The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-12-15
PROCEEDINGS OF CONGRESS.
SENATE.

WASHINGTON, Dec. IA, 1877.
The SENATE then resumed the consideration Of un.
finished business. being the resolution OF Mr..
Matthews declaring the right Of the government to
pay It's bonds In silver.
SPEECH OF Mr.. HEREFORD.
Mr. HEREFORD (dem) OF W. Va, spoke or the
pending resolution ana the Silver BILL known as the
Bland BILL both being before the Senate and said ho
in favor of the passage OF BOTH He then quoted
from recent lecture OF Professor Sumner before tho
students OF Yale College, and arr that that gentle
man admitted that the remonetizalion OF silver would
benefit the South and West. He (Mr. Hereord)
hoped 10 show that its reconciliation would
be 70 the benefit OF the people o. the
The opposition TO the reconciliation OF silver was an
unhoy warfare upon the people OF the United States
not justified IN law or In morals He argued that the
government had tho right 10 pay the bonds In silver,
and whom the hrst act OF Congress authorizing their
issue was under consideration II was distinctly stated
IN the House OF Representatives by the great
moner Tnaddsus Stevens, that they were redecmabic
IN legal tenders.
he then read from letter OF tho present Secretary
Of tho Treasury to Mr.. Mann, OF Brooklyn, N. Y, ,
dated Marcn 90 1868, 10 the effect that construed
tho law 10 authorize tho payment OF bonds in legal
lenders The bona holders should object tax ng
the money they paid for their bonds II the
10 be tested by the law then he (Mr. ShermanJ was
right II II was 10 be tested by Jay Cookies advertise
ment then he was wrong
THE PAYMENT IN GOLD
Mr. HEREFORD then urged that The proposition to
pay bonds In gold Was prcposterous He reviewed
the various acts OF Congress relating the nnances
and contendcd that every ono who purchased bond
knew that payable either gold or silver No
could have been msled. There was reputation
about IL nor any semOance OF it. Hc referred
the demonstration oil silver In England, and said
that should have no influence upon u.s. We
had declared ourselves free from England more
than n hundred years ago. Germany IN 1857 de-
Now she had demonetized silver We're We to 10 gov
erned by any such changing shifting policy, should
The demonstration OF silver would drive gold out Of
the country. suppose u didf We could pay all our
debts in SILVER though Il was not true that remon
citation would drive gold out OF the country. Why
haa not that been the effect in Frapcct
He referred 10 The silver mines OF Nevada and other
States vi the lar est and said could the
value Of silver by increasing the uses for
II. Silver had always been used money
the world over, ana he was perfectly willing
to judge the future by the past Tho country
had told by the Syndicate that IL the resolution
should pass bonds could not refunded anu lhut
would have to pay per cent interest instead oil
TOUR per cent This Syndicate virtuslly asked Con-
10 bind the country pay the debt gold pay
the syndicate ~, 1000 Tor the luxury 0l dong
he denied that tue payment OF bonus in silver would
be violation OF the pledges TO the foreign creditor
In business all over tho country were increasing year
after year and would continue until silver should be
remonetzed the Resumption act repealed and
duties made payable In egal tenders.
rHE DkMoxETIziSG ACT.
He next referred TO the passage OF the bill demone-
tizng silver in 1873, and spoke OF iniqutous
transaction. BY that bill The silver then Ia existence
remained . legal tender. II only applied TO
future coinage OF silver. The consummation OF the
fraud reserved Tor another occasion. SUISSE
quenly the laws werc revised. The revision was 10
charge OF Mr. Poland, oil Vermont, VINO time and time
again assured the House OF Representatives, that the
revision did not change the existing law; yet II was
found In the Revised Statutes that Of 1873 ap
coined was not a legal tender. The President OF the
United States signed the bill demonctizng silver,
without knowing u had any such clause in
IT, several months aiterwnrd, In his Message.
he expressed surprise That silver had not
already come into tho market to supply
the deficiency In tho circulating medium and spoke OF
h0
over. He (Mr. Hereford) commended the views OF
General Grant then President, 10 bis friends the
other sldc OF the chamber who had long fought
under his bannex
Mr.. MxsRncs, dem, Of n G, then took the noor,
ha-past one p. ~, tho senate went into executive
session.
rHx DEFICIENCY ELL
AZ I'VE minutes past four O'Clock the doors wero re-
opened, and Mr.. SARGENT OF Cshorna, from the Con-
fcronce Committee The Deficiency Appropriation
bili submitted report, ana In explanation thereof
said reductions had heen made by tho commitroe in
thu amount provided Tor IN the Senate amendments,
In tho appropriation for fuel, ugh, and water for
public buildings TO tho extent Of 50, 600; In that
contingent expenses Of tho Treasury Department to
the extent OF $4,000 for railway postal clerks
extent oil $500; International Postal Congress,
81 900; Columbian institute Tor the Deaf and Dumb,
$1,000
The senate amendments appropriatins $40, o0o for
the publication OF the official records OF tho rebellion
81 go for the legislative expenses Of Washington Ter
rtoIy and 0Sa for the payment OF Claims of Ore
gon and Washington Territory volunteers for sup
pressing Indian hostltiss In 1855 and 1865 we're
stricken out entirely.
Tue Senate amendment approprlaling SI3, $50 for
compensation aud expenses OF the various custom
mousse and mint investigating commissions
tanned.
The total amount appropriated by tho bill as agreed
upon was 81, 645,s73s7
Mr. DAVIS tdem.) Of w. Va, inquired what was
done with the Amendments In regard to senators and
reprose In Congress being permitted TO
and receive through tho mails ireo, all public docu
menta
Mr.. SARGENT replied II had been retained, and the
privilege also extended TO the Woo President, whoshnd
tho same books by law 10 distributed
The report OF the conference committee was agreed
to and the bill passed
NJ NERRINoS, OF North Carolina, who was untitled
70 the floor speak upon the Matthews resolution TO
the bonds silver. said account OF the late
OF the hour he would not address tho Senate to-
day but would do alter the holiday recosa
On motion OF Mr.. EDMuSps, and by unanimous con-
sent, ordered that the Vice President declare
the senate adjourned tomorrow Immediately alter Tho
reading OF tho Journal and that no business should be
transacted.
Mr. sARaK.r said the French Exposition bill, the