Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1877-12-26
GOVERNMENT BONDS.
A Debate In the United States Sen ate on
the Bond Question and the Silver Bill.

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Senate, on Wednesday, December IL,
upon the real issue of the day, should
be read by all men. Tho speeches Of
the Senators being short and to the
point at issue, we give the proceedings
in tail, and request our readers to give
the subject an attentive perusal. The
proceedings are as follows -
The Vice President. There comes
over as unfinished business of yester.
day resolution, which will be read
Mr.. Herman. understand that the
unfinished business is the resolution
offered by the Senator from Ohio, Mr..
Matthews
The Vice President. 1t is about to
be laid before the Senate. 1t will be
read by the Secretary.
Mr.. Herman. was going to ask the
Clerk to report the resolution.
The Chief Clerk read the resolution
submitted by Mr.. Matthews on the 9th
inst, as follows;
WHEREAS, by the Act entitled "An Act to
strengthen the public credit" approved March
is, 1869, 1t was provided and declared that tho
faith Of the United States was thereby solemny
pledged to the payment in coin or its equivalent
of all the interest-bcarng obligations Of the Uni
tod ststss, except IN eases whsrs the Law anthor-
hing the issue Of such obligations had expressly
provided that the same might be paid In lawful
money or other currency than gold or silver; and
WHEREAS, All the bonds Of the United States
authorized to be issued by the Act entitled :" An
Act to authorize the refunding Of the national
debt" approved July IA, 1870, by the terms Of
said Act, werc declared 10 be redeemable In coin
Of the then present standard value, bearing inter
est payable semi-annually in such coin and
WnEREAs, All bonds Of the United States
authorized to be issued under the Act entitled
"An Act to provide for the resumption OF specie
payments" approved January IA, 1875, are re-
quired to bo Of the description Of bonds Of the
United States described in the said Act Of Con-
gress approved July "a, 1870, entitled "An Act
to authorize the reiunding Of the national debt +"
and
WHEREAS, At the date Of the passage Of said
Act Of Congress last aforesaid, TO wit, the l4th
day of July, 1870, the coin Of the United States
Of standard value Of that date included silver dol
lars Of the weight Of 4i2l grains each, declared
by the Act approved January is, 1887, entitled
"An Act supplementary TO the Act entitled An
A,t establishing Mint and regulating the coin $
Of the United States,'" to be a legal tender Of
payment, according to their nominal value, for
any sums whatever Therefore,
BE ifresofred By The Senate, (he HoHse Of Repre-
sentafires coneurring herein) That all the bonds
of the United States issued or authorized to be
issued under the said Acts Of Congress hereinbo-
fore recited are payable, principal and interest,
at the option Of the Government Of the United
States, in silver dollars, Of the coinage
A the United States, containing 4i1A grains
each Of standard silver and that 20 re
sior. to its coinage such silver coins as legal
tender In payment Of said bonds, principal and
interest, Is not in violation Of the public faith
nor In derogaion Of the rights Of the public
creditor.
The Vice President. The pending
question is on the motion TO refer the
resolution with the amendment offered
by the Senator from New York Mr..
Conkling1 10 the Committee on the
Judiciary.
Mr. Herman addressed the Senate at
great length IN opposition to the reso.
lution. His speech Is withheld for re-
vision.
Mr. Wallace. Mr. President, shall
not attempt to-day to enter into an
elaborate argument Of this question
Mr. Beck. The Senator from Penn
sylvania yields to me for moment,
and | thank him for allowing me to
make an explanation OF question ]
put to the Senator from New York. !
do not propose to make speech on
this subject. | am too new man
here to hope either to convince the
Senate of the correctness OF my views
or TO change or influence single vote.
But | asked the Senator from New
York question which he seemed to
think had nothing in it, as to the
amount of silver coinage of the United
States. lie stated the fact to be that
there had been only s8,O45, 900 coined,
when | suggested TO him
Mr.. Herman. Silver dollars, ! said.
Mr.. Beck. | meant silver dollars
when | suggested TO him that there
had been coined since 1874, from 1874
TO 1877, sixteen and one half millions
of what were known as trade dollars,
which / thought II was fair to suggest
was part of the silver coinage.
Mr.. Herman. No, they are not legal
tenders, but mere tokens.
Mr.. Beck understand and there.
fore the suggestion was regarded as
being worth nothing. Now, ] assert
that II is evidence OF the fact that but
for the circumstance that silver was