Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-05-03
CONGRESSIONAL.

Debate fl the Senate on tho Repeal Of the
Resumption Aet--Personal Controversy
Between mr.. conger md M. Atkins
The Frand Investigation Likely to be
Ordered on Monday--A New Consider
alton of tho venzuelan Claims.
WARRINGTON, May 2.-senator Thurman,
from the committee on Judiciary reported back
the bill to repeal the bankrupt law with an
amendment perfecting the clause in regard to
rights not to be affected by the repeal law, aud
retaining the amendments adopted yesterday,
providing that the repeal Of the law shall take
effect January l, 1879. Ordered that the
amendment be printed, and tie bill be laid
over until tomorrow.
The amendment to the bill as reported by
the committee provides that the repeal Of The
law shall not affect pending cases and all fu-
ture proceedings therein, and in RESPECT Of al
fines, penalties and forfeitutes which shall have
been incurred under any Of said acts prior to
the day when this act takes effect, OF which
may thereafter be incurred under any of said
acts prior to the day when this act takes effect,
of those provisions Of any Of said acts
which for the purposes named in
the act, are kept in force,
and all penal actions and criminal proceedings
for violation Of any Of said act, whether then
pending or thereafter instituted, and in respect
Of all rights of debtors or creditors, except the
right of commencing original proceedings in
bankruptcy, and all rights of suits by or
against assignees under any or all said acts in
any matter or cas- which shall have arisen prior
to the day when the act takes effect, which
shall be on the first day of January. 1879, or in
act takes effect in respect of any matter of
bankruptcy authorized by this act to be pro-
ceeded with after said last named day.
senotor Conkling from the committee on
commerce, reported adversely the House bill to
provide for vessels of the United States hailing
and It was indefinitely postponed.
| Senators Ferry, Paddock and Salisbury were
| appointed members of the conference commit-
| tee on the part Of the Senate on the bill to
regulate advertising of mail letting.
Senator Plumb, from the COMMITTEES on pub
| lie lands, reported with amendments Senate
bill to provide additional regulations for home
| stead and presumption entries on publ;o land.
Placed on the calendar.
Senator Ferry called up House bill to repeal
the specie resumption act, and read lengthy
argument explaining the amendments reported
the fact that United States notes and gold were
nearly equal to-day, and argued that this was
| fastened by the passage of the act to restore
standard silver dollars. Abiding to the pas
sage Of the act Of January IA, 1875, to resume
specie payment, he said he Joined in it a. a
compromise measure reluctantly. After ex-
| planning the amendments reported by the COM
Inittee on finance, he said If the bill should be
agreed to as amended, it would give the coun-
try volume Of currency of $50 million dol
lars. He argued that the bill would restore
commercial confidence. 1t would result in our
/. foreigners. The recent sale Of fifty millions
in bonds by the secretary of the treasury, was
an assurance of this, and evidence
/ Of ths advancement of public credit.
The government should now turn its
i attention to upholding its credit with its OWE
people. He next referred to the coin required
by the government, and said no fears need be
unprecedented that the government would have
d to go abroad to seek coin to meet its require
nents. The necessity for denying United States
notes their rightful place in the circulation o.
the country had departed. He believed green
backs and coin would be at par before the fr.,
of July next and referred to announcements
daily by business firms and banking associa
tons that they had resumed specie payment
Referring to Wall street, he said all knowledg,
on finance did not dwell solely with the wis,
men of Gotham. New York city. which hal
\
seem to be the last to respond. In conclusion
he argued that the passage of this bill woult
be to settle our finances upon such basis a
would relegate onr financial difficulties iron
the halls Of Congress to the marts of com
merce.
Senator Voorhees, then took the floor and reat
a lengthy argument In favor of repeating tn,
specie resumption act. The amount Of human
, misery, wrctchedness and vice which the Lax
had caused, could not be estimated. It haa
overthrown property values simply beyond tn
power of language to describe. Ten thousan,
! million dollars worth Of property have bee
+ absolutely confscated. He argued that th
American people had been educated on tn
subject Of finance during the past five year
under such circumstances as breed revolution
t unless they were met by measures of relief
The greenback dollar, on account Of the conf
dence the people had in it, had forced itsel
). upon equality with gold. He referred to th
gold room in New York as mob of gamblers
and argued that the government ceul
no., not redeem fifty million dol
notice from to-day. The notes Of the govern
ment had advanced to an equality with gold
because the people had forced the government
= to treat Its own notes with respect. Tber
never was the slightest reason why pape
r money in this country should have become d.
!. preciated. He favored the adoption c
0 an amendment compelling the seer,
+ tary of the treasury to receive Unite
States notes for duties on imports, not nfte
the first of October next, but immediatel,
! That would at once equalize our currency. I
: resume specie payment on the first Of Januar
! next made certain DARK LARK peri
$ had mortgaged their property, ana if spec
}. payments are resumed these mortgages mul
d be paid in coin. It was the duty Of the Anne
0 lean Congress to SO legislate as to secure Il
n farmer his home, and to the industrious M
chanic living wages. The toiing million
q who arose in the morning before light an
y worked until after dark were constantly bein
:. lectured on economy by jewellers in palaces, b
masters Of hired attendants. The poor WEI
!, to give up luxuries which they had no
:. = in order that the rich might ha,
d more; Far be It from him to incit
them against the aspersions Of those who fir
, oppressed and then denounced them. He r
b. ferred to communism, and said it was the a,
\ vocates Of those who favored the resumption
2 specie payments who fostered the spirit
Z communism. In conclusion he argued that Il
U repeal Of the specie resumption Law wou
bring light and hope to many darkened home
It would cnt the ligatures of contraction. A
tivity and prosperity would revive Nothi1
n since peace was declared at Appot
e max, thirteen years ago, would
:, hailed with such shouts of gladncss. Popul
= = relief would increase popular tranquility, al
u turbulence in the labor regions would cease.
~ Senator Gordon then took the floor with Il
re- understanding that he would speak on Mond,
next, and further consideration of the bill "
: postponed till that time.
= Senator Marcy, from the committee on pc
= Offices and post roads, reported an amendme
! to be proposed to the post Office appropriate
! bill, authorizing a, semi-monthly mail stca1
= ), ship service between the United States a,
! Brazil. Referred.
= Senator Saunders moved to reconsider t
- vote by which the joint resolution to provi
:, for the appointment Of eighteen addition