The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-01-16
.ernfnent to reduce The tax unless they re-
stored the tax on ccfees.

Iernment to reduce The tax unless they re.
stored the tux on coffees.
syARIors ITEMS.
The Cabinet to-day considered the Chi
Enese question. The President will send d
special messageto Congress on the subject.
George Williamson, the present Minister
to Central America, It is positively stated,
will be nominated collector Of customs at
New Orleans.
| W.. Porter, OF Charleston, S. G., has
been admitted 80 practice in the Supreme
Court.
XLVIH Congress---Second Session.
WAsHl4GToH, January Is, 1878.
SENATE.
The galleries were full and all the vacant
spaces in the Senate chamber we're filled.
Mr. Voorhees,, OF Indiana, called up the
resolution submitted by him on the 18th OF
December last declaring that it il Of the
highest importance that the financial credit
OF the Government be maintained, and in
order to do SO the Government itself, in all IFS
departments, should in good faith keep all
It's contracts and obligations entered into
with its own citizens. He referred to the
continued agitation OF the financial ques-
ton, and said it would never cease until the
people are satisfied that our vast debt is in
process OF extinction upon principles of
Justice to the taX-paying labor. or until, on
the other hand, they are subiugated into
silent submission, and the Government it,
self becomes changed in spirit and form
into moneyed aristocracy. 1t may be that
this latter alternative is to overtake us.
There are dark and plentiful omcns in
our recent history indicating such
conclusion. and there is numerous and
powerful class in our midst who believe, rs
Alexander Hamilton declared, that 'the
British Government, on this as well as on
other points, is the best ever devised by the
wisdom Of man." Those entertaining this
opinion have thus far triumphcd in the
financial legislation Of the United States,
and the time has now arrived when their
victories must be reversed, or soon this
Government will cease to be republican and
the people no longer be free. He argued
that to great extent our whole financial
system is an organized crime against the
laboring, tax-paying men and women of
the United States, and those who thought
as he did, that great work Of financial re-
form is demanded in order to secure the
people from slavery, in fact il not in name,
were denounced. He spoke OF llnholy
avarice having its stronghods, and
privileged classes having entrenched
themselves, and said this plea Of good faith,
now so loud in our ears, has been invoked
in behalf Of every wickedness that ever
cursed The world. He then spoke Of the
act of February %, 1862, as the beginning
OF our bonded debt. The precious metals
were found to be unequal to the emergency
Of war. Specie-payments were abandoned
as soon as the hour OF trial came, and gold
and silver covered in the rear, while the
legal-tender dollar went to the front with the
flag and stayed there. He was amongst
those who doubted our right to issue it,
but experience had shown it, all things
considered, the best money that ever cir
culated on American soil. He argued
that by this act, and by similar legisla-
ton at subsequent periods, every bond
issued by the Government which did
not on its face stipuate for payment
in coin was made payable by the eN-
press words of law in legal-tender notes.
He quoted from the language OF the late
Thaddeus Stevens, to the effect that even
the payment OF the interest OH the bonds in
coin was an unjust discrimination in favor
of the bondholder. He also quoted from
speeches of Senator Sherman to show that
he expressed the opinion that the bonds
were payaDie III lcHdl-LeHuclS.
Mr.. VOORHEES, characterized the acts OF
Congress proposing to pay the bonds in
coin as the beginning OF reputation. The
present Secretary OF the Treasury was the
chief OF the repudiators, foremost among
the yiolators OF contract, and leader
among those who have in no instance kept
the good faith Of the Government
with its own people a moment after
they found that bad faith would
bring them richer gains. He commented
at some length on the act Of 1869, to pay the
bonds in coin, and said in some countries
the habit prevailed of building carn--a
pile OF stones-to mark the spot where
some tragic event had happened. So let
American taxpayers, whenever the act OF
1860 is cited. each cast stone upon it to
mark the place in American history where
reputation began, and where the rights OF
the people were mercilessly and treach-
erously slaughtered. He next commented
on the refunding act OF July II, 1870, and
said it was brought in to aid the false asser-
ton OF the act OF 1869 that our whole
bonded debt was payable in coin. He ar
gued that both Of these acts were framed in
the interests OF the bondholders and under
their dicJation; but even under these acts
the bonds were payable with either gold or
Dir. VOORHEES, then spoke at some length
in regard to the advantage OF silver coin,
and said the silver dollar came to US with
the birth of our Government. 1t was de-
yised as aunt OF value by Thomas Jeffer-
son and adopted by Congress in the days OF
Washington, Hamilton, and Morris. 1t
stood us honored as gold through every
storm that beat upon this Government. II
is associated with all our developments, our
strength, our growth. and our glory. He
then spoke OF the act OF 1878 demolishing
it, and said it was passed without note OF
warning to the American people that their
favorite coin was about to be destroyed as
money. It's enactment was as completely
unknown to the people, and indeed to four
fiiths of Congress itself, as the presence
of burglar in house at midnight to its
sleeping inmates. He argued that the sill
yer dollar was eliminated from our money
system under cover of false pretences, and
that silver had not failed in its functions as
q specie basis any more than gold. OF the
entire trading and commercial populations
of the whole earth COG, 900 more people
have silver alone as their standard OF values,
and transact all their business upon it as a
specie basis, than those who have gold alone
for similar purposes; T54, 200, 900 more peo-
pIe use silver alone than use gold and silver
both as their metallic currency.
Referring to the specie-resumptio act OF
January II, 1875, he said an attempt to
force the resumption of specle-payments
with gold and silver both as our
metallic basis would be cruel fail
ure at this time. He spoke OF the
great shrinkage in values arising from
the shrinl,are of money in circulation,