mr.. Sherman took inc "ooi ~
said that he was willing TO vote Tor inc oi'i % -
from the Senate Committee While MI Sheii''" :! np"
80 b those who may hold trade dollars sun tic
could not sec that they had any right 10 can VI io
ernment TO repair their losses any more th' my
is,od in wheat or corn Although there was no op-
cation on the part OF the Government, YET il No"e
chose tn nav 900 900 TO redeem those COINS ho "'
moi object. II would make good some pau ID"
bullion dealers. All commercial transactions - -,
United States were based. and had since 1857 pcen '
on the gold dollar of 25S.l0 grains OF soId Eo'u Inv
,arket value of liver bullion had been steady oech"
ing since the passage of tine act authorizing 'e cons
of the standard silver dollar III this Shoulu io "
large exportaton and boarding Of gold the soie s'
Of value xod in time be based the market value VI
the standard silver dollar
The effect would be contraction OF the c"r'e"O! y
sbarn nc TO send shock TO every village In the country!
The volume of paper money being insuhelehV lor '0
demands of business would be used Tor iapor' pu. Us
purchasing power would gradually dechhe "ii''
reached the level OF its market value measured u! E
This deprecated currency would then take tue Pie VI
boarded cod and the laborer would receive MS p! a.
denreciated money while the capitalist would suP"i"e
for gold Then we should hear cry for the reuelpo'
of the standard dollar in god-and rightly near w. 20
oause we had provided that it was to be ieceNeu an"
Maid in ali respects like gold coin Mr. sherman iuea
III the remedy OF the threatened evil wouu DC, tt ti
first by an International agreement ~ 5 a..
the Yeo coinage silver and fix It's ratio; Or % s
suspending the coinage of silver until dehahucu %
waits of business; or, third, by the adoption " n
American bimciallc policy OF me Tree coihaso Va '
and GOLD according TO their market value - ,,.,.ou
MIR Beck read from the report OF eX secretary roiSo
IN controyert the position assumed by Mr. ShSrInh oii
The trade dollar the suspension OF the SILVER
age MIR Beck said that should not III the st W
This Congress attempt to strike down silver; Nui,e
shoud we give any President the power III us ,1
tion TO strike the coin of the country ne WIZ
give that power 20 no President, no mater nov .
coufdence he might have In him. lie would as soon s
President the right to declare war he was Siau ~ W.
ahe 10 say that there danger that amy irrsch
would ref such power for elsewhere in DOiy ina' u
power ian attempt had been made this very gay 70 E'o
n President such mower and II mad mlserapy Iaeu n,
MIR Hill said that it i'll advised to attempt 10 W.
nose of such an important measure IN the CLOSING h''s
OF Congress. -, -, .,,,or oo,race
MIR Coke thought that the suspension OF SILVER colac
would itself be contraction Of $5o,OOooOo year III
onr currency Mr. Coke believed AS much as any innI
in the good and wisdom of the Presluete. '
II was no Encouragement TO that gentleman Tor MI
10 saw that he MIR Coke would not consent tDat con
gress should abdcae its inst powers and turn tLe over
10 the discretion OF q President. Besides IL wouiu I've
uniust for Congress burden the Executive win no
duties and respons bilities belonging to Congress .
This closed the silver debate for the day. anu "'noN'
action the matter went over.