Daily Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1876-1884, 1878-02-06

Mayham moved to strike out
5000 for the pay of one inspector of
practical military engineering in
addition to his pay as First Lieu
tenant. Considerable discussion
ensued, during which Clymer said
there were five-sevenths of pro.
lessor at West Point to each five
and one half students aud theirp
amounted to about 5000 more than
the cost of sustaining the 80 ca
diets. He recommended the Mill
tary Committee to look into the
matter. 1t was radically wrong.
Without reaching q conclusion the
Committee rose and the House ad-
journed.
niii 60 Require Detailed Estimates.
WASHINGTON, Feb. 5th.-The
House Committee on Naval Affairs
has agreed to report favorably
Whitthorn's bill, which provides
for certain estimates of the Navy
Department, to be given in detail
in addition to the estimates re-
quired by the revised statutes.
more baHiuSs hNhk CrO0keuoess.
Boston, Feb. 5.-The Mercantile
Savings Institution has a capital
stock of $205,57l which will be alb
sorbed by its losses. Depositors,
probably. will not be heavy losers.
The bank has been dealing largely
in real estate for the last years
and the depreciation of invest
ments causes the present condition.
1t is believed the officers of the
bank withheld in their returns the
true statement of its finances.
Lerdo SIN In tho Field.
CITY OLE MEXICO, Jan. 30th.-The
friends of ex-President Lerdo in
tend to run him for President at
the next election. 1t seems that
Vallort and Romero are also men,
toned as candidates.
Debate ON the SILVER Hill.
CHICAGO, Feb. 4th.-In the dis
cussion on the Bland bill this af-
ternoon, Eaton favored an interna-
tlOudi COuiClCdCC " Ii a VIC iclutIt6
value of gold and silver. He want
| ed to submit an amendment to-day
for Ash grains of standard silver,
which equalized the silver with
the gold dollar. He would make
silver coin worth one hundred
cents, and under his constitutional
oath he would do it now and not
wait for the report of any Interna-
tional Commission. Believing that
the stamp of the government in
creased its value, lie would make
the silver dollar consist Of 440
grains. He moved to strike out
4123 grains and insert 440 grains.
The amendment was ordered
printed.
Eaton then resumed his remarks,
making a lengthy argument. He
said two classes of Senators clam
ored for the Silver dollar. The one
led by Beck insisted that it would
make money cheaper, and the
other, led by Thurman, insisted
that it would equalize the value of
tho gold and silver dollar, and both
would be the standard of value in
the commercial world. Both could
not be right, but might be wrong.
He did not object to the coinage Of
the silver dollar under proper re-
strictions, but there could DO no
double standard. Such standard
had been claimed, but one metal
always drove the other out of the
country. Eaton referred to the re-
cent speech of Voorhees,, and said
he did not attack or arraign the
motive of any honorable Senator
on this floor, but of the effects
which the principles enunciated
might cause, he had right TO
speak. Such remarks as
were uttered by that Sena-
tor would array class against
class and labor against capital. He
did not say this was the design of
the venerable Senator, but such
would be the effect of his speech.
The North, South, East and West
were bound together by the consti-
tuition and bond of brotherhood
which could rot be broken. The
Senator from Indiana charged that
capital was aggressive and arro-
giant. He (Eaton) thought it was
always timid, quiet and avoided
anything like revolution. To his
Southern friends he would say they
were broken down by the ravages
OF war. Maryland, Pennsylvania,
New York and New Jersey and New
England had capital and the natu-
raj advantages Of the South afford
| ed O good investment for it. Let
1 thara ha No morn y,nanoon praxra
men did not fear 1t and honorable
men would never indulge in it. He
believed, but for the unwise action
of Congress-, the commercial men
of the country would have resumed
specie payments before the 1st of
March next.
Howe complimented Eaton on
his able argument but refused to be
placed in the dishonorable cata-
logue of regulators. He examined
at length the acts creating the
bonds and the legislation regarding
their payment and concluded that
if the capitalist insisted on the
payment of his bond in gold, be
must rest on the equities of his
claim and not on the law
of the land. The Government must
consult its own interests even as
capitalists did when they made in
vestments. The attempt to demon
etIze silver was conspiracy into
which large part of Europe has
entered. The question was, would
the United States become a party
thereto? 1t was deliberate at
tempt to blast thirty-three per
cent. of our means to pay the ma
tion's debt. The West had fewer
millionaires and consequently
fewer paupers than the East. The
simple truth is, the West believes
the East is trying to alter the con-
tract made by the Government in
the sale of the bonds and they OBJ