The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-01-25


mail lines with South and Central Americ.
and the West Indies.
General Bussey and Colonel Trenholm, O
South Carolina, divided the time allowed
by the committee, the latter presenting thu
star and railway service, While the former
called attention to the steamboat and South
American mail service.
Both gentlemen made forcible arguments
and the committee will doubtless give full
consideration to what they said.
xLVTH CONGRESS--Second Session
WAsH1NGToN, January "a, 1878.
/ SENATE.
The unfinished business was resumed.
Mr.. Lamar, Of Mississippi, said he would
vote against thefesoluton of mr.. Matthews
for the payment Of the bonds in silver, and
also the amendment thereto OF Mr.. Edmunds
to pay them in gold, because he believed
they did not set forth fairly and fully the
true issue. The senator from Ohio (Mr.
Matthews) had argued that the act OF 1869.
to strengthen the public credit, was passed
on account OF the apprehensions that the
principal Of our public debt was payable in
legal-tcnder notes.
In his (Mr. Lamar's) opinion the argu-
rent in favor OF the right Of the Govern
ment to pay the bonds in greenbacks at that
time was stronger than the arguments now
addressed to the Senate in favor OF the right
Ut the Government to pay the bonds in
silver coin. BY the law Of the land this
greenback currency was elevated ut that
time as full legal tender FOR everything
except customs duties and interest or the
| public debt, and silver now is not legal
tender. He concurred in the opinion that
;,, to 1- oyyol,i in
| backs according TO 4 literal construction
Of the contract. He did not believe it
wise, polite, or stateSmanlike now for the
! two houses Of Congress, in advance Of any
Iegislations to proclaim their position upon
this sweeping and radical revolution in our
financial system. He believed there was
more than one method OF remonetizing sill
yer so as to place that metal upon solid
foundation as a part OF the currency Of
this country. He believed il could be
done by the cooperation of all those
| nations which desired to remonetize
it, He believed 4 ratio between the two
metals could be fixed so as to answer all the
requirements OF trade and business, but
there must be cooperation. The United
States could do nothing solitary and alone.
TO restore the silver dollar to the service Of
the world was an admirable object. but
he did not believe the Bland silver bill
would accomplish the double standard.
Its peculiar clement was that one metal
alone should be the. ruling metal, and that
metal must be silver. We had better adj
here to greenbacks than coin this metal,
| unless the European countries coined Also
| II the United States should attempt to have
q bi-metalic standard, when the European
| countries had gold standard alone,
| the result would be that this coun-
| try would have silver standard alone.
Silver occupied subordinate position
| to gold in the money Of European countries,
and Congress must legislato with reference
to what exists with reference to things as
they are. The Bland bill proposed that the
old silver dollar should be coined as a
full legal tender. Would any one deny
that the effect OF this measure would not
be to drive the gold which Is in this
country far beyond our limits forever,
and remand us to the mona-metalism
Of silver? Gold was the great machine
which sent the produce Of one country to
another in bulk, while silver answered for
domestic purposes. The bill was not adVo-
Gated as permanent member or hnance
| looking to the lasting prosperity OF the
country. 1t was simply to relieve the SUI
ferinp OF our people. II upon sound princi-
l
one would cooperate more readily than him.
self. The people did need relief. Merchants
were breaking, labor was out OF employ
ment, and the farmers of the South and
West were grooming under Indebtedness.
II this bill would give them relief he would
vote for it. Before any one was authorized
to conclude that the bill would give them
relief he must show that it was the abb
sence Of silver which was the cause OF the
suffering.
He argued that money was more plentiful
in those countries OF Europe where silver
was demonetiZed than anywhere else OH the
face of the earth. The flowing in Of silver
simply caused the outflow Of gold. 1t was
said that this measure was necessary, not SO
much to swell the volume OK money as to
arrest the process Of contraction. II that
was so, why not arrest the contraction
by postponing specie-resumption? The
RECOMMENDATION OF silver would not arrest
or relax the contraction growing out OF the
resumption act. II nothing should be done
by Congress to prevent, he thought equality
would be established between the two
metals. In spite of everything, the natural
effect Of our business relations was bringing
the two metals together. We had two great
American products. One was cotton, and
IL teSe " oi1>
globe with the single exception OF the place
where it was produced. The Government
had demonetized silver by the act Of 1878
aud it could not now claim to pay its obi
cations in metal which it had demonetize6
and debased in the markets OF the world
He asked why it was that England could
put out her bonds at three per cent, ant
said it was simply because her credit wa
good. The holders OF her securities knew
they would suffer no loss by her law.
In conclusion, Mr.. Lamar alluded to thu
course OF the Democratic party prior to thu
war, and said when that party had contro
OF the Government for the first seYent.
years OF its history they handed it to thu
party which then came into power withou
single stain upon its escutcheon.
When Mr.. Lamar concluded his remark
there was some applsusein the gallery.
HOUSE OF REPRESENTATIVES.
The steamboat bill occupied the atten
ton OF the House all day, and progresse'
as far as the last paragraph.
New Jersey.
i DEFRAUDERs HELD TO BAIL.
TRENTON, January 24.--Jacob r. Freeze