Year: 1876

|


payments he would vote against it, nc


matter whether il was economical or not


but il it we're in the direction OF specie


payments he would vote for it, no matter


what the cost might be. He advocated


the bill because il was safe, easy and eco.


nOmical, and was in the direction Of the


Observance OF public faith.


Mr.. Page replied that this bill would


not benefit the Pacific coast any more


than any other part Of the country, or


that the interests Of California and


Nevada were different in that respect


from those OF any other part Of the coun-
try. He said that the people Of the
Pacific coast had recently purchased from
the government four million dollars in
silver coin, for which they had paid dol.
lar for dollar in gold. lie asserted that
silver coin circulated on the Pacific
coast Just the same as gold coin. As to
the assertion that the Issuance OF silver
coin had been resolved on in the interest
Of the big bonanza, he pointed TO the fact
that the shares of the consolidated Cali
Company were calculated at $50 per
share, now less than they were when
that policy was entered on. Favoring as
he did resumption OF specie payment at
an early day, he was in favor Of the bill,
and would vote for it.


Mr. Townsend, OF Pennsylvania, ad.
vocatcd the bill and his own amendment
to it. He characterized Mr.. Hewitrs
speech as intensely partisan and gave to
that gentleman's Latin quotation, tuerieo
GandOs et dana tercHtcs, the free interpreta.
iiOn: Democratic rags are better than
Republican silver. Laughter.


Mr.. Randall, chairman OF the Commit
tee on Appropriations, closed the debate
with speech in favor Of the bill. The
chief objections which had been made
to the substitution Of silver coin
for fractional currency were, first,
that it would be depreciation
OF the currency, and, second, that::the
value OF silver might be increased ,andthat
greenbacks might depreCiate to n point
that would render it profitable TO melt or
export silver coin, and that the people
might thereby be put 10 serious inConve-
nience for want OF change. The first OBJ
lection was readily answered. There
was no proposition to depreciate silver
coin. On the contrary the bill provided
for the issue Of silver coin Of the same
weight and purity as had been
issued by the mint since 1858.
In fact, the coins proposed TO be issued
would be slightly more valuable than
those carried on from 1858 TO 1868, rs the
object was to make a silver dollar con-
form 10 the weight and value OF five
francs. The picture drawn by the Cen
tleman as to the injury to the poor from
the substitution OF silver for that Ot paper
currency was highly over-charged. He
(RandalL thought that these silver coins
would maintain n purchasing power
equal with legal tenders, or even with
gold for small payments. After the
limit Of the substitution would be reached
then no further issue OF silver coin could
be made except exchangable at par in
gold. The entire amount OF silver
coin proposed would be needed and ac-
tually employed as change-money-and
being only procurable from the minis for
gold coin at par q redundancy would be
This check and the amount
for which silver coin should be legal
tenders would ciTectually check any OF
the evils predicted and no loss could re.
suit to the people, as silver coin would be
current at its nominal value. What was
TO be Issued was not debased
coin, as spoken OF by the gentleman from
New York, but coin OF n standard value |
Of authorized weight and purity and more
valuable than that issued BY most cOun;
tries Of Europe. As to the second objec-
tion, that silver coin might not remain
OH, on account OF an increased value in
gold premium or in silver premium or
in both. lie would be gratiiied il some |
provision OF law could he enacted which |
wonld appreciate the greenback, or il |
such condition OF trade could be reach. |
ed MS would produce the same result, for
their silver coin wOuld certainly remain
out. In the absence Of such condition
Of things some risk must be encountered,
but before the adjournment Of this session
the failure Of the undertaking would be
settled, and il there were any error it
could be easily corrected.


Various amendments were offered by |
Messrs. Wells, Holman, Townsend and
others.


The committee then rose and reported
tie bill and amendments with the under
standing that five minutes debates will be
allowed in the House and vote taken on
each amendment.


The House adjourned.


SENATE