New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-12-14
XLVth CONGRESS-FIRsT SESSION


SENATE. .WAsHISGTON, Dec 10, 1877.
A large number of petitions were again pre-
sentcd by various Senator'S praying Congress not u
take any action concerning the revision OF the trh th
after official inquiry to the business Industries OF
the country, and that the action may be sucl "a WILL IN
the opinion Of practical business promote the res
OratOn OF general prosperity all OF which were referred
TO the Committee on Finance.
Mr.. CAMERON Or p, Wis., presented the petition OF
David t. Corbn, OF South Carolina who contesed for
the seat held by NJ C. Butler. praying that his right
10 ase1t i'm the senate NAV be natred into aud decided
its merits. He moved that it lac on the table FOR
tho present, and gave notice tDat ne woild car IL uP
hereafter aud move it's reference 10 the Committee on
Mr. FERRY fRcp. MchJ. from the Committee or Post
Offices ana Posi- Rois rcpjrlel the annua Post Route
b IL with amendments Placed on the calendar.
Mr. DAWES rep AassJ introduced Dlll 20 = t ninoI
ze and equip an expedition 70 te Arctic seas. he'I
to the Committee on Naval Affairs. $50 ,,-....
Mr. VOORHEES, Dem. Iud) submitted the f"ilO"ihH'
Res9 ha, 4 Is Of The hghe'5 lmRosncG an, f order
do This tie Government itself N al ~ %, entered
,ato Win Il own c.tizeis.
ordered to be printed
THE SILVER RESOLUTION
ba se,ota tbep resumed consideration OF tho uDHi-
isbed business, being the resolution Of Mr. Matthews &c
carng right OF the Government 70 pay TIE DoHu' 81
the United states m silver
Mr BAYARD Dem. Doll said It seemed to HIM that no
my.r srvers bitter cOnmcntl.y upon tie hfH tN'-
men; OF finances OF this Nation Tor me pAI tWEo
wears could b, than was contained IN inc preamble
and resolution upon which he senate was nov asked 20
vote ft declared that t. restore 10 HS ColhiS Huh
silver coins "a LEGAL tender in payment OF said bonds
principal and interest IS not IN Violation OF tls
pubic aitb IN derogtion ~ thr Iisats OF the pIDc
creditor, IHe very ~ ia rovcri a. IN ms pro-
priety The duty Of the legislature to Ir4nr NV
but II was not s duty 10 pass upon It's meaning Ihat
was the duty the prprOgatye OF another brtnch oi me
Government which could not be invaded ne sioke oi
his service in thc senate. End SAID he hid scn' Ipuhu
himself cOuCurring with the majority IN Ut'tus Our
finances. He opposed the act ot ls6' because ae Ir
gHrded n as nothing bui scheme htu iih 10 p, 'ia
higher prices the bonds OF the United STATES NIl"uI
taking any scP toward the resumption OF specie pay
ments The Funding Lll ~ $50 ~ rrStrlou ~
the interest OF those who held the bonds mere on h'
floor endeayored so gtt RECOGNITION OIL te 'a @
could currency be Drought 70 par VII. 'i' r
bonds would necessarily be lft,d INTO sliely anu Sou,
iv Upward Of ly1 hundred millions 81 dollar ~ Son
had been sold ont OF the Treasury OF tle 49, fsd
10 nay bonds not due, ana which hao Dg.u e.
tended To nave that effect and no olh.r, "nne
the demand notes or tnc Ite3sul9 o. a.. ort
,ffar year uut,l TN. very day II mad been hi un-
wise financial which made such res aiI
hets o ttii e 10 FccD the two metals equivalent
DeJh ater"i' 'i GoErrn,nent in 1873, took the
silver dollar ont Of It's coinage, IT, preserved
for the radors tie equivalent in gold me Goyeih-
nenf mad been dealing IN equivalents ana Old hot ~
tend thai any dIsaranSemeat o. Fd,ue pet"''4 tior
two metals should result in me prom OF io15 vi 'Tl
tnp Government or those VINO purchase tAe noL"'
thnn referred 10 the pre- tnoe OF thc 'o UtiVn =" 80
Matthew's, roeitiug tie various hnahca @ot' Sht 80"
and said IL was not historically corrtC. IL nad Iaeu 90
recognize the act o. Febrly - $50 "ach Wa Juse
senator (Ar. Mstthrw0, 10 maze Als preamble Dining
should have also SAD in u
,J ry..,s From and after the act Congress II 1881
ond Urtl February ? 1873 the dollar o. 4i2a eians OF
S, ae 1E 6rc at G tue , dollar q $50 grains
SILVER bullion c,el % DE- DFC Za y" 1t w., N
Wiceqs tbs silver dollar If III grams having becon,
by act Of Consr 5 Pts' t''t'iify - ' t az
dollar Of i3 grim uut Of value SO that for nearly five
years the same has ceased O. exist
Tho Constitution Of tire Cm,el states which vas the
supreme law II re laUd, bestowed upon tlhSr'. iis
sole power to coin money and TO r--iiAie tae '4.-e
thereof II was not 10 CON N'n'3 Aoh,, -, u" ~. ,
and regullt' its value II quoted from ne Slint p'F
81 Alexander Hamilton, aui oniehd'd thls 9 it a' OF
simply reituquisncd nc nitomF. 10 keen eo.t
ns act sc'eT was a" ws s or a@Wc he Would not
stop to argue IL would be most unw.iiHsy, 1ad FOR
used a money Ut the United s.aies, bat thai dad not
touch question presented by tlc resolution now b.
fore tho senate and he proposed 10 his views
upon that subject until the silver BIZ should D. before
~ Ssn,to Then me would deal with H. with ali
H. ,-,,v ia iun,rf,nce demanded lie frru argued
that change In the stindari of value "a SILVER had
a., ,,rit "a, oarts o. one of co.d when ,y our
law Of isi The saud,r d l5i0) or nearly !" parts
iil Con res ont enact 1y law that wni b. nm Ter the
prreyt o. regulating the value Of the two netas wien
pcc. silver ~ saus OF tnc standard value OF to
standard yaluel No nlan cpuli say thor. was II va,
not true. Did the power 10 com anu regulate mean lho
power 70 coin and iaNy 19 ooH lSS ,,, tae
IL upon metal that the lie might De better Pre-
rprypil Could this Government us" It's liW-'ntAu-
power 10 produce an wlyantas' IN ITS own iayofi 10
government upon the face OF tAr Garth could d. 10 VIVA
o. the PEOPLE they o. liberty the NIlines % the
law ana they meant law founded urqn morals and JUS
tcr This a great question. afer,nS me honor ana
duty or q strong, and he hoped a proud, people.
Tho credit ~ the Nation must be maintained;
Any one could the misery Of di;credited mar ana
should tins country in tine great family OF nations become
q diseased member Pitlah!r oDecti
being an advantage the people rs money IL vas Dis
advantage, II was worth ~ Dullph more tihn com
a. ~
rion OF silver. He then referred % the amount OF
silver dollars coined prior to l7'3 and said he
fathers because fathers did not Sct them.
lie might safely appeal to the recollection Of every man
wn,n tie sound bis voice, who, unless he had been
connected with mint. could ever remember having ten
silver dollars ia his hands. From 1854 70 1873 there
we've practically silver dollars IN circulation in this
country Of 4l2ia grains. From 1872 10 1871 there
was coined, at the mint OF tue United States,
there y as coined in silver 81 2gO9lI Who could say
in the ot THIS fact that tne people OF this country
during their spCcc-payHs times, ever lived under
hvc t,srn Gt had il moi been arrested by Congrcss
IA 1888, by doD0sng them. and since that time two
Sine, the creation OF a fnn'ied debt By the United
states, not one S'nt of silver had ever been
Who could furnish a quotation OF United states bond
silver money, in market OF the W0gldl In the
great events occurn- IN the great family OF nations.
standard being considered by otncr nations,
United States had been kept away from the council
board ana TINS Nation was Therefore in a position to
profit by TIA, experience OF others In cone usion Mr.
Bayard urged watctul regard over the interests Ofthe
people aud the honor of the Nation.
Mr.. ALLISON (Rep., Iowa. submitted the following
amendment 10 tic Silver Bill recently reported from tie
Committee on Finance. aud now upon the calendar:
Section D. That Immediately after the passage Of this
Ce MO, aa d u p ~ y, J1 ctr To
I'M nsle ' lin no 49, 81 '. % ' t v I'LL
states 10 conference 10 ADOPT common ratio OF legal tender
ishiSg in5rnsdoaaiy tho use o, bi.Hetat money ana
Sl,h Ssfea0s 20 c H a1h RSS ~ m " be- ao