Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1878-03-27

The bonds issued before 1869 were
pledged then to be paid in coin those
issued under the law Of 1870 were
made expressly payable in coin; and
| think we should make these bonds
the same as our other bonds in that
respect.
The Senator from Missouri says
truly | believe, that prior TO 1862
there never was specification in the
law in what the bond should be paya
BILE; but he will remember that prior
to 1862 there never was any money
known to the laws of the United States
except coin. Now that there have
been laws making something else
money, and the courts have held those
laws 10 be constitutional, think in
regard to this security which we ex-
pect will be issued to our own people
at low rate of interest, with II view
to the investment of small savings, we
should use the same language existing
in the law Of 1870. | hope, therefore,
that in that respect this measure will
be like the others, a promise, pledge
that the bonds are payable in United
States coin, and not that Congress
might (although ] hope it would not)
make money having less intrinsic
value, under the decisions which have
been made as to paper money.
Mr.. Salisbury. Mr.. President, |
said when was on the floor before
that was in favor of and would vote
for the amendment of the Senator from
Maine, Mr.. Blaine, not that | have
any objection, as the Senator from
Missouri [Mr. Cockrell seems to sup.
pose, to the debt OF this country being
funded at very low rate OF interest.
The objections which | stated then
were, in the first place, that in my
opinion the object proposed by the bill
would not be attained that there
would not be investments IN 365
bond while there was upon the mar
kets Of this country a large amount of
public securities bearing 8, AZ and 4
per cent. interest A second reason
why ! thought the interest ought to
be more than 1865 per cent, is that if
the parties whom this il intended to
benefit, persons who have small saw.
ings, invest in these bonds, when they
desired to realize from them they
would be compelled to submit to a
shave, because they would have a Sc
curity bearing less rate of interest
than other securities which were in
the market. The Senator from Mis-.
souri, has INDUCED in long profession
OF attachment to the dear people of
this country.
Mr.. Cockrell. The Senator IS mis-
taken.
Mr.. Salisbury. My observation in
life has been that the people Of this
country generally appreciate all such
professions at their true worth.
Mr.. Cockrell. Will the Senator
quote one solitary word that ] said to
warrant that assertion9 | ask him
not TO misrepresent me. | never pre-
tended to be the special friend of the
people.
Mr.. Salisbury. 1 ask the Senator
to take his scat. He INDUCED in a
long arraignmeDt OF the Senator from
Connecticut Mr. Eaton] and myself,
in which say that he spoke of the
people and OF our determination not TO
secure to the people their just rights,
and he undertook, il not in language,
at least by his manner and by bis
speech, to magnify his own attachment
to the dear people Of this country. /
repeat, my observation in life has been
that the people every where appreciate
at their true worth all those volunteer
expressions of attachment to their in.
terest. shall leave the Senator to
the indulgence OF that bliss which |
suppose he derives from the expression
of his own confidence in and respect
tor the people, have as high regard
tor the people of every section of this
country as the Senator from Missouri,
and ] do not intend that be shall hold
me or the Senator from Connecticut
up as being hostile TO the wishes and
interests of the people of the country.
On the contrary, presume that our
lives, which have been quite as exten-
sive as that of the Senator from Mis-
souri,, will bear out and illustrate the
fact that in all our intercourse with
the people we have had as much re-
gard for their interests as the Senator
from Missouri The Senator from
Missouri spoke in reference to myself
having about twenty years more ex
perience.
Mr.. Cockrell. Thirty.
Mr.. Salisbury. Yes, sir, thirty.
Well, sir, do not know anything
about the juvenility of the Senator
from Missouri, but do believe that |
have lived long enough to look down
upon and be able to correct some of
the errors into which the iuniority Of
the Senator from Missouri has fallen.
| think ! have discovered in the
speech of the Senator from Missouri
something of the animus which prompt
ed IT, The Senator from Missouri
avowed his desire to see the word
"coin" stricken from the bill. He says
be never wishes TO see il incorporated
again in any law of this country. What
does he mean 2 There is no legal cur
rency in this country except coin.
There is a promise of the government
which is made receivable as money,
but 1t expressly says not that II is
money, but that II is the promise of
tho government to redeem in money.
Now, sir, what does the Senator from
Missouri mean2 Does he desire TO see
this promise Of the government con-
verted into absolute money, 30 that
the paper promises Of the government,
instead Of being rcdeemablc in coin,
would be forced absolutely and uncon-
ditionally upon the people of this coun-
try as money itself2 Is that the ami
mus Of the Senator from Missouri II
so, think he will remain in solitude
upon that question. In my opinion
there is not a Senator upon this floor,
trust there are but few people in the
State which is honored, and worthily
honored, by the Senator as It's repre-
sentative on this floor, who concur
with him in such desire as that. No,
sir let the legal currency, the gold
and silver coins OF this country, be for
oil time insured to the people OF the
country, and ! trust the day will never
come when gold and silver are to DO
superseded by a moro paper promise
Of the government.
Mr.. President, | did not intend TO
be led into this debate. l was honest
in this expression Of my opinion, first,
that II would be impossible TO float
4 4 - ii A