Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-01-25
Senate.

ator Rice for abating the penalties and in
erest for non-payment of taxes during the
years 1878 by grasshopper sufferers, with
4 recommendation that it be printed and
then referred back to the committee. To
this action Senator Rice, who is taking
great interest in grasshopper measures, OBJ
jected, urging the necessity for prompt ac-
ton. Senator Gilfllan explained that the
bill was most important, and that
the committee appreciated the neces-
sity for early action. While this
was the case, it was an absolute necessity
that the law should be properly framed, SO
as not to conflict with itself and other tax
and thus be in a shape to be
made operative. This required time, but the
committee would be as expeditions as pos
sible. On vote, the bill took the course
recommended by the committee, and though
this may delay its presentation few days,
there is the satisfaction of the thought that
when it is presented, it will be in shape to
stand the test of operation.
The feature of the day was a speech by
Senator Donnelly, in favor of the repeal of
the resumption act. It will be remembered
that the resolution declaring for such repeal
was offered by Senator Doran. When the
hour set for its discussion was reached yester-
day, Senator Doran announced that he would
have to be absent on visit to the reform
school, and he would therefore call upon
Senator Donnelly to champion his cause. It
is hardly necessary to say this request was
readily complied with. In anticipation of
the debate, a large number of spectators had
assembled, including many ladies. The
Senator spoke for an hour and a hall, making
a splendid effort, holding the undivided and
earnest attention of his auditors from first
to last. The following is the
Routine Report.
ST. PAUL, Jan. M.-Senator Bonniwell pre-
sented petition of citizens of Hutchinson,
Mcleod county, for a State loan of seed grain
Senator j. B. Gillian presented petition Of
citizens of Rochester against the transfer of the
inebriate asylum to the purposes of an insane
asylum.
By Senator Clough-amending the charter Of
the city of Austin.
by Senator Llenau-appropriating $685. 900
for a Minnesota representation at the Paris ex-
position, and providing for the appointment by
the Governor of seven commissioners and one
manager, to have charge of such representation
at such exposition.
BY Senator Rice-authorizing the State Au-
ditor to abate penalties and interest for the
years 1867 for the non-payment of taxes upon
school, agricultural and other State lands occu-
pied by grasshopper sufferers.
BY Senator Swanstrom-a memorial to Con-
gress for an extension of time for the compile
ton of the Northern Pacific railroad. Rules
suspended and memorial passed.
By Senator Mealey-repealingt the law of 1877
relating to the redemption Of lands sold for
| taxes.
| ton of 81 800 for the publication of Supreme
Court reports; also, changing name.
FORECLOSURES.
Senator Gilfllan, chairman of the Judiciary
committee, upon which had been devolyed the
duty of preparing bill for the readoption OF
| the old law in relation to foreclosures of mort
cages, reported by resolution that the sense OF
the Senate be tested to see whether it was the
| opinion Of the Senate that such legislation
should beshad. The resolution went over un
der the rules.
BILLS PASSED.
| To authorize the Commissioners of Mcleod
county to compromise with the sureties of G.
!
planned by Senator Edgerton, of the Judiciary
committe, that the proposed compromise die
not in the least effect the claim of the Stat
against the said Minis and his securities, ant
that the county was confident it could recove
more by the course proposed than by prosecu
ton.
| REPEAL THE RESUMPTION ACT.
| At the hour for the special order the resolu
ton Of Senator Doran for the repeal of the re
| sumption act having arrived, the resolution wa
read, and Senator Donnelly proceeded to spea1
| to it.
Mr.. Donnelly said, the question was not
are you in favor of paper money being mad
as valuable as gold?" To this every man, be h
Democrat, Republican or Greenbacker, woul
answer, YES" The question was, are you i
favor Of specie resumption by the method
specified in the act of Congress of January Il
1878, under which we are now living. Mr.. [
here read the law] By this it appears that abou
i $50, OOO, 900 of greenbacks are to be cancelle
and 300, 200, 600 national bank notes issued i
their place. Why? Will the bank notes be an
safer! No. It is the fact that the governmer
is behind them that gives either any valu,
Will they be any cheaper? No. The $50 10000
OF greenbacks cost you nothing but the cost {
of printing the national bank notes, and in &C
dltion to that, you will have to pay gold inte
est on $50, 000,O 900 of United States bonds issue
to take the place of the cancelled greenback
This at per cent. would be four million ann,
ally TOR the neat thirty on forty gears. Is tn
;. It is not necessary. The banks are alread
capital.
} 1t is not safe to leave question of such va.
Importance as the supply of the currency {
the nation, to few corporations. If their n,
, cesslties demand it they will withdraw the
| currency. This has already been done on
large scale, to the ruin Of thousands of bushes
men. there is any profit arising from th
creation OF paper money it should go to til
. government, not to private corporations. Nj
Donnelly here quoted from speech of Salmo
T. Chase, made during the war, in which b
, showed that the greenbacks saved the nation
> pa1a and fed and clothed our vast armies an
, navles, and that when they were issued all til
banks IN the United States had suspende
specie payments, and that they wanted til
nation to carry on the war with their disho1
ored promises to pay. Chase said, mo; th
American nation is worth more than all of 20
put together, and he issued the greenbacks.
) But it is claimed that it is not intended
, cancel the $500, Co., 900 of greenbacks which b
the act OF January, 1875, must be redeemed,
with gold; that the government will issue thel
again. How? Now they represent part of tt
national debt - the non-interest payin
part. But # they are paid off with the pr
ceeds OF bonds issued in their place, how ca
the government issue them again? What del
} will they represent? Every dollar of til
f national indebtedness will then be expressed
interest bearing bonds. The revenues of til
government are more than sufficient to cove
It's current expenses. But suppose they al
issued again will the government then Great
$500, COG, 900 more bonds and sell them an
with the gold redeem the $500, OOO, 900 of greer
I backs again, and then issue them again? If s
where is the process to end?
H our 1912, 900, 600 of greenbacks are wipe
out then we and our children will have to pa
J annually for many years over fifteen millio
dollars of interest, through taxation, on til
bonds issued to represent them; for the del
must exist as bonds if it does not as greer