The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-12-12

taken notice
M KEENAN, replied that they were no, money; they
we're SIMPLY tokens 10 export 10 CHINA and Japan and
were DOT legal tenders :. II the government should
now decide 10 pay it's bonds IN silver the creditors
take y away, and such thing never was contem-
plated when The bonds were ssoed. he respectfully
out most earnestly dssentcd from the proposition
embraced IN this resolution and submitted 20 he In
tciiigent judgment Of Senator whether pas
sage wonid be 10 keepins with the pledge made IN The
act OF Iso9 He next quoted from the Of February
1? 1873 which demonctzed tho silver dollar, ana
gued tina. the government, did then cleo, IN which
option then TO pay The bonds IL gold coin and no, in
silver. That act recognized gold ns tho only coin.
that would not be In good faith Tor tho govern
TO say we WIZ 90 back agaia and pay you in s-
worth Of Don nund ssa OF millions Of dollars
When the act OF demon tzing the silver dollar
was passed wcrc these bonds to be paid with silver.
Ho then quoted from statement, which no read
from the Treasury Department show that tho whole
amour. OF bonds issued since February IL. 1873
Five per cont bonds. s3l7 4oa 900
Four and halt per cent bonds. ....... a0O 900 900
-four per cent bonds. ACKNOWLEDGEMENTS. '54s6,oV
Total. ........................ $5e. ya0 900
All Of these bonds had bes issued and SOLD slnc.
1873. when the law said therc was no legal tender
coin except gold. The stranger camc to our shores
and purchased these bonds. relying upon the
oil the government that they should DO paid IN gold
Mr. WALLACE d1em.) OF Pa said all Of these
soy, 1000 worth OF bonds with the exception oil
about $l64 600 900 worth had been issucd and sols
sinco the agitation about SILVER coin CONNIE need.
Mr. kEgxAS OF New York, rcsumlns, said These
bonds were purchased by strangers. who relied upon
tncy we're TO be paic In gold. should this resolution
DO passed he did not SEQ how II could be said that
Congress had taken cure OF tho credit and honor Of
the government 1t would be cheating the bodcrs OF
these bonds 10 pay them IN silver and he trusted tho
right TO change tho laws 80 make cheaper com
and put Il OF on tho creditors. The passage OF this
resolution would DO disastrous to the confidence ana
credit OF our country. Ii had been said law
oil 1878 demoneLzing tho silver dollar was q fraud.
suppose u Was who perpctrated ~ Tho agents OF tho
people OF this country. The man who borrowed the
money did not pcrpetrato H. aud, II there had been
any wrong tho people must deal with their accredited
loaned money to the government He hoped and be-
loved Tor the sake OF our experimentation tine sake
OF our people, no such resolution As this would be
confidence now being shaken by thvse agtations in
tho halls Of Congress- What tho country wanted TO-
dRy was not more money nor cheaper money, but 10
wanted confidence restored.
SPEECH or MI. BECK.
Mr. BECK, OF Kentucky, said no aid not propose TO
make speech on this questionable was new mau-
but he thought tn, act dcmonctzpg The silver dollar
was wrong. He referred 10 the remarks OF Mr. Kerr
nan, and said u was the first time he had heard .
democratic Senator on this floor defend Nil the OF
The republican majority IN Congress IN regard 10 the
finances; neither mad lie heard a democrat IN the
had been many acts dono against wbicn tho whole
democratic party protested.
Mr. ALLIsox-Do understand that tho democratic
party opposed tho demonstration OF silver In 1872
Mr. BEck-t have no doubt OF u.
Mr.. ALLisoN-I am not aware that u was party
question.
Mr. Bkok referred tho passage OF ,ha. Dill by the
House oil Representatives and said the republican ma
Jority would not allow Il 10 DO read.
Mr.. ALLISON SAID the bill WINS lully debated In tho
Senate.
Mr.. BECK, rcsuming said when Congress under.
took 10 that tho bonds wore payable gold alone
u did that which Legislature had The power 10 DO
He spoke OF tho depressed condition OF business
throughout tho country, and said the democratic
minority on his side OF tho Chamber had grown to It's
present proportions, and the power other house
nj had god lh, dan.
that party pledged itself not TO egsate in tho
OF the bondhoLers. In CONCLUSION no argued that IL
would DO no injustice 10 pay tho bonds Ia silver.
Mr.. DAWES, (rcpl Of lass referred to tho passage
OF tho Of 1873 demonezlng the silver dollar and
SAID no had seen charged ovor and over again, that
u from England, with money IN his
pocket, which he used TO secure the passage OF tho
act Tho truth OF tho matter was, that that very
was against the demonctzng oil the silver dollar,
was now delivering lecture In favor Of rs remonct
xation. Tho bill do,nonctize the silver dollar VII lilo
pending between the houses OF Congress- had boon
prinlo aud reprinted Al least twcve times aud had
been recommended by tho Comptroller OF the Cur
rcncy. Every man who had any desire TO know what
in tho bill hud plenty OF opportunity 10 examine
II. he then quoted from lho remarks Of Mr.. Hooper,
OF Massachusetts, IN the House OF Representatives,, TO
that tho slvor dollar IN circulation in tho
cemnercial transactions OF the country.
Af BxcK--Who was that distinguished English gcn-
tleman who came 10 this country
Mr. UAwss-It was Mr. Ernest Seyd.
Mr. BECK then read IRON the record OF tho proceed
ngs Of shc House OF Representatives At tho time OF
the passage Of the act OF 1873 TO the effect that Mr.
Hooper stated that tho bill for the Of
siiycr had been favored by Mr. Seyd, the English
Anancier.
SPEECH OF MIR. WALLACE
Mr. WALLACE, OF Pennsylvania said :-Wo had .
double standard from 1872 TO 1873 Gold and silver
both used recognized IRON 1853 1873 Gold
drove out SILVER because silver undervaiuod II
here and In England When our bonds wore
ISSUED, from 1851 10 1873, coin meant both
s9a en Sa :ss ana s Who. SpVs Inc 'oDJ pay
act Of 1870 was passed. wc nado the whole
600 payable In coin Of tho then standard
value. That vAlcc was 4l2Is grains OF silver and
70 $40 grains of gold TO tho dollar This was ordered
TO DO ndorsed upon the bonds and Endorsed.
All OF tho bonds contained this express provision One
OF the bonds which he held IN his hand had upon II
these words:-"rhc United States OF America arc
dcbled TO tho bearer In the sum Of $50" This bond
Is issued in accordance with the provisions OF act
Of Congress OF July a. 1870 is rcdee mabo the
pleasure OF tho United States after tho LIST day OF july
states on said July H. 1870 with interest in
from the day vi The date hereof tho oil tour per
ccntum, payable quarterly. &c
RcsuminE his argument, Dir. Wallace said the law
made the contract, tho bond expressed II aud gave
notice Of IT, Every bond sold since 1870 was, Ii
payable by the very terms Of tho contract gold dol
nrs OF IS $40 grams silver dollars OF 4l2X grams.
Arc wo cheats or rcpudiaonists II We insist upon Tho
contract Is 1t breach oil morality TO say we abide
by our contracy IL silver had gone up anu gold down
might We not pay in gold2 THIS wus The option we
reserved But. say tho other SIDE you changed your
standard In 1873 and made gold your unit VI vnluc.
suppose II 10 be so sill what does your bond sayy
~ IS payable III either by Its express termB May tnc
sovereign not change its standard OF vaucY has tho
government not this powcrY Clearly II has. II so,
what reason for compliant has the bondholden His
bonds are not due for TO come tins payable
In 1907 Must wo cross the bridge before wo ret
tberc2 Is IL tho business OF any bondbolder whose
bond 10 not now due 10 sny snail not change
standard? Is Il a breach OF our contrac, whom the
bond shows the reversc2 Silver stood at 10 within
the year, and all this thing about reputation WIS
bugaboo May u not nea,n DO AT par before single
bond maturcsr Tho real question is, What Is the
tract? Tue BOND and the law both speak tho answer
Il Is our option 20 pay IN either metal as y stood IN
1870. Those who took the bonds since 1878 have
higher standing than thcir contract gives Them. II
gold and silver, aud not gold appreciated by dcmono-
tizing silver That IL the letter OF their bond
In conclusion Mr.. Wallace SAID this resolution
should DO passed until the fullest discussion
IL tho duty OF Senator'S 70 givo 10 tho country tho
fullest Information tho subject
Mr. ALLISON, trep.) OF Iowa, said on last Thursday
the Senate, BY very large vote, assigned to-day Tor
the consideration OF tho silver b, known as tho
Bland bill. Ito hoped tho senator Iron OHIO (Mr.
Matthews, would now conscnt TO allow his resolution
be laid aside mat the Silver bill might be taken ~.
TINS whole question could be discussed we'll on
the Silver bill lilo therefore moved to lay aside tho
resolution and tako up the Siver bill Rejected
yeas IL, nays 43, al ioilows-
Allison Blaine Booth I,urnsfdr Cha NJ.