The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1878-01-30
CONGRESSIONAL PROCEEDINGS.
The senate.

WAsHrNaToN. Jan 2e;-At tho expiration of
the morning hour the SILVER bill came W, as un;,
finished business, and M. Wallace addressed
the Senate In support of The bill.
He argued to show that there was q lack Of
metallic currency OF all KINDS for the purposes OF
commerce. and that 4 silver be refused recog-
milton as q legal tender coin. IL would .depreoi-
ate In value until II failed to serve mt all as cur
rency. This would reduce the circulating coin
corresponding reduction to the value of prop
erty and labor. Gold must be had by our peo-
iarsd cheaply In the markets OF the world. TO
return 1t they must be kept at low price. Then
why should our country 6y renonetization OF
means TO meet the bonds.
aa IA rpy s K az emspa nsS S Sn pr re-
given the coin. and the capacity Of the mnss.
would cause silver to 9? nearly approximate to
gold that \ would nos'saeck the flow Of gold to
After pointing out the disadvantages under
which silver labors through Its demonetzation.
same cause. he said that when q debt paying
value had been impressed upon silver 1t would
then be seen what the actual relative values ofthe
two metals were after being placed on an equal
footing, and the co mage could be then regulat-
cd to bring the coins in the two metals to an
Mr.. Bayard contended that we we're one of
the families OF human beings, and must accom-
modate ourselves to the circumstances sur
rounding us. It was futile to attempt to violate
the laws Of trade and declare sixteen ounces of
silver dollar while the world said eighteen
ounces made dollar, ~,
course of events and the laws of trade were
bringing paper and specie to par when this bill
was brought forward and t he prospeft p was that 1
by law. The effect of the agi alton of the dues-
tion had been to turn back this movement. This
friends of the silver bill. for almost stimuli
taneously with it comes the bill to repeal the re-
He contended that whatever value might be
stamped on the dollar 1t would not make 1t q
dollar In real value. and sooner or later 1t would
Torh hs sbon 70 or be
amendment to the bill, but could not vote for
the bill. after the amendment was adopted. He
concluded his remarks with the allegations that
i the warnings OF history wrre not heeded the
Lesson OF experience would be taught.
Mr.. Whyte claimed that the proposition to pay
the bonds In silver was not only violation OF
the contract. but fatal stab Mt the public credit
To place proper construction upon an act, the
bs OF s terms at he time
must be interpreted by that understanding.
The people must construe the law, and not
the grasping capitalist. It was true that the
bonds were paid for in a deprecated currency
PRICES; but the faith Of the patio nation j. must be
struction on the question 10 the. election which
brought Gen. Grant 10 the Presidency: after the
Democratic convention had made the eonces;
sion to the hereses which spring from the soil
of Ohio, of putting into Its platform the iecla-
ration that all debts not actually specified to be
paid in coin should be paid in currency.
metallic currency, he urged. was the money
contemplated by the trainers OF the constitn-
ton, and the right to regulate 1t was conferred
upon the government There had been ques-
uon among the friends Of the silver dollar
whether 1T was demonetized by the act Of 1873.
or by the revision of the statutes later but the
practical fact was that silver had been demone-
tized for half century.
Mr.. Cameron, of Wisconsin, offered an amend
ment to the. bill providing for dollar of 400
grains. Ordered printed.
MIR. Christlaney was recognized, but yielded
to MIR. Hamiin for q motion to go into execu-
tive session. and at 4:49 p. m. the Sen ate went
into executive session and shortly thereafter
adjourned.
The House.
Mr.. Rice. of Ohio, rose to q personal expaana-
tion, and read an extract from an editorial In
the Washington, Republican. based upon some
remarks made by Mr.. Price. of Iowa. In rela-
tion to the alleged refusal Of the Committee ON
! Pensions to report pension bills.
Mr. Rice did not think that the remarks of the
gentleman from Iowa would bear the construc-
tion put upon them by the editor of the Repub-
Iean to wit: That the committee was not dis
posed to report the bills on Friday last" He met
the gentleman from Iowa. and he inquired what
progress the committee was making on the bill
for arrears OF pensions.
He told the gentleman from Iowa that the bill
was before the committee: that Ii had his earn
est sympathy. and that its details were being
prepared as rapidly as possible. He did say It
would take Q large amount OF money from the