The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1878-02-06
xiv. CONGRESS.
REGULAR SESSION
WAsHINGroN, Jan. %.


the purpose OF providing for the S3l 196'-
045 OF asked for by the secretary OF the
treasury for sinking fund. and spoke IN
favor of passing the resolution.
Mr.. Beck said he introduced the lresoiu-
ton for the purpose of obtaining the ex.
preston of the sense of the two houses OF
congress upon what he considered)to De the
most important question now before con-
gress and that was how could TAXATION best
be reduced so as to relieve the people from
the oppression under which they labor, ana
at the same time meet the requirements OF
the government He read from the late
report of the secretary of tue treasury, show
ing that there would be deficiency at the
end of the next fiscal year OF ST., 43S,OOO
in the receipts of the government, as CON-
pared with its expenditures upon the pres
emit basis; and continuing ms argument, N.Y.
Beck said his object was ID satisfy the senate
that congress was not under obligations to
maintain or impose taxes for the purchase of
bonds for sinking fund. He thought he
could show where $4,000 600 could be saved
from the customs service, internal revenue
and the management OF Indian affairs, but
at present he would cOntlne himself to the
sinking fund He again quoted from the report
of the secretary of the treasury to show that
the sinking fund now contained $1,000, 900
in excess OF the amount required by law for
that fund at the present time. He argued
that all Dledges Nand obligations of the gov
eminent to make provision for sinking
fund had BEEN practically carried out; asked
why should they be so anxious to pay the
bonds in advance of our pledges and obllga-
tons Our bonds were high enough now, the
public creditors were not suff sring, neither
was their security diminishing. The proper
ty of the United States was increasing in val
ne. and the public debt was a mortgage upon
the whole of it. The sinking fund was
amply provided for for at least five years to
nd = 10 him nloor that
the right and duty of congress now to reduce
taxation. He next referred to the passage
of the act OF March 3, 1875, to further pro-
teck the sinking fund, and argued that If the
same information had been before congress
then in regard to the sinking fund as now,
that act imposing the taxation it did would
rIever have passed. He quoted from debates
on the bill, and said Mr.. Dawes, who had
charge of the bill in the house of represent
atives had been grossly deceived by the
treasury officials He Beck now had faith
that the committee of the two houses of
congress would reduce the taxation in the
interest of the people; all that any country
could do and that this country had done was
to apply its surplus revenues to the payment
OF its debts,
Messrs Morrill, and Dawes gave notice that
they would have something to say about
this resolution hereafter.
Upon the conclusion of Mr.. Beck's remarks
the FeSOluIlOn was ldlQ over ana cOnSlueTd-
ton resumed of unfinished business, being
the silver bill, and Mr.. WALLACE spoke in
favor thereof.
Mr. Wallace said: "Gold can not be sub
divided to suit the necessities of the people,
whilst gold and silver is just TO all classes
Our policy people has initiated and
maintained double standard. The consti-
tuition and laws up to 1878 recognize and
enforce this policy. The demonstration of
silver by the United States leads to its total
disuse. The total disuse of silver as money
reduces the measure of values and increases
the value of the money Indebtedness. 1t
Will destroy its use as subsidiary coinage.
1t will give the world a scanty,
dunn of intrinsic value. The use
of both metals gives healthy progress and
bssis for confidence, value to currency in
paper and Just measure of value. The use
of but one strikes out of existence large
part OF the worlds capital as a measure of
value, and is prejudicial to progress of civ
ilizstiOn. There is no foundation, either in
the morals or in law, for enhancing the value
of the debt, and it is neither just nor ex-
pedient to do so, and exercise of power to
adopt a gold standard awakens distrust
among the people, and lends di-
Iectly to weaken the binding OBJ
legations OF public faith. Are my
brethen on this side of the chamber deter.
" uIANc dS dIl OTSdulZ1IlO0, lDIO
the vortex of unlimited paper initiation
We do not want this in Pennsylvania, and
we pray to be relieved from the memorable
fate TO which your policy condemns us. Why
IS II that we can not meet upon a common
ground OF constitutional money of gold and
silver Are those who live east of the Sus-
quehanna so welded to the policy of Eng
land in single standard that no unity of
action is possible? Is there any safer
ground for the best interest of the whole
people for debtor and creditor, for the bond
holder and taxpayer than a restoration of
our ancient policy of constitutional money
of gold and silver? If we return to a double
standard how shall we regulate the value of
our coin? Snall we reduce the value of the
gold dollar by decreasing its weight? This
we can not do without violating our con-
tract made in 1870. Shall we increase the
value of the silver dollar by adding to its
weight. measuring silver bullion in gold
coin to-day? This would be unjust
to the people, for it allows moth
ing for an increase in the value
Of bullion resulting from its use and its
legal tender function as money. II this be
done and silver Tegains its place. it will fly
from the country because oyervalued. Shall
dollar Of 4l21T grains be recoined? What Is
It's status under the law? Will the demand
for silver consequent on its recolnage under
this bill and debt paying power conferred
0pOn ~ dpfIcCldtc us anu 10 W0dL
extent? This bill is not the Bland
bill. The free coinage feature
is struck out. The government buys
its own bullion monthly. not less than two
nor more than four millions per month.
The difference between the bullion and coin
belongs to the government This gives a
regular monthly demand for bullion and
will increase its value. The law of demand
and of supply applies to gold and silver
bullion. Lessen The demand and the prices
decrease; increase the demand and the prices
rise. Our demand for coinage must increase
the value of bullion as a commodity. 1t is
this law that has deprecated silver and
appreciated gold. The legal tender function
or the debt paying power adds to the value
OF coin. 1t is this that gives power and value
to paper legal tender. 1t is argued that the
use of gold in equity cOmpels us to return to