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yinuc-JviUc tiMte. PUBLISHED BY j. C. Me MICHAEL. BARNESYILLE* GEORGIA. THURSDAY, - - FEB. 21, 1878. Coinage of Silver Dollars. Senator Hill delivered the follow ing speech before the Senate on the Bth insfc. : Now. Mr. President, I shall deal with this question as I endeavor to deal with all questions that come before me. I shall -i <.t convictions, and shall speak them as plainly as a ...■... T shall certainly question no other gentle man's patriotism and arraign no other gen tleman's love of truth and fidelity to right I take my position with those who earn., cstly and sincerely desire the restoration of the silver dollar to the coinage. I be lieve that the silver dollar ought to be re coined and remonetized. lam not influ enced m that opinion in the slightest de gree by an argument that fell from the Senator from Maine (Mr. Blaine) yester day- That Senator certainly entertained us with a most charming and beautiful speech, in much of which I agree, but he made a constitutional argument in the be ginning, to the point that Congress had no power to demonetize silver and he called to liis aid the celebrated dictum of a very celebrated constitutional lawyer, Mr. Web ster. The Senator says : No power was conferred on Congress to declare t’eit either metal should not he money. Congress lias tii re to ra. in my Judgment, no power to de monetize silver any more than gold; no power to demonetize either anymore than both. In this statement 1 am hut repeating the weighty dl.'t uni of the first constitutional lawyers. “I am cm i atnlv of opinion,” said Mr. Webster, “that gold and sliver, at rates lived by Congress, con s' ii nte the legal standard of value In this coun t • . andthat neither Congress nor any state has adthorlty to establish any other standard or dis place tills standard.” Now, sir, what was Mr. Webster as kd-ting in that ? Only that the constitu tional money of this country is metallic, aud lie intended to assert, and did assert, what I trust every man in this country will weigh, that there is ro power in Con gress to establish any other money than mt.'ilic money. Congress cannot, under the power to coin money and regulate its value, make a money of paper or of any promise to pay The Senator’s logic is as faulty as his opinion of the constitution and of Mr. Webster’s view of it, of which lie also says: congress lias therefore, in my judgment, no PO'.n er to demonetize silver any more than to de monetize gold; no power to demonetize cither any more than to demonetize both. Therefore the Senator concludes that Congress is compelled to monetize both nn 1 has no power to refuse to monetize either. I regret that the Senator is not in his seat. How would his logic work? Congress has no more right to refuse to demonetize one ounce of silver than an other ounce of silver. Therefore Con- gress is compelled to monetize every ounce of silver! Congress has no more power to demonetize one ounce of gold than another ounce of gold. Therefore Congress is compelled by the Constitu tion to monetize every ounce of gold! An ! the conclusion to be derived from the Senator’s logic would be that every ounce of silver and every ounce of gold iu ih.s country would have actually be coined into money and that Congress wo. ild not l)o performing its constitu- tional duty unless it did. Why, sir, Congress has the power to com money, l and this power must be construed, as every other power, to be exercised wise* ly and according to the wants and needs ot the country. It cannot make money of paper, It can alone make money of metal—"-old, silver, or copper—some thing of that kind, and it must make just as much money of th it kind as the wants and conditions of the country shall demand. Congress has power to declare war; but does that mean that Congress is under constitutional obliga tion always to keep the country in a state of war." 1 If that be the constitu tional obligation of Congress for ten years it has been discharging its duty very faithfully. Mr- Blaine. Do I understand the Senator from Georgia then to maintain that Congress has the right to declare that neither gold nor silver shall be money. Mi. Hill. I certaiuiy think Congress has the power not to demonetize either gold or silver. B. Has the power not to do it? 11. It is the same thing. I>. I think Congress has the power not to do a great many things. Does the gent! man desire his proposition to be put in that form, that Congres has the form not to do it? D- iue beuator can put ii in any form lie desires. No, I desire the Senator to put liis proposition in his own form. I un derstand the Senator now to rest liis logic ou this that Congress has tl;e pow er not to do a certain thing, Is that it?. 11. 1 es, sir; 1 did say so. Ij. I imderst >od the Senator to say so. As he referred to me, I shall be glad to have him state his position. H- I say this: Congress in coining money lias the power to coin gold, or silver, or copper, lither oue, or all, or two of them. B. There is no issue on that. 11. Very well; and it has a right to drop either from the coinage and not make it money. B. And it has the right then to drop all?. B. Bit is wise and proper to do so, it has. I>. i hen I understand the Senator to say that under the Constitution of the L nifl??T States,' in his judgement, Con gri > ; has the right to declare that ueith er gold nor silver shall be money in this country? 11. Mr. President, 1 do not believe myself it would be wise or anything but au abuse of power. B. Oh. no. Ido not care about wis dvuf. i hat is not the point. We want te know what is the power. Expedien cy we will settle ourselves. I want the Senator to define hts constitutional view of the power of Congress. H. I have defined my constitutiona view of the power of Congress, and I) regret it docs not satisfy the Senator from Maine. B. I wanted to satisfy the Senator from Georgia. 11. That it is impossible foi the Sena tor to do with his ideas of constitutional 1 aw. B. I want the Senator from Georgia to satisfy himself. 11. If the Senator will take his seat I will endeavor to do that. B. I still want before I take my seat, if the Senator will permit me H. I do not permit the gentleman 13. Will not permit what? 11. ZL U V .... .. . ... , . -”otmning on this subject. B. All right. H. I have simply said, what I repeat, that this power to coin money is like every other power in the Constitution v sted in Congress, to be wisely exer cised according to the wants and needs of the country; and if Congress shall conclude in its wisdom that the coin of ono metal will furnish a sufficient stan dard of value for the country, Congress has the right to coin but one. If Con gress believes that it should coin both metals and that tho condition of the country needs both metals, Congress lias the right to coin both metals. B. And the right to coin neither? 11. Certainiy, if the needs and condi tions of the country require that it should coin neither; but I cannot an swer an argument constitutional in its pretentions, which is absurd in its char acter. I assume that Congress will be wise; I assume that it will exercise an admitted power wisely—that is all; and the Senator’s questioning has nothing to do with this view. I did not mean to criticise the Senator except to enter my protest against the idea that becanse Congress has the power to do a thing, therefore it is compelled to do it. Con gress must exercise its power wisely ac cording to the wants aud needs ot the country; and the act of Congress which strikes silver from the coinage or de monetiz ‘s silver, or any act of Congress which should demonetize either metal, must be admitted by every lawyer to be a constitutional act, Congress is responsible to the people for the wise manner in which it exercises its powers. That is aIT Now another thing. The Senator from Maine gave us a most beautiful peroration. I must say that I have rarely heard anything in any assembly on any occasion more beautiful aud interresting, and 1 assure the Senator I am not doing this now for the purpose of replying to his argument, which he seems to misun - derstand, but for the purpose of em pha.-ialng some Doints in which be him self would agree. The Senator said : The two metals have existed side bv side In harmonious, honorable companionship as money ever since intelligent trade was known among men. What I wish to say is that there has always been a condition of that com-, paniousliip between the two metals. Xeyer in any history of the world, in any country, pagan or Christian,despot ic or republican, either while revolution was raging or subsiding, while islands were rising or sinking, while empires were prospering or crumbling, did sil ver and gold ever keep company with each other except upon the inflexible rule of equality in value. The moment one metal becomes depreciated the oth er metal flies away, and the moment a depreciated paper currency comes in sight both metals hurry to their hiding places. The American Congress has done what thegentleman seems to think is so absurd, it has actually made a money of paper and given that money a legal tender which practically for fifteen years demonetized both gold and silver. But, sir, they had a reason for that, and I make no point on it. I favor the remonetization of silver, Mr. President, not because, therefore, of the constitutional point made by the Senator from Maine, but because I think its remonetization would be wise and proper in the present condition of the country. I believe in the first place the people desire it, and as there is no constitutional difficulty in the way, I think the desires of the people ought to receive the respectful consideration of Congress. I think in the second place that a wise and proper remonetization of silver would add to the now too limi ted amouut of metallic money in the country, and I think that we greatly need a proper addition to our metalic money. I think too that as silver is a product of our own country, that as we make as much silver as the rest of the world com bined, it is proper that we should do whatever is well calculated to encourage its production and increase demand for it. Then, again, I state to the Senate what was so much better said by the distinguished Senator from Alabama (Mr. Morgan) that in the country where I live there is population, the negro population, who liaye a peculiar attach*, ment to silver money. Naturally un thrifty, naturally disposed not to take care of their money, they ought to be encouraged to be frugal, and, therefore, I believe that to give them silver money will create the passion for hoarding it, and as a necessary consequence to econ omise. I think for these and many other reasons that silver ought to be re in? netized and the silver dollar ought to he recoined. But, Mr. President, I canuot support the bill before the Seuate in the shape it came to us from the House. At this time I ask the Senate te give me its at tention while I undertake to state the reasons why I cannot support that bill- I believe that if the bill shall pass un amended, it will enrich a few individ uals ; it will confuse values, proloug the present painlul uncertainty of bus incss, increase the want of confidence which is contracting the circulation of money, will necessitate early additional legislation, and will take its place iu his tory as the pickpocket bill of American legislation. On the other hand I be lieve a few amendments to this bill will avert all these evils, will secure an ad dition to the limited currency of the country’, and will restore confidence and aid in the work of resumption. But in no event, whether amended or unamen ded, will it bring a tithe of the blessings the people are encouraged to expect, and it will not make one failure less in the catalogue of bankruptcies, 1 oppose this bill because I favor all its professed objects and oppose all its real effects, as I believe those effects will be found on experience to be. Mr. Allison. The House bill? H. The bill as it came from the House amendments I wouiu .—. t( will be naturally suggested by the ob jections 1 shall state. There arc some amendments already pending which will cover most of my objections, if adopted Iu the first place I object to the free coinage feature. We do not allow the free coinage of the present fractional silver coin. Will some Senator tell me why the silver dollar should be admitted to free coinage aud the fractional silver not ? We are told by the director of the mint that during the year 1877 the bull ion purchased for coining fractional sil ver cost $34,118,173.72 ; that produced a coinage in fractional silver of $39,685- 688, and gave a seigniorage to the Gov ernment of $5,556,714.74. Now to say that you will place the coinage of the silver dollar upon a different footing from the coinage of fractional silver, make one free and the other not, is to throw upon Government all the expense of coining silver and give the silver bul lion bolder ali the profits of its coinage. It is said that this is the case with gold; that there is a free coinage of gold. That is true. Why ? Is it right to give llie silver dollar free coinane because gold has free coinage ? It is right if the condition of the two metals is precisely alike, but if the condition of the two metals is different, then it is wrong. Now, what is the condition of gold? It is at a premium ; it is not iu circula tion ; it does riot seek circulation ; it is in demand for exportation as bullion. But the Government needs gold, and it is very important to encourage its coinage ; and the Government to en courage the coinage of gold may well allow in free coinage in the present condition of that metal. But do any of these reasons apply to silver? Sil ver bullion is not at a premium. Sil ver bullion is at a very great discount. Silver bullion is ten per cent, below par ’ silver bullion will rush for coin age as scon as you make the law, be cause of that fact. It needs no en couragement from the Government to be coined. There will be a tenden cy in the rush of silver to displace the coinage of gold aud absorb the power of your Mint. The holder of gold bull ion does not derive the profit from the free coinage of gold that the holder of silver bullion would derive from the free coinage of silver. Now when gentlemen tell me that silver ought to be put upon the same eon Ii tion of coinage with gold, then I say you must first put silver upon the same condition of value or position before the country. Otherwise the argument fails. Then, again, the expense of coining silver is four times as great as the ex pense of coining gold. So we arein formed by the Director of the Mint; and he tells us indeed that it costs no more labor or expense to coin a twenty-dollar gold piece than to coin one dollar of silver. So you perceive that the metals do not stand in the same condition or in the same relation of value in any re pect; and what might be wise to en courage the coinage of gold is not needed or wise to encourage the coin age of silver, and I beg ray friends to consider that there can be no excuse for this Government, under the pre tense of relieving the people, to adopt a system of coinage that will put mill • ions of dollars iuto the pockets of a few private individuals, silver-bullion holders. It is the skill and labor and the cost of the United .States which convert this bullion into coin. There is no reason why the holder of bullion should get ail the benefit of this skill and labor and expense employed by the Government. There is no reason why he should have any more than the market value of his bullion. Such a remarkable provision has never been made in any country that I know of under like circumstances. The next amendment which I think ought to be adopted to this bill is to limit the coinage of silver—the amount to be coined. The bill, as it comes from the House, is without limit. Now-, I wish to call the attention of the Senate to the statistics of the Mint The Director of the Mint says. With our present minting capacity we could, wit a a mil working force, coin silver-dollar pieces at the rate of #2,000,000 per month, and at same lime manufacture the necessary gild trade, and fractional sliver coinage. Now, if you open your mints to the unlimited coinage of the silver dollar free coinage, while you give to frac tional currency not free coinage, you sec at once you would have no silver going to your mints except for coin age into silver dollars, and the whole capacity of the mints would be em ployed in coining the silver. What is the result ? The coinage of gold is stopped. You cannot coin gold with the present capacity of your mints, if admit silver without limit to the coin age and with the privilege of free coinage. Every Senator can see that. Then you have to do one of two things, if you admit unlimited free coinage of silver: You have either to appropriate money’ and multiply your mints and increase your labor and ex- Ponses immensely, or you have to stop 1 the coinage of gold and fractional sil*. ver. Oue of these two results is ine- 1 vitable; but will you increase your mints, and will you increase your la- j bor and expense to relieve a suffering people in order to increase the amount of silver coinage for the benefit of sil ver bullion holders? The country is in no condition at present, in my judge ment, for large appropriations to in crease the minting power. u Then, again, we are told if you cm ploy the whole capacity of the mints as they now stand to coin silver dol lars, the extent of that capacity is to coin $50,000,000 per annum, while at the present coining of gold aud silver we can coin from eighty to one hun dred millions. You will lessen the amount of metalic money by driving off’gold in order to coin unlimited sil ver. That is not the the way to re lieve the people. Without these amendments which are covered by the amendment of the* Finance Committee of the Senate, you drive us to the neccessity of stopping the coinage of gold without any refer ence now to the question of value be *- --*•> Hie two metals ; you drive us to that necessity as a of physical capacity of the mints or you drive tr to the necessity of increasing the mint- by large appropriations in order to enable bullion-holders to have free coinage of silver dollars and make in dividual fortunes. I trust, therefore* that these two amendments will be adopted. They are embraced in the one reported by the Finance Commit tee of the Senate and if adopted, I say will greatly improve this bill. Now, Mr. President, I come to the main question that I think is invovl ed under this bill, and I shall discuss it as briefly as I can. I object, in the third place, to the unlimited tender power which it is proposed by this bill to give to the sil ver dollar* On the subject of the power of the Geneal Government to make anything a legal tender, if it were an original question I have my views. I think the power “to coin and regulate the value thereof” does not include the power to make a legal tender, and I do not believe that Con* gress in fact has the power to make a legal tender of anything, except gold and silver. Money is a legal tender,and Congress has power to make money; but money becomes a legal tender not because Congress says so but because it is the law of the contract. When a man gives bis obligation to pay dol lars, bis promise is to pay the stamp ed coin of the ‘Goverdment; and be cause dollars are the stamped coin of the Government and because the con tract promised to pay dollars, there fore he tenders what under his con tract be promised to pay, and for that reason it is a legal tender. But the le gal tender power, strictly speaking, is a different power. What is that ? It is the law which prescribes the evi dence which shall establish a tender and the evidence to establish a refusal aud the effect on tlie contract of the tender and refusal. Now the evidence necessary to prove a tender, the evidence necessary to prove a refusal, and the effect of the tender and the refusal upon the con tract arc questions for each State to determine for itself, not for this Gov ernment. If I give a mau m3’ note t>3’ which I promise to pay him five bushels of wheat, it is a legal tender. Whj* 7 Not because Congress has a legal tender,, but because it is the obligation of my contract. But the terms upon which the tender shall be made and the evidence by which the refusal shall be proven and the reasons for refusal and the effect of refusal and of the tender are all questions which must be regulated by (he statutes of the State, aud each State /or itself; and that is what we mean I>y the law of legal tender. But I pass that, because I see it has been the custom of the Government to give this legal-tender power to gold and silver and even to minor coins, therefore I will assume,Jin deference to theprecedents of the past that the pow er to make silver a*legal tender does ex ifcf.; and il the power to make silver or gold legal tender does exist in Con*- gress, then of course it follows that Congress has power to qualify that tender in any way it sees proper. Here comes the main point of differ ence between me and my frtemls here. I take it, from all the discussions I have heard in this body-, that every man on this floor desires a silver dollar that shall be equal to the gold dollar ; I mean in commercial value. I do not believe any Senator will stand up here and say to the country that he desires to coin a depreciated dollar, worth less than oue hundred cents The Government’ has issued paper money which has circulated at less than par value : but the Governeu meut never intended that should be so. It has issued all its greenback currency, and what is it? A promise to pay so many dollars. Here is the bill : “I promise to pay $5.” The Government never .intended that that should be worth less than $3. Com. merce makes it worth less ; but when the Government comes to redeem it it must redeem it with $.3. A very* dif ferent thing is tliis of the Government putting its stamp on a coin and saying •‘Thisisa dollar,” when in point of fact the Government knows it is but ninety cents. In that case tiie Gov ernment coins a falsehood, and does it knowingly. Now, then, I say I do not believe there is a .Senator in my hearing who will get up before this country and say that he desires to coin a silver dollar which is really worth but ninety cents and make it pass for sl. In other words you do not desire to coin debased money. We all agree upon this proposition, that 41-i grains of silver, which formerly made a dollar in silver, now only make ninety or ninety-two cents. There is no dispute here as to that proposition. Four hundred ami twelve and oue-haif grains of silver are worth ninety- cents. Why do you propose to coin it and call it a dollar? lam go ing to treat mv friends fairly because I know they are patriotic and honest. Mr. Cockrell. \\ ill the .Venator al low me to interrupt him ? H. Yes, sir. C. I desire to state distinctly that I made no such admission as he has stated. Wo Jo not admit grains of silver coined by law with legal-tender power are worth only ninety cents to the dollar. 0 i tuo contrary, we say that two silver half dollars containing only 355.8 grains sell to-day in the New York market for 95,58 cents in gold. 11. If my friend will just wait, lie will be astonished to see how unneces sary his statement was. lam not stat ing what the silver dollar will be worth after it is coined, for 1 know his opin ion on that; but lie starts out with the fact that is not proven. 1 say that proposition is that 4121 grains of silver nine-tenths fine, is to-day, in commer cial value, worth ninety cents. That is what I said. C. Asa bullion. 11.1 said distinctly 4124 grains, which represented a dollar, which not a dollar now ; but we are talking about making it a dollar. As it now atanJ# we agree that in commerce it is worth ninety cents, or ninety-two cents. Very well. Now, here is the difference. The Sena tors who support this bill as it stands, without amendment, insist that, if sil ver shall be remonetized and given this legal-tender power, then the 4124 grain, which in bullion is worth a dollar That is your position. Do I not state it fairly ? Precisely ; and If you will just wait patiently you will find that I state everything with perfect fairness. 1 do not believe that the remonetization of silver M ith unlimited legal-tender power will make it worth a dollar. If I believed it I would vote with you. Coin ing a silver dollar equal to a gold dollar cannot harm anybody That is what my friend wants, and wliat we all want. We will all vote for a silver dollar that is equal to a gold dollar. What are we quarreling about, when all agree that nobody can be harmed by that ? Why do you say that in your judg ment the remonetization of silver by the passage of this bill will make nine ty-two cents of silver worth a dollar? I stale your argument fairly. You say that the demonetization of silver is the cause of the depreciation of that money, and this singular logic lias gone all over the country. You can II ud it in a thousand newspapers to day. Every time that we say that 412| grains of silver are not worth a dollar wo are met with the reply, “ that is because the Government of the United States demonetized it; the United States lias disowned its money therefore it lias depreciated in value.” Even the venerable Senator from O hio uses that argument, and uses it with a great deal of earnestness. Now gentlemen, if your premise be true, if it be true that the simple demonetiza tion of silver or its being stricken from the coinage of the United States is the cause of its present depreciation, then your conclusion is correct, and its res toration to the coinage and remoneti zation would increase its value and carry it back; because if you remove the cause you remove the effect. But in order to removeau effect you must remove all the cause that produced it. Do you not perceive that your position that the demonetization of silver by the United States is the cause of its depreciation, is itself an assumption? You do not prove that you assume it. The newspapers of the country are tilled with it and the whole country, therefore, hold us up as intentionally keeping silver depreciated by refus ing to repeal an act which caused sil ver to be depreciated. You hold the Government up as responsible for its depreciation. Is there any necessity for us to de ceive ourselves upon the subject ? I think none in the world. In the first place it seems to me illogical to say that the act of 1873 was the cause of the depreciation in silver as money, because silver at that time was not money, it was not in circulation. The act of 1873 did not destroy silver as a circulating medium in this country. Depreciated paper did that work. Mr. Saulsbury. Will the Senator from Georgia permit me to ask him a question just there? 11. Certainly. S. I ask the Senator whether the position that he takes, that to remone tize silver will not appreciate its val ue, is not itself a mere assumption and in connection with that I ask him the question whether before our act of demonetization there had been a depreciation in silver bullion. H. If my friend will just wait h > will be perfectly astonished to ste how unnecessary his question is. S. Answer me. H What was your first question ? S. My lirst question was whether it is not mere assumption; 11. I remember now*. Yes, it is; but I do not let it rest there as you do. I intend to prove my assumption and you do not prove yours. That is tin difference between us- I admit as far as I have gone it is a mere assump tion to say reinonetizatiuu will not re store its value; but wait and hear my reason for it. Wallace. Will the senator permit a question. H. Yes sir, if it is necessary I will, but there are so many uuneceseary questions put to me that I am almost afraid to yield. W. The power given is “to coin money and regulate the value there of.” The question I Want to ask the Senator is whether he will take a piece of silver of 4121 grains, not coined as money and regulate its value, or whether he will coin the money and regulate the value between the money silver at.d the money gold. ll* I will come to my remedies and tell the Senator when I get to that point. lam now discussing the ques tion what produced the depreciation in silver, and I will be exceedingly obliged if gentlemen will let me go on and discuss the question lam dis cussing. Then why do you say that the act of 1873 produced a depreciation in sil- , veras money when silver was not in fact money. How long after its pas sage before that act ought to have had such an effect. But. Senators, was the United States the only country that demonetized silver? I have collated the facts on this subject and I invite the attention of the Senate to them, the United States struck the Silver dollar from the coinage as we all know in 1873. We have heard a great deal to the effect that Germany also adopt ed the single gold Standard in 1873. That is true. Then, further Denmark Norway and Sweden demonetized sil ver in 1872-’73 beginning the work in 1872 and completing it in 1873. Hol land commenced the demonetization of silver in 1872 and completed its work in 1875. So here are live coun tries besides the United States which between 1872 and 1875 demonetized silver. That is not all. Fiance, Bel gium Switzerland. Italy and Greece, embracing the Latin monetary union restricted the coinage of silver, and fi lially suspended that coin in 1874. They aid not destroy the legal-tender power of silver already coined. They did not establish nominally a single gold straudard, but they stopped the coinage of silver, just as our act of 1873 did. Here then are ten nations be sides the United States, 5. reat cominer cial nations, embracing the greatest commercial nations of the earth, that demonetized silver about the same time tiie united States demonetized it. I ask my friends what right have you to say that the action of the uni ted States alone out of eleven nations produced a given result. If all of these states lmd an agency in producing this result, I ask you what right you have to say the reversion of its action by the United States alone will restore the result and remedy the evil. You cannot say that . You cannot say that result which is produced by the action of eleven nations will be remedied by the change in its action o!' one of them That is unreasonable* But in my judgement —and I am giving my opinion and no other mans —it was not thc’deinonctlzation of sil ver either by the United States or the other ten nations that alone produced the depreciation in silver, 011 the contrary, it is my opinion that the wisdom of the statesmen of those countries discei ned coming events and they determined for oti -r causes to demonetize silver, and now to those causes I invite the attention of the Sen ate. First, let us look at the produc tion of silver. 1 wish Senators to di rect their attention to till - question as it effects entirely the depreciation of the metal. In 1801 we are told that the American product of silver was $2,000,000; by 1804 it increased to sll,- 000,000, in 1870 it increased to $16,000,- 000; in 1875 it increased to $32,000,000; and in 1877 it increased to about $40,- 000,000. Mark you. Up to the time of the depreciation of silver the in crease in the product of silver since 1801 iu the United States had been 1,500 per cent, by tlie statistics. The production of the world up to 1801 had reached $40,000,000 per year. In 1875 it had reached $80,000,000, an increase of 100 per ceut. That is the increase of the production, and tiffs wonderful increase in its production seems to have culminated to its high point about the time silver commenced to depreciate, l>t us look to the de mand in tiie mean time. T will take only one cojutry for asp icimen. Dur ing the four years of the American war American cotton wa cut off from Europe and tiie world. India cotton therefore cmne to a great demand and rose to a high price and increased large ly in production. What was the re sult During the four years of the war the exportation of silver to India alone amounted to $67,000,000 per annum. B. From where? 11. From Fiance ami England. One year Franco iise f exported £65 000,000. There foie the groat de mand for silver. It took £67,000,000 on an average dining the four years of ilie war. During ihe four years succeeding the war, win :i our south-* era cotton was coming In k into de mand thereby lessening the value aiul product of India cotton, and therefore lessening the power of India to take silver, the demand of India alone fell to £35,000,000 a year. This demad fell in 18G8, so Dr. Liuderman tells is, to £8,003- 000; in 1870-’7l, in t\v Ive months there, it fed to $5,000,000. In the four years after 1871, including 1875 the average exportation of silver to India was §10,000,000. So that dur ing this very period, when silver com inenced declining, its product had risen since 1761 1,500 jor cent, in the United States and luO percent, in the world, and its demand in one great silver country alone had de creased 85 pi r cent! !?o was this decrease in the demand . ml it's effect up m silver, that notwithstanding, in eonsi quenee of the famine the de mand for India and Cli na great : y increased again in 1876 it had not the effect of restoring silver to its foimer value. Now, 1 put it to your candor, when the production of s Ivei had -o greatly indented, when the demand for silver had so greatly declined, both from tiie failure and inability to get it in the cou titt ies of the east, and when eleven counti es had dis carded it as money or stepped its coinage, why is it, in,the face of these great facts, that you insist upon say ing that the depreciation of silver was caused by the d< mnuciization act of 1873. Is it fair to make that statement? Eleven nat oils durihg this very period havedi-carded si.ver from their coinage- Fifteen hundred per cent, increase in its production by the United States, 100 per emit, increase in the product on in the world, and 85 per cent and crease in >ts demand. Yet gentlemen tell me there is one cause for tlm deprecia tion of si.ver. Looking ;.L tois qu s t.ion fairiy with a pemeetly impaTtal mind, I must come to the conclusi n taut the cause of the deprec ation in sdver is to be iou ;d nn m the act of any one nation, but in the acts of eleven nations and in the fact of its greatly increased production aud the great decline in the demand for it 1 believe I am reasonable in the state ment, and if I come to that conclu sion are you justilied or is any one justified in saying tiiat but one part of the cause produced the hole ef fect. Air. Bailey. Will the Senator per mit me to ask him a question just in that connection? Mr. H. Yes, sir. Mr. B. I understand the Senator to say that the position taken by the advocates of tiie silver bid on the Hour of the Senate lias been that the whole cause of the depreciated value of silver is to he found in its demon etization by the Government of the United States, Do 1 understand him to state that. Mr. 11. I have understood that to be the position of half a dozen Sena tors on this floor, and 1 have seen it in a thousand newspapers almost. Mr. B. I speak of the discussion on the fl'ior of the Senate. Air- H. Oh, Ido not say that all of you have said it. Air. B. I do not say so. Mr. 11. Then you admit what I say, that the demonetization of silver by the United States did not alone pro duce its depreciation. I put you on one liurn of the dilemma or the other. Do you admit that the demonetiza tion by the United States alone did not produce tiie depreciation of sil ver? If you admit that, then I a.-k what right have you to say that the p suige of this bill remonetizing sil ver wiil cure the depreciation and re store it to its former value? You have no right to say it. You must find oat the cause of the depreciation and remove the whole cause if you would remove t e whole effect. I will state fairly that I believe the re monetization of silver by the United States will have some effect in restor ing its value. Ido not know how much, and therefore, as you will find directly, I am unwilling to adopt a measuie which proposes simply to in crease the weight of silver, because we cannot tell now exactly how much effect remonetization will have in re storing its value. But that it will have the full effect of restoring its value I cannot believe. It may have a temporary effect, more apparent than real, and not by any means permanent. It may seemingly restore it for a little while, but it ;annot last. Then I put this to Senators: As you do not wish to coin a depreciated money, as all the causes which we may reasonably say have united in producing its depreciation cannot be removed by 11s, as we can only re move one, as we will in all probabili ty fail to restore by the act of one nation the value of silver in equal value to that of the gold dallar, you ste the hazard at once of passing this bi:l without any* limitation upon it. If you do produce a dollar tint is not worth a gold dollar yon see you der mge the currency, you confuse aii values, and you inflict very gieat mischief upon the country. You admit that you ought to avoid that. Will it not be b tier, then, instead of risking this terrible evil upon the country at tins particular juncture to avoid it if we po.-sibly can? Mr. Muxey. Will the Senator per mit me to ask him a question? 11. YtS, sir. M. If silver wi re at premium of 3 p r ei nt. in 1873 when it was demons et zed, is it necessary to bring it back to that late in order to justify the i eeoinage of it? il, 1 uust sjy to my friend from i e\a- that that is a vety unnecessary question. 1 have said fifty times in la .gunge as strong as 1 can use, that 1 would have a silver dollar equal to the gold dollar. ol- It wifi bo more than equal when remonetized. 11. 1 do not want either metal of superior value to the other. All 1 want is equality. That is the con dition of the companionship of the two metals, as I said to the Senator from Maine, llow may you avoid these disastrous consequences and vet give the people a silver dollar? You can doit in my opinion in either one of three ways. You can do it by in creasing the weight. I prefer not to adopt that method. I say to my eloquent friend from Connecticut (Mr. Eaton) and the Senator from Michigan(Mi. Christiancy) and the Senator from Maine,(Mr. Blane,) who have already offered amendments to increase the weight of the silver dollar, that is a wise measure, it is a proper remedy, but in iny opinion it is not the b.st, and 1 give this reason for it, that you cannot tell now at what weight you should fix the silver dollar- If you were to fix a weight to morrow that would be equal to gold, the next day it might not be and the evil would occur. We must adopt some system, if we can, bv which wc can keep the silver equal to the gold dollar in purehrsing power and in commercial value. I'he whole difficulty of the double standard springs up when you under take to equalize the dollar by weight. 1 hat is a very gieat difliculiy in the pcsent condition of the country, when ;i majority iff the comnietcial nations of the earth are discarding the double standard. lam not going into the question of the sing e and double Siandard. I only say that out of thirty-three nations, not counting the United States, fifteen have ah ready adopted the single silver stand ard, and only eight have the double standard of gold an” silver; so that the tendency of the world is cleaily to establish the tingle gold stand ard. At this time 1 do not propose to di cu.-s the single gold standard for tins country, but for the leason given I prefer not to increase the weight of the silver dollar. Then I p: opose to retain grains of sil ver n.netenths fine as the silver dollar, llow then will you prevent its de preciation? One way is to limit the coinage, and 1 at is not the best way, j but that is a way, and y< u may have to come to that. Whenever you j limit the supply of an article you necessarily increase the value of that | article- 11 you will 1-nut the coinage ( of your silver when you per limitation upon LJ* 1 Pn flllthe „nturd P then of course you t m value. The fact stated ,A td from Ohio thatthe ra, n tlie C is only 151 of silver u l yet it is equal to gold in as money is true, but France absolutely prohi bi ea K crease of those dollars the iff A. How many hud they’ I • 1 do not remember 1 m you know. 1 A. Between S3OO o<i,iaa, $400,000,000. * and Very well; Still France ped the coinage and she k e , at par She closes down £ and why does she keen ? N closed? Because, as my admit, the French peonletT if they do what you this bill, reopen the mi niß !° ,J b the uulumtcd fiee coinage If her silver would godowni n > four hours am] it would an other me: ai, gold, away same thing. Whei*&’‘S ate one metal you drive the o P 4 way. That is an France stopped the coinage T to prevent that effect and J ' 1 gold, ** “to 1 am willing for you to have b3. lam a silve- man. I pr f: and now against the coLm. 91 peated arguments on this L/V* thote of us who cannot sun, J 11 bill want to destroy all the country. We want to r r 4 silver so as to keep it equal H and thus keep both m the jj l Tnat is all I want, and then have as muehol it as yon example of I ranee proves to m u it is possiole to have silver large amount of silver even *? than 412 T grains less than y" audit willjjkeep at par, but it J. by a limitation upon the coij 1 here can be no other reason U Here you propose an unlimited • coinage. A* No. H. You do not. I mean the-' vocates of the bill as it camelry House. But I believe the most effectives and the permanent way to keep purchasing power of the silver doll, equal to the purchasing power of u. gold dollar is to pre-cube for tilt.' an appropriate and fitting place inlh field of currency which will tikei; out of competition with gold, p" mean to make it alone in this cot;:* a subsidiary coin. lam willing 3 compromise and get togetherV: have accord on this subject, and r j silver more than a subsidiary c... but I would limit its legal-ten,; power. Why? For the very reasai the example you have before vet The Senator from Alissouri hastlron it in our faces that two of the prats; half dollars are of less weight :x 41:H grams and yet they pa.-saip. Why? Is it because tne value afife silver in them is equal to 25,6 gna of gold? No, sir; but because of 1 limit in legal-tender power and h cause theie is no other currency Til which it. comes in competition, ft the very same reason yiur n. ? coins pass at par. ThenicklefKs at par and so the copper cent p * They are not equal in comnena value to gold or silver, butwkp' that we all take a copper cents the nickle threo-cent piece and a nickle five-cent piece? Becaiue - perlorm ‘lie function of change.* function of a money which there s', otlicr money to perform. Soil) England. Look at he:u England you say has demene silver; hut yet England tuaiesc ed silver a subsidirary coin My gives the silver money higher ie tender power than wc hue;? with our fractional currency. - makes il a legal tender foraik>u:i Wliat is the result? England dilates from eighty toab-- : millions of silver and it is not r. in value to our silver dollar. | buys the silver bullion at 53 P- l coins it :.nd puts it in circulate I 66, thereby making 13 pence. l per cent, nearly. llow dees she doit? By -'!"] limiting the legal-teuder p r simply giving silver a lieiuif v it does not come into cam!/-:'! with gold. What should ' I here? Limit the legal-tea- i I er of the silver dollar, auil|" v ' . I pie silver to supply the I people. lam wilting '0 a *‘:; / I any reasonable amount. •P 1 [ opinion is tnat if yvu mak ■ I ver dollar a legal tender - 01 / ' n and 1 people will have it for ail tuff a | the* need or desire, and i* / - J just as much into circuiatu you were to make it an ;n : vV | gal tender, and it wiU | liable to tire people at - ■ ■ f drive out the gold fr ?ult “ n or from the country. , sjlverl In that event, 1 dollar of 4121 gr r ainsv.ov\W ( ,| much purchasing i x,wel •\\ 1 dollar/ That is mV f m(^ id ,J not do if if we van t u - nd v ; | confuMon and l pcol .le \ gratify the peop.e- 1 C j o | la r>| maud of you ttic they do not demand o . , ■ th a,all *<-&• from the country. J- 0 .* (! c : ■ you in what way tog 1 ' 1 : 5 silver dollar; they leave y , I wisdom, and they ex P/. I it in a manner that v •* oi that will secure eqalnj ■ silver dollar and the gold do& 1 Senator l't om Ohio said, ‘ '<jl 1 - iVkAlli > ... ■ UlltUl aim o . n .11(1/ ■ Senator fiorn Ohio sunk ‘ /jl said, that the silver ] 1 money of the common ff-'T 1 is true, and will the e,ia hazard of throwing out te y., try a money that is to ie the common people "diu. less valuable than the used by the rich people- O he justice to the iabortuS y y that be justice to the p oul J, )lie a-- gentlemen, when you g° tell ttie people that you /pep a bill which gives them/* - lar, and they find out/ 1 / given them a silver della 1 1 ue than the gold dclDb v / u want to know why you tCoaUuuect oa inirJ