Year: 1878

plain words of the law and with all the re-
cognized principles of honesty and national
honor. He charged these crimes of repudia-
ton upon those who upheld the bondholders.
The people whom he represented, with the
/ bayonets of truth in their hands, would drive
them into a decent observance OF the plain
terms of the law. The bondholders by thei,
false cries were attempting to fasten their
! high crimes and misdemeanors upon those
who desired to comply in good faith with the
letter and spirit Of the law The tax payers
| OF the country had their rights, one Of
which was to pay the bonds in silver, and
they would never surrender 4nat right. The
people could not and would not pay gold
alone. He heartily approved the resolution
of the Senator from Ohio, and it was the
to pass this resolution, but also to restore the
free coinage Of the silver dollar by passing
the silver bill.


Senator Randolph spoke in opposition to
the resolution, and in favor of gold as g SIN
! gle standard Of value. He referred at length
to the various government bonds, and argued
that the government had the right to pay
the bonds issued prior to 1878 in gold or
silver coin, at it's option, while as to the re-
mainder of its bonded obligation, payment
must absolutely be made i'll gold. He
would endeavor to show where it was our
| lawful right to pay in either coin, and where
our interests would not be subserved by
payments in silver. He argued that it had
been the studied purpose of the government
| to persuade the mind of capital that coin
meant gold. No resolutions of Congress,
no opinions Of secretaries, could have had, or
ever would have, breath of influence on
! the minds of lenders compared with long,
unbroken practice of the government itself.
Aside from considerations of interest and
policy, we had never at one, nor at all times,
put together, within our history as govern
ment, the silver coin to make payment with.
Counting all the silver coined since 1892 it
amounted to four millions of dollars, an
amount insufficient to pay the interest alone
States for IA days. When we made our OBJ
legations we took no thought of payment in
silver, dreamed of no chance like the one
now sought for, and meant by coin that
metal which the government had ever before
paid to its creditors, that coin which the
whole commercial and financial world, with
whom we have to deal, know only as our
coin payment.


Should we make law remonetizing silver,
and that coin of 4l215 grains remain rela-
lively as much cheaper than gold as it now
is, what advantage will our reconciliation
be to the people beyond that given to those
now in debt? 1t would possess none as to
all new obligations. They would be made
expressly payable in gold or SO charged for
in higher rates of interest, or higher charges
for commodities, as to make the cost to the
borrower of money, or the purchaser of mer
chandise, relatively the same as if the trans
actions had taken place Oh gold basis.
He argued that since the silver bill had
been under discussion large loans of money
have only been had by inserting gold coin
payment in the bond. The laws of Congress
though they be piled mountain high, cannot
change the higher and immutable laws of
supply and demand, or the speedy exit Of
capital from the protection of a government
righteous possession.


He argued that reconciliation of silver
would be loss to the people and would not
lessen the public burden. II silver is made
legal tender and remains the cheaper coin
and is to be paid out by the government,
then all will agree that we may no longer re-
fund our debt now being done at per cent,
at the same rate of interest, or sell our bonds
at the price we obtain for them now. Just
| to the extent, therefor, that the government
pays at n higher rate of interest or sells its
bonds for lower price, it is the loser. The
public burden is not lessened, but is increased
for all practical purposes and substantially
for those Of commercial ones also.


Silver, as II legal tender even of the;people
passed out of existence more than twen-
ty years before the passage of the celebrated
reconciliation act of 1873. Its use by the
people had been confined long before the war
to the ever-conyenient and always to be circu-
lated subsidiary coin, the half dimes and
dimes the quarters and half dollars of every
day use-the peoples money i'll reality. the
money OF convenience to them, but not the
money for their hard earned savings to be
kept.


! In referring to the act Of February, 1873,
! demonetizing silver, he denied that it was
smuggled through Congress, and said it was
clearly understood. He argued that the silver
! dollar was demonetized, because it was worth
! 80 cents more than the gold dollar, and
would not remain in the country. He be.
ieved double standard was not only detri
mental to the government, but was in itseli
substantially impracticable. The nations o,
the highest civilization, those with which oul
affairs are largest, have either adopted ths
single gold standard, or restricted the coinage
of silver so as to amount to about the sam,





and the Chinese as our guides in finance.


He next discussed the power of Congress


to coin money and regulate its value, and
referring to reputation, said he believed
there was no purpose upon the part of tn


people at large to do ought that would la.


them open to the just charge of reputation


He spoke of his deadly hatred of that crime


and said he did not question that, all honor


able men hated it. If in passing bills to re


monetize silver we are adjudged by tn


broad world from whom much of our capita


has heretofore come, and must hereafte


largely come, guilty of doubtful action re


garding our obligations, the penalty, whethe


rightfully or wrongfully inflicted, will fal


after all with more distinct severity upol


private enterprise than upon public credit
If upon these the blight of broker


faith, real or implied, shall fall. the
indeed will we have added to the cup of on
present misfortunes


He spoke from personal knowledge wfte
he said that foreign and domestic capital re
fuses to give American enterprise credit at thi
! very hour because of this debate. With
single standard of gold we may safely ente
, upon competition in all markets in til


world, for this is the one standard, undis
puted. With double standard half tn
, worlds markets are beyond our efforts.
J He then spoke of the inconvenience of 81
yer in large amounts, the cast of transpor
, ing it, etc. He had no sympathy for til
money kings, but he would cater to no pas
: sing passion by hurting epithets at any elias
of our fellow citizens, though they have IL
misfortune to be rich. The capitalists we,
1<lr1 I,