The daily gazette., 1876-01-15

/
the $500, ,0O0, 900 could be reIssued and
answered distinctly and definitely
that they could not be reissued. The
law was perfectly plain on that sub
ject. Then gentlemen pressed me ON
another point, whether, after the re-
duction had been actually accom-
plished, after the 1st of January, 1879.
then the notes that were redeemed in
the ordinary course of the operations
of the Treasury Department could be
reissued. / declined to answer, be-
cause there was adherence of opinion
about it; but if the Senator will look
at the RECORD he will find that /
specially answered the question he
| now says / did not answer. He is ia
error in regard to that. said specifi-
cally that that there could be no ques-
ton under the first section of the bill:
that in the process of reducing the
green5acks down to three hundred
millions the notes redeemed could not
be reissued. They were to be Cancelled
and retired.
Mr.. BAIARD. The record Of the
debate of last January will speak for
itself, and it will do the honorable
Senator Justice Certainly | am not
disposed to do him injustice; but |
will refer him now to the fact that |
asked him, in open Senate, whether he
would permit the word destroyed"
to be interpolated in that bill, SO as to
prevent the possibility of the construc
tiOn which the Senator from Vermont
says now cannot beput upon it,saying
at the time that | would vote for tho
bill if | could be shown that the 80 pcr
cent. of the greenbaeks which were
to be retired upon the issue of 100 per
cent. of national bank currency under
that bill should be destroyed when
| they were retired, and we should not
have this wretched business PLAYED
| over again that we have witnessed un-
der the act of 1S6S-the careful con.
tracing of $2S, 100000 of Treasury
notes-and then having it rushed out
again without law to swell tLc volume
of currency, and in one month to do
away with all the savings of some ak
years. When | asked whether n single
word could be interpolated in the bill,
and offered to give my consent and
vote for the bill if it should be, the
Senator distinctly declined to allow
the word to be put in. There was not
an amendment Of any kind permittcc.
There were, | believe, amendments OIL
tcred, but all rejected. | mean to say
plainly, from first to last, it has been
and Is my obiCc to restore the curren.
cy OF this country to a specie basis;
that directly and indirectly, ,ata all times
! have anXiousy endeavored to eifeca
that object, never Withholding a vote
that would do il, made every motion
that would help it, both in committee
and in the Senate, and therefore it il
that | resent the lnjustice, coming
from any Senator, of Il suggestion that
there has been profession simply,and
not q profession backed by practice.
by the democratic party in regard to
restoration of sound finance to the
country,
But, Mr.. Pre- ident, did not rise to
prolong this debate, or, indeed, to take
any part i'll il, but to express the sense
of deep regret that ] have in seeing so
treat question as this approached in
the temper i'll which it has been by
some Of the leaders on the other side.
This country is in a great trouble. Il
will need all the ability, and all the hon
csty, and all the integrity and inteli-
gence our people Of their representatives
prosperity and, surely, we are not to be
furthered in such an object by treating
such subject and so high duty in a
petty partisan spirit and tone of discus
sion. That man is a foe to the public
credit who endeavors to make either the
people of this country or the people Of
other countries, who are our ere ditors,
believe that there exists great party in
the United States opposed to sound f.
nance, and therefore tending to the risks
of reputation.
No, sir, will give credit to any 1nau
who furthers sound finance. : will aid
him if | can, so far as | may but do
say that a most fatal step is to degrade
the subject by treating it aS a mere party
measure and legiSlating in regard to 1t
upon mere party feeling. | had hoped
that at this session thels Q would be bet.
ter, more worthy mode of approaching
the subject than was done by this wretch
ed, tricky measure OF January last-a
measure that is admitted to be utterly
incompetent TO produce any good results,
measure that every departmenu of the
Government declares must undergo i'm
portant amendments in order to make it
efficient; and instead OF approaching this
measure as we should do, the very frsG
echoes in this Chamber, on the opening
OF tie debate, are an unwarranted as
sault on party faith and even more than
party faith, upon personal faith.
Mr.. EDMUNDS. May | inquire VINO
admits that the act OF january, 1875, is
perfectly incompent TO accomplish the
end
Mr.. BAIARD. thought that every
sensible man admitted 1t. | did not
know that, after the experience of the
last twelve months, anybody would be
found who would say that the act Of 1875
was not a sham upon its face as it stood,
perfectly inefficient to produce the result
which its title proclaimed. 1t is bill
calling for specie payments i'll 1879 and
taking no step for 1t, but on the contrary
long steps away from it. Its practical
effect has been different from that which
may have been augured from its Ian
guage. Its practical effect has been pro-
duced by the judlcious and wholesome
manner i'll which the law has been con-
strued and administered by the present
Secretary of the Treasury, but it Is the
mere accident of his personal opinions on
the subject and of his personal &onduct
Death or other cause might remove him
from Office, and then our chances would