The Leavenworth weekly times. [volume] (Leavenworth, Kan.) 1870-1880, 1878-01-17
CONGRESSIONAL
SENATE.

merchants, and Others of New York, favor
ing a repeal of the bankrupt law, were pre-
scented and referred.
Mr.. DAVIS, of Illinois, presented a petit
ton from four hundred bankers and bust
ness men OF Chicago, in favor OF retaining
gold AS the single standard of valu-, and
against the repeal OF specie resumption
He also presented the proceedings Of a
meeting at bloomington, Ills, in favor O
the reconciliation OF the siller dollar. he
ferred
Mr. EDWARDS, submitted long
amendment to the preamble and reSo.u
ton introduced by Mr.. Matthews before the
recess, declaring the right of the government
10 pay its bonds in silver and etc, and sci
forth that he silver dollar OF the United
States had been long absolute and when the
existing loans of the United States were
authorized, gold coin was the only lawful
coin and that congress should not lesi-late
To make money AT the expense Of Its credI'
tors; that it was the highest obligation OF
United States to pay its debts in such coin
a. It's creditors expected il would be paid
in, and that would be unjust to compel
them, or laboring men either. to receive
silver dollars or any other debased money
Laid on the table and ordered printed
Mr. MITCHELL submitted resolution
in-Iructing the committee on Indian Al
fairs to inquire into the propriety OF settin.
apart four large reservations for ali Indian
OF the country and that the lands now occu
pied by them TO be open To settlement
Referred.
The Senate then resumed the considera
ton of the resolution OF Mr.. Mathews de
claring the right OF the government to pay
the bonds in silver and Mr. Bailey read /;
long argume as to the Constitutional pow
ers OF Congress regulating coinage, nc.
Mr.. BAILEY argued that it was the in,
tention Of Congress TO pay the bonds IL
coin. The acts were most carefully wordet
and that the coin might be either gold Oh
silver. He favored the passage of the reso
luton of Mr.. Mathews, and contended tina
the restoration of the silver dollar wOu!C
not prevent or retard the funding OF the
public debt, as has been argued lie had
no doubt our debt could be funded at foul
per cent. The object OF the remonetizing o
the silver dollar was not TO furnish money I,
pay the public debt alone. The main pur
pose was to arrest the movement inaugural
ing in Europe to take silver from the coin,
age OF the nation, and TO check the advance
in the value OF gold, to cheaper money in
this change, and enable the people to pay
their debts. He quoted from the recent
work of DIR. Linderman, and said he agreed
with the senator from Kentucky, that silver
coinage would not be pushed forward with
out the positive instruction on the
part of Congress. He would believe
that the men who voted Tor
the act of 1873, demonetizing silver, were
guilty of a wilful fraud, but he did think
they were victims of the bond-hOlders. He
thought now that Congress, by prompt ac-
ton, could arrest this movement to demon
etize silver, all over the world, and thus
prevent the great evil to mankind, con-
tracted and constantly contracting curren-
CIV dwarfed our capscity and paralyZed our
efforts lie spoke at length ON the financial
policy of Germany and said the country
would never have demonetized, if she had
mines producing Si0,OO0,0O0 annually and
had she been able to produce so much her
mines would have been at work night and
day. In conclusion he argued that with a
single gold standard our vast debt, doubled
in value, would bring poverty to all homes.
sion and when the doors opened adjourned.
WASHINGTON, d. C., January ia
numb,r of bills were introduced and refer
red. Among them the following; to author
ize the payment OF the lees of the counsel
for the defense of poor persons in the Courts:
to promote immigration to the United
States and for the protection OF immi-
grants.
At the expiration of the morning hour
the resolution of Mr.. Matthews, in regard
to the payment of bonds in silver was TAX
en- up as unfinished business, and then laid
aside informally, that Mr.. voorhees, might
address the Senate on the resolution sub
mitted by him, before the Holidays, de
claring as of the highest importance
the financial credit of our government.
He maintained it in order so the govern
ment itself, in all Its departments should in
good faith, keep all its contracts and obi
CATIONS entered into with its own citizens.
Mr.. MATTHEW'S, IN expressing his
to have his resolution laid aside
for the present, gave notice he would ask
the Senate to vote on it on Monday next.
Mr.. VOORHEES, then addressed the
Senate upon the resolution submitted by
him.
Mr.. VOORHEES, says the agitation of
the question of finance, will never cease
until the people are satisfied the vast debt,
in process of extinction, upon the princi-
pie justice to the tax paying labor, or on
the other hand, they are sub, ueated into ST.
lent submission, and the government itself
becomes changed in spirit and form into
monied aristocracy. Denunciation is now
the principle weapon used by those who
are ranged on side grasping wealth.
There Is no epithet, however base, that IL
not in daily Use against all who venture to
believe as i do, that TO a great extent our
whole financial system Is an organized
crime against the laboring tax paving men
and women of the United States The
great plea of the present hour for the con-
tinuance Of wrong and injustice is that good
faith requires it. Those who, finding mons
trous evil embedded in the laws Of their
wish to eradicate it by
peaceful legislation are at once and with ut
most fury assaulted, as violaters Of public
faith. the enemies Of national honors and
worse, If possible than the common swim
der. This plea so loud now in our ears has
been invoked in behalf of every wickedness
that ever cursed the world Mr.. Voorhees,
reviewed the financial legislation since 1862,
and said that experience had shown legal
tender TO be the best money that ever was
circulated. Every Government bond which
did Lot, on the face, stipulate the payment
in coin, was made payable by express
words Of law in legal tender notes. This
enactment guaranteed to the American
people the right to pay three-iourths OF the
national debt in national currency. 1t was
law at the contract. when all the 500 bonds,
to over $50, 100000 were par
chased from the government by bondhold-
FRS and paid for in this currency at par.
when it was quoted at from forty TO sixty
,ents below par, in coin. Everyone
understood the law 10 be a. | have
'tated it at the time of its passage In
act the great struggle then was whether
wen the interest on the bonds / have men
Toned should be paid in coin. No one in
he debate made TIE slightest pretense or
animation that the principal of the bonds
ras payable in coin. During the full term
# the seven eventful wears that followed,
here Is not platform OF either political
,arty in any state in the Union, which
makes such assertions.
Mr. VOORHEES, alluded to Secretary Sher-
HAAS letter OF 1865, favorihg the payment
f bonds in the same kin,i al money &C. tLcy
ought them and his subsequent action in
,roculing the passage Of the act for the
payment OF bonds in coin, which be said
Tas open to reputation of the solemn con-
ract and fastened extortion of not less than
i've hundred million dollars on the stag
ering industries of the country, ass pecula-
i've profits OF an operation in the whole
nancial history of the civilized
Torld no parallel can be found to this
deed OF broken faith and DELHI
.a.o s.aaoho.r 20 the r,s.1.rla and The M