New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-01-16
XLVth CONGRESS---IId SESSION.
RrcIrI.AR REpoRT OF PROCEEDINGS.

The resolutions adopted by the union League
Club OF New York City, at the annual meeting held Oh
the inst, opposing any legislation which VIII ehu
to postpone the resumption of specie payments ana
against the unlimited coinage Of silver were laid be1orc
the Senate by yicepresdent Referred TO the CON-
mttec Finance.
MI DAVIS. ind, Ill.,) said that yesterday he pre-
sented memorial OF bankers and others, OF chicago,
opposing any legislation in opposition to the nnahci
Of the President and tho Secretary OF the
ury. He presented an additional memorial from
On Finance He also presented the petition OF policy
holders in the National Capital Insurance nee Sompany
that act Referred to the Committee on tue Dis'rot
OF Columbia 49,. A.,
Bills were introduced and REFERRED among tueh the
10y BY Mr. SPENCER CRcp., Ala)-To extend, facilitate
and cheaten land and water transportation OF freighs
and passengers, and 10 promote industry ana lapGl,
without further appropriation OF public property OF III
crease public debt Referred TO the Committee on
MI ,h kp dara Of Tde
against the passage OF the Bland silver Bl als9 from
citizens OF Pnuy yania for the RECOMMENDATION or silver
Sir. MORRILL, Gcpyt submitted an amendment d, mst 10
the preamble OF the resolution OF sr MattheWs o Oo
in regard to the right Of the Government to pay thc
bonds in rectng at length provisions OF various
Acts of Congress pedeng the aith Of the G1verne,
bile as by the Senator from ONO there seemed
to be strange omissions Of some OF the statutes ne
hoped the senator would accept his amendment. 1t was
ordered that the amendment be printed 49,,
Mr. HEREFORD Dem, W. Val submitted the foHow-
ing:
RId the Secretary Of tho Treasury be- directed SG 70
|
sold since l-Gl giving the amounts of each issue,
with date mus sold the net amounts received f" a 1e e
amount pa@ the sEac ca r or RTso the m nor
| anlin what currency tlty were paid.
MT' THtRMAN Dem. Ohio, called mp the resolution
submitted by aim YESTERDAY, insrueting the Co,nmltlee
Military Affairs to inquire whether any ana u any, ny
what legislation is necessary eXptdi'nt 10 increase me
onual appropriation FOR armiDg and c1uippng Tue i,i
a o the states and territories TO correspond wtn 'ng
increase population since the passage OF ne hCt Oh
1905 Also settle certain claims OF the state
Mr CONKLINC tIicp., y. " said the State of New
York IN regard to thee war claims was sy this bi
m,tnha P ROY, stnr from Ohio ciir Thurman the
Gains Of New. York. That senator would donbt pre-
Ter Ia have resolution stand by Itself ana he lhr
nishcd wI requisite data he would submit esoiu-
ton IN regard 10 the claims OF New-iork.
| Sir MORRILL, rep, W. said he hoped the inquiry
would H. made general: h. was quite sure there were
other states ~ the same condition. - -
After some further discussion an amendment was
asfccd to- providing that si'i committee shall make
inquiry respecting the war claims ana credits
aid 81 the Government INK the late rebellion. ond
nus rmenled the resolution was AIRED TO- .,,,,,
IN. morning hour having expired the senate resuined
consideration 81 the unfinished business oeing tue reso
luton the Senator from OHIO (Nr Matthcws) IN re-
gard tho RICH; ~ the Government Ia pay principal ana
interest of the bonds ~ SILVER.
Mr. MATTHEWS REP, Oi0l said as the senator from
Indiana OIr Voorhees, bad l1ycn notice that a. would
speak to-day upon his oution In regard to the credit
~ Government. b. had no objection to allowing ihe
'"lhtl"n snomi,trd 10y M" 10 e .i n' NEUTRALITY-SUSPICIOUS.,
MIR. VOORHEES, SPEECH
Mr. VOORHEES, dem. Ind then took the floor and
mad. long -rrr D.. of which the ioo"in. are The por-
ON tie i3thoi December had the honor introduce in
THIS body the following resolution;
Es.ori That 81 the hleh,- Importance that TIE imam
cial cr,ir Of lc Goy,ram9 be AMI IN Sidrt to
Win it, oGn clt|en,.
And in pursuance ~ . notice then given now call It
rclaics .,
The agitation OF the question o; finance has continued
without moulcnt' ut'rnssi'n nom me b.s'nnhs oi
present uutl this Eour NOr rs II likely To
uui thc people are satisfied that debt Is ia pro-
of extinction upon Vrnc pes oiJu-uce tothN PAYING
labor or un ou the uiLcrhnud. they r.>uIuntrdIuo
b.nccd p,rit and fnrin into money ed aIisocracy.
curious spectacle presented on thiS subject by
by a newspaper IN the west Their columns rcck from
DAY 10 Gay win camorou. abuse OF an who venture 10
believe. - do. ti"t e. great extent oar "hoie hnh
cal system -a'lcd AGAINST the lahorlnS
'f py i IN =. ,gcn "aa EHoP 2tt nAF'i Ieeton
challenge IT, tooun records for judgement AKA llst the
/ artnl rpudation- OF national fIlh and honor.
from which the future historian viii Judge this
F, 'i' -. 81 is III. -.i.@e ~ oar bdm, i.br
Iy THIS a't, and Pos f'ulr legislation no -nhscqu"ut-
10 RODS cytry bond issued l,y the Government which III!
10. %, face stpulatt ior pNmcnt IA com, made
payable. BIZ ihr rApn w.td- If me llw, ~ l.&aicud,r
note. u plainly written IA the >ilnic that these
notr- nov kuowI a, er,cub1ck- shall be receivable
payment 81 900 taxes. mt MI duIc'. cN-
c'.c dro', ana drWauo. against the United states,
except duties imports, ana ~ al claims AMI demands
against United state. OF every kul Whatever. except
csr-t upon bonds md notes, which shall be- pad
In coin, aud -HrIt ais" Pee lawful money amt c-
aud private. within hr United states, excerpt duties
uuuoft- and Interest ~ Aforesaid thiH simple, tX-
~ .giut.,I 10 Tine American people the rteh' - /
iay drrc-ioufth. OF th'ir national debt IN national
an tnr l--b bonds. Amounting 10 oyer fifteen |
hrndr'd MIL "u' were pure ''ed nom ihc Government
hos the bOLdhudO and paid Tor n this currency nj par
when % Wa quoted 20 from iU ,0 go per cent below rar
inrIIn E,, u,c understood tAc law Ia b. "A, nave
ted If.t
-irr sr then Vac whether rt'n thr Interest on the |
bon. , I have mentioned -hond Doe paii Ia coin.
In many state, ana notably lu O!o. The home OF The
President and E- secretary 81 ti" Treasury, the dom
naui party. in n, state Convention In 1865 expressed
it.d.!I.Iitr "c,uyiction tuu according to the laws
uudcr which the 5--O bond, were issued said bonds !
should Dee pad ~ the currency ~ hccodny w'rh may
Dee lc-drtrndr when ne Government sd Ice prepared
t. redeem $40, bonds on ms GoctiInt the ~ sent culr
magistrate and ~. eci't ~, TOOK iL'Ii mo ouy l"e
ycirs amt cot" the people that The doctrine wa iiur
In letter dated March 20. led-, ana widely |
Mr. Voorh,c, then rad the letter o Secretary sherman
rcfrucd 10 ~ when he says: Your idea that We pro- !
redeem tie principal in rgal-i,ndors erroneous
think the bondholirr violates his pr"miae when |
hc pad for the bonds: II The case - to be
by JAY Cooke. aGTcrtscmcnt. l an wrong ETC." |
les ten months after this letter written
uni after the enumeration OF the ON" platform. the Hon.
John sherman, then Senator. advocated and procured
the passage Of The Act Of March, lsG? for the payment
of all the bond, III coin, when he haI Declared payable
In currency, thereby establishing an open reputation
- solemn and binding contract; and fastening
oron not less than ~5OO.OODOOO the staggering
industries OF the country is the speculative profits OF
the operation
senator Morton pointed out the plaineSt aud most
explicit four distinct acts OF Congress under
which the people hal acquired vested rght to pay the
go bonds IN legal tender notes. and which were !
To he broken ana set aside by ihe measuic then |
under discussion. In far distant times generations
unborn wniic cNtmin ng the sources OF the |
burdens thai have descended 10 Them Will read
the charge made In this presence by the late |
senator Indiana, that II combination OF stockjob-
beers, destitute uf conscience pirates, and INSPIRED
10y greed for money. successfully Numbered at
these doors aud finally drove this Government into the