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

Delaware / asked him what reaso
, was there for prohibiting the peopl
OF this coutry from having an oppor
tunity of investing in these bonds. Tb
} gentleman has undertaken to construc
/ two monsters entirely imaginary
about which | never uttered one soil
tary word, as | informed the Senate
in the beginning of his arraignment
} | nevcr made any profession of world
wide attachment for the dear peopl
Of this country, and such remarl
was entirely gratutious upon the par
, of the Senator from Delaware. No
one word that | said justified any sucl
, inference.
The next thing the Senator from
Delaware erects Is paper money q
absolute money, and be makes me tn,
advocate of il, and there undertake
to demolish me. Ah, Mr.. President
begin to fear that my prediction o
thirty years was not quite enough.
said that from the foundation ofthis gov
ernment TO 1862 no statute law OF thil
country had ever used the word "cein,
and desired TO return TO the former
practice in that respect. Now, be
cause want to strike out the worC
''coin" the Senator from Delaware un
dertakes TO make me the special ad
vocate OF absolute paper money. Il
the Congress Of the United States un
der the Constitution has the power Il
issue paper money and make it abso
lutte money, then | said that. If the
Senator admits that they have the
power, then | said that confined
my remarks to the money which the
Congress of the United States under
the Constitution had the right to issue,
and no other kind of money and |
have not defined, as / stated TO the
Senator from Connecticut MIR. Eaton]
what kind OF money believed the
Congress of the United States had the
constitutional power to issue. ] had
stated that before the Senator from
Delaware INDUCED IN his remark.
do not intend that the Senator shall
place me in the position of being tho
advocate Of absolute paper money
from what | have said. When that
question comes up, then 1t will be sui
tcient time to discuss it, am dis
cussing now the kind of money which
we had in this country from its found
alton up TO 1862, and ] say again,
am opposed to any law which inserts
"coin' in any obligation or security
Of the United States. | want them
all to call for money, dollars and cents,
and then we shall see what constitu-
tional powers Congress has. There
never was any very great controversy
about the constitutional powers OF
Congress up to 1862; it has all arisen
since then. / want these bonds to
sperify money, lawful money, what
ever money Congress has the consti-
tutional power to issue. As soon as
the pending amendment shall be voted
upon, propose after the word "coin
TO insert "in twenty years and paya'
BILE in !" 80 as TO read:
Redeemable in coin in twenty years, and payA-
bic In aIty years
Mr. Randolph. Mr.. President, the
discussion having shown this is mix
cd question apparently, | hope the
Senator from Missouri will not misun
derstand me when when | say sup.
pose we are evidently to have finan
cial hash, the main question having
been disposed of with the passage o.
the silver bill and veto. rose TO say
that am anxious for the passage Of
this or some similar bill. l believe in
the distribution of the bonds OF the
United States among the people, the
"dear people," as | think they have
been called.
Mr.. ockrell. By tho Senator from
Delaware.
Mr. Randolph BY the Senator
from Delaware aud the Senator from
Missouri.
Mr.. Cockrell. No, not by me. The
Senator from Delaware misreprescnt
cd me.
Mr.. Randolph. Well, they are close
people TO me whenever their interests
are endangered by unwise legislation
If they are not dear TO others. | rose
only to say that | should like these
bonds distributed among the people
both as matter of interest and per
manent security TO them in their in
vestments OF hard earnings and through
their possession of government bondt
making a close tie between them
and the government throughout the
fifty or more years in which the bonds
may run.
differ with those who advocate Q
rate of interest based upon 3.65 pei
cent, for the reason, first, because
bonds of the District OF Columbia, prac
tically indorsed by the government oi
the United States. bearing interest al
So per cent, are not salable at much
over seventy cents, or whatever the
sale price may be, near that rate Ger.
taiuly far below par. l am anxious
that the bonds under discussion shall
be promptly purchased by the people,
and in that view ! shall advocate and
vote for their issue at 4 per cent, SO
that the measure may be practical and
prompt in its effect.
Without going into any debate OF
argument, as do not want TO delay
the Senate, | only say that ] differ
with the Senator from Missouri in re.
gard to tho issue of 3 per cent. bonds,
and with the Senator from Pennsylva.
MIA. who asks for 3.65 per cent. bonds.
| shall vote for the 4 per cent. bond
upon the presumption, first, that no
bond bearing a lesser rate will have
immediate and ready sale and, next,
that nothing less than 4 per cent,
bond is fair to the poorer people OF
the country, TO whom il is proposed
TO sell them; for whose advantage, as
means of secure and permanent in.
vestment, they are to be issued under
this bill. All the provisions Of this
bill show that our purpose is to make
a peoples loan" and | predict for Il
large success.
Mr.. Allison. Win my friend allow
me to ask him question?
Mr.. Randolph. Certainly
Mr.. Allison. Does the honorable
Senator IRON New Jersey think that
per cent bonds would be promptly
sold now
Mr.. Randolph. Mr.. President, !
think see the colored gentleman that
is concealed in the "wood-pile" IN that
question. q
Mr.. Allison. | only want an an
swer.
Mr.. Randolph. Yes, but | decline
to briefly answer the question unless !
Il ~ A a.