TI1K
" CLEARFIELD REPUBLICAN,"
rvauiBND ranr winnnaDar, it
CLgAHKIKLIJ. PA
GO f H 1.1 B M K II Is. IK41
Ta lar;et Cli-eulaUii ruy Jwapatr
Ik north Ceutral Peuueylvanla.
(T T"71
VLl
Term of Subsonptiou.
If ,eld In udvanoe. or within .1 uoolba..
If nld arter and hefor.- . monthe
If ..aid after 'be eiplratlnD nl M uinnthl.
, n imi
e
S IMI
Rates ol Advertising.
T-enslenl advertteemeBta. per square of lltnesor
rss, 31 lltnee ur lees...
ranch .uhsenitent Insertion..
1 1 40
it
I 10
t to
I to
I 00
6 00
to
( A Irolnialratnre' and Kaoentore' nnllcee
Auditors' notice
Ovations and Brtraye
1 Iliaaulal ln notices...
p-nfesainnal Cards, t lines or leaa.1 year.
Loal nortecs, par Una
VKAH1.Y A OVERT 18 KM K NTS.
I sUaro M 00 , column IS 00
I s,uaree... ..lk 00 I column TO 00
Isruarea... 211 On I I column 120 00
O. B. HOOniANDBR.
NOEL B. LKK,
Publishers.
f . 'J
J.&:Z1.J? y-ii 2 SJ 1 mWAr&tWA II II J ' m w II w
GEO. B. OOODLANDlTOropristor. ' PRINCIPLES, NOT MEN. j TEBM3-$2 per annut. a Advanoe.
VOL. 52-WIIOLE NO. 2.559. CLEARFIELD, PA., WEDNESDAY, FEBRUARY 20, 1878. NEW SERIES-V0L. 19, NO. 7.
. : ' . J - . 1 '
It li idmlilaJ without omtrxflellaa tbal th
Itrcelar lb balk of lha monetary ana lao tear
l Iroof too variatioas la lha buying power f apa
la. wba lha aoaetar nattr hai saddcal ooa
banted or aipaaded.
Suppos. th.ra were Is iboasaa I Una at gnlj
eireulaling IKa (0,i4i ta4 r.,
evervwli.-o oVauMMlaal t aad aanposa that ao
additional lunpla of I, -iaa .a, wm ranldl. ara
dueod wb.l woald h.ppna I o Id avoid loe a
Irnlh of Ira piriba-ing f.,w, ay,
lliv of Lullloa .oaid buy ai, ,,, ,i
what It wald baro bnawbt ii ..
.UOHvii. "sab toni E j, if ,u ,So.,af.-T "
EJWaja; i a. V r
tfnrds.
JOHN D. THOMPSON,
Juiilnfl of lb riiH anil 8orlrti.fr,
C'Hrweiiitvllle. Pa.
Cards.'
Ion pmiTiio n? bvkhy DKsriiiP
bin OMtlr rfa'ofad . hl. nW
TfJTlf'KH AV t'IIWTAIIl. KK PRE
,1 Wr hava (irlntod hlarga namliar of tba aav
CKK HILL, and will on Ihr renaipt nl iw.oi
n wnii ll i wm .' a' J -wa.
H.;W. SMITH,
" ATTORN E Y - A T - I. A W .
11:1:7.1
I'ltaiHcld. Pa.
J. J. LINGLE,
ATTOKNKY-AT - LAW.
l.ls Phi Ip-burg. I'cuira ('.. Pa. ;:pd
G. R.. &. W. BARRETT,
Al'TiiHN' S AND (4IUN8KL0HS AT Law,
OLEARKIELD, PA.
Japnary Sff IR71.
ISRAEL TEST,
ATTORN K Y AT LAW,
fJIcarfJeld. Pa.
r'lfnna to tba'Court llnuae IJyll-'OT
W.C. ARNOLD,
LAW 4 COLLECTION OFFICE
CI'ttWENHVILLIi,
a2A Clrarfleld Coun.T. Prna'a. 1!J
T. BROCKUANK,
AIIOKSKV AT l.AW,
.CLKARFIELU, PA.
Offico In Court Houra. ap 25,77-1;
mnnn.v proiuptli
RICHARD HUGHES,
JUSTICE OP TUB I'KACB
rna
Itttalur TournuMp,
(liorola Mill. P. 0.
1! tidtoial hu.lnara airirarlad tt him will ha
arnmptlj allandnd ii. mrh29. '71.
s.
WILSON,
ATTOHNEY AT LAW.
fifte nba iir ra.t if WritarB llutrl buildio
nr.jin.ile t'nurt Huu.a.
ar,t.j,'77.
4
CLEAKF1EI.D, PA.
FRANK FIELDING, .
ATTORN E Y k T-L A W ,
t'laarliold. Pa.
Will atlrml to all burni.ra anlro.lad tn hita
ioilly and fal'lifull). Janl'7
THOMAS H. FORCEE,
PB4LBB ta
'iknkkai. mkrihandink
llHAHAIHTON. Pa.
Alaa. axtaoatva manufarturar and daalar lo Rtjuart
Ttmbar aod Hawnd l.umnaroi an aiad.
YwT-Ordora aoliolted and all bill, aruaiptl)
Iliad.
REUBEN HACKMAN,
Houso and Sign Painter and Paper
Hanger,
Irarflrld, Pcun'a.
tt.Will axaouta Joha Id hla Una promp'Jv and
la a wurkmanlika manner. arra.or
Q. H. HALL,
PRACTICAL TUMP MAKER,
NEAR CLEAKFIKLD, PKNN A.
frHPunpi -4 way n band and made (o ordtr
on snort nottca. fiiien bored on raaiunabit crni
All work warranted t render atiiiaetion. and
dalivarvd ir dtntrad. myJiilypd
E. A. BIGLER & CO.,
Br alius in
SQUARE TIMBER,
and manulaotarara of
ALL KI!IM OF SAW ICI) LI MIIF.lt.
S 7'7I CLEARFIELD. PKNN A.
COl X AGE OF SILVER.
sspzixioxx or
HON. WM. A. WALLACE
OF PKNNSY1YVANIA,
IM THE
United States Se nte,
January 30, 18.8.
JAS. B. GRAHAM,
daalar lo
Real Estate, Square Timber, Boards,
8IIINIILEH, LATH. A PICKETS,
11073 Clrartold, Pa,
WARREN THORN,
BOOT AND SHOE MAKEII.
Market VI., CUarBrld. Pa.
I (ha ahcin laialr orcupiad bl Pr.uk Sburt.
otia diHir wa.i4pAllfhlwijr llou.a.
WILLIAM k- WALI.ACM
AHRT r. WALL ACK.
da Tin l. a fat.
juna w. wit.OLiT
WALLACE Sl KREBS,
contort lo Ullnov A KiuldiD(,
ATTOUNE YS-AT-LA W,
J.il-JT ( Uarlltld, Pa.
TBim. a. mi aAT. , cVKpa ananoa
MURRAY & GORDON,
A ITU R N K Y AT LA W,
I'LEAhFIKLD, HA. .
pgr Ofllca ta t'ia a MpLra I1ub., vaoond flour
:JU7a .
Cd4!SLE3 C. LEIDI, 5
ATTOh.NKY T LAW,
(, O'c. ..I a Will., Clf.rll.lJ Co , Pa.
Laal bu.inaaa ufall kio.l. attanlv. to Par
tieuiar ait. at ion p I'd lu tba pnwurinf if bounliaa.
I'rB'luna. Aa.
Hi.. Jl, l77 Ij.
hi.kcb a. a'aaAi.i.r. danirl w. a'ctanv.
McENALLY & McCDEDY,
A I' TOUN KYH-A'I-LA W.
Clear lie Id. Pa.
rLgil uvainrf attt'itlvd iu pruutftl mtlhj
Mitht.T. Otflce un neound iHrM!l, aliuvr :t firi
atniiU Bar. Jan:l:7A
wa n. necctL"! on, rii v'l. iici
Mcl'lLLl I'GII & DICK.
ATTORN EY8-AT-LAVV,
llearflelfl. t'a.
All liir.l burin... immuliv altroiled to. Dfller
no bvcuol .treat, lb lha Ma.uaie huildiaf.
A. G. KRAMER,
ATTO RNEY-AT-LAW
Krai K.tate and Collontlua Acent,
CLbARKItLII, PA.,
Will promptly attend to all leaal bullae.. e
tru.rad to hi. oara.
-0oa la Pia'i 0..ra Huan. Janl'7.
JOHN L. CUTTLE,
ATTORNEY AT LAW
nd Haal Eatala Aeut, Claarlleld. Pa.
Offloa oa Third atraat, b.t.Cb.rrJ A Walnut.
aTRaapaotfallj offer, hla aarTlea. la aallina
and bujlag laada la Claarfiald aad adjoining
aoaatiaa aadwitbaa aaparlaaaa 01 o?ar twontv
r.ar aa a aaraaaor, lattara blai.oll thai ha eaa
randar aallifaotloa. Feb J '3:tf.
DR. W. A. MEANS,
PHYSICIAN & 8U RH RON
LUTIIKIIMHIIKll, PA.
Will attend prote.rlonal sail, promptly . auulll'Tb
DR. T. J. BOYER,
P II Y ft I C I A N AND U Ktl r O N
UOoe oa Markal btrael. ClaarOald. Pa
r-0oa hnuri: I to II a. m , and I to I p.
ASHLEY THORN,
ARCHITECT, CONTRACTOR and Ul'ILUER
Plan, and .tpeetfleatlnn. fumi.had fur all kiadr
ul building. All work Oral ela.a.- Utalr build
OK a .,orlalij.
P. O addr..., ClearHi ld, P. J.o. 1 7-7711.
J AMES MITI HELL,
ar.ALRB la
Sfiuare Tiirik& Tiiuliej Lamls,
iall'7 " rl.EAKFIKI.U.;PA ,
The St'iiutu, aa in CuiiiiiiiIU'U ur I lie
IV b(ilf,ri auini'iloiiniiloiuiiiiiiol the bill
(II. It. Mo. 1873; lu mithi.rif.o Iho Irttu
ouiiiufu uf lliu Hluii'lurd ailvrr diillur.
ami ixftoro ita lifral Under oliaimlur.
.Mr. Wttllui'V. Mr. t'nwlilt'lll, II, Hit)
t'DhHilormiiiii ol thm bill llii' quwtionn
I hut iiCMiit tlieniKulvca to my ininil
are: hliull pilil ulmio lie th int'tiKuru
ul'vuluo, or xliull wu unv buth gold Hiid
silver? Sliull Ha "rcKiilale lliu Taluu"
ul our cuin by tliu cuninii'iviul worth
ut Mlvi-r uullion nmaBuruu m void cm
to-day, or routining too rulutive pro-
portiunri t'xiicnviitti bus auown tu
junt, curvlullv try tbu luliiru ?
1 utwo arc tbu quunlioiin that present
ibi'maeiven to niv mind in tbe coiibh
uration of the bill betlire ue. Now, fi
tbt) flntt time in the kinlory ol tli
country, we aro uracil by a powerful
interest to adopt tbu atandard, to roe.
oginzu gold an tho Rolu ineainu-u of
value of lliu property ol tbu vounlr
mm to place and keen silver in it nu
aidiary poxitiun. Otlierwwo muted, it
la to add to tbu value of gold by do
Damnn; una oikukiiiu; ailver. rroin tli
bfiiiniii ol thm govurnmoul
imlicy ban been tbu ruvento ol
tbut wbieb thin great intercut now bo
eartin.tly urm upon u. Our meas
ure ol value ban DuvrV been gold almie,
nor ailver alone, but alwuya gold and
eilvur. Tbia polity had its loundatioi,
deep in the wmu loretlioutflit ol
men who mude a ifovemmuiit for tbe
people. Stiver then, an now, wan th
llioin y ol tbe pei'plu. lln deliunenieli
an compared with gold marked a flu
diniint'liiiii in their eveiy duv hie uml
fiavu tu tlnwu wliu tniled a llnnie) tiii
ivi-b iniriliaie vulilu man lliat W illi
wan piM.ew.ed by thu liiak ol 'weullb
To ilenlroy tho uau of wlvur an inortey
It) "Kwvii the quunlli v of the eir-
t iiialiiig nivdiiiiii and prnvnlu a M-nnty
inaleail ol a lull niipply Ibereul Iti
lendi my wax, noil a In, to midreane
the lioiiiinul Vuluo ol tnoni'v ami tu Ich
M'li the wagittot lue punple wliu lull
Thin doctrine, pualied Iiiiih lua-iral cnli
cluaion ih, ri'duee the mcaiire ul' vuliiw,
lotvvr the price ol t-iiuiiiiiNiilieo, lennen
ue wugt a ul t be toili r.
alt. mil i do ma want lo inter
rupt fnv I'livml uiileaa it ir) convenient.
av : rtit ttI V" "aniH.e. t on inn oeiiro to oe
a I. Al.iU U l IX A 1 f'terrupn-,l, hut 1 i-l.all lie glad to an
WILL HIIPILY V9I' WITH ANY ARTICLE
OF tl HKCIIAN IMSK AT THE VkHY I.OWKST
Kli:a. tOJIK ANU ff.K. :MI,
NEW WASHINGTON.
klunlMli unify
WEAVER & BETTS,
mcALKn tn
Real Esta'e, Square Timb r,Saw Legs,
AND LU.MUEK OF ALL KINl'S.
O-f'fflct un nd trpt, ia raar of itnrt
rouiu of (tVorgfl tavar A Cu. J jan? '7S tl.
J. BLAKE WALTERS,
REAL ESTATE BROKER
AID DBALBB IB
Naw laOM and Luiiihor,
CLEARFIELD, PA.
Offioa la drabau'a Row.
1:11:7 1
I. SNYDER,
PRACTICAL WATCHMAKER
ABB DBALBB IB
Watchea, Clocka and Jewelry,
Oraaam'e ffote, Matkel StrI,
t l.KAht-IKI.I), PA.
All kind, of repairing In a; Una promptly at-
s.
andd tit.
April 2X. 1874.
NEW BOOT ANDSH0E SHOP.
Tbt nndtn IgnMi1 would Inform tb puhlto thai
ba hai rrnort-d hit Iiist and hboe 8tiop la tbt
mom lat-lj ttt.id hv Jo. Dtartng. in Hbaw'i
How, Marks! lrtt, whart bt U prepared lo af
tand to tht wnU of all who niel anyibion tn hla
lina. All work dont by bim will be of tht boat
mattrlal.and gunronirtd ! ha Aral in tvrry
rrtpatit. Uvpairinit prumpily alUndnd in. All
kiada ol Lenlfavr niid a Kiiiding frut
afiiHN HillUKKKR.
Cltar..rld, V., July IR, lH77-m.
D
II E. M. 8C1IEURER,
IIOMIF.OI'ATIIIC PHYSICIAN,
Office la naidiao oa Flrat .L
April Sd, U7. Clesiteld,
DR. H. B. VAN VALZAH,
CLKAHKIfcLlf. PfcNN'A.
OFFICE IN ilASOMC BUILDING.
- Olhaa huura-From II to I P. M.
May II, I "74.
DR. J. P. BURCH FIELD.
tatt Hargaonuf tbt add HMKln.eaitff bbylatiit
Volaottnri, dating murntd fruaf tba Army,
offra bti prtftM tonal trTiet m UtaitiitM
oliJltarBtldtonntT.
Pruffiiioaal aalli promptly a tun dad to.
umot on Bton atrtti lorniarlyotcnpitd by
Ur Wooda. aprV u
WILLIAM M HKaNKY, Justice
ur rnn Piaci ami Ht aivanan, LUM HKh
riTV. CiltMtiona marl and nuuty proaiptly
paid ovtr. Arttolta ul agrtawuut and dda 01
anayanea ntatly aiacutt-l and warrantod our
raci or m nliaritii IHjy'JJ
R
EEl) A 1IAGERTY,
HARDWARf, FARM IM LEMLNTS,
'lluwara. falia, aac,
aua-1,77 (re. ad Hrrot, I'learnVId, Pa.
Clearfield Nursery.
KM'OUKAUk HOME INDUSTRY.
'I 'HE andarrlaoed, hanna arlahliebail a Nor
1 ear, OB tbe 'Pike, at'out hair way between
Clra'Beld and Curwrn.ville, 1. preiarad lo lar
el.b all klnde of FHI'IT TKKKrt, (rlaudard and
awari,, an-rgraaa, Bhruliiwry, Ura,ie Vina.
Ilno-alirrry. Lawtun Itlaokbrrry, Htrawdrrry,
and Harpbarry Vinaa. A an. Hirerian Crai. Trev..
Cjotnea, and early eoarlel Rbuliarb, Ao. Oriier.
prumptl, altandrd tu. AddtaM,
J O WHIIIHT
aapIO ta.) Carwea.illle, I 'a.
ANDREW HARWICK,
Markal Mrat, I UarBcld. Pa
aAauracrtiBKB ana dbalbb ib
HARNKKS, HAIlOLlU, URIDLER, COLLARS,
and all klnda of
HOHSf rVMiMHINa GO0V8.
A full etoek of faddlara' llartlwara, Bni.ba.,
Cnmli., Hleakate, Robea, aia alwaya oa bead
and for aula at tba lowest eaab prleea. All kiade
of rrhalnog promptly attended to.
All hind, nf blilae taken la anohai ffe fur bar.
Dare and repairing. All kinde of barur.a li alhar
hrpt ne baud, and for eale at a .mall prnflt.
Clearfield. Jan. la, l7t
er uiiyMfiit-ihn
(leurgia iiatt wjith i
the Si iiuliir from
to put at tho eon
MririiliiHiir.. .
Mr. IIill. My inquiry win ainiiJi
thm: II un anybody in the H.nuie ur
any where elne pmpo-ed to dentniy nil
ver an nionev r In not the lnuu more
an tu the manner ul reinonelizalion
Doen anvbiMiy pnimMe tu tlenltov it?
the
E. WARING'S
LAW 13LANKS
For eaU) at lha Clearfield Rart'Bt.lCAB ottaa.
Tht mohi t omplttt HerUt f l.ntr
Ulnnkl publthhttl.
Three fllai.k. ara follan ap la .uperior lyba.
ata of aiiilnrra alee, aad furntab.d at vary low
nguree for earn.
Call at tba Man nt lraa onW and aiaaiia
tbrm. Ordara by a-il promptly fllled
Add.ee, UOOUl.ANUKH A LKR,
laly 1. 1-77 II. CleertadPa
JAME8 H. LYTLE,
la hratter'o llulldlng, llaaiffrld. Pa.
Dealer ia Uroonlea, l'r.,rl.loo., VogeUblaa.
Prull., ra.iur, Fred, ato., rta.
aprll'7t-ir
HARRY SNYDER,
UAhllKK AND HAIRbllESSER
Hhnp oa Marhat 8t.. opporlta Coarl Hoaaa.
A rkaa towel for arery auatnaer.
Aleo aanafaetatar of
All klnde af An kite la llaaaa Hair.
Cle.i.le, Ta. IB, '7.
IOIIN A. 8TADLKR,
tl RAKER, Market St.. ClrersVIJ, Pa.
Frarh Broad, Ruek, Rolli, ptoa aad Oakao
oa band oe node on order. A goaere! aaaoriaaoat
of Coafoatloaarloe, Pralta aad MBit la ataob.
loa Cream aad Oyatora la lieiea. ItaJaam aaarlt
.poalia the Paolo. Priaoa aoieralo.
Maroa, ia-'Tt.
JOHN TROUTMAN.
D17ALRR IM
FURNITURE,
MATTKEKHEM,
AND
Improved Spring Beds,
MARKET STREET, NEAR p. 0.
rka aaderriaaed beg. leora to Inform lha eltl
aee. of ClaarOald, and Ibo pabllo generally, tba'
ba baa oa band a doe aaeertmeat of Furoliuea,
oaoh aa Walaat, Cbaatoal and Painted Chaeaboi
Auitea, Parlor Suites, Reeliolng and Katenrtua
Chalre, Ladle Bed tleata' Raey Chalra, tba Per
foreled blalng aad Parlor Chalra, Carta Bnu end
Wladant Obaira, Clatba Sara, Htap and Kate
lieu Laddara, bat kaoha, gerabblng Braahoa, Aa
JOULDINa AND PICTURE FRAMES.
aokiag Olaaaoa, Oh rem, ta wklek would
atihakia for Holiday raoeata.
doalat JOHN TR0VTMAH.
)oert anvbtnly pniiHine tu tlenltoy it
Mr. (Vullace. il y answer to th
Senator Iroin lieorgia in that in the
npeecb ol tbe chairman ut the Com
milieu on Finance Mr. Morrill yen-
tetiiay tue single sianuurd wan oigeu.
ami it in the aryum, III of all who on
jtone this bill. The qiientinn lieforn un
Is not gold and silver, but it is gold or
silver, ami we mum meet that ques
turn manfully.
Mr. Hill. I will nay to the Senator
Ibal 1 Imve Imuneu with a great dea
ol inierent lo thu npeuehen that have
been matte here upon the subject, and
I have never heard yet ihe position
tukeli in thin Hull that anybody vi unl
et! 10 nesiroy silver an money.
Mr. Wallai v. Mr. I'rosideii t, the rvl
egntiuii ol silver an a lull hirtil tende
money is its abasement uml deprecia
Hun and disuse. 1 shall prove to tho
ncnaior ana to ino Senate belore I ai
down that the releiratiun ol silver lo
subsidiary position all over tho world
utterly destroys it as money. Against
tbis sending ol silver lo a sulinidiarv
position our wholu history rises up in
prutust. Our experience anil thai of
every other cominereiu tieon u ban
bi en thai the fuller and freer wus thu
eireulaling mi-ilium of thu people, if it
wus a sound anu neaiiny one, ibe bet
ter their condition, thu more rapid
their progress, and tbe broader and
deeper was their development. JelTor-
sun rveonimemled the double siumlanl
mid ongiiiali d the silver dollar an the
unit ul value Morris, ihe financier
it I In. Revolution and flrnt Henulor
iron, reliits) Kitnia. ret'oniuii iiiled that
Ihe standard should be silver aim
Hamilton preletivd ti"l'l il a single
Mniiilurd Has aib plcd. but t'ouiincled
the ilonl lu Bliiiiiliinl. Turning tu tho
I'll rtlllltltin w. fin I our power in, "lo
eoin money and regulnle the vuluo
linMit. pullowinif this comes the
inhibition upon thuStitles: the, aha I
ml ''make anything but kolt ami nil
ver a U nder in nat ment of debin .'
Taking the two tog ibor ibe in nd . f
Ihe trainers aiamls out in plum light :
"to coin money" means to siauip uum
l tlh utild and s Ler iheir luual value.
Tbe leuislalioit ol Ihe o nintry has fal
lowed this line if H.iuy and thu Con
-lit ut inn. Iho ait of 17112, reportwl
by Robert Morris himseli; made a nil
ver dollar of 410 trialim ibe unit, and
directed thut all ul the aecoitntn of the
government should be expressed in
dullurs, ami P made all gold ami silver
cuius amhoniod by it a lawlul lender
lur an sums.
Tbu act ul 18;il reitm ci tho weight
ol the ald coins, uml the aet of 1KJ7
reduced the weighl of thu nilver dollur
to 412) grain ami tbe smulh-r silver
coins pninortioiially. All were made
leifii blender lor all sums. Che aet ol
18-13 aiuhoriaed the coinage of ailoub'o
eagle ami, lor the first tune, ol a gold
dollar; which latter wus lu be ol the
Vuluo uf onu dollar ailver dollar or
unit. Tho ael of 1853 reduced the
w.l,ht ol the half dollar from 20(1
graina to 192 grains, ami the smaller
coma pro'Hirl'onally. It look away
Horn ibem their lull tender Quality and
made them a lawful lender for snmn
not exceeding 15. Up lo 185.1, there
toro. thu silver dollar was the onlr unit
ofvuluu; both melula were in full use
and the only law a upon tho aulijix t
wore inone wbieb adjusted the relative
value ol the metals enured. Tho cause
leading up lo tho leeUlulion in tho
several year named are given in tbe
meiai rejioria ol the limes. In Janu
ary, ltuj, the lureclor of tbe Mint
sail "that from 1792 lo 18.il gold and
silver remnined at par with eaeb other,
and that the first notice of a premium
m gold measured in silver in tbm oonn-
trv apHred late In 1821." Il then
ailvanceii to 61 Dor cent. Between
1821 and 1832 U ranged from 2 to 7
ier ceul. premium, and during lbs
montb in wblcb bt wu writing It
stood at 8 to 4 premium. Tht rela
tive value uf gold to ailver in the coin
ul thai day won 1 to 13 by law, and
he stules the actual average relative
value covering a period ol yearn at
15.05 tu 1 Folluwinu: tins, in Jlecem
her of 1833. the sumo gatillcman is
moH distinct and enii banc pi Ins views
I an to the purpose of the proposed leg
tniation ami in rciNim to silver aa me
standard. He liliiqilivoeaJly rocoi;
nixes ami iiiaint upon it.i Hi lan
guage is :
No puntnaa il presumed to be eatertulaed of
nangips id any d-gree iBa ataBjara maaaara ol
va'ue rrelning ia oar etlror oitiaa. iaa aeknttwl'
edgnd heuie of oontraoia. To dn thif by a diutie.
uttoa of tlto flae ailver la Ih'iaa a ta wbloh aoa-
tlituie the moaaura uf valua, would MOvlooely pro-
duoa tu ia.it aitaot a driaip.ratl.ta aj the mat at lie
oarrenoy Both Bald and .Hear haua duriad th
alia'anoeol tbe governmeot tMn a gonerai letftl
laa iar, while ailver fcloae baa bara the eiandard
of valua lamiiiar la our eoaoopttuB tt" prtoo. A ny
tnd aoetinBof ihi guld ouiaan!"' "t-paatt wbloh
ahall bava Ihia aianiiar.1 itf .9-lf j.rk4.
Nttd aoae t-ould be eoalemplated wltBoul ooacrrn
wiitob would imoalr It. Tow dratitn aaterlatao.1.
thorafnra. 10 tba ohngn of ratio now prop-rd la
that ailvi-r ahall remaio lha Itaaia f our aurren -y
and tba onalrol log etadaad ol valua i thai gold
ahall bo, aa at nreeenr, a tatral teedir lor all
aini.tttitr, but aaliiuaUHd ia auob a aropurtioa lo
si Ivor that tho former will lo oap..rted by a elir-ht
profareuoa whea evca.ktnal oiraumruocae ahall
ii'duoa tba BApurt of a DurtioB of tba aatluaal
outoa.
Acting upon this priueiplo, '.ho
weight ol the gold cuius was reduced
tbe uagle from 270 graina tu 258
grains, and the others pruxrtiunully,
while Ibe fineness was reduced iruiu
916 to K99L This, clearly, was an
adjustment of gold to the silver basis,
and not of silver to gold. Tbe act of
1837 was recommended by the Di
rector of tho Mint. Its purpose was
to adjust tho alaudard ol fineness to
round numbers. Uuld was about 899)
Mirts in 1000, and it required no ap
preciable cbanifo to fix it atflOO: bul
silver, eiamliiii; at SU2 42M, renin red a
change in thu number of grain if it
was mude vquul to 900 parts n 1000
This was done, and the silver dollar
of 416 grains was mado one of 412).
This left Mr Value of the silver dollar
p.eciaely as il stood before.' The ad.
dition lo the fineness mado vi the 3)
grain of weight taken from It.
There was, therefore. n chuntre
whatever in thu unit uf value, the sil
ver dollur, bul tbe gold inin wire by
these acl of 1834 ami 1837 lietluced in
weight and fineness, so thall the rela
live vuluo of Kohl in nilver adjunled by
the aet of 1792 at 1 lo 15 wan by llus
ins ess adjusted at 1 to la.iiBH. or ni-ur-v
1 tu 1G. This airain il. mount rulos
could be paid by silver dollars : after
il, niithinif but gold would pay. Leiml
tender notes were p'lt Uwn a relation
lugtiid aluno. and iiikio silver; and by
this act, oupintf the in they ol (lerinniy
and ohnyiiig the wishea of Ureal Brit
ain, both ol wbicn f.ere erudiliar -Na'
lions, while we are debuirs, reniiiupliun
has been delayed and much Of the
misery ol the past lour year been
directly caused. But for tbe suspen
sion of tbe coinage ol tbe silver doflnni
caused by it the MmU could have givou
un at least Biuu.uuo.uuu ln that period
Cau it be said that this wuuld not have
aided ut on our road tu resumption ?
la it common seas lor a people
seeking to resume specie payment
lo delibralely cat ol! vne or tbe laetals
as an aid thereto f We were in a state
ufsuspeiisiun, with a iirrency that bad
no metalic banta. ''Vd the bullion ;
it was our own predict. "The people
would have weloomed th silver cuin.
ye( we delilnirately closed our Minis
unu cut cd lue aupply ul the very ihinir
ou r necessities called dir. W bo did atud
Ihisiiulicy? Let ua look fairly into
tbia legislation, aee itri purpose, its ulti
mate scope, ao J tbe tnd lo be reached
by iboso who originated it, and whe
uow with pen antl speeeh bitterly an
lagonicu its repeal. -, .
Tbe proposition uk-i Ut tbe full ex
tent ol sinking out of existence as full
letral-tendur money ail ol tbe silver of
tbo world. Il is the J'ruil of the Paris
conlerunco of 18b'7, iby wbieb, with
deliberate emphasis,' tho elevation of
follow from its success all prices must
rail largely. Can mortgages be paid ?
Can capital save itself f Public debu
will become lour fold more onerous
faxes will be lessened upon property
beeause its value lals, and in the conse
quent distress and confusion pulilic
faith may suiter.
! If ailver be dumonutieed (is lawful
money can you use it at all as subsidi
ary coin ? Ilete 1 meet tbe question
J
gold a the sole standard and tbe relu
galiun of ailver to atubordinalu poai-
ibu basis of our system lu bo silver,
with guid aa its auxiliary.'
Dining these lour years 1834 lu
1837 Ihe silver dollar was for III an
uverugo ul llll 4 cents in gold and
Irom 1837 tu 1853 it ranired I nun 101
lu 104. The quarter and Imll dollar
were ol annul fineness, and a a result
ol this undervalue it becama difficult
o keep silver cum in the country. Il
was sold as bullion and fled troffrus.
rraui'O and rinunv bad irrelative
value uf I tu 15), and our siWr slanti
ng al 3 per cent, above thiat inuile il
pniaiuble tu export. It wan to leine
IV tin-, and not to tend lowutd a im d
standard, that tho qnanlity ol Vilverin
the silt er Coins l ss II. an one iiullar wan
rmlueed hy the aet of 1852. The Di
rector uf lbs Mini in his report in Jun
nary, 1853, expressly slates the heeos-
sity fur sueb legislation, and instead uf
advising the guld standard, Mr. Hun
ler, i bairmaii of the riianc Commit.
tue of ihe Senate, in bis report March
I bus. emphatically assert) the ne
cessity lor the double standard of gold
and silver. These were initiatory to
iue legislation in ibjj. I hi wets an end
ol the legislation on the snlijwet until
tho act ol 1873; in il all, trotu begin.
inu: lu end, Ibe silver dollar ul the
riginal value maintained it place as
me nun or value and nu-o ot our sys
tem, and the astoniahing laet ia pre
sented tnut irom 17Hz up tn and in
Hiding 1873, the years 1809. 1810. and
1815 aru Ibe only one in wbit b this
lollar has not been worth more than
100 cents in gold The use of fbo word
coin in our siutiiios uiinnir the war
and since may be understood when we
recall the language ol tho Director of
the Mint in his report in October. 18CI.
Ue say: "Tho silver dollar a il now
in, ha actually throe yalui-a :' I, It is
by law a dollar simnlv or lfHl .iniiu nr
cunts. 2. Uy the Mint prico of silver
it is 1(13.98 cents, winch i its true com
mercial value as compared with guld."
Il wa, when tbe war beirati. worth
nearly tuitr cents mure than a guld
lollar. II gold was then tho stund-
rd, why nut say no in the statute 7
Who required "coin" lo he inserted f
Perhaps in a review of the leirMation
and ol the truth thut this dollar, il
omen, wool. I tie Irom tho coiintr)
'Cause ot its actual valtio during all
of those years, our friend will find
ime reason liir their cry that it was
it-oletu, but can Ihcv give nn any
ason why "coin' wus the wurdusod?
I Coin mend to them ihe inqniry, was
nut nii honest dollar when our credit
was pledged T From 18G2 tu 1873 Ihe
Iver dollar ol 412) grains wa above
par in gold ; when our cretlit was
pledged il was an honest dollar, even
n lliu sense in which our friends al
tempt o put tbe case.
Yon say wo have nut coined a silver
ilhirilir forty years. Why J It was
our unilifpiiled unit of vain; why
not coin and pay it out t The answer
is, it cost too much ; gold was cheaper.
et tho govern men I lhat did this with
a undoubted standard would, if your
ot. linn bo correct, be immoral and a
-putliator to do in the uihif metal
precisely what it has been doing for
n year In gold. Would wu have
heard any sueb argument if the gen-
lb men who own tho dubt did nut aee
an appreciation of Iheir bund in the
use nl guld alone? But there in an
other answer to the argument of non-
linage. In il we find a possible Jc.
ial ol the theory that guid will fly
Irom ns if wo coin silver. It ii the
fill that while all the rol of the
world estimated silver as 15 to 1 of
Id onr laws estimated It as IB tn 1
I he difference is nearly 4 nor pent..
and necessarily when our silver was
inled at that rale, more than it was
ny where i lnu, the cupidity of the hull-in-dealer
sent il tn the milling mil lo
make lur buns, If the profit ot tbe dif
ference. If it had stood toward gold
ailver did ulsewbero, tbe equilibrium
of the two metala would not have been
disturbed. Tbe answer to the cry
tbal Ibe cheaper metal flies and the
normal relation ot tht two metals ia
(bund In a universal relalivo value.
This is both possible and prat, icablu.
ne now come to toe aciui ihts. Jt
hanged the base nl our system from
silver to guld. Up to that lime we bail
the optional standard ( debtors could
ay debt iu silver dollars or in gold do!
am. Contracts rnuduon thefaitbol that
law wcro changed and tbe creditor got
tho option to demand nay in gold. All
contracts in existonce at tbe Jay of lb
bange wen) permeated by IU The
Ulioii ol tbu debtor to cbooae lha
metal in wblcb bt won Id pay and tbt
power ol tbe Treasury to ooia silver
dollar wart ttrickta out of existence.
Bufurt It, a debt payable in dollar
lion was dulurmined toon. Germany,
influenced by an Anperiul political
policy and Irom ber attitude as a credit
or, bus been tbo leader in tbe practical
movement. She changed from silver
to gold and threw upon tbo world's
marketa all of he surplus silver.
France, ber neighbor,' was compelled
lo cease silver coinage or be tbe recep
tacle nf all that surplus. Otber Euro
pean Nations upon a metallic basin
were influenced in like manner, and
our act ol 1873, with no such reason,
swells the list lhat debase thu while
metal. Germany not only refuses sil
ver bul she demands guld, and ibe
same policy is urged uHin us. Where
is the guld to com Irom 7 What wo
have dune tbe commercial Nation ol
ibe earth are advised tu do, Tbia is
ibe ground il I put upon here now.
What in to be Ihe effect uf tins f
M r. (ionben's English Parliamentary
Committee uf 1876 gives Us effect in
Un n words : ;
It ta ubilnua lhat If aSeel should ba giioa lo
tbr pvllry ol aa'tetltati, g sold h.r eilvrr wherever
It is frarible, and going g-sj, for tbe Saba ot lu
atlvaaiagea la Intamatlnnal eoeiaeerre, Ihe prelef-1
-efv aim among pupalailoa wboee bablia and i
e uslum. ara in lorur of .liver, and lha. di.pUelog
.liver Irom th baeitloa (wbieb it bae alwaie
"reupnrd) of dmng la a era of tbe oorroo
rer at lasat aa taiga aa ara aa gold, a
ptiartbi limits ould b aratgned 10 to further
loll ta Ita vaiaa waieb would laevitabty Ink piao
1 his ia tbo lepotl ul a committee
vented with specific power t inquire
aslo Ih further lull of eilvur. This
cotnmilue wus writing in July, 1876,
when silver bad iltrtatly fallen t'- A2t
It hau not been this low for a century
The total stuck ol gold money in the
world is about f 4,0(10.000.000. Russia,
Austria, Italy, and the United Stales
are using paper. . 1 bey require guld
lur resumption. By tbo doctrine of our
nppuiieiua it ia lo be gold alone. I hey
need eight -hundred millions. How
dues this need affect the guld wheru it
is now 7 II must bu redistributed
Tbu demand fur it for these Nations
iiucesr-urily increases ita valuu wherever
il may be. 1 be quantity bead by any
Nullou mimt be decreased, and in de
creasing tbe eireulaling medium you
reduce prices, do troy commerce, and
retard the progress ol civilisation. Nor
do you advance it in tbe Nulion to
wbieb you remit the gold, for you in
tonsily the commercial distress conse
quent upon Ibe passage Irom paper to
metal, you Increase the ditllculiy ot
gelling it, and cheaptn the cummodi
lies to buy H. Vt u leel tbia most sensi
bly now. We strike down silvur, and
in doing so increase ibe value ol gold
Yt e must have gold and we bank nipt
our puoplo lo buy il with their com-
modules.
Soyd gives in 1876 the figures thu.
Leaving out uf viuw paper entirely,
there are now in the wurld full Icgal-
lemicr money :
la sold nolo and hank halllon t3.71s,oa,HI
In Irgal.lender silver la Europe ami
elewhero.. .. . I, ". 0n.fn
la legal-leader silver ia lb BasMM l,2tri,antl,u00
Tolal of legal. trader melelio Blooey, S,!7a,0ufl,0na
n uw ii ma irgai-tandr surar ba da-
lOBOtited, Hl-H. I,t2t,Boa,l
The whole laael-leader oaett of lb
won ta -..A .1 j ...... a,7.iv,flvi',vuv
In these fiuuroa we muyaou ihugreat
slaku that capital play lur. il is deal
nig wiiu economic questions uver a
vasl field and ibe pro-position needs tu
no thoiiiiighiy graaimd lo aee Its
enormity. I
t do nut asrl this iiiniii my own
statement, but I quulu from an Indian
writer, the officer ol a hunk in Bungal,
Mr. Hector, writing in 1877, upon this
snojeel, ijul us see wnal be uy :
If lha t'nll. 4 Utah a aad Pr.n.-a sbnald daelda
up a a single eiandard nf gold, I boa elleer w told
d.'pre.-lva ao mneb aa to raodr it unlit t romaln
Ilia meaaur at value. Inaift- Mora, In my
eettmaitna. deprada a 1. amioa of lb is two
0'iontria haa on anvthing ai.a, If thyaleoi 10
have grld, wo maal have g'dd Inn, let the Bum) ho
what II may. Whi-bevere.e,lry lakteihaltilili
live 'be oihar mast lollow abd Iho ibree would bo
fomnollng tor g ld tngt-lbr
I haw ant mush failb la tba onsrttahaesi of
Nations aay mar than ta that f Indlvtduala.
Karh nantry will guided by what it eas!drs
tu ha flir He owa advaalage, without mueh r.
gurd tor the oio.-,uraee to It. neighs-ire I ba'
bera. wbat la far tba aaamon o u,d la likewia for
ib" gool of oteh no naorne.
Tnal tba tlovoraaeut l la lla, Praooa, aad
Amerlra ebould agree ap"B a nnmmia ooorao ol
aelion I. brgbly dxrlnCtla ,a tba iD'ere.ts of aaah
NautHB. wara lollaeaoed ny o-ia.idarattooe oa
ul my friend from Georgia, Mr. Hill.
,lt is not like our fractional notes, a
l.romlso to pay . It i payment. The
egal-lendur quality you give it will
span a moderate gap, and the people
win accept 11 lur tue sake ol conven
ience, at its lace value. But if silver
tails to one ball the value of guld will
the subsidiary coins pas at their face
even as token ? It it were redeema
ble by the Uuvurninunt or exchangea
ulu at the Mime tor diuJ it could sus
tain llseii, but that cannot be lor many
reasons II il does so lull, and as a con
sequence of relegatingsilvor lo the arts'
a a result ol it demonetisation, you
will compel your own people to reject
it in the iurtu ol subsidiary coin. Tbcy
will not accept a coin aa payment that
is so uuuaseu as to be wortb bat one
half it proposes to bo by luw. The
argument used by Senator that silver
subsidiary coin is cheapened and may
be used lo delraud lubor is intensified
when you consider With bow much
more force it applies to an appreciated
guld dollar than it does to a silver dol
Iar, lor if it lukes two hundred and
sixteen silver ball' dollar to buy $100
in legal-lender ailver dollar it requires
two hundred and Ihirty-eighl silver
ball dollars to buy one hundred
guld dollars. Tbe gap widens between
ibem very rapidly if you totally reject
silver as full legrl-tender. Tbe result
uf such a system inevitably is lhat
ibe wages ot lubor are paid in debased
money while tho profits ot capital are
paid in real money. - This is one of tbe
worst results of an exclusive gold
standard. It servo Oo demonstrate
the necessity, in justice to all classes,
for full-valued metallic money, upon
an equal basis between ibe metal. Sir,
ihe people w hom 1 represent want no
system ot coinage in wbieb it takes
!av ..r j. .,i..
uiieun len-eeiii pieces lu insse a uuuar.
1 it the iiilurestol this people lo in
crease the value of guld, or what is its
equivalent, further to decrease the
price of articles measured by it 1 It
needs no otber argument than our ex
perience during the lust Jbnr year to
pruve that tbu adoption of a gold
standard inevitably produces this result
Aru we ready, is it sale, to drive the
w age ul laburdown to a pittance, even
it that pittance be measured in appre
ciated gold ? Aru land and bouses.
nulls and furnaces, Iron and coal, mer
cbandisu und commodities ot every
kind to be anil lurtbur reduced in vulue,
while money securities aro increased by
the same process 7 Shall we reverse
our ancient silicyJi7Vui h an ond ?
Ai theories wortb mure than healthy
progress f Am our merchants and
business men to lie bank rupted in uuuso
lliul we may redeem our paper in a
single ii edium, while tbe contract pro
vides fur payment in either T We are
traveling lu resumption in gold. We
bars not one third of tbe amount nec
essary to suocosstnlly tuntain it. It
can only be obtained by buying it In
other countries. Our people will not
agree to increase their interest-bearing
obligations lo obtain it. Tbe only re
maiuing road is tbal which tbo Treas
ury ia uow so remorselessly pursuing,
to reduce the price of all our commodi
ties in every market in the world, to
the end that gold may flow bilber.
We aro buying guld at Ibe expense of
the labor, enterprise, energy, fortunes
and pnqierty ol our people, and with
heartless Ial uity too w e seek to increase
Iho price of tbe very article our policy
deems vital to its wants. Was ever a
more destructive and suicidal policy
inaugurated 7 W heme ends are served 1
V bu profit hy this 7 the measure ut
value, the medium of exehunge, the
dollar ol our system is bulb guld and
silver, and the use of both, bridges witb
ease that narrow but deep chasm
which separates the value of paper
Irom that ol gold. Vt e are not at re
sumption ol specie payments, oven il
the credit ol tbe Government duos mark
legal-lenders down to one and a quar
ter premium. Whero is the guld lo
redeem them r It wo are to find and
maintain a coin basis lor our paper, il
quantity must equal to the amount of
the paper to be redeemed. England,
emerging Irom ber great wars in 1816,
bad an itiouniruvorliblc paper currency.
She Bought to return to specie pay
ments. Gold was then buithree-fourlb
oil percent, premium. She adopted
tbe gold standard and rejected thu aid
ui stiver uy tuu statute oi into, i.uui
al once began to rise, and during 1816,
1M7, 1818. and a part of 1819, it ranged
hutwecn x and 7 per cent, premium.
Tbe graduation of tbe Peel resumption
statute, by which the price of gold was
graded lu a value in paper over several
years, extricated them in 1819. Will
we have ueb an uxirenenoe r History
teaches None so fisilish as those who
will not profit by her lessons.
If we compel the country to fill the
nurmw gap lhat separates us from
specie payment with gold alone wa will
Hod il deep enough lu bury overy pro-
duciug and manufacturing interest iu
lliu laud that must nun an outside mar
ket for iu commodities. With the
misery lhat snrmanila u on overy
hand are we ready fur such a change
our ancient policy J '1 o get- guld
rejects it aid. Whe profit by this J
Who suffers from it T Can any reason
be given why wo shall commit this act
of suicide ? A debtor Nution, with our
option pluinly written in tbe law. witb
morality and justice both upon the side
ot the people, a silver producing coun
try, socking a return to a spocio basis,
we yet deliberately aid to elrikooulof
existence ono-ball ot tbe world s meas
ure of value, lo depreciate lo that ex
tent all of the brooertv of thocountrv.
and to appreciate by a like measure tur
actual Indebtedness. ' i
Tbe Director of the Mint in hi re.
. . 1 LI.'l . . .
port in laid DBJB
Th adoplioa of a gold standard aad demna.
Ilsatina of silver will be followed by an lor ran ee
ta iaa vaia ei gora, r, want ia toe same laiBg, a
uvuroaee ia too pnea 01 arooias meaaarad ay
iNo word of mine can give with
equal lurce the result of tbis pulley
ana tae reverse oi m v given by Mr.
llunur in his report in 1852."
i read Irom the report of M r. Hunter.
Tbia roKrt wa quoted by the Senator
from VormnntMr. Edmunds tbeotbor
duy. Mr. liu hicr was then Chairman
of the Committee on Finance of this
body, lie says : ;
But tbe miublef would bo great Indeed If all
a world war I adoot bat obw of lha oroaiooa
metals aa tba elaodard of valua . To Ddnot sold
ansa woald dlmlalsB Ih aprwla oarreaey mora
taee oao-oaii ) ana ta raduettoe lb tbr way,
should silver b lakoa aa tba valy aeaodard, would
larg aaougb to provo blgbiy diaastrous
the bumaa far. Iodrid a relenara lo
ta hlatory r lb prwoloul aieUls aad
is geaaral flours f bumaa ftroduotloa flaa
saareely fall u eon.iao as that there baa haea a
atioataat leadeaoy I apprvolal their value as
oompared with tba reeidu af lb property of tbe
world aad that avry ilrasrdlnory iaereae of
tb aupply f th prerioaa meiate. of shtob we
have soy aoooaof, has arird a highly beaefi.
ial ffoc upoa bumaa affairs. "Whoa oootroots
ar mad by a sUDdard wbieb Is gradually oa
traeUng, th advantages ar on th sidoaf aplul
a agaiaal labor and prod aetlva energy Iseramped
oy receiving laaa voor a rear saar Ol ibs prom of
il enterprise. Belur tb tBvsatioa ol aubsli.
tales fur pavmeats la outs and before the ia.
creased aapply ot apeei from th dlao-tvery f
lartoa aamaa aietory it full f Ib strifes b.
I
loading noyond their owa iaiiadtat tatrsts I
eaiirbl go farther and say thai the wtrd a: Iar
wi.uid lO'B by tba goaerol demonatis tlB of
silver. and Ibat, with ih ojbyact of avortlag aaeb
ealaestty, lb agteeaaeat. for aertod aotioa
m!.bl b . oltondJ aa Iwembreoo all lha Na
tio. of aterop. r at say rt all IBM wbwh
bar boa a .togta geld standard. 1
Si) even bulb China anj India, with
their larg and exclusively silver circu
lation, are driven to follow the pro
gramme uf guld alone. If wo diminish
tbe legal tender inutiey ol th world by
two fifths, wt add tu iho valua of tbe
remainder by lully tbe same pmpurliuo.
Reduce tbe measure uf value by Iwu-
tlUha and you add to tbu Value of all
money induhtednesa as) equal amount,
or, what is the mime tiling, yon enable
il lo buy tbal nrotntrtioii more ot
property or labor. Siiili a reduction
will atop all publio Improvements, de
prive labor of employment, Cause its
value to decline, and wage, production,
and consumption will all become less
Tb addition lo the Block ol precious
metals, resulting from Die gohi discov
eries in California and Auntria and the
silver in Nevada since (848, ba been
the loading cause of tbe uwai stride in
industrial development and progress
wade by ibe world in the last thirty
years, and the disuse of aa much a
ha boon added, logically and nece-
sarily turns ut back. Are not the
owners of capital taking a fearful risk
In tb adoption of this policy. Ia uoh
an enormous reduction vi money aa will
ul
we must compete with the luw prices
ur continental r.urupoand uruat Brit
ain in the world'a markets. To get
guld we muat lower the prices ol com
modi ties, and to this task every energy
uf those who direct our finances and
originate our policy the men who own
the debt is directed, tiold cannot
and it will not onmu in masses, but lit
tle by little, through tho many avenue
uf business, liiisiiiess loo, insensibly
perhaps, but none the lea surely,
molded to that specific end. To gel it
wu must offer a high price for it This
can only be done tif low price lur w bat
we sell, and to prevent it from running
away again, prioes must remain low.
With sueb u certainly belore us, will
we dill give our aid to increas lu
price T With all of this primes, pain
inland destructive as il is, will we reach
resumption in 1H7U 7 Can w aocuov
mulale the gold 7 The Treasury and
the country both well know that we
cannot. Y hal ia the remedy f Silver
and geja,l,a mutual aid to each other,
open the door tu resumption. We
have another melal to aid gold. It is
constitutional and lawlul money. It
is coin within both lb word and ibe
spirit of our laws. Il is our own pro
duct. It uao increases tbt quantity
of the medium ol exchange. Hi mure
easily accummulated than gold.- It ta
desired by and is acceptable to tbe peo
ple. II will, i giltcd with ibe lunction
uf monsy, naturally flow to tbe treaa-
ury and to the vaults of our bank as
a basis fur circulation and will impart
oonudeDct to buaineas and value to
property. Our act tf 1873 deliberatly
tween debtor aad eradlior and bumaa legislaiiaa
ia rife with apnmeate to limit tb eaoruaokin
no vDivti. pnwor oi tr-paiai.
Bo mooa is me vaia or earreaoy affected by tba
fsallily witk which U aaao ba ooauted aad lu
oooveoieBO of traavportatloa,. that Ihora will
alwaya h diftruliy la aupplyiag tb pi. so of
smau DHH wlta aaytblof but silver, or that of
large Boles wlia aaythtng bat gold. Wa raoair,
tbaa, for this raaaoa, tb doubt standard of sold
and sil., j but abov all do or roqutr both to
ouhtrol tb tondeaey of tb epttio slaadard to
aobtraet under Ibo vast ioc roars of jib valea f
tb property ol tb world. Aod who harm ean
arts from any probabta inr?reasof the preeiou
metaia. If both ar allowed swell Ib volume of
ourrewey t Oa th contrary, a nor. beaeBriai
real for tb trade, ib iadaitry, Ul moral, aad
polltiosl ondtt!D ( lb world oottld eeareely ba
louagiacd. Of all Ihe great effeots produced upoa
bum en society by th discovery af America, there
war probably Don so narked -wf lave brought
about by tba grout iadux of ib praokraa metala
from tba Kew World I th Old. ;urupa In
dustry bad awn drrliaiog Da-err the dearsaalag
stoB ss prsuinw aiefala ar) aa- af.areclatJag
slai.da,ej l Vale: bamaar. Irureaa'tt rrew dull
under lb prly.tarinaunct ar declining prolta,
aad capita, absorbed aoarly oil the should ban
heaa divided betweea It aad labor. Bat aa ia
orne of la praeioaa aatals, la suoh quantities
as 10 check Ikie twdcBoy, oparatvd as a aaw mo
Mva pwwarto tba maohtaact nf ommeroe. Pr
daelloa wa stimulated by (adlag tna advaaugaa
f a cbang la tba suadard apon reside.
inetrau oi noiog roprosaoa e. having to pay
are tbaa It bad stipulated for Iba as of oaid
Ul, it was alinalatad bv paytag loss. Capilal,
loo, was benefitted, fbv Bw dsHaasid wtraerea-
led to il kg aha saw aee tlM- a .-aaaral move-
ment in iniluetriel pwrsaila had uevaloped : aa
lhat if II It Mute by a ohang la th etaadard.
it gata-d maob as la tba graatar dceaaad (ur
tu ue. waioa addod to its Capacities fur rpro
duatioa and In IIS real vula. Property which
aau aooa acquire, oy ido strong arm, aa ae
mulatad la vrolatltm of tba great laws af vault
aad trail, by aa a!nvt laaaasibl IraBsiUoa wo
distrihuud more equally ta society. Matar. an-
dor tba pratioa ot tbia its great baakrapl taw,
as if by aa iavislbl baad loos .a hoad as
th sVbaori whiah hrwt(or timo had coattaaallv
ligbioBad. aad dtstribaia.1 t labor for parp..a
el reproilBOtloa Bad apoa aquiUbl lerau capita!
which distrust aad apathy bad iiar soaked ap
r adminl-terod witb a lo aariag aaad. New
iaguDeo aroaa la sodaty, aad a new impale
waa giraa to tie movooaeftt. la the paraaat sug
f th rld wa may, parbapa, a mor ipocl
any avaal to produou auch rapid traaalormatioaa
(a society. But w asighl roaaoaahjv ok tor
something like the sam eoaaoqua.ice from a aim
liar veal. Aay system, itbr of violeaca, or
law.wbtab disiribnte proper yimpnrlyaadtra-
ias:iy, sdicb givee a laiaa aircciina r tba gat
itream of prodacllvo Industry, will ia the aad pro
due Inroee and ooaraisioas ta Iho boaam of r
elrty. Unleas bumaa skill, lucb aa It rarely If
war kaowa, iairas lo giv a Ira direoiioa
to atlatrs, eraaleas natare intrtaros nkr .uh ,ba
stlrat operatioo of ber lios to remove ineouall.
tis aad repair tajastia. ialrae is aliaost sara
ao bo used to mk a obaaga. if it aaaaot apply a
remedy.
Such ia the language, full of lessons
touching the history of tht melal, of
tbe chairman of the Finance Commit
tee of this body in 1853, defljiing the
double standard, which in many quar
ter baa been alleged to have been de
graded then. ,
ln view of recent events in mv own
State, and of Ihe smouldering fires of
sirifb now being secretly fanned
through organiicd effort, the language
oi the conclusion ol this admirable pic
ture sornu almost prophetic; All i
not wnll,'. I wish I could sty it were.
Wo would be worse loan fool to shut
oureyoatoihoillalhattonfronlus. Are
my brethern on this side of (he Cham
ber determined to rtnvo ns. as ar. or
ganization into the vortex of unlimited
paper inflation 7 We do not want tbis
in Pennsylvania, and wo pray to be re
liovcd Irom tbo inexorable late to w Inuh
your policy condemns us. Why is It
that we cannot meet nnon tbe common
ground of constitutional money of
gold and silver r Are those who bye
east of tht Susquehanna ao wedded to
the policy ol England in a single stand
ard that no unity nf action is pnsaibte f
Is there any snlor ground tur tho best
interest of tho whole people, fur debt
or and creditor, for bondholder and
taxpayer, than a restoration of our an
ciunt liolicv of constitutional cminev
of gold and silver 7 Must w bo driv
en to strike the word 'silver fiom onr
vocabulary on tbe one hand, or to em
brace unlimited paper inflation on the
olbcr? If lb use of. both metals in
their norma) field aa measures nf value
be inflation thon wo shall welcome the
results thut such inflation brings. In
every age of the world an increase in
tbe quantity of Ihe precious metals hat
given an impetus tu trade, to comthrrce,
and lo industry, Under that stimulus
labor finds employment and social do
vclnpmcnt, progress in tht arts and
sciences, and the best interest nf eivi
liiation are promoted. Our starving
artisans, our unemployed manuloctur
eta, our bankrupted merchants, tho dis
tress of labor, tht penury of thousands,
the dismantled Inrnace, and the cloned
lactone that dot onr S'ate in every
quarter, speak loudly of the impera
tive neeeaaiiy lor chang of policy.
Whether good or ill (ball come from
that change our people will be content.
If it be for ill they will be content, be
muse tho policy of their father has
been restored, and the measnres of val
ua have not diminiahed. - If it be tur
good they will be contented in tho
knowledge that the prosperity that
comes will be of steady growth and
will abide witb them. j '
The Senator Irom Vermont Mr.
Morrill argues that wt must Joilow
where comtnerciul nations lead.' Is il
wise lo follow tho lead nf Ureal Britain
and Germany 7 Both are creditor na
tions ; we a debtor. Tht example of
Ibe former, Irom 18 16 to 1835, in chang
ing ber standard Irom silvur to guid,
due not commend itself to us when
stadied in tbt light of tbe hlatory of
tbat period. Ha people tver tuffered
ao intensely from the throe of finan
cial distro at did bar, and many
sound thinkers ascribe tho mlsory of
ner people in inose year to ibi very
cause. The change from ailver to guld
in t-iormanv should have nn encomiums
from us. It wa the selfishness of a
creditor and the far-seeing imperial po
licy of Bismarck that beheld unity and
empire in gold and a single now stand
ard and separate state policy in the
continuance of ailver and the old coin
age. Like every othvraclof kisstates
manahip it wu to add to tbe unity and
power of the German H moire and to
cause their necessities fur money to
1 bring familiarity with tbo new rrgtme.
XTbe argument of bulk ia used; bul
The contol transportation is based upon
vaiue ana not upon weight. In the
commertJial world even gold Is rarely
bandied. Checks, diufts, and bills of
exchange, a representatives of gold
and silvur, are in universal uso What
is needed is trsfrnnd basi in tbu banks
and at tbo Treasury. The silver dol
lur or stamped bullion lying dormant,
there gives vitality and power tu the
paper based upon it. Il loosen legal
lenders and gives it vigor Pi butik-tiulca.
Theso, under our system, etTectuully
perform ibe functions of a circulating
medium naturally belonging totlie met
als. Tbo people prefbrovon your sul-
sutiary Coin to fractional currency and
Will do no us lung a silver han value un
money. The argument nf bulk was ot
little moment in tbo many years iu
wbiob silver money was the sole rep
resentative of our coin in the vaults of
State hanks. All that confidence, need
ed was to know that it was there in
ciunt quantity. Telegraphs, rail-
roads, and expreas companies obliterate
ihe difference in weight. "Isit there 7"
is tbe vital question.
It is argued that silver is cheap;
that to restore it to full legal-tender
quality will tend tnlfrstmy confidence
and he immoral. A ninety -cent dollar,
cheap money, cheats, repudiators, ore
somu of Ibe mottt jTloderalo of thu ctii
thets bestowed u-n those who favor
its restoration. '1m is begging the
question ; il due not meet it. Cease
to use an article even of commerce and
you cause a fill in it price. Yon de
monetize silvur, stop jt coinage, de
prive it of tho nionoy function, and
then you say it is cheap. Your action
has cheapened it. Give it employ
ment ; use it in its natural field as a
measure of value ; rustoro it to iu real
place as one ol the base ot your fi
nancial system, and you add to iu vul
ue. Ccrnuschi mocts your argument
thus : . - -
It la the mouoraotalliata wh ar the aatliora of
th d-prrltien wbiob aevortheless they point to
a a pro! of ' h anwouhiaess of th metal which
tbcy cry dwa. Tbey re.emhl th pcoplo who
baring tied up th legs nf a horse called out for
him lo be killed hcue beeould ool gallop. A
saga vbo was passiag by aalisil Ihe ligetures and
tbe sled Saw off.
10 thousand Ions of silver la actual rirculallo
il is doubled. Thanhs to tho Ho.v.n. -r .1 '
bimetallic it) ar ia aiaatly th aama ettaa-
tioa aa If twoaty thousand toas of gold or liir
hnndrrd thoaaand tona if ailver wr circulating.
Wbat tskts place nn Ihe saocdv abDariiian nf
. iiniio. iiiouvan.i teaa or .11 acorroan inding
qnaalily of Stiver? - The monetary mass Is simp
ly iaaraaard by a tvatletb,aad twosequsall Ui
dimlnulioa In tba parohaaing pwer of avoaor la
a half lass Wbsn monetary produett'ta elaekeaa
tnia eircuiano tusan Inrsrso soaee balds good. -Should
it ba .tljooid lhat lb Uiaeullie aaaaa
Is cipossd au Iho variatlnoa ia Iba produo.
tfor.euf both mcllll Insuailnf lo those uf one, wa 1
would reply t"at greater raaulariiy i arolmbla '
Id Iba productl -a of goldafid silver, taken tngata.
ar, I Bub ia tli production 4f a singl metal. ,
Tho first question then.Suall golvf 1
alone or gold und' silver be rmr tueas-1
uru V" we ujiboaiitigly solve for tbo
double staiidunl, .because; gijd oannotv
be sill-divided to suit tbe neoesaitie of
the people while gold and silver i just
to ail classes; our policy as a people
bus initiated and maintained tbe double
standard ; Iba Constitution and laws
up to 1873 recognize and enforce ibis .
lollcy ; demonetization of silver by us
eudi to it total disuse : tho total dis-
uso of silvur at money reduces the
measure of value and increases the val
ue of money-indebtedness; jt will des
troy its use as subsidiary coinage ; it
will give tho world a scanty instead of
a lull circulating medium of intrinsio
value., Bulk is no objection lo tbe use
uf silver fur deposit, as tho coat of
trausportulion is based upon value and
not on weight. Experience leaches .
thut the usu uf the double standard '
with an universal relative vuluo does
nut drive out cither metal ; its rcmon
etizalion and use gives demand and
vuluo 10 silver and lends to equalize it
with gold. Aa a silver-producing na
tion, it is to our interest to give its use
a money. If we demonetize it, we
discriminate against our own produc
tion. Weai .predate gold bv discard
ing silver, and legmlule to raise tht
value uf the article we are buying.
This is contrary to the interesu of our
own people and demanded by no stand
ard of morality. With a double stand
ard thero is less fluctuation in valuo
than with a single one. Tbe use of
both metal gives healthy progress,
basis tor confidence, valuo to currency
in paper, and a jusl measure ol value.
1 he use ul bul na strikes out of exis
tence u large pari of the world's capi-
tul as a measure of value, and is preju
dicial to tho progress of civilization.
tbu value of the dollar of 412) grains
ban been steady from 1792 lo 1873; its
value in all those years has never been
interfered with by legislation ; il is im
plied in the word "coin" used in all of
our statutes indebtedness; iu coinage'
was suspended not because it was
cheaper but because it wasdoarer than
guld. During all of tho years when
our credit was pledged as well a when
the public-credit am of 1809 and tho
funding act of 1870 were passed, il was
above par in gold and was pliinly im
plied in our contract. There is noth
ing in our obligations to our creditors
that impinges upon our right or power
lo retain the doublo standard. It is
tho only safo and sure path to resump
tion nf specie payments. It is most
unjust and inequitable for those who
own and control the measure of values
money, but it la to restore the real
measure of value, both guld and silver.
we seek the use ot white metul as
money. We denounce its relation to
the attitude of merchandine purely.
Wu hope and believe that ils use as
money war ill males ibenaal in value with
gold. Il is you who cheapen it. We
seek to appreciate it. Your action in
evitably cheapens it. Our as surely
lends 10 iu increase in vuluo. You say
tbat natural law only can fix valuu.
that legislation cannot regulate prices
This is true iu part The law of do
mand and supply operates upon the
metals as upon every otber commodity
but it your legislation has been unlriend
ly to tbe use of a commodity and thai
governs the quantum ol iu use such
legislation has much to du with fixing
ita value. Congress cannot by law
force op tbe value of silver, but it can
rustoro it to its normal field ; it can
give it large use ; it can stamp it with
power to discharge debts, und thus
cause buth the law of supply and de
mand and the power ol lliu sovereign
to aid iu elevation to an equulity with
gold.
But it is sai'l that the enactment of
this law will drive out gold. Ot coun-o,
it, as compared witb gold, silver was
overvalued and there was enough of il,
gilted with legal tender power to per
form the work ol that character of
money, guld would fly Irom us; but
uur need fur tbat character of money
would 00 Iar In excess ol all wo could
Irt Hf.elr In reilnrw llm nuamtitv tlmsAnr
Our aim is not to pay in cheap upon tno ground tbat there is an over-
supply ot one of them, those who
own ibo debt have no right to dicUte
tho terms of payment. Those who
owe il end are lo pay it, are to be con
nulled before the contract is repealed.
There is no foundation, either in mor
als or In law, for enhancing the value '
of the debt, and it is neither just nor
exiedicnt to do so ; and tho exercise of
tho power to adopt a gold standard
awakens distrust among the people
and lends directly to weaken tho biud
tn,( obligations of tbe publio faith.
j4f coin, then, is to mean gold and
silver coin, if we aro to have ibe double
standard, how shall wo regulate ils
value? Shall we reduce tbe gold dol
lur to tbo value of tbe silver dollar, or
shall we incrvaso the value of tbe silver
dollar to tbat of the gold dollar by
measuring silver bullion by gold coin ;
or shall we coin the silver duller and
test the practical question whether de
mand lor silver and legal tender fu no
tion will nut cause the value of the two
metals to approximate 7
Kiiico the funding act of 1870 we
have no power to reduce the weight of
tho guld dollar below 25 8 grains, or
that of thu ailver dollar below 412
grains, nor can wo debase tboir One
ness without violating our agreement
witb those who took our bonds on the
faith of its lorms.
To increase tho weight of Ibe silvor
dollar to an equality in value witb tbe
guld duller without allowing anything
fur the increase in value ot bullion
supply by silver dollars and Ibis fuel, which wi nsaix lrom our use of it, or
legal-tender rapacity remain with us
always, provided we produce and sell
more than we consume and buy. Su
lung as we have commodities lo sell
those who buy them must pay for them,
ana, u our exports and imports cuntin
ue at at prosent, tho balance will come
to us in gold as before. It cannot como
in silver unless thoy buy our silver legal-tender
dollars. If this follow, we
nave attained tno desired end: tbeir
equality with gold, the guld standard
is not the lever hy which gold is re
tained in place England, with a gold
standard, during the ten months end
ing Novembor 1, 1877, exported ninety
millions of guld and imported sixty
five millions, thus losing twenty-tire
millions, in less than a year. France,
with a double standard, during nine
months of the same time, imported ovor
eighty nve millions ol guld and export
ed twelve millions, thus gaining over
seventy-three millions. On November
1877, r ranee had in thu vaults uf her
bank 1459,000,000 of gold. The Bank
ul England on the same day had but
I.IHI.UUU.UUU.
In tbo faco of these figures ia this
argumenltubosustuined fora moment?
And yet tbe Kuglish political econo.
mists, who see no wisdom in anything
else but the policy ot Knglund, aru quo
led again and again to austain the doc
trine tbat the cheaper metal drives out
the dearer. Let ihcm answer the
argument that France and ber figures
show to-day with an inconvertible pa
per money, with tho receipt of gold in
tbia quantity, a compared with F.ng
land with tho double standard.
Sir, tho rauso of the flight of gold
from a country mutt be sought in
something clso than its money stand
ard, if it bo metallic, and tbo world's
relative valuu is preserved, fur, witb
the large gain of gold made by France,
it is sltiled as a fact lhat she absorbed
In four years ending, in 1876 about
1165.000,000 of silvan She has never
departed from Ih guld and silver
standard, ller five-franc pieces are lull
legal-tender to day at the relative value
ol 15 to 1 of gold, and yet we find
l.-.L. .IJ I .1 .
uuiu guiu aim stiver stay wun tier peo
pie. Wbat Stronger argument lur
bimetallic money or for the standard
she adopts, can there bo f She baa
subsidiary coin in silver, and full legal
tender money in bulb silver and gold.
Our goltl and our silver will both fly
from us if wearcextravaganl and thrill
lent, il wt buy and eal and wear mor
than we product and sell. Economy
as a people and productive energy are
the anchor to lb metals.
Tbe 8 ator from Vermont Mr.
Morrill argue that there is mure
fluctuation when there Is a double
standard ibaa when it is a single on.
Let me anser this argument with the
words of Cernuscbi :
fur thu vulue added to the coin by im
pressing it with debt paying power, (if
these du in fact exist,) and without
clear proof of ita necessity, would bo ,
maniiestly unjust lo the Government
and tho people ; and it the metals ap
proximate, silver would fly from tbo
country.
Shall the silver dollar of 412J grains
be reeoined ? W bat is lu prcsont stat
us under the law 7 Will the demand
fur tho silver consequent on iti rocoi n.
ago under ibis bill and tho legal-tender
lunction conferred by it, appreciate iu
value, and to what extent?
Mr. Bayard. My friend from Penn
sylvania, stating as ho does one half of
thirpropositton as 1 understand htm,
that tbo melal of ailver if undervalued
by our declaration will undoubtedly
leave us, 1 should like to ask bim if now,
by remonetizing it and declaring upon
ius fnoo a valuo which shall be under
its real value, we shall not lose goltl.
If wo should mako a declaration of the
valuo ot the proposed silver dollar of
412 grain which shall be over it val
ue, and set it afloat at tho same lime
with Ibo relative valuo of silver over
established as to gold and tbe valuo of
guld tinderustublishcd as to silver,
should wo not necessarily lose tba gold
fur the same reason that if the ailver
was undervalued wo should loso it f
Mr Wallace Tho anawor to tht
Senalor's question is a very plain one.
In the first pl.tco, tho relative value is
to be established. I assert that as a
proposition. In the second place, to
silver bullion is lo be added ibe domand
fur coinage. That increases iu value.
In the third place, the stamp of tba
debt. paying power placed on the silver
dollar, added to the valuo of the bullion,
necessarily approximate it to gold.
When we ahall havo decided ihe ques
tion as to whether those two powers
given to silvor bullion do not approxi
mate it lo gold, then the answer lo the
Senator's question will bave come, and
I will agree to change tbeir relative
value. I do not agree, in tht present
atate of prices ol commodities in tht
country, tbal with Iba whole of tht
Mint power ut tbt country employed
in coining nilver dollar wt could stop
the flow of guld to tbu country ; but,
on iht contrary, gold will continue to
(luw tn us.
Mr. Bayard. It seems lo me that
my honorable friend rather beg the
question In making bit answer, lit
staled Ibal the undervaluation of ailver
would cause ua to lose It. I ask bim
it the relative undervaluation of gold
will nut operate in the same way ( tbat
ia lo say, when wt set afloat tot two
currencies, of guld and silver, and w
understate the relative value of either,
ahall we not necessarily lose tht one
w bich wa do undervalue 7 II It bt til
CoieUdtJ next icuk.
t!t
j !, i