The Osceola times., 1878-03-09

bonds or the payment Of interest thereon in
coin of less value than the coin authorized
1 by law al the title OF the issue OF the bonds
being the coin exacted by the government ID
exchange for the ssme. In view OF thess
facts it will justly be regarded as a grave
breach Of the public faith to undertake Il
pay those bonds, principal and interest, il
silver coin worth In the market less than the
coin received for them. II 10 said the silver
dollar made legal tender by this bill, under
its operations, be equivalent in value to the
/, gold dollar. Many supporters Of the ill
believe this would not Justify an attempt tc
pay debts, either public or private, in coir
OF inferior value TO the money OF the world
The capital defect OF the measure Is that Il
contains no provision protecting from iti
operation the pre-existing debts in case tbs
coinage which it creates shall continue 10 bs
Of less value than that which was the sole
| legal tender when they were contracted. Il
it is now proposed. for the purpose Of taking
advantage Of the depreciation Of siiyer In the
/ payment Of debts, 10 coin and make leea
lender a silver dollar Of less commercial
value than a dollar, whether OF gold or paper
which is now the lawful money Of this coun.
/ try, such a measure, il will be hardly ques-
toned, will, in the judgment Of mankind, be
an act Of bad faith a. to all debts heretofore
contracted. The silver dollar should be
uade legal tender only tits market value.
The standard Of value should not be chan ged
without the consent OF both parties TO The
contract. National promises should be kept
with unAinching fidelity. There is no power
to compel nation to pay itsjust debts. fts
credit depends on its honor the nation owes
what II has led or allowed its creditors 70
expect. cannot approve a bill which In
my judgment authorizes the violation Of
sscred obligations. The obligation Of publie
faith transcends all questions Of profit or
public advantages. Its unquestonable main.
tenance is the dictate OF the highest expert.
ence as well as Of the most necessary duty,
and should ever be carefully guarded by the
executive, by congress aud by the people.
II is my firm conviction that II the country
is to be benefited by silver coinage It can be
only done by the issue Of silver dollars of
full value. which will defraud no man, and
currency worth less than II purports to be
will In the end defraud not only the credi-
tors, but all who are engaged in legitimate
business, and none more assuredly than
those who are dependent on their daily
labor for their daily bread.
RUTHERFORD d. HAYEs,
President of the United States.
Executive Mansion, Feb. 2s, ls76 ~ q,
The speaker thereupon laid the message
before the house. The message having been
read in the midst OF profound silence the
speaker stated that the question was: Will
the house, on reconsideration, pas the bin?
The vote was then taken, and resulted In
yeas, 1876; nays. 73. The speaker announced
the vote, and said that in obedience to the
requirement Of the constitution tvo.thirds
have voted in the affirmative and the bill
has passed, the objections Of the president
o., tho .outrorv The nm.
noancemeat was received with gener n
hand-clapping and other marks Of iubila-
tion. Adjourned.
In the house, March lat, Mr. Shelby
introduced a bill to aid the great southe rn
railroad company to construct q line of rail.
way In Georgia and Florida, which was
referred. II provides that the company
may issue bonds in an amount not exces ding
fifteen million dollars, payable In fifty years,
in gold, at the rate of per cent interest
per annum, and authorizes the secretary of
the treasury TO indorse the guarantee OF the
United States tor the payment OF the interest
on said bonds. .....Mr. M'Cook, from the
committee on military affairs, reported back
the bill authorizing the secretary OF war to
purchase the site Of, and attsch IL to the
Vicksburg national cemetery, tsPemher-
ton monument. Referred The house then
went into a committee Of the whole. Mr.
Sparks in the chair, upon the private caIen.
dar. The committee rose and reported
thirty FIVE private bills, which were there.
upon passed ....eOn motion, Mr.. WaddelPs
bill to prevent speculation in postage stamps
by postmssters, which entailed loss. he
said, OF one.hundred thousand dollars a
month to the government, was made special
order for Wednesday, and the honse
adjourned till Monday.
..r. SENATE.
In the senate, on the 2jth, message
was received from the house announcing
concurrence in the bill to authorize the coin.
age Of the standard silver dollar. and to re.
store its legal tender character. An engrossed
copy OF the bill, signed by Speaker Randall,
was delivered TO the senate for the signature
Of the vice. president, which was later ut.
tached, the yice.president, at the time, not
being in the senate. The bill now goes to
the president. When the bill to provide for
n commission on the subject Of the alcoholic
liquor traffic was reached on the calendar.
objection was made Ia It's present considera'
ton, and the senate adjourned.
In the senate, on the 26th, the secretary
called the senate IN order, owing 10 the
absence Of Vice>President Wheeler ....Sen.
ator Anthony submitted n a-resolution that
Thomas W. Ferry be chosen president pro
TEN. Agreed TO, and Senator Ferry was
escorted TO the presidents desk by Senator
Thurman. ...All the unobjected cases on the
calendar having been disposed Of, Senator
Wallace called mp the bill TO authorize a
long bond for the investment Of savings, SO
that il should be unfinished buSiness to.
morrow, and the senate went into executive
sn~~;a, onJ vrhap bc Anare ros,porta1
adjourned.
In the senate, on the 9th, considera.
tion was then resumed OF unfinished bust
ness, the bill to authoriz long bond for the
investment of savings. Mr.. Wallace -ex
planned the provisions Of the bill at length
He said: There are two purposes in the bill
--one to provide fund for investment oI
the earnings Of the poorer classes. Tnt
argument for this is the insolvency Of saw
ings banks, so recent and so Widespread
The remedy seems TO be in wise use OF ouI
public debt as fund for that purpose. Ths
other purpose is to initiate o policy ol
diffusion OF the public debt among our own
people-a popular loan, at low rate Of
interest, to run fifty years, to ease the bur
den OF taxation and keep our surplus earn
ings at home. l. autagonizes syndicates and
appeals TO our own people. II looks beyond
national benks and finds an anchor for the
public faith with the people themselves
Pending discussion, the bill was laid sside
temporarily aud the senate resumed con
sideration Of the bill considered in the
morning in regard to the payment Of pensions
in New York city. The smendment Of Mr.
Sargent was agreed to, and the bill read the
third time and passed yeas, 4s; nays, s.
adjourned.
In the senate, on the 2Stb, house bill
10 authorize a special term Of the circuit
court OF the United States for the southern
district Of Mississippi, to be held at Scranton,
jackson county, was taken mp and discussed
at length. Mr. Eusiis unlimited an amend