Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-01-21

sion among the unconvcrted. The Sen
atcr IS 80 much OF devotee Of the sill
yer dollar, intrinsicalIy worth less than
eighty cents, that be proposed at once
70 commence the payment of the public
debt with that coin and no ether. al
though later he seemed TO have con-
senied to a mixture. or course he ex-
poets to carry the Empire State IN 1855
on his platform. Not himself eligible
as . candidate for the presidency, the
distinguished Senator waves his ban
ner, reckless Of clouds without any
silver lining, which there betoken
the fate Of any Democratic son
Of New York who may seek 10
conquer under that sign. or course
the inevitable result OF using silver m
the payment Of the public deb; would
be to Danish gold, or two thirds Of all
our present metallic circulation. and
leave us with nothing but silver coinage.
Our five or six hundred millions of gold
would soon command a premium, in
creasing day by day. Gro where II
might, II would have more appreciation,
and its departure could not fail TO pro-
duce a serious monetary crisis-a con-
traction which Congress would be
promptly asked to cure By an indefinite
issue Of q new edition Of legal-tender
greenbacks, or by the revival Of wild
cat banks to supply the place Of de-
parted gold. This, or anything the Su-
preme Court has already announced,
Congress may do at its pleasure. Such
a step once taken, however, the ex-
perience of the world shows cannot be
easily retraced."
Mr.. Morrill, characterized the oid-time
Democratic party as the party Of infiex
IDLE hostility 70 psper-money and devo-
ton to gold, and asked why the finan-
cial principles OF jefferson and Jackson
were now denounced. II could not be.
he said, that there was anywhere any
reluctance to paying the wages Of la
borers or pensions OF Union soldiers in
& dollar worth one hundred cents.
Mr.. Morrill, denied that France Of
fered an example for us IN regard TO
silver circulation. The banks we're
few there, be said, and the people kept
more Of their money In the houses.
The banks were numerous here, and
the people used them. He also
denied that the suspension OF our COIN
age would depreciate silver or increase
the value Of gold. IL had been demon
strated that the whole service OF the
Government for seven years had failed
70 increase the value OF silver 1t was
worth less to-day than 1t was then.
When the United States IN 1863. he
said, was trying 10 obtain loan
OF 81 100000, 900, subscribers TO
the loan had been informed that,
.. while the bonds are twenty-Yesr
bonds, they may be redeemed
IN gold al any time after five
years" All departments Of the Gov
eminent so understood the contract.
The letter OF the Law unquestionably
made United States bonds payable IN
either gold or silver coin, but this was
done when no silver dollar was IN
circulation, then worth more also
than a gold dollar, and when the policy
of the Government had been for a gene
ration o. coin little more Of silver
than what was required for ordinary
use a. change For many years we had
paid both the interest and principal Of
these bonds II gold, and this inhexible
rule had given pledge Of public faith
that they would forever continue to be
SO paid until their final extnguishment.
II was this trusting faith Of our own
people which enabled the Government
70 refund its bonds at the l0w rate OF 3
per cent. interest, and these are bonds
which the Senator from Kentucky
so sternly advised the Secretary
Of the Treasury should be paid
at once. and paid IN silver, say
ing nothing about what would or
would not be conducive 10 the public
honor 1t might be truthfully asserted
that Il concerned the highest interest
OF our future career IN the worlds his
tory 10 preserve tn public credit
above al criticism and above all suspi-
cion Of the smallest financial crooked
ness. - Our own legislation" said
Mr.. Morrill,, is Fastening & disas-
trous revolution, as the President and
Secretary Of the Treasury believe. In
all the conditions surrounding 1t the
silver dollar is now II danger OF farther
depreciation, ami the question arises
can We with proper deccncy take
advantage Of our act 70 pay
of the bonds Of the United States
al q cost Of only 70 cents or less on the
collar; The fact that nearly all the
merchants and trained businessmen Of
the country, whose daily life has az
iorded broad information upon the his
tory and practical knowledge Of the
subject, are arranged upon the side ia
yoring al the very least either al IN
crease In the weight Of the silver dollar
or limit 10 or temporary suspension Of
Its coinage does not appear 70 have the
slightest weight, but Is cOntemptuously
disregarded by those who theoretically
and sentimentally cling. first and last,
70 the dollar OF 4l2 grains Of silver.
The TACT that the President and the Sec
Rotary OF the Treasury, the Treasurer,
Director Of the Mint, and Comptroller
OF the Currency. experienced Treasury
officials. no less under the present Ad-
ministration than under the preceding,
are al agreed N urging Congress 70
cease the present coinage Of the silver
dollar, goes for nothing with the Sen
atoT from Kentucky and his obedient
followers.
At the conclusion OF Mr. Moui.l's
speech 2 running debate followed upon
the silver question, participated in by
Messrs. Beck and Teller upon one side,
and MessrS. Mcpherson and Morrill, on
the other, with occasional remarks IN
terected by Mr.. Maxey and others.
The debate, which was characterized
throughout by great warmth Of MAJ
Der, then came 10 a close, and the Sen
ate. at $40 p. NJ, went into execu-
tive session.
Al 4:j0 p. n. the doors were re-
opened, and the Senate adjourned.
Hama At Rs.rsu1xtastxe.