The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-03-14
HOUSE.
washington. March

Washington, March 5.
Mr. Marsh offered a resolution recting that the
Union Pacific and Central Pacific Palroad Com.
panies owe the United States S2S 0OOO of accrued
interest on bonds guaranteed by the United States
and that the earnings Of said companies have
been consumed by dividends declared on the
capital stock in violation of their charters, and
directing the Judiciary Committee to report
whether 1t is expedient to enact such laws as will
prohibit the payment Of dividends on said stock
until the indebtedness to the United States Is lqui.
dated. Referred
On motion of Mr.. Eden the Senate amendments
to the House BILL making appropriation for the
payment Of claims reported allowed by the Secre-
tary of the Treasury, were concurred in.
At the conclusion Of the morning hour a half
hour discussion arose as to the business to be next
considered. After great deal OF amusement,
and while Mr. Townsend was on the floor, the
Speaker announced that the discussion was en-
tirely out of order and that 1t seemed to him the
public business should be proceeded with, which
called forth the remark from Mr.. Townsend
that he did not want the Chair to lecture him In
public
The speaker-The Chair will lecture the gentle.
man In private.
Mr. Townsend-You had better. do not want
any public lecture and further, will not submit
to 1t. Great laughter)
The House then went into a Committee of the
Whole Mr.. Potter In the chair on the fortfcation
appropriation bill
The bill appropriates 100000 for the protcc.
ton of fcrtihcations and other works of defense
Sl25,0OO for the armament Of Notifications and
1000 for torpedo and for harbor defense The
bill was read, and without amendment was laid
aside to be reported to the House.
FINANCIAL SPEECH OF Mr. KELLY
Mr.. Kelly took the floor by unanimous consent,
and proceeded to make speech on the resump,
tion question,
The speech was a reply to Mr. Garfleds, of
some months ago. He denied Mr.. GRrfelds state.
ment that the year 1860 was prosperous neand
quoted from varOu authorities to sustain his DO
stion. In reply TO Mr. Gardeld's assertion that no
President or statesman had favored any money
but standard gold and silver he said that Jefferson
and Madison were exceptions to that sweeping
assertion. and that Alexander Hamilton had ever
favored resort to greenbaCks under the name of
Treasury notes. He also contradicted the asser.
tion of Garfield as the hesitation and unwilling
ness of the Senators and members to pass the le
gal tender act, and he quoted Thaddeus Stevens,
Hooper, and Senator Sherman in cOmmendatOn
Of that measure. He denied Garhelds assertion
that the greenback currency was a forced loan
and said a forced loan was q debt greenbacks
are money with which we pay debt. If the gen.
tlemans assertion had been made In 1862 It would
have been denounced as the hissing of a VenOmous
copperhead Coming down to the question of
specie resumpt on he said that with S65 100000 of
gold in the Treasury, with none in the hands of
the people, and with 87O00O0,00O 10 be redeemed
the proposition WAS measure Of insanity. twas
a proposition the enforcement of which was driV.
ing people to pauperism, to lunacy, to suicide,
and was creating mOneyed OligaTChy whose |
wealth, compared with the body of the people, |
would be greater than thatOf the mOneyed Oligar-
Cby of England.
In conclusion he said: The elements referred
10 as with us are against us. No returning wave |
Of prosperity carries the Nation forward. We are |
being Welled in the s.Ougn OF despOnd. Instead |
of business reviving everywhere prices continue |
to shrink wages to fall employment for labor |
skilled or unSkilled becomes more difficult to OBJ
tain and the nation is appalled, by profOunder |
gloom than has OVershadOWed it since the gentle |
mans other prosperous year Of 1860. This sad |
condition will COntlnne, and will from month to |
month intensity until that menace to confidence |
the resumption act shall be repealed. II cannot |
be otherwise. The silver bill was the act of JUS |
tice not relief It's good influence cannot be felt
appreciably until restored confidence will Justify
an enlargement Of the circulation of money and
credit Bonds have not fallen nor gold risen since
its passage over the Presidents mpotent Veto Its
enemies have been COnfOunded by experience |
and so too will its friends be If the resumption act
be permitted 10 disgrace our statute books.
Mr., Garfield rose to reply to him, and is to have
an hour for that purpose when the House again
goes into committee on the bill.
The committee rose, and Mr. Fort introduced
bill to authorize the preparation of fine or stand.
ard silver bars Of the value ofslOOOOO the deposit
Of the same in the United States Treasury and the
issue of certificates thereon. Referred.
Adjourned