Year: 1878




contained was worth more for other
purposes Than for coin ? There was
no period from the time the gold dollar
was reduced to 1913 graiDs that the ,sil
YER dollar was not more valuable than
the gold coin unuiiti was demonetized
by the act Of 1878. And 1t was this
greater value that prevented its coinage,
and not the want OF appreciation on the
part of the people. .stopf


The argument attempted to be deduced
from a comparison of the amount of the
coinage of The two metals to prove a
preference on the part Of the people for
gold aud that IL was the exclusive stan
dard Of value is unwarranted by the facts
In the case and Is misleading aud decep-
tive. If the true facts had been stat ed
the discrepancy In the amounts of the
two metals coined would have been ac-
counted for very differently, and candor
would have compelled the admission
that but for this greater value silver
would have been coined In much larger
amounts and been In much greater use
among the people. But this was not the
only cause that there was so little silver
money In the country when the refund
ing act was passed, and which 1t is now
claimed justified the expectation that our
bonds would be paid exclusively In gold.
The issue of the greenback currency and
its great depreciation drove both gold and
silver out Of circulation. That unwise
and unconstitutional act which made the
paper promise Of the Government legal
tender for all debts, public and private,
except custom dues and interest, on the
public debt, prevented the circulation of
both the precious metals.


They could not remain In compeEi-
ton with a money which had no intri ns-
PEELED 70 accept rs the equivalent
Of coin. Much Of the silver that had
been Issued from our mints went abroad
or went into the crucible and was used
In arts and manufactured into plate or
ornaments. IL Is ceased TO be coined be-
cause the owners Of bHllion could not
afford TO have 1t made into dollars when
II was more valuable tor other purposes.
The money that was coined during the
war and for some years before was coin
cd from gold, because it was the cheap
or metal for the purposes Of coin. With
these facts known to every one the argu-
menttR favor Of gold coin drawn from
the coinage Of the two precious metals
IL, to say the least, unsound-I will not
say disiDgenuous and unfair.


Now, Mr.. President, because there was
comparatively 80 little silver coin in the
country, for the reasons have stated, At
the time the bonds of the Government
were issued and sold, it Is contended that
it could not have been contemplated by
the purchasers that they would be paid
In Whole or In part insilver coin ,andthere
fore that 1t would be inequitable to pay
them In such coin.


Let me ask, Mr.. President, did any
one suppose chat silver, because of its
greater value In 1870 when the refunding
act was passed. was always to maintain
its superior value to gold and never to
return into the circulation of the country
that the then condition of affairs was Go
continue forever, and that we were new
or TO have relief from an irredeemable
paper currency which excluded both the
precious metals from contact with the
people? Was it not more rational u
suppose and more reasonable that il
should enter into the contemplation OF
| the purchasers of the bonds that they
| might and probably would be paid very
largely In silver coin? The Law author.
lied such payment, and We possessed the
| riohest silver mines in the world, yield
ing more than half of the annual pro
duction of the silver of the whole world
and 1 cannot understand how it should
have escaped the expectation Of the hold
| ers of our securities that they might be
| paid in silver dollars.


Another reason assigned by some who
have opposed this bill why the bonds OF
the Government cannot now be paid in
justice and honor in silver coin, Is thai
Congress, subsequent to the act providing
for the retInding of the public debt
struck the silver dollar or 412t grains
from the COINS of the country. The argu
ment is that while by the terms of the
! contract, the statutes which authorize
the bonds to be issued, and by the face
OF the bonds themselves, they may bs
paid in silver dollars. that the subseq uenl
act of Congress, in dropping silver from
the coin as legal tender, deprives the
Government of the option which it il
admitted existed before, to pay in such
coin and became pledge that its bond
ed debt should be discharged exclusi vely
in gold coin. In the language of the
Senators from NewJersey Mr.. Randolph
and also of the Senator from New York
Mr.. Kernan,l 1t is said the Government
then made its election and is estopped
by its own act from payment in silver.
| cannot understand that mode of argu
ment or concur III the conclusion whit Oh
is reached. If tn Q position TO which
have referred does not limit the DO wei
of Congress over the subject of aoinagt
it at least limits the authority to declar.
the money which it coins legal tendel
for its debts. 1t divests the G0vernment
of an attribute of its sovereign power
10 coin money and regulate It's value il
one of the powers conferred expressly
upon Congress, aud is a continuing pow
or which cannot be exhausted by its ex-
ercise nor forfeited by nonuser. Con
gress may, at its discretio IN suspend from
Tune to time the coinage Of either OIL
both the precioos metals, and Emay
take away from either or botl
the legal tender character. But sup
pose il should do so, would that de
prive Congress of the right fore yer there
after to coin those metals and make
them a legal tender for its debts? Nc
one will so contend. Every person whc
held a bond of the Government wheI
silver ceased to be coined in 1873 and ia
legal tender power was taken away
knew that Congress could at any timt
direct the reeoinage of the silver dollal
and invest 1t again with full power &C
pay all debts public and pri vate. Sir, the
decentralization of silver was never in
tended as pledge to the public credi
tor that he should be paid in gold ex
clusively. 1t was suspension for the
time being of the coinage of that metal
/ ItaT, ina ma at.h