New-York tribune., 1886-01-07
MR.. MCPHERSON ON SILVER.
HIS SPEECH ON MR.. BECKs RESOLUTION.
DEBATE IN TIE sENATE-rHE MAIDEN EFFORT
OE MR.. GRAY, OF DELAWARE.

0E MR. GRAY, OF DELAWARE
tBr TELEGRAPH rRrBUYE.l
WASHINGTON, Jan. 6.-The Administration
found in the Senate to-day two defenders of its financial
policy, Messrs. Mcpherson and Gray, both OF them
Democrats. Their speeches made In answer to
Senator Beck's resolution introduced the other
day. That OF the Delaware Senator was
his maiden effort. 1t listened to with
interest and attention. In its outline II pre-
scented the views so often urged by MI Bayari by
whom, doubt, 1t inspired. Senator McPhersons
speech on the other hand concise yet exhaustive
exposition of the whole silver question
II carefully prepared and READ from
notes. Mr.. Mcpherson held the attention
OF the Senate for hour. Among his most inter
ested listeners Senator Evars, who took seat I'M
medately in front OF the clerks desk and did not leave
1t until MIR. Mcpherson had finished.
Mr. Gray said that the Act of 1873 based on the
idea that would shortly reach international
ratio with gold This hope had been disappointed; the
dollar worth 92 cents in 1873 worth less than
so cents Passionate incvcve the part OF silver men
would not enhance the value of the silver dollar.
The actions of the President and
Secretary of the Treasury the silver question were
right. Bimetallism could be reached by any ono
country alone France mad long stopped her silver
coinage, the United states. by continuing its
present drive out OF the country several nun
dred millions OF gold coin
Mr.. Gray listened to with unusual attention. His
voice clear, resonant and well sustained; ana ut
the close of his remarks he received the Congratulations
of several Of his Senatorial friends
Mr.. McPhersons speech which was made directly
after Mr. Gray's was in the main as follows:
The President the very moment when crisis In
monetary affairs imminent IN the performance OF
gressa paper commended greatly Tor the wisdom Oh It's
ury hitherto employed Tay tue principal and interest
of the Government obligations, gradually and steadily
diminishing aud the silver dollars which are receivable
for customs just the which they used by
importers Instead OF god returning to The Treasury II
be changed from gold TO silver and Of necessity pay
ments thereafter be made III silver Prompted alike by
to Congress recommending the suspension OF
the silver coinage Tue Treasury IN mn .he n"n
isery often caused by bad Collars than by bad gov
gold payments or deferred payments until Congress
could again meet and opportunity lie given 10 save he
country from single silver standard has been held up
to the country violating the law and made tine subject
of Investigation by committee of th, Senate That the
operations of the Treasury before and since tne cnahge
In administration had been and are now directed solely
to the & ana m nne o. 'g me sp s
retary OF the Treasury needs about as much ana tue
doing dill Secretary Windon in lSslin the one case
saving the honor In the other ease the money OF the
country-whcn, without shadow Oi law Dr other direction
ny Congress he proceeded 10 change the interest nren
OF the bond. thus saving many millions 10 tue GoVeIh
ment. certain Senator considered such action unWhl-
ranted and insult to Congress: lie had prepared
great speech on the subject, am lniormed brother
sehator he awaiting opportunity to deliver II.
Then sir" the good uatured reply you are only
waiting q chance to make OF yourself" It Is
needless to say the speech delivered and the
senator aferwsrd became convinced the action OF the
II coinage be now suspended the silver dollar be
kept on par with tne go;a aSlia. poog ac1is T a. =
machinery O the Clearing House In New YORK whlch
exchanges thousand millions OF property each Week.
recurring IN the operation less than per cent OF cash.
shows how little OF Cash Is needed in modern barter the
of exchange being uniform ANA staple NOtuhS
caY be more to the interest and ideas of So
ciety than widely differing standards whether Oi value
uniform ard stable all the operations OF barter are
greatly confused brought TO q stand twenty -four
iollI "a
thirty million dollars In coini and silver should all
until the metal in dollar Is worth but 40 cents anu Inc
Mint be directed coin the maximum amount tbnth OF
which ents EXCEPT We stop noW are Aey 10 happen
dollars WORTH it would add about seventy millions
nually to stock OF silver dollars Why nevlabel
Treasury sent back to The Treasury tomorrow
through the custom house, and this operates rs daily
redemption of the silver dollar Under such conditions
silver dollar has remained at par with cOl and VIII
remain at with gold until more Is forced upon the
circulation than necessary for slch uses Whenever
the financial community Is convinced that the law not
silver payments that the interest and principal OF the
public debt to be paid in silver gold WI retire from
truth OF which has been proven by tue experience o.
good money; but that good money drive bad
money" The universal hungry demand OF nearly all our
their currency Will draw gold to hem ana the silver
displaced by our gold will graytate to our Iresssy @ tne
will have no use for gold Whenever the outflow OF
ion with all its dire calamities is TO follow Capt.
tsl always tmid from past re verses IKE time ana tie
nish large proportion OF our circulating i2ediu would
in self preservation assist greatly IN the Inevitable e9n
crcnlaton redeem and take IN gold the premium IN n"9
at all upon the Treasury the Mint From
these two causes alone TO say nothing OF the boarding
OF gold by private citizens the elect upon OFF
To III the Void thus created coud only look to the
Mint: silver dollars from the Mint, or possibly paper
promises redeenable iii silver st ALI rom he TeaS-
ar Not alone the t doSr .ays Ss wot as
class from impending Dabkrnptcy must 90 supE''rd
This time would create an abnormal demand for
silver and thus relieve other nations now seeking reei
from the load they carry. ana which our necessities
plshed have reached point from which We cannot
recede. Instead of o-metalsm. Which We now have
and with prudence to certain degree may be able 10
maintain launched upon the sea OF silver mono
netaisn and in Commercial transactions pay Tribute to
England as India does now.
Again an history teaches thatwi:h currency OF an un
certain and uctuating value must needs become
il tends to stimulate speculation and CONSEQUENT ex
pansion nnt we float on to wealth and happiness with
continue to gather strength and the mound is swept
with sudden fury which shakes the very 9nhga
tions OF society and spreads rum over VIDE 1eid OF
civilized life. In 1873 not State in Europe dared open
n ~ nn ' apd ave since Steadily continued the coinae Of
about thirty millions per year. and with but one result
protecting the silver industry. The mnts OF Europe
closed silver; silver is there no more than mercan-
coinage here means that all monetary communication
between Europe and the United States "a 10 coase that
we must return although abolished between the
nations many thousand years ago; but for us would
be barter without valid ra.o scale OF valuation in
change
COMMEECE AND LABOR.
We have heard much of our decaying and decayed
American commerce. When yod dsseend from gold to
silver standard you drive the last nail into its colin
md no more will be Of IL Its sheeed spectre
In the commercial world gold king Gold counts the
cost markets the goods ami measures the margin OF
prodt If desire commeTcsl prosperity
saust obey commercial laws. our exports being mainly
breadsnEs and cotton commerce must needs be
witt the nations which consume them. These nations
either have gold standard struggling that
end We have also the gold standard. but are surely
drifting different end and unless wise cOunscs
vail are reach IT, II reached. all our exports Of
silver debts wOad O necessity be sent
abroad as merchandise translated into gold before
the debt could be paid 1t would have greater sab
ity than cotton wheat any other article OF mer
candise it would continue to nurtnate and our own