The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1878-01-02

some new experiment. From The fouuda
ton OF this Government down to February
IL 1873, when silver was demonetizcj, sill
yer was circulating me1ium and a lega
Ten Ter tor all debts, public and private, anC
/ she country witnessed no such directfu
effects as are now predicted.
Mr. President, from the day that Abra
nam counted out flour hundred shekels O
silver current money with the merchant
1 Tor the purchase of the cave of Machpelat
down to the day that silver was demone-
/ tized in this country, it hal been used all
over the world. am willing to Judge the
/ future by the past.
But we are told and threatened by syn
dictate representing for the most part for
eign capital that If this bill should pass our
ponds cannot be refunded, and that we
snail nave TO continue TO pay and 6 per
/ cent interest instead of per cent We
1 are told that the public debt of the United
| States to the amount of $4,000 900 hears
interest at the rate of per cent, and $685.
/ 10000 at the rate of 3 per cent aggrega-
/ ting 81, 437 600 600, and that if we bind our
selves to pay this in gold principal and m
terest, it can be funded in per cent. bonds.
thereby saving TO the country annually
about $2O,OOO,0O0. That debt is now pava-
bic In silver If you make it payable in
gold you increase the amount of the debt
Just as much as gold is worth more than
silver. ms Is the great argument urged
before the Committee on Finance by the
bankers from New York and Philadel pha.
what advantage is 1t to a man to diminish the
interest ne IS paying on a debt, II at the same
time ne increases The principal and makes IL
more difficult 10 pay.
The difference between gold and silver
now is about per cent. l see this morn
ing il is little over that. Hence the prop
osltlon OF these gentlemen who hold our
bonds Is TO add per cent. to our indebted
ness which, upon $l,437 900 600 is $l3, no.
OO0! ask this Senate and the country, will
You do ii! L answer, for one, not by my
vote.
Nor is this all. The Secretary of the
Treasury in a letter dated Novem Der ] 8,
1877, in response to a resolution of the
House of Representatives, transmitted the
contract entered into with this syndicate
for the purchase and sale of these bonds
BY the terms of this contract these parties
are to be paid by the Government for buy
ing these bonds one half of l per cent. paya-
BILE in coin, which amounts to $7,lS5, 900;
which added tOsthe difference between gold
and silver, heretofore referre1 to. amounts
To the enormous sum of $50, 295000, by
which our indebtedness will be inc reased.
appeal to the Senators to know if they are
ready to add $50,295,000 to our present in
debtedness. l cannot believe it. Yet that
is the effect of the rejection OF this bill; for
if the bill should be rejected silver will still
be demonetiZed, and these high contract
ing parties will construe our action into Il
tacit consent to the contract.
l do not believe the people of this
country will santiou any action or
non-action of Congress by which
this enormous debt in gold, and also pay
$7,lS5,000 in coin for the luxury For that
Is the naked proposition, that we shall now
by nOn-action bind ourselves 10 pay this
enormous debt in gold and to pay TO this
doing.
But we are tod that if we pass this bill
it will injure the public credit of the nation.
What are the facts? Since 1861, as shown
by the reports of the Secretary of the Treas
ury, We have paid to these bOndholders, in
gold, who bought and paid for our bonds in
greenbacks when they were only worth
forty or fifty cents on the dollar, the enor-
nous sum of $1,G01 ,469 1916 in interest,
and of the principal $685., 273 34S17, which,
added TO the interest, axes 50, 297, 743 1853.
which is $25l,716,07679, less the cash in the
Treasury, more ;han the whole debt of the
United States on Decem Der ], 1871 | re-
peat it, all this vast sum was paid to these
bondholders in gold in about fifteen years,
who paid US for these bonds in greenbacks,
and yet we are tcld that if we pass this bill
we will be acting in bad faith and will in
jure our credit. The statement is prepos-
ferrous! Why all this clamOr about good
faith with the public creditors? Had we
not better turn our eyes homeward and
think and talk a little more about good
faith with our people, the starving millions
Crying IOI UIEdu AS SOiu goes up every
thing else goes down, values shrink; hence
from 1873 to 1877, inclusive, the failures in
the United States amount to 81, l57 OBS, 1925,
one-half of the present Indebtedness OF the
Government, and these failures are increas-
ing every year and will necessarily continue
until silver is remOnetiZed. the resumption
act repealed, contraction stopped, and the
impost duties are paid in legal-tenderS.
Then legal-tenders, gold and silver, all will
be of equal value.
Mr.. President. I now come to one of the
most remarkable and to my mind one ofthe
most fraudulent pieces of legislation this or
any other country ever saw. L refer to the
manner of the passage OF the bill demonetiZ-
ing silver. will not occupy the time of the
Senate by going over the whole history of
this most iniquitous transaction. Mr..
Hooper, since deceased, was at the time
chairman of the committee having charge
of bill which had been referred to his com-
mittee, and on May 81, 1872, reported sub
stitute and moved to suspend the rules and
pass the substitute, upon which motion,
among other things, the following occurred,
which any Senator can find by turning to
the Congressional Globe, part 5, page 1888,
and is as follows:
Mr.. Holman. l suppose it is intended to
have the bill read before it is put on its pas
sage.
The Speaker. The substitute will be read.
Mr.. Hooper. of Massachusetts. l hope not
1t is long bill, and those who are interest
ed in it are perfectly familiar with its pro-
visions.
Mr.. Kerr. The rules cannot be suspended
so as to dispense with the reading of the
bill.
The Speaker. They can be.
Mr.. Kerr. l want the House to understand
that it is attempted to put through this bill
without being read.
The Speaker. Does the gentleman from
Massachusetts (Mr. Hooper, move that the
reading of the bill be dispensed with.
Mr.. Hooper, of Massachusetts,. l will so
frame my motion to suspend the rules
that it will dispense with the reading of the
bill
The Speaker. The gentleman from Mas
saehusetts moves that the rules be suspended
and that the bill pass, the reading thereof
being dispensed with.
Mr.. Randall. Cannot we have division of
that motion?
The Speaker. A motion to suspend the
rules cannot be divided.
Mr.. Randall. should like to have the bill
read, although / am willing that the rules
shall be suspended as to the passage Of the
bill
The question was put on suspending the
rules and passing the bill without reading;
and (two-thirds not voting in favor thereOD
the rules were not suspended.
Mr.. Hooper, of Massachusetts. Inow move
that the rules be suspended and the substi-
tute for the bill in relation to minis and
coinage passed; and I ask that the substi
tute be read.
The Clerk began to read the substitute.
Mr.. Brooks. Is that the original bill?
The Speaker. The motion of the gentle
man from Massachusetts (Mr, Hooper, APP
plies to the substitute, and that on which the
House is called to act is being read.
Mr.. Brooks. As there is to be no debate,
the only chance we have to know what we
are doing is to have both the bill and the
substitute read.
The Speaker. The motion of the gentle
md Frnu Anas anlxkR haSsn nd
the rules and pass the substitute, il gives no
choice between the two bills. The House
must either pass the substitute or none.
Mr.. Brooks. How can we choose between
the original bill and the substitute unless we
hear them both read
The oonfloua unka