Year: 1878

ably discussed than the pending bill. Hs
argued that gold and silver was the stand
ard Of value contemplated by the consti-
tuition, and we had promised to pay our
bonds in coin, meaning gold and silver.


The holders of our securities had no
good cause of complaint II they should
receive in payment whatever they agreed
to take. The decentralization Of silver
was never intended rs pledge to the
government creditor that he should be
paid in gold exclusively; however, the
bonds were not yet due, and their pay.
ment would be a matter more properly
to be considered when the day of pay
ment should arrive. He had no fears that
the credit of the government would suf-
fer by the passage of this bill. There was
no reason why the United States should
follow the example of England and Ger
many or any European power in demone-
tizing silver. We were free from comph-
cations which surrounded the govern
ments of the old world, and we could
frame our financial policy as well as our
institutions without regard to them.


He would give his support to the bill,
though he was not sure 1t would give TO
the country dollar equal in value to
gold dollar. Should 1t be found to be in
sufficient, further legislation could be
had. He believed the passage of this bill
would decrease the purchasing power Of
gold, and would add to the value of every
species of property in the country. He
did not believe its passage would impair
the right of any. He believed the pas
sage Of the bill would assist In relieving
the distress now prevailing throughout
the country, and would counteract, to
some extent, the contraction of the cur
rency, hut 1t would not give all the relief
expected. 1t would aid in maintaining
greater stability and regularity in anan-
cial affairs and restore prosperity; be-
sides, its passage was demanded by large
majority of the people of the country.
THE VOICE OF VIRGINIA.
MR.. DAvIss SPEECH.


Mr.. Davis (W. Va) said the bill was of
great importance to the whole country,
and especially 20 the agricultural, manu-
featuring and laboring classes. He re-
viewed at some length the various coin
age acts since the organization of the
government, and said when the act of
1892 was passed 1t was a question wheth-
er silver alone or both gold and silver
should be the standard. 1t required the
united efforts of Hamilton, Washington
and others to have the double standard


adopted. This plainly indicated that the
founders of the government favored sill
yer as money. The population of the
world under the silver standard alone
| numbered S76,7OO, ,OO0 under the gold


standard alone, 1SO, ,750, 900, and under the
gold and silver standard combined, 132,-


800, 900, showing a difference of 563, $780,


600 in favor of silver.


He argued that 1t was unconstitutional


to demonetizs silver; the constitution


recognized both gold and silver as the


legal standard. If Congress could de-
monetize silver 1t could demonetize gold
also, and then we would be without a
4
heretofore made in the Senate against
paying the bonds in silver, and contended
| that it would be violation of contract to


pay the bonds in gold alone or in silver


alone. The contract called for their pay.
ment in coin, and Congress had no right


to change the contract either in favor OF


the debtor or creditor. The act of 1879


demonetizing silver was passed without


due discussion, and following it came
financial distress throughout the country


from which the people were suffering to-


day.


| He believed that the reconciliation OF


the silver dollar and making it full
legal-tender would soon cause 1t to equal
the gold dollar in value. The demoneti-


cation of silver had decreased its value


Demonetize gold and the same result


would follow. He opposed any amend


ment to change the weight of the silver
dollar from 4l2t grains, and said to do SO


would be changing the value Of the dol
lar named in the bonds of the govern
ment besides, to increase the weight OF


the dollar would make silver of greater


value than gold, and drive silver from


the country. He believed to pass the bill


now before the Senate would be pro-


ductive of good, at least it was worth
fair trial. 1t would aid in the resumption


of specie payment because it would large


ly increase the amount of coin with
which to resume.


1t had been said that the agitation OF
this question was even now causing the


return of our bonds from Europe. In


his opinion the return of the bonds was


due entirely to another cause-our ex-
ports exceeded our imports. The balance


of trade was in our favor, and this excess
had to be paid to the United States, some


of which was paid with bonds. He also
favored the remonetization of silver, be-
cause it was one of our chief products.
Its reconciliation would relieve the
| financial distress, restore confidence and
be the beginning of that prosperity so


long a stranger to our people.


| The speeches of Senators Johnston,