Year: 1878




not satisfied with the passage of the Silver
| bill. Mr.. Cockrell has introduced in the
Senate, and Mr. Springer is watching for an
opportunity to introduce in the House, q
bill for converting silver into money with
out awaiting the slow process of coinage.
BY the bill which has become law any
holder Of actual coin may deposit it with
the Treasurer or any Assistant Treas
urer and receive therefor a certificate
which may be paid for customs,
internal taxes, and all other dues to the
government on the same footing as the coin
which the certificate represents. There
can be no reasonable objection to this pro-
vision of the new law. The certificate repre-
sents actual coin in the possession of the
government, and it saves the inconvenience
of counting and handling large sums OF sill
yer money. But the silver demagogues are
not satisfied with anything SO moderate and
reasonable They insist that silver bullion
shall be put on the footing Of money before
it is coined and that all the unmanufac-
tured silver in tho country shall at once be
made a legal tender for all sums due to the
government. Unless this absurd measure
is adopted they are afraid they will not sue
ceed in cheating the government and the
public out of the eight per cent differ
ence between silver coin and silver bullion.


They argue, and argue correctly, that un-
less this is done the gold dollar and the
silver dollar will not be treated alike. But
why should they be treated alike when one
is worth only ninety-two cents and the other
is worth a hundred cents? Gold certificates
are allowed to be issued on q deposit of
bullion as well as on a deposit of coin, be-
cause the value of gold coin does not exceed
the value of the gold bullion of which it is
composed. But the value Of silver bullion
is so much less than the value of the same
weight Of silver coin that the govern
ment would be cheated out of eight per
cent of it's dues if certificates were author
lied on deposits. of uncoined silver. The
consequence of issuing such certificates
would be to circumvent and defeat the
Senate amendment giving the profit Of coin
ing silver to the government and to convert
all the silver bullion in the country and all
which could be imported from abroad into
money without awaiting the slow operations
of the Mint The eagerness of the silver
demagogues to pass such supplementary
bill attests their dissatisfaction with what
they have already achieved. They. look
upon themselves rather as a beaten party
than as successful party if they are COM
PEELED to accept the amended Bland bill as
''finahty."' 2" ~


1t is we'll known that the foremost of the
silver demagogues set no value on the new
law except as base of further legislation.
When the bill passed the Senate without
rejection Of the amendments Mr.. Ewing,
the Samson Of the silver demagogues, was
on o visit to Ohio. and the telegraph
brought his indignant comments. He re-
garded the bill as' utterly worthiessif the
House consented to the amendments. Be-
fore he returned to Washington the pro-
nounced and strenuous silver men Of the
House, who had organized themselves into
an association which they called "The
Silver Union" held caucus in q spirit of
active hostility to the Senate amend
ments. But when the subject came





discretion is the better part Of valor,
and allowed the amendments to be
accepted. Their final plan was to allow
the amended Silver bill to pass and after
ward to nullify the amendments by further
legislation. The principal amendments had
passed the Senate by so large majority
that there was no reasonable prospect
that the Senate would recede, and if this
bill had been stranded on q difference be-
tween the two houses there would have
been an end of all silver legislation during
this session. The silver demagogues there
fore consented to have the amended Bland
bill pass, hoping to utilize this par
tial success by supplementary legisla-
ton for nullifying the amendments.
The amendment restricting the monthly
amount Of silver to be coined and giving the
profits of coinage to the government would
be completely nullified by the project of
Messrs. Cockrell and Springer for the issue
Of silver certificates on deposits of bullion,
which would put coined and uncoined sill
yer on practically the same basis and enable
the holders Of silver bullion to use it as
money.


Some of the most prominent Of the silver
champions have disclosed their wish and in
Antion to go very far beyond any possible
silver bill. Among these is General But
ler, who is more bold and less dis
Greet than most Of those who share his
views General Butler does not believe
in silver money at oil, nor in any
lind OF metallic money at all. He has
favored the Silver bill merely rs a means of
breaking down the adherence of the govern
ment to the gold standard. What he wants
and what the Western infationists really
want is an unlimited expansion of the paper
currency. Butler boldly avowed it and the
other silver zealnts Yirtually confess il hx