Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1877-12-12
THE SENATE NOW FULL.
Associate Justice Harlan Sworn
In.

Associate Justice Harlan Sworn
In.
The steamer Caty Of Berlin safe
CONGRESSIONAL.
SENATE.
WASHINGTON, Dec. 10.
The resolution reported by Dorsey,
instructing the committee on the Dis
trict Of Columbia to inquire and re-
port by bill or otherwise, Q proper
form of government for the District,
was agreed to.
A number Of bills were introduce
cd, among them one by Plumb to de.
clare certain lands heretofore granted
to railroad companies forfeited and
to open the same for settlement.
By Johnston, aynendatory of the
supplementary act to Incorporate the
Texas Pacific railroad and aid in its
construction.
After the morning hour Wadleigh,
chairman of the Committee ON Elec-
tions, called up the resolution declar-
ing Eustis entitled TO his seat rs Sena-
tor from Louisiana, and Ingalls,, who
signed the minority report, opposed
the resolution, claiming that Eustis'
papers were defective.
After brief discussion the resolu.
ton Of Wadleigh was agreed to, yeas
49, nays 8. Those voting in the mega
tive were Allison, Ingalls,, Cameron,
of Wis, Mcmillan, Hamlin, Morrill,,
Howe and Saunders.
Matthews called up the concurrent
resolution declaring the right of the
government to pay the principal and
interest Of the bonds in 4l21e grains
silver dollars. Matthews said the
last General Assembly OF Ohio passed,
with only four negative votes, . res
olution favoring reconciliation. He
believed the deliberate opinion of the
people of that State was thus express
ed. He believed it was legally, cquit-
ably and morally right for the gov
eminent to remonetize silver. He
proposed to demonstrate this PROPOSE
ton.
He then quoted from the Act to
Strengthen the Public Credit, aps
proved March 1s, 1869, and argued
that the word, coin, as used in this
act, must not be interpreted to refer
to gold coin alone. II it must be 20
interpreted then 1t would be Just a.
dishonorable, just % illegal to pay u.
8. Treasury notes. now circulating ~
money, In anything else but gold coin,
as it would be to pay bonds with any
thing but such coin. The question
that this law was designed to solve
was clear. The question had been
agitated whether the debt might not
lawfully be paid In greenbacks. To
answer this question negatively the
act of 1869 was passed, he believed
wisely. 1t did not seem to him that
the act contemplated the payment of
the bonds only with gold money. II
so, it would so have been stated
Coin at that day was silver a. well %
gold.
He next quoted from the act of 1862,
fifth section, which. provided that ali
duties on imports be payable in coin
and coin so received should be set
apart as special fund for certain
purposes, ETC., and argued that up to
the act Of 1873, which dropped silver
dollars, silver dollars were receivable
for custom duties and were pledged
for the payment of the interest on the
public debt.
He next quoted from the act of July
Il, 1870, authorizing the refunding Of
the national debt, and said it was in
tended carefully to define the medium
for the redemption of the bonds
The measure of value of the bonds
was explicitly declared. They were
declared "redeemable in coin of the
present standard value, and bearing
interest, payable semi-annually in
such COIN" There was NO ambiguity !;
that was plain as words could make
it. 1t meant the standard coin then
existing, despite the debascment
which the Government caused.
He next referred to the specie re-
sumption act of 1875. Prior to it's pas
sage the act of 1873 had established .
new coinage which dropped from the
list of authorized coins the silver dol
lar. Now, in law and morals, what
difference did this make? The Uni
ted States being one of the parties to
the contract could not of it's own mo-
ton change the contract, therefore
that act did not affect bondholders,
and it was therefore logically and le-
gally reasonable for the government
to retrace. The government, in or
der to keep itself in position to per-
form the contract according to the
letter and spirit, should restore the
silver dollar and keep It to full and
complete legal tender. Senators were
trustees of the nations honor and pc
cuniary interest. They had no right
to give away one particle Of that great
public domain Of power which consti-
tuted the public right, who had gwen
out that the purchaser had a right to
expect gold for bonds because he had
paid gold. 1t had been said silver
had deprecated. How was the loss
measured? By gold? Why not say
gold had appreciated
Eaton-Has not silver Deprecated
in the purchase Of every product?
Matthew'S answer that silver can
buy more of any known product of
labor than it could in July, 1870. Sill
yer has not deprecated the breadth Of
hair. On the contrary it has main
day, more land, more houses, more
calico, more anything than it could
in 1870.
Eaton said he agreed with the SEN
ator that 1t could BIO in America, but
could not be abroad.
Matthews-What have we to do
with abroad? What have we to do
with the inquiry whether lands and
houses have appreciated in value or
not3 Who 10 there that does not
know, from actual, personal observa-
ton, that everything has gone down,
and that gold alone has gone up Z?
Nothing could prevent persons from
seeing that, but the blindness Of those
who had Joined the conspiracy to ex-
alt gold as the king of money.
Edmunds said, taking the remarks
of the Senator to be true about silver
and gold, why would not his philos-
ophy apply as we'll to copper and
Matthews-We did not agree to pay
in copper.
Edmunds then asked if the Senator
from Ohio was quite sure gold had
appreciated, and If the price of silks
in France in gold was as high a. 1t
was five years ago.
Matthew'S, resuming his argument,
said he had the testimony Of his own
personal experience, and that testi-
mony was the list Of bankruptcies |
throughout the country. The testi-
mony Of sheriffs' sales, 10 the effect
that everything but gold had depre-
ciated In value. What else meant al |
his discomfort? What else meant all
this dissatisfaction? The distress Of
he country now was beyond ali his
,orical comparison in our country.
L would take but q few more turns
# tho wheel to throw the great mass
# our people into bankruptcy. |,
In conclusion Matthews argued that
( this appreciation Of gold should
the best investment possible
would be to lock it up and await ito
ppreciation. II
HOUSE.
Under call of States the following