Savannah morning news. [volume] (Savannah) 1868-1887, 1885-02-05
SILVER TALK IN THE SENATE.
Mr. MOrriII Thoroughly Dissects the
Great Financial Problem.

Mr. MOrriII Thoroughly Dlssects the
Great Financial Problem.
WASHINGTON, Feb. Am the Senate
to-day, after the reading of the journal,
the Chair Mr.. Edmunds) asked unani-
nous consent to invite to the floor of the
Senate the Chief Justice of tie Dominion
of Canada, who was in the capitol.
Unanimous consent was given.
The Chair laid before the Senate the Presi-
dents message relating to Mrs. Grants offer
to the government of the swords and other
military and civil testimonials lately belong
ing to Gen. Grant, and recommending Con-
gress to pass bill to enable the President to
place Gen. Grant on the retired list
Mr., HOar, from the Committee on Privileges
and Elections, reported that the credentials
of Mr.. Evarts, the newly elected Senator from
New York State, had been examined and
found defective, not being signed by the Gov
ernOr or countersigned by the Secretary of
State of New York, as required by the revised
statutes, while the detailed proceedings of
the Legislature, which furnished, are not
necessary. The credentials and report were
laid on the table, Mr.. HOar saying that the
deficiencies would doubtless be supplied be-
fore Mr.. Evarts' term should begin
The Texas Pacific land forfeiture bill was
laid before the Senate, but was displaced by
a vote of 81 to %, by the House bill for the
redemption and recOinage of the trade dol
lar. The bill as amended by the Senate pro-
vides also for the suspension of the coinage of
the standard silver dollar.
Mr.. Ingalls, moved to strike out the fifth
section, which is the section suspending the
coinage of the standard dollar.
MR.. MORRILL's STAND.
Mr.. Morrill, addressed the Senate on the
bill. He accepted the Senate committees
amendments to the House bill he said with
the idea that something should be done imme-
diately by Congress upon the subject, though
he thought more heroic legislation would be
more salutary: In the course of his remarks
Mr.. morrill, said: For my own part confess
that do not feel that the government of the
United States is under the slightest legal or
moral obligation to redeem the silver coin
known as the trade dollar. 1t originated
solely from supposed demand for export
and was stamped under the act of Feb
u, 1873, as containing 420 grains of silver and
at the time was equal to 1855 cents in United
states notes or 1879 cents IN gold. 1t is true
that by some inadvertence 1t happened to be
included as legal tender by the coinage act
of 1873 the same as subsidiary silver coins
to the extent only OF So for three years. or un-
til July p, 1876, when even its limited legal
tender character was repealed. Up to that
time the whole amount issued was $i54Is 1880
About this time silver began to depreciate IN
value, and the United States notes had so
much appreciated that a paper dollar was
worth more than trade dollar SDecuIators
therefore carried silver bullion to the mints
ana exchanged the same for trade dollars,
not for export, but for the purpose of profit, if
not fraud. so that the amount coined in the
fiscal years 1877 and 1878 was over $4,000, 900,
THE GOVERNMENTS NON-UsE.
The government being paid for barely the
cost OF coinage never had any interest or
profit in trade dollars, never received them at
the Treasury nor paid them out, but furnished
them only to parties who Ostensibly in this
form wanted to take silver bullion out Of the
country, and as a special favor to silver
miners Somebody blundered. There are
supposed to be from $4,000 to slO,OOO, 900 of
these trade dollars now held by our own peO-
pie, partly by those who have received them
at their fun value, and partly by those who
have received them in barter trade or
who as brokers have purchased
them at discount But however
held, whether helplessly and hoDelessly or
otherwise, our mints we're left open for the
birth and three years growth of this public |
nuisance, and perhaps some mode of its re-
moVal should be provided" In the further |
course OF his extended remarks Mr.. Morrill, |
defended the Treasury Department from the |
charge of not having given silver a fair
support his contention. The silver dollar, he
SAID, is like the bad penny" 1t would not
stay in circulation. People were not ready
to receive and hold 1t. Paper was much more
convenient. There were some difficulties in |
the way of securing the concurrence of other
nations for a larger use of silver but NOT so |
much as heretofore, and if the present bill
should become law the incoming adminis-
tratiOn would no doubt endeavor TO carry il |
out in good faith.
THE ACCUMULATION.
In seven years, with unprecedented effort.
ABOUT $4l.OOO,OO0 Of silver dollars had been
pusned into circulation. We nave coined /
Mtn MItnln tne same time, and piled up in the |