The Osceola times., 1878-02-02

that the honor and good faith of the govern
ment should be impaired i'm the slightes
degree. The naked question before the ser
ate was whether the government could law
fully pay its creditors In silver Of the stand
ard value OF July H. 1870. He reviewed IN
financial legislation since 1862 and quote
from various acts TO show that all the bond
issued were payable 10 legal tender coin O
the United States. When these acts wer
passed there were but two species Of coli
established by law-gola aud silver-and q
the contract stood between the governmen
and its creditors the government could pa,
its debts in both or either. The Law at III
time provided for the coinage OF silver dol
lars as well as gold dollars, and had II beel
intended 10 exclude the silver dollar whel
bonds were issued, why was not provision
| inserted for that purpose That the gov
ernment had right 10 pay its bends In silve
was clear, and he could not see how an,
such action could be looked upon ~ repu,
diation. He spoke Of business prostratioI
and the suffering throughout the country
and argued it was the effect of unwise legis
lation. The financial legislation since fh,
war had been calculated TO enhance thu
value OF the bonds Of the government in The
bands of its creditors. The volume Of paper
currency in circulation had been regulated
BY the government and not by the require.
ments OF business. Since the panic OF is7S
nothing had fourished save government
bonds. Mr.. Maxey reviewed the arguments
against the reconciliation OF silver, and
said The constitution itself recognized q
double standard. He argued that.the. act
demonstizingsilver was not und efstood when
passed. BE qaotea from the speeches Of
Secretary Sherman In the senate to the eject
that ron urpcc had tha .{ut. ", poexaua La
silver dollar whenever it might think proper.
In his (Maxey,O opinion the time had now
come when 1t should he restored to the coin.
age of the country. He would vote for the
pending resolution cheerfully, because he
believed the welfare Of the people imp era
lively demanded it....After the executive
session, the senate adjourned till Monday.
10 the senate, on the 2lst, Senator
ConSling presented a large number OF peti-
tions from citizens Of Ulster, Lvipgstoue,
Orange and other counties Of New York in
favor Of The reredtietlx Mon Of silver. Laid
Oh the table..,...A bill having been reported
to the senate, Senator Beck submitted con.
current resclu ution declaring that it is unnsc.
essary and inexpedieut TO impose taxes at
this time asked for BY the secretary Of the
treasury, to provide thirty. seven million
dollars for sinking fund, and directing the
secretary not to purchase any more bonds
for liquidation Of the public debt until direc.
ted to do 80 by congress. Laid over for the
present and ordered that II be printed go.
Bills we're introduced and referred to appro-
pirate committees as follows: BY Nj. Nc
Donald-To establish mint for the coinage
of GOLD and silver at Indianapolis, Ind, and
appropnating certain grounds for the same,
and also money Tor the purchase Of necessary
machinery. BY MI. Cameron-Authorisin
the coming OF standard silver dollars, and
providing that gold and silver Jointly, and
not otherwise, shall be legal tender. BY
Mr.. Eustis To authorize the establishment
Of a mail, steamship service between the
United States And the empire Of Brsxil. BY
Mr.. Conkling-For the relief of VIM. A
Hammond, late surgeon general of The Uni
ted States army. BY Mr.. Chaffee-A declar
alton Of the meaning and intent of the fif
teenth section Of the Pacific railroad sct ol
July !, 1852, etc. BY Mr. Davis-Directing
the secretary OF the treasury to purchase the
Freedman's bank building and adjacent
property owned by the Ffeedman's Savings
Trust company In Washington, the price not
TO exceed two hundred and fifty thousand
dollars, and the money 10 be placed in the
United States treasury to the credit Of the
commissioners of said insolvent company
for distribution among its creditors. By Mr..
Plumb-To provide for the Improvement Of
the Usage rivers IL Missouri and Kansas.
At the expiration Of the morning hour the
senate resumed the consideration Of the
resolution of Mr.. Matthews, declaring the
right of the government 70 pay its bonds in
silver, and Mr.. Jones. Of Florida, spoke in
favor thereof Mr.. Cockrell then quoted
extensively from various financial acts Of
congress 10 show that the government had a
right TO pay the bonds In silver. and also re-.
viewed the arguments in behalf of the sin
gle standard alone; but before he had spok en-
long yielded to Mr.. Edmunds, on whose mo-
tion the senate went into executive session
and soon after adjourned.
In the senate, on the 22nd, Mr.. Dorsey
presented petition from the citizens Of Hot
Springs, Arkansas, in favor Of an amendment
to the act in relation 70 the Hot Springs
reservation, ~ enable those occupying prop.
erty there 10 purchase the same. Referred
,..... Mr.. Withers presented petition repre-.
senting 5000 depositors in the Richmond
branch Of the Freedmen's savings bank,
asking congress TO reimburse their losses
incurred in the institution. The following
bills were introduced and referred: BY Mr.,
Harris-To provide for the appointment Of
a district judge for the western district Of
Tennessee. by Mr.. Butler--To repeal alsection
347 of the revised statutes Of the United
States, the same heiug section 123 OF the
national bank act imposing tax of ten per
cent. on the circulation Of state banks. Ad.
jsurned. ,.,a. ..
In the senate, on the 2srd, Mr.. Blaine
introduced bill to coin silver dollars and
make them legal tender in common with
gold coin up TO and including Eve dollars,
and for all sums exceeding five dollars the
debtor shall have the right TO tender, and
the creditor 10 demand one half of the
amount in gold coin and ohe.hslf in silver
coin The senate then resumed the cons
siderxtion ef unfinished business, the resolu.
ton of Mr.. Matthews to pay interest and
principal Of bonds In silver, and Mr.. Cock.
rell continued his remarks in favor Of the
resolution. Sargent presented the
petition of 5000 citizens Of California in
favor Of government aid to construct the
Texas and Pacific railroad, so rs TO have a
competing line from the Pacific to the Az.
iantic ocean. Referred. ......Mr. Morgan pre-
sentesi q memorial Of the conference Of
merchants and Others recently held at Chat.
fanooea, Tenn, favorine the improvement
ofMuscle Shoals, Tennessee river. Referred.
.....Mr. Terry introduced bill 10 Yemuner-
ate the compensation Of postsnasters aud for
other purposes. Referred II provides ~
its main festure, that the compensation Of
fourth. class Postmasters shall be based upon
the number Of stamps easceled in their
Offices instead Of the number Of stamps sold,
The senste then went into executive
session, and when the doors were re-opened
adjourned. - hs'A s.e Z, .ss. av-
: On tba Gath, at ths expiration Of the
morning hour, the senate resumed eonaider'
alton Of the resolution tby Mi. hAtthews) "a
pay the interest and principal OF bonds II
silver, and Mr.. Lamar spoke In regard there
to IL. Tho debate waa continued In . colo.
quisl msnner BY Messrp. Edmunds, Thurman
and Kefnsn. 80. The Senate, on motion o.
Mr.. Dsvis IN }. sdiourned.