The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-01-19
XLVTH CONGRESS--Second Session
WASHINGTON, January Is, 1878.

SENATE.
The Senate, in executive session, con-
firmed james Il. Joley as collector OF GUS
toms in the Tech district OF Louisiana, and
Lunsford l.. Lewis as attorney for the East
ern district Of Virginia.
Mr.. Conkling, OF New York, presented
several petitions of citizens OF Albany. n.
Y, demonstrating against the passage OF the
Bland siver-bill. Laid on the table, the bill
senting the memorials nc said they were
signed by men representing not only men
and property but enterprise also, and they
expressed the opinion that the passage OF the
bill would be preiudicia to the honor and
the credit OF the Government. He also pre-
sented the memorial Of the Albany Board OF
Trade against the passage OF that bill; which
was laid on the table.
At the expiration OF the morning hour
the Senate resumed the consideration OF the
unfinished business OF Friday. The reSo-
luton OF Mr.. Matthews, of Ohio, declaring
the right Of tide Government to pay the in
terest and principal of the bonds in silver
was advocated by Mr.. MerrimOn, Of North
Carolina. He said the subject was worthy
OF the most serious consideration, and he
trusted full and frank expression Of views
would lead the Senate to wise and whole
some conclusion. He would discuss the re-
solution submitted by the Senator from
Ohio (Mr. Matthew'S and not The eXpediency
Of remonetizng silver. He would never con-
sent that the honor and good faith OF the Gov
eminent should be impaired in the slightest
degree. The naked question before the Sem
ate was whether the Government could law
fully pay its creditors in silver Of the stand
ard OF january II, 1870. He then reviewed at
some length the financial legislation since
1862, and quoted from various acts to show
that all the bonds issued were payable in
legal-tender coin OF the United States.
When these acts were passed there were but
two species of coin established by law-to
wit. gold and silver-and as the contract
stood between the Government and its
creditors the Government could pay its
debts in both OF either Of these coins. The
fact that there was more or less OF a particular
kind of coin in circulation when the bonds
were issued did not affect the contract NJ
nil. It had been argued that the creditors
OF the Government did not have the silver
dollar in view when they bought the
bonds, because silver was not then in cir
culation. That made no difference. The
law then provided for the coinage OF
the silver dollar as well rs the
gold dollar, and had it been intended to eX-
cIude the silver dollar when bonds we've is
sued, why was not provision inserted for
that purpose: That the Government had
right to pay its bonds in silver was clear,
and he could not see how any such action
could be looked upon az reputation. lie
spoke Of the business prostration and sur
fering existing throughout the country, and
argued that it was the effect of unwiSe le-
eislation. The financial legislation since
the war had been calculated 10 enhance the
value OF the bonds OF the Government IN
the hands of creditors. In the natural Or
der of things, after the close OF the war
specie-payments would have returned and
prosperity existed through the country, but
the interested bondholders could not wait
for things in their natural order. 1t was
too slow. 1t was thought a rapid contrac-
ton OF the paper currency would restore
prosperity and the early resumption OF spe-
cie-payments. This course OF contraction
had been pursued, but unhappily none Of
the good results anticipated followed. The
| volume of paper currency in circulation
had been regulated by the Government and
not by the requirements OF business. Since
| the panic Of 1873 nothing had f1ourished
save Government bonds.
Adjourned till Monday.
HOUSE OF REPRESENTATIVES.
A bill was passed removing the political
disabilities OF Charles L. Scott, now OF Ala.
bama, a native OF Richmond. Va, and
former member OF Congress from California
After an hour spent on private bills euogles
on the late Senator Morton were delivered,
and the House adjourned until Monday.