Year: 1878

II coined. The amendment. further pro.
yides that the subsidiary coinage shall
contain the same relative quantity Of
pure and standard silver as the silver
dollar. After Mr.. Beck had explained his
amendment briefly, Mr.. Bayard spoke in
opposition 10 the bill.


Mr. Bayard argued that the passage Of
such a bill would lead the American peo.
pie to still greater disaster than they
had yet experienced in their financial
policy. All measures like this would
only revive and expand the very evils
from which the people now sought re-
lief. There were no troubles as serious
as those which accompanied false sys-
TEN Of money. He spoke in favor Of 3
stable currency and said we should have
the currency which would circulate any
where and maintain fixed value every
where. He believed, but for the present
agitation caused by this silver discussion,
that the minimum gold coins Of onr coun.
try would have begun TO make their ap.
pearance and so all doubts as TO 1uctua.
iion would have ended. He then referred
to the act Of England, Germany and other
European countries in regard TO the
adoption OF silver and gold standard
and read recently published dispatch in
regard to France suspending the coinage
Of silver.


Mr.. Matthews-The vote in the French
Assembly was TO restrain the coinage OF
silver on private account and not on
Government account.


Mr. Bayard said he did not so under.
stand it. He quoted from table as to
the number Of silver dollars coined at
various times and said he wanted the
people to see that from 1906 to 1885 their
fathers did not coin any oil them.


Mr.. Withers asked il two half dollars
coined then did not make one dollar.


Mr.. BAyard said the cry Of the beSepato:
had not been for the half dollars Of his
fathers. 1t had been for the dollars.
One effect Of the passage Of this bill
would be to lessen the revenues on i'm.
ports to the extent OF 10 per cent and one
Of his greatest apprehensions Of the re.
sult Of lts passage would be return from
Europe for sale in the United States Of a
large number Of our bonds now held
abroad. This would lower them in
price. Reason as we might about our
right to pay bonds in silver the verdict
Of the commercial world would be that
our creditors were treated unjustly by
such payment. He had heard capital de-
nounced during this debate, but it was
unjust to do so. What was capital but
the result Of labor. The institutions OF
our country offered no impediment to the
poor man or the poor mans son rising to
influence and wealth, and nowhere was
that fact illustrated more than in this
Senate. On what basis was it supposed
that we could resume specie payment
better with S50O0O,000 in silver than
with nearly fonr times tina: amount in
gold? lie favored the amendment Of the |
Finance Committee proposing an inter-
national conference 10 tix the ratio OF
value between gold and silver, and said
in his Judgment il should be done at once
He was willing 10 see coined freely the
dollar Of 4l2! grains, provided it should
not be used to disturb our measure Of
value. He was willing TO make it a legal
tender 10 limited extent, but to do
meant national bankruptcy and
nothing else.


Mr.. Eaton then took the floor, but be.
fore beginning his remarks yielded for =
motion to adjourn.