CONGRESS, UNITED STATES. 



159 



for all dues. The subsidiary coin about which 

 so much has been said has demonstrated the 

 effect of legal tender still more clearly and un- 

 equivocally. Being a legal tender for a limited 

 amount, for sums of $5, it is yet invested with 

 a vicarious value which it would not otherwise 

 possess as compared with silver bullion and as 

 compared with the trade dollar; and although 

 the one contains 420 grains and the other 384 

 and a fraction, yet in the markets to-day the 

 latter sells for a half cent more. I think it 

 needs nothing beyond these examples to show 

 the immense addition to the value of any com- 

 modity effected by making it a legal tender. 



" If the mere promise of the Government to 

 pay and the additional fact of being made a 

 limited legal tender will invest a mere piece of 

 rag or paper with a value which now approx- 

 imates so closely to that of gold, how can it 

 be urged that the imprint of the Government 

 upon a metal which in the commercial world 

 to-day, without such stamp, and in the face of 

 all the pernicious and adverse legislation of 

 which it has been the victim, by this nation 

 and other nations, sells now at eight per cent, 

 discount, how is it possible to assert that that 

 coin will not be largely appreciated in value if 

 made a legal tender for all debts, public and 

 private? Now, as my friend from Connec- 

 ticut said the other day, 'I pause for a re- 

 Ply.' ' 



The amendments were ordered to be en- 

 grossed, and the bill to be read a third time. 



The bill was read the third time by its title. 



The Presiding Officer : " The question is on 

 the passage of the bill." 



The result was announced, as follows: 



YEAS Messrs. Allison, Armstrong, Bailey, Beck, 

 Booth, Bruce, Cameron of Pennsylvania, Cameron 

 of Wisconsin, Chaffee, Cockrell, Coke, Conover, 

 Davis of Illinois, Davis of West Virginia, Dennis, 

 Dorsey, Eustis, Ferry, Garland, Gordon, Grover, 

 Hereford, Howe, Ingalls, Johnston, Jones of Flori- 

 da, Jones of Nevada, Kellogg, Kirkwood, McCreory, 

 McDonald, McMillan, Matthews, Maxey, Merrimon, 

 Morgan, Oglesby, Paddock, Plumb, Saulsburv. Saun- 

 ders, Spencer, Teller, Thurman, Voorhees, Wallace, 

 Windom, Withers 48. 



NAYS Messrs. Anthony, Barnum, Bayard, Elaine, 

 Burnside, Chri^tiancy, Conkling, Dawes, Edmunds, 

 Hamlin, Hoar, Kernan, Lamar, McPherson, Mitchell, 

 Morrill, Randolph, Rollins, Sargent, Wadleigh, 

 Whyte 21. 



ABSENT Messrs. Butler, Eaton, Harris, Hill, Pat- 

 terson, Ransom, Sharon 7. 



In the House, on February 21st, the amend- 

 ments of the Senate were considered. 

 The bill was read, as follows: 



Be it enacted, etc., That there shall be coined, at 

 the several mints of the United States, silver dollars 

 of the weight of 412i grains troy of standard silver, 

 as provided in the act of January 18, 1837, on which 

 shall be the devices and superscriptions provided by 

 said act ; which coins, together with all silver dol- 

 lars heretofore coined by the United States of like 

 weight and fineness, shall be a legal tender, at their 

 nominal value, for all debts and dues, public and 

 private, except where otherwise provided by con- 

 tract ; and any owner of silver bullion may deposit 



the same at any United States coinage mint or assay 

 office, to be coined into such dollars for his benefit, 

 upon the same terms and conditions as gold bullion 

 is deposited for coinage under existing laws. 



SEO. 2. All acts and parts of acts inconsistent with 

 the provisions of this act are repealed. 



The amendments of the Senate were as fol- 

 lows : Before the word " contract," in the first 

 section, strike out the words " provided by " 

 and insert in lieu thereof the words " expressly 

 stipulated in the "; also strike out all of section 

 1 after the word " contract," and in lieu there- 

 of insert the following: 



And the Secretary of the Treasury is authorized 

 and directed to purchase, from time to time, silver 

 bullion, at the market price thereof, not less than two 

 million dollars' worth per month, nor more than four 

 million dollars' worth per month, and cause the same 

 to be coined monthly, as fast as so purchased, into 

 such dollars ; and a sum sufficient to carry out the 

 foregoing provision of this act is hereby appropri- 

 ated out of any money in the Treasury not otherwise 

 appropriated. And any gain or seigniorage arising 

 from this coinage shall be accounted for and paid 

 into the Treasury, as provided under existing laws, 

 relative to the subsidiary coinage: Provided, That 

 the amount of money, at any one time, invested in 

 such silver bullion, exclusive of such resulting coin, 

 shall not exceed $5,000,000 : And provided further, 

 That nothing in this act shall be construed to au- 

 thorize the payment in silver of certificates of de- 

 posit issued under the provisions of section 254 of 

 the Revised Statutes. 



Also, after section 1 insert the following ad- 

 ditional sections : 



SEC. 2. That immediately after the passage of this 

 act, the President shall invite the governments of 

 the countries composing the Latin Union, so called, 

 and of such other European nations as he may deem 

 advisable, to join the United States in a conference, 

 to adopt a common ratio between gold and silver, 

 for the purpose of establishing, internationally, the 

 use of bimetallic money, and securing fixity of rela- 

 tive value between those metals ; such conference 

 to be held at such place, in Europe or in the United 

 States, and at such time within six months, as may 

 be mutually agreed upon by the executives of the 

 governments joining in the same, whenever the gov- 

 ernments so invited, or any three of them, shall have 

 signified their willingness to unite in the same. 



The President shall, by and with the advice and 

 consent of the Senate, appoint three commissioners, 

 who shall attend such conference on behalf of the 

 United States, and shall report the doings thereof 

 to the President, who shall transmit the same to 

 Congress. 



Said commissioners shall each receive the sum of 

 $2,500, and their reasonable expenses, to be approved 

 by the Secretary of State ; and the amount necessa- 

 ry to pay such compensation and expenses is hereby 

 appropriated out of any money in the Treasury not 

 otherwise appropriated. 



SEC. 3. That any holder of the coin authorized bj 

 this act may deposit the same with the Treasurer 01 

 any assistant treasurer of the United States, in sums 

 not less than $10, and receive therefor certificates of 

 not less than $10 each, corresponding with the de- 

 nominations of the United States notes. The coin 

 deposited for or representing the certificates shall be 

 retained in the Treasury for the payment of the same 

 on demand. Said certificates shall be receivable for 

 customs, taxes, and all public dues, and, when so 

 received, may be reissued. 



Also, amend the title to read as follows : 



