The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1875-10-06

, enormous vote III one o1ndtcd aud
, forry-f,ur u six bit one DemOcTdl
roting against Il. among ;he an IA =
tives such welI-known names a
; Sydeuhsm E. Aneons. BeJj 'miu VI
|. Bower, John L 0aw-,0, CTsrir-
/. Deaison, Philip JuhnsOO. Samuel j.
;. Randall. and Myer Strouse 10 four
months Congress matured aud pass
ed-April ii, IS66-the act author
iziag the retirement aud cancellation
of ten millions 10000 O0O) ~Ithlu
six months and four millions (4.000.-
000) in sny month thereafter. Upon
this bill there icas but ane Democratic
cote an opposition In the Seuate
the negative vote was exclusively
Republican, both our PennsylEania
Senators (Buckslew and Cowan)
voting in favor Of it, with the Demo-
cratic Senators generally Under
this law. thus passed. furty-four mil
lions (44, 600, ,000) were retired 10 The
next two years. up to 1853. leaving
the amount in circulation at the time
Of The panic in 1873, three hundred
aud ffty-six millions 1856, ,000,0O0)
After that event the Secretary Of The
the Treasury, claiming the lawful
power, re-issued twenty-six millions
| (26, ,000, ,000), bringing the amount mp
to three hundred and eighty-two
millions (3s2, O00, ,OO0), in July 1874,
or but eighteen millions (lS000, ,0O0)
less than the maximum amount. One
would hardly suppose, from the vio-
lence with which .he contraction thus
far made is denounced that the en-
tire force Of the Democratic party 10
Congress was srrayed in favor OF this
measure.
SUSPENSION OF CONTRACTION"
But this is not all. Early in 1858
Congress intervened TO suspend con-
traction, and By law so directed Feb
ruary T. Upon this bill, which pass
ed the House largely. see the De-
mocracy of Pennsylvania arraved
themselves in opposition. not one of
them voting to stop contraction. The
names Of Getz, Glossbrenner, Ran
dali, and Woodward have, every one
ofthem, the ring Of hard money.
There was no further legislation.
on this subject until after the panic
Of 1878.
THE VETOED CURRENCY BILL.
A large part Of the session of Con-
gress in 1874 was spent upon If.
After long discussion an act finally
passed both Houses fixing the maxi
mum amount Of United States notes
st S400. 900, which would have in-
volved an authority to reissue $lS,-I
900, 600 more than were then out.
aud authorizing the issue Of $50 000.-
900 to national banking associations
to be distributed among the several
States. This bill which was q meas
ure of imitation, aud on that ground
was vetoed by the President, did not
receive the support Of q siagle Pern-
svlvauia Democrat, so that If the
country to-day be suffering from the
effects Of contracted currency there
is as much responsibility for that re-
suit upon the Democracy Of Pennsyl-
vania as upon snv other portion Of
TIE country. through their Represen-
tstives. snd their attempts 10 shirk il
and fx it upon others psrtake Of the
nature of disreputsble trick
"coIS INTEREST"
So also with the other resolution.
which demands that the Government
should cease to diseredit its own
money. and should make its legal ten
ders receivable for public dues ex-
cept when respect for the obligations
of contracts requires payment in coin
You NAV be surprised to hear the
record Of the Democratic members Of
Congress touching the legislation |
thus complained Of In 1852, while |
this legal tender question was pend |
ing, the House bill msde these notes
receivable 10 payment Of all taxes. !
duties, imports, excises, debts, and I
demands Of every kind due to the
United States, and for salaries, debts /
and demands owing BY the United 1
States to individuals, corporations, !
and associations within the United |
States, and shall also be lawful mon
ey and a legal tender in payments OF
all debts, public and private, with /
in the United States" in which form /
it passed--yeas SO, nays 55-receiv-
ing the support of bur fTe members /
in good standing in the Democratic /
party, and eneountering the opposi-
tion Of such Democrats as Messrs-
Ancons, Biddle, johnson, Lazesr; /
and HenGriek B. Wright, To make
their position more emphatic, | find .
these gentlemen voted for proposed /
substitute for the House bill, which /
made each note receivable for all 4
public debts except dates On imports,
for all salaries, debts, and demands
owing by the Z. States 10 individuals,
corporations, and associations within
the United States, a. the option OF 1
such individuals, corporations, and
associations" The Senate amended 1
the House bill Sc as TO make these
notes receivable for sE claims and 1
demands against ths Uuited State of
every kind whatsoever, eZcept for
in.ersS: Epoa bonds and notes, trhlch /
S sialI Be paid In COIN This section
establishing eoin interest upon United
States bonds, and which, therefore,
necessilated the payment OF duties on /
imports in cein, Was agreed 70 N the
House on . direct vote-yeas IS. |
nays 55-erery Democrat in the
body uotin9 for that proposition
Among them are the familiar names
Eof Ancons, Biddle, Holman, Philip |
johnson, Henry May. George H.
Pendleton, Clement L. Yallandigham,
Daniel W. Voorhees,. aud HeHdrIck
B. Wright. Had even one-half the
Democratic members Of that Con-
gress voted otherwise, this 'discredIt-
ing Of rs own money" had never been
done. And now q Democratic con-
vention, presided over by one Of the
authors of the denounced "diserimin-
ation" inveighs against il as shame
ful act of the Republican party,
RksrxrTIoS ACT OF 1878