Year: 1878

In the House of Representatives, Feb. FL,


Coinage of the Standard Silver Dollar


and to Restore it's Legal-Tender Char
| acter.


Mr.. Speaker, I shall concur in the
Senate amendments to the pending bill.
| desire, however, to solemnly protest
against the system of legislation that
has obtained in the Honse with refer
ence to this bill. The question Of re-
monetization, or rather the coinage of
silver dollars for use as a part of the
circulating medium of the country, is
one of much Importance Perhaps no
other question before Congress has caus-
ed more discussion out of Congress and
agitation throughout the country than
this silver question. l doubt if one of
more importance shall be presented to
the present Congress for consideration
and solution.


The history of this bill is fresh in the
mind of every member on this floor
First introduced for consideration of
the House by the gentleman from Mis-
souri,, Mr. BLAND, under motion to
suspend the rules and pass the bill, un-
der the operation of which debate and
the right to offer amendments were cut
Off Hence this bill was passed on the
9TH of November last, in it's original
form, Objectionable as it was, without
even giving members the opportunity to
| explain the votes they were called to
announce. 1t seems to me this bill
should have been duly considered and
perfected by the proper committees.
1t should then have been fully consider
ed by the Committee of the Whole
House, and the right and privilege to
offer amendments should have been Of
fered the members of this House, so
that when the bill was finally passed it
would express and reflect the mature
judgment Of the majority af this House.
We find the bill before us to-day, hay
ing been considered and amended in i'm
portant particulars by the Senate In
stead of an opportunity being now afford
ed to consider the same, the true friends
of an honest silver dollar are compelled
to vote to concur or else lodge the bill
where there would be no reasonable
prospect or encouraging hope of its
ultimate passage, while the agitation
would go on, and unrest and distrust in
our financial affairs and system would
continue to embarrass and oppress.-
Hence | say the caucus rule in it's
most rigid form has been applied to
this bill so far as this House has taken
action thereon.


The pending bill, with the Senate
amendments, is certainly preferable to
the bill.as it originally passed the House.
1t is OF the utmost Importance that the
silver dollar provided for and coined I'M
der this bill shall become, by reason of
the intrinsic value of the metal in the
coin, and the monetary function Civ
en- it by law, the equal in value of
the gold dollar. Anything short of this
will prove delusion in the end, and
bring disappointment to the country
hope that 4129 grains of standard
silver may prove sufficient, though |
confess it requires the utmost conf
dence and trust to reach this conclusion
If it does not, then we must retrace our
steps and learn wisdom by experience
We cannot afford to force into circula-
ton at this time as money any debased
coin or deprecated currency. | think
it would have been safer and wiser to
have made the new coin uniform with
the $25, 100000 recently coined by the
Government, and known as the trade
dollar" and containg 420 grains Of
standard silver.


In this hurried debate there is little
time to examine this question in detail.
l believe the proposition that comes to
us and the conclusions we ought to
reach are, how we may by legislation
add silver to the currency or circulat-
ing medium of the country, increasing
the volume of money without impairing
the obligation of contracts or destroying
confidence in our monetary system.


The business interests Of the country
and the people of the country demand
and should be furnished all the money
it is possible to circulate on par with
gold OF such, whether it be silver,
greenbacks, national bank notes, or the
silver certificates of deposit provided
for by this bill, we need never fear OF
creating hurtful plethora.


1t seems to me that in the haste with
which this house is taking final action
on this bill and omission is being made
which might have been supplied with
beneficial effect. refer to the provis-
ion in the bill relative to the issue of
silver certificates ofdeposit. 1t is pro-
vided in section that these certificates
Shall be receivable for customs, taxes,
and all public dues" This provision
will undoubtedly make these certificates
of the same value as silver, and prefer
able for use in making exchanges in the
transactions of the business of the coun-
try.


One other function might have re-
leased and sent into active circulation a
large amount or volume of greenback
currency, now looked up by operation
of law in the vaults of the banks of the
country.


can see no objection to having au-
thorized these certificates to be held
and counted as part of the lawful
money reserve now required by law to
be held by the national banks in theil
vaults. Had this been done 1t might
have restored many millions Of dollars
of money to active circulation now en-
tirely withdrawn therefrom and held as
bank reserves, Had an opportunity
been afforded l would have proposed
such an amendment.


By the action of this House, under al
enforcement Of the rule, the question
then is limited and resolved to this
Silver dollars of 421a grains Of standard
silver, under the bill pending, or the
question of reconciliation unsettled
and disturbing element agitating the
country, paralyzing business, driving
money out of business employment into
permanent Investments, or boarding il
eastern money centers. Between these
propositions l shall vote to concur il
the Senate amendments and give the
: country silver dollar which hope may
prove to be an honest dollar If it does
it will tend to revive business and re-
store confidence, both of which are mucl
needed now for the relief and prosperi
ty os the people of our country.


So long as the value Of money is the
| o,,b;oo% &c a r.x ot,on on1 1or. o1o <so,, Eo