Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1866-02-09
NEVADA ~LRGIsLATURK.
second Session.
CARSON CITr, Feb. s, 1896.
pRrIrInN


SENATE.
CARSON CRY, Feb. s, 1896.
PETITION.
By Mr.. Winton, from the citizens and
taxpayers Of Storey county, earnestly
urging and requesting the Legislature to
enact a law authorizing all telegraph COM
panies to establish lines and Offices in this
State, and to prevent %monopolies in that
business.
By Mr.. Thompson, from Committee on
Engrossment, as correctly engrossed-An
Act defining the duties Of Attorney Gen.
eral Of the State Of Nevada.
By Mr.. Lambert, from Committee on
Supplies and Expenditures, as correct, the
following claims On the Contingent Fund :
L. c. Robert, SO; Mason, Huff & Co.,
SS7 rs; Robinson s Mighels, 81; E. d.
Sivery, $50 F. King, 81; J. H. Kinkead,
SIS; J. g. Fox, Sl49 %; A. s. Cook,
$40.
RESOLUTION.
BY Mr.. Lockwood-That the Attorney
General be requested to communicate to
the Senate what steps have been taken to-
wards prosecuting the suit Of the State OF
Nevada VS.. Pioneer Stage Company in
the Supreme Court Of the United States.
Adopted.
MESSAGES.
An Act to amend an Act concerning
conveyances, approved November 8. 1861.
Referred to Judiciary Committee.
An Act to secure liens to ranchmen and
others. Referred TO Judiciary Committee.
An Act to amend an Act passed by the
Legislative Assembly of the Territory Of
Nevada, to provide for the appointment oil
Notaries Public and defining their duties,
approved February 9, 1854, approved
March 90, 1866. The bill vas passed
unanimously.
By Mr.. Hastings-An Act to encourage
mining.
GENERAL PILE.
Senate bill-An Act defining the duties
Of the Attorney General of the State Of
Nevada. Passed.
MORE BONDS TO BE sIoNED-THB CURRENCY
QUESTION.
Senate bill-An Act authorizing a loan
on the faith and credit of the State, and to
pay the Indebtedness Of the State and OF
| the late Territory of Nevada assumed by
the State and not already provided for.
The Senate went into Committee Of the
Whole for tho consideration of the bill,
Mr.. Hutchins in the chair.
Mr. Hobart moved to amend by insert
ing a clause for the redemption Of war
rants issued for bounty to volunteer
soldiers.
Mr.. Kellogg opposed the amendment.
He thought it would be better policy to
lie. the matter stand for the present, and
after a while have bids made for their re-
demption.
Mr.. Lambert thought the plan proposed
by Mr.. Kellogg was very poor policy ; the
faith and honor Of the State was pledged
for the redemption Of these warrants, and
he was opposed to reputation.
The motion wa agreed to.
Mr.. Seely moved to strike out Section
4, which provides that bonds shall only
be sold for gold and silver coin, and pledg-
ing the faith Of the State for their redemp-
ton in gold and silver coin.
Mr.. Kellogg was opposed to striking
out the section. 1t was q mere question
Of policy whether it was better to borrow
gold and pay the same in fifteen years in
gold. or to borrow g~reenbaeks and at the
end of the fifteen years to pay back gold
with the loss Of the thirty cents discount
on the dollar.
Mr.. Tritle said If they borrow currency
to pay off the State Indebtedness, which
must be paid in gold, they would have tc
convert the treasury notes into gold at
discount Of thirty cents on the dollar
when they pay the bonds they would have
to pay in gold, or in treasury notes at the
par value Of gold.
Mr.. Seely thought it bad policy to Dor
row money at oil. If the State wal in
debt, it was only putting off the evil day
q little longer. The debt must be paid BY
direct taxation eventually, and it wa,
better to let the present debt run on until
we could pay it than to run the State
further into debt and pay compound in
terest on it, which this would be virtually
doing.
Mr.. Lambert said that instead Of paying
compound interest or increasing the debt
this measure would prove a great saving
that il the bonds were sold even for eighty
cents on the dollar it would be money ir
the treasury.
Mr.. Winton was opposed in the future
to passing any further laws on our statute
books recognizing any difference between
the two c~urrencies. It should look tn,
matter in the face and not make it more
complicated. The Supreme Court had
decided that currency must be taken in
payment for all debts, and the Legislature
was bound to recognize that decision as
law in all of its enactments.
Mr.. Seely said that the question whether
the outstanding debts should be paid in
gold coin ought to be considered with Sc.
robustness. That, in his opinion, the State
had no authority to pass a law authoriz.
ing the Treasurer to sell one kind Of law
full money for another kind Of lawful
money at o discount and any citizen oil
the State could file q bill in Chancery and
obtain an injunction restraining the sale
that the State ought to pay its debts, con-
tracted on a gold basis, in gold, II it had
the power so to do ; but, If it is true tina,
there is a legal equality-as decided by
the Court-between the two currencies,
and q dollar Of one kind Is equal to 10.
other, the State has no right to make any
| distinction between the two. The taxes
must be collected in currency, and the
State can not legally convert the currency
into coin.
Mr.. Hobart said he did not know why
the State could not sell greenbacks for
| gold the same as the Secretary Of the
Treasury Of the United States did; that
the faith of the State was pledged to pay
these debts in coin, and it would be a gross
violation Of honor to pay them in cur
rency.
Mr.. Ives said the Government of the
| United States issued bonds bearing in
terest payable in gold coin, and issues coin
bonds. He inquired why a State could
not do the same.
Mr.. Seely replied that Congress had the
supreme control over the currency Of the
country; that they have the right to say
what shall be paid in greenbacks and what
in coin. He did not believe that it was
| comnetent for the State m maize taYea