The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-01-25
CONGRESSIONAL.
DEBATE ON THE SILVER REsO-
LUTON.
Mr.. Lamar Addresses the Senate I'm
the Interest OF the Money
Sharks.
WASHINGTON, January "a.
SENATE,

SENAIE.
At the expiration of the morning hour
the Senate resumed consideration OF the
resolution of Mr.. Matthews to pay the
interest and principal of the bonds in
silver, and Mr.. Lamar spoke in regard
thereto.
Mr.. Lamar first read the resolution of
Mr.. Matthews and next the amendment
thereto, submitted by the Senator from
Ohio [Edmundsl, ], and said: l shall vote,
Mr.. President, against both of these res
olutions, because l believe the issue thus
made up and joined does not set forth
fully the true issue involved in the great
change which is proposed to be wrought
in the monetary system OF the
country by certain measures now
calling for action by this body. l con-
cur in the opinion, as lawyer, that At
the time OF the passage Of the act of 1869
the bonds were payable in greenbacks
according to the literal construction Of
the contract As it was originally exc.
cuted it would not have been matter Of
any importance, it would not have been
a question, either Of interest or inquiry,
whether they were payable In green.
backs or gold or silver. Had the gov
ernment performed its promise of re-
deeming Its greenback currency and
making it convertible, then the two
would have been upon an equality
and the holder OF national securi-
ties would have felt no more interest
in the question rs to whether they be
paid in gold or silver than the holder of
English security is now interested in the
question of the payment of English bonds
in notes of the Bank of England or gold; /;
but by reason Of the suspension of specie
payments-by reason of the fact that the
government had not performed its prom
ise TO redeem these notes, they were de-
preciated by the act and default Of the
government, and the question arose
whether it would stand on its literal con-
tract and pay its obligation in cur
rency, deprecated by its own act and
its own default. The legislators
of that day concluded that it was equita-
bic, inasmuch as these issues were depre.
ciated by being unredeened and non-re-
deemsble, to pass a public act pro-
claiming to all the world that they
should be paid in coin. They were con-
fronted by a financial necessity-by
financial terrors. Had some Senator at
that time, pending discussion, like my
friend from Ohio, easmored of the judi.
cisi aspects of the question alone, recited
these previous laws and these circum'
stances under which the bonds
were Issued, and proposed resolution de-
clarlng to the world that no matter what
the interest of the people or government
may be, no matter what the financial
policy might dictate, no matter what
the question of expediency was resolving,
that the government can pay bonds in
treasury notes, in greenbsck currency.
what then would have been the effect Of
the finances of the country what then
would have been the effect on the attempt
to fund your public debt q. q lower
rate of INTEREST," It's effect then
would have been precisely what
would be the effect of this resolution.
The resolution of the Senator from Yer
mont Edmundsl, ], in my opinien, is amen
able to the same objection. l do not be-
lieve it wise or polite or statesman like
for the two houses of Congress, IN sd,
vance of any Legislation, in advance OF
any settled policy, TO proclaim to the
world their position on a purely legal
issue.
Mr.. Lamar cited various authorities in
support OF his views, and said: l con-
sirue the whole thing in arrsying au-
thoriiies IN favor of the bi-metslic system
on this point, showing that the effect OF
such legislation as is here proposed will
consolidate the currency Of all Europe
on gold basis, and remand America to
the Asiatic mode, and that OF those
poorer countries of Europe that are con-
demned by their very necessities to re-
ceive the rejected coin of great CONNER
cial nations.
The que, tion being on the amendment
of Conkling 10 make the resolution a
ioint, instead OF concurrent one
Mr.. ConklIng spoke briefly in favor OF
that amendment, and said, as the Consti-
tu.ion Of the United States deposited
with the President one-sixth OF the whole
lsw.mskIng power of the government,
he thought it should have the sanction
OF the executive, as well ss OF the two
Houses.
Mr.. Thurman opposed the amendment
srd said there were certain matters
which could properly be treated by q
concurrent resolution, and among them
was declaration OF opinion by the two
Houses OF Congress, when they might
deem such declaration proper. 1t was not
hi; purpose TO speak on the silver ques-
ton till the bill itself should come before
the Senate, but there was one thing
winch he desired TO refer to. The Sena-
tor had declared that the &C. OF 1873
deuonetIzed the silver dollar. 1t did no
such thing, the silver dollar was de-
monetized by the revised statutes, but
tbey were no. intended 10 change any
existing law. They were simply CON-
plstIon of the laws as they existed at the
iite Of the adoption Of tie statutes. The
silver dollar OF 4l2i grains was full
legal tender for al purposes and had not
been legally demoneiized. The argu'
nent had been made that silver dollars
we're not in existence a. that time,
sni therefore the b,R iholders did no:
expect 10 be paid in silver. AS well might
lch argument be made against gold be-
ause there was bat little OF that coin in
ue. The coinage &C. Of 1873 was step
il the direction OF demoneiizlng silver,
hut It was not actually demonetized TIL
he adoption Of the revised statutes IN
rs74 l. had been argued that injustice
would be done TO those who purchased
Sonds since 1873, if the Gcvernmen
,hould pay its bonds IN silver, but be
! Thurman would endesvor 70 show
Ehen the bill itself should come up for
consideration, tha. the payment OF these
)onds IN silver would not do injustice 70
my one.
Mr.. Herman said that il had been
argued that our bonds were held
oy those who were wealthy. dc
made no distinction on &c
,ount of wealth. Every man in thu
country should have elusi protection be
ore the law, be be poor or rich. de
! Yn,,.,1 daansd however that the