The national Republican., 1869-03-01
RoRnETH COycRgs,...rnlRp SESSION.
SATURDAY, PHBRuAnr 81, 1900.
SENATE.

t. SENATE.
Mr.. Fessenden presented the credentials Of
the Hon. Hannibal Hamlin, Senator elect
from Maine.
Mr.. Stewart offered q resolution requeating
the President Of the United States to trans
nit forthwith to zach Of the executives Of
the States O copy OF the constitutional amend
ment, SO as to secure hs early ratification;
but
Mr.. Davis objected, and the resolution went
over.
On motion Of Mr.. Sherman, the House
bill TO strengthen the public credit was taken
up.
Mr.. Davis moved to recommit the bill to
the Committee on Finance, with Instructions
TO report substitute providing that the Gov
ernment obligations shall be paid In coin, at
their talues In gold and silver at the times
they were issued, that the interest upon them
shall be reduced to four and half per cent,
and that the excess Of interest above that
rate already paid, and which shall have been
paid by the 1st Of July, 1850, shall be ap-
piled In satisfaction Of portion Of the prin-
cipal.
Amer discussion BY Messrs. Davis, Bayard,
Morton, Frelinghuysen, Fesscnden, Conk-
| ling, Howe, Dixon, and others,
Mr.. Frelinghuysen moved to strike out the
clause Of the second section providing that
on the trial Of suit brought for the enforce
ment Of q contract, proof Of the real consid-
Grafton may be given.
| Mr.. Henderson moved to amead the second
section 80 as to leave only the words, "Any
contract hereafter made specifically payable
In coin shall be legal and valid, and may be
enforced according to Its terms"
This last amendment was rejected, and the
Senate (at 4:30) took q recess until seven
| O'Clock, p. IN.
BvBSIso sRssIos.
The Senate roassembled at TIP. m.
Mr.. Rice called up House bill TO incor-
porate the Masonic Mutual Relief Associn-
ton Of the District Of Columbia. Passed.
The bill TO strengthen the public credit
wos then taken up.
length.
Mr.. Morton was glad that a solemn decla-
ration was now to be made that greenbacks
were 10 be paid In coin. Although, logically
speaking, they could only be paid In coin,
It had not before been proposed that Con-
grcss should say so. Tho greenbacks were
now over due, and as they were to be paid In
coin We had better set about getting the coin
to pay them with, and never mind about the
bonds which were not due for years TO come.
He could not vote for the declaration that
the bonds were payable In coin, because
! he did not believe Il. The measure 10 cnti-
tied ga bill to strengthen the public credit"
This title 10 q small stump speech. We all
know what this thing Is for. It Is to appre-
ciate the price Of our bonds In Europe where
the nature Of our finances is not so well
| understood. II Is full movement, In order
to enable the large holder Of bonds to make
the advance. II is nothing more nor less
than monstrous speculation. What else
can II amount to. For every one knows that
when these bonds fall due, and we have not
returned to specie payments, that they can
not and will not be paid in coin.
He could not understand why the Finance
, Committee had reported this bill. But the
other day they had bill here proposing to
set apart e190, ,000, 900 per annum to buy the
bonds, and they now bring In bill to raise
the price Of these bonds. The other bill had
died a natural death.
Mr.. Sherman said the bill here referred to
had not died q natural death; 1t lived, and
would be the law of the land In less than
twelve months. He supposed the Senator
thought ho had killed that bill, as he seemed
disposed to kill every bill since he had found
that his own could not pass.
, Mr.. Morton did not claim to be the muir
derer Of the bill, but II was certain that
somebody had murdered II.
Mr.. Sherman then argued that there was
nothing In the provisions OF the two bills
which was Inconsistent. He was glad that
our bonds had gone up In the markets OF
: Europe. God knows he had made nothing
, by 1t. He would be glad to sec them going
: up higher. Mr.. 8. maintained that the bill
should be passed, and contended that the
currency bill would also become . law, and
that We might reasonably expect In perhaps
20 or 80 years to be able TO fund our debt at
| as low q rate as three per cent. He still held
to the opinion he had so long expressed, that
the law did provide that the $40 bonds
should be paid in currency, but he thought
now that 1t was inexpedient and wise policy
! to declare that they should bo paid In gold.
. Mr.. Doolittle was unable to sec the wis
| dow or policy Of making the people pay sew
eral hundred millions more than they hat
agreed to pay.
Mr.. Stewart said the Idea Of Mr.. DoollttlC
and the Democrats was to ropudate one
fourth Of the debt.
Mr.. Doolittle. II Is you that are the repu
diators; you who want to repudiate your OBJ
: legations to the people; you who want to adj
q to the already heavy burdens Of tho peopl'
I that which you have no right to add, and /
a is nothing but repudiation, repudiation.
Mr.. Morton said the chairman of the Fl
r nance Committee Mr.. Sherman1 had no
answered his arguments, although he hat
, displayed considerable and, as he (Mr. NJ.
thought, unnecessary asperlty. The Senate
= Mr.. Shermanl had acknowledged that tn,
h contract called for currency, and now h,
o proposed In the face Of his own words Il
i make new contract.
Mr.. Fesscnden then declared that ther
. was no doubt az to the mode Of paying tn
d flye-twenties, and he knew Of what he spoke
I as he assisted In making the law. Thes
, bonds were payable In coin and nothing
, else, and oil this talk was knavery and cheat
ing, and would not be countenanced for al
l instant In the dealings Of private indiyid
uals. He was unwilling that this tall
. should go out to the people Of this countr!
uncontradicted. He did not care for tn,
- opinions of the Senators from Indiana Mr.
Mortonl or Ohio [Mr. Shermanl that thes
Of these Senators was not law for this bod.
or for the country. He was In favor of thi
bill, but he would have preferred to see tn
matter rest upon the broad ground OF tn
original contract. But II would let tn
!, world see what the people of this country In
tended to do; that they intended to prcsery,
their pledged faith, and to put their credi
up.
= Mr.. Dixon desired to call the attention o
. the country to the spectacle presented In th
y = | chamber tonight, In the difference OF opln
: ion between the Senators from Ohio Mr.
shermanl and Indiana, Mr.. Morton, wh'
were certainly representative men of thei
party, and who had no superior In talents II
this chamber. The truth Is that this idea o
l. paying the debt In paper Is advocated by I
z very large portion Of the Radical party. Mr.
D. went on at some length, and stated tina
u he should vote for the bill.
Mr.. Fessenden said II Mr.. Dixon voted 70
= this bill, he would be the only one Of tn
party that did. He was afraid that II tn
Senator did not become more orthodox, TIM
he would not find Ii comfortable TO remail
much longer In the party to which he ha
allied himself
Mr.. Davis took the floor, and repeated tn
/, arguments used by him this morning.
NtN