J. A. W.




JUSTIN S. MORRILL,

OF VERMONT. (BORN 1810.)

ON THE REMONETIZATION OF SILVER

--UNITED STATES SENATE, JANUARY 28, 1878.


MR. PRESIDENT, the bill now before the Senate provides for the
resuscitation of the obsolete dollar of 412 and 1/2 grains of silver,
which Congress entombed in 1834 by an Act which diminished the weight of
gold coins to the extent of 6.6 per cent., and thus bade a long farewell
to silver. It is to be a dollar made of metal worth now fifty-three and
five-eighths pence per ounce, or ten cents less in value than a
gold dollar, and on January 23d, awkwardly enough, worth eight and
three-fourths cents less than a dollar in greenbacks, gold being only
If per cent. premium, but, nevertheless, to be a legal tender for all
debts, public and private, except where otherwise provided by contract.
The words seem to be aptly chosen to override and annul whatever now
may be otherwise provided by law. Beyond this, as the bill came from the
House, the holders of silver bullion--not the Government or the whole
people--were to have all the profits of coinage and the Government all
of the expense. This, but for the amendment proposed by the Committee on