Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-01-25
Senate.

esting Items
Senate.
WASHINGTON, Jan. Ex-senator Hamlin sub
mitted resolution directing the commissioners
on district affairs to examine into the affairs
and management of the Freedmen's hospital,
in the District Of Columbia. Agreed to.
nUNKLE AND DRAPER.
Senator Burnside submitted a resolution
directing the Judiciary committee to notify
Col. B. P Runkle when his case is taken up
and providing that he may appear personally
OR by counsel before the committee and be
heard in regard to his case.
Senator Edmunds stated that the practice of
the judiciary committee had always been to
allow parties to file written Briefs stating their
case.
After some debate it was decided that the
Judiciary committee would not hear oral state
m.nts from the parties counsels in either
the Runkl or Draper cases.
NORTHERN PACIFIC.
Senators Howe and Cameron, of Wisconsin,
presented resolutions of the Milwaukee cham
Der of commerce in favor of extending the
time for completing the Northern Pacific rail-
way, on certain conditions. Referred.
THE EULOGIEs.
Senator Anthony, from the committee on
printing, reported favorably on the resolutions
to print copies Of the eulogies the late Sena-
tors Morton and Bogy. Agreed to.
THE RECORD INDEX
Senator Beck submitted resolution in
Htructing the committee on printing to inquire
into the expediency Of abolishing the separate
index for the Congressional Record and issuing
an index with each volume Agreed to.
NAVAL OBSERVATORY.
Senator Sargent called up the Senate bill to
provide for the removal of the naval observa-
tory, and submitted amendment therefor in
the nature of substitute, which authorizes
the President, by and with the advice and con-
sent of the Senate, to appoint a commission of
three persons to select site for the naval OBJ
servatory and report at the present session of
Congress, upon the cost of the same, and also
the cost of removing the institution. Agreed
Senator Morrill, called up the House bill to
change the location and name of the Miners
National bank Of Braidwood. Illinois. Passed.
BECK's SINKING FUND RESOLUTION.
Senator Beck gave notice that he would to-
morrow, during the morning hour, call up for
discussion the resolution submitted by him
few days ago in regard to the sinking fund for
the payment of the public debt.
THE SILVER DEBATE-MR. LAMAR
at the expiration of the morning hour the
Senate resumed the consideration of the
luton by Senator Matthews to pay interest and
principal of the bonds in silver, and Senator
Lamar spoke in regard thereto.
Senator Lamar first read the resolution of
Senator Matthews and next the amendment
thereto submitted by the Senator from Yer
mont, (Edmunds). and said: shall vote, Mr.
President, against both these resolutions, be-
cause I believe the issue thus made up and
joined does not set forth fairly and fully the
issue involved in the great change which is pro-
posed to be wrought in the monetary system of
this country by certain measures now calling
for the action of this body. concur in the opin-
ion, as lawyer that at the time of the passage
of the act Of 1869, these bonds were payable in
greenbacks according to the literal construction
of the contract as it was originally executed.
1t would not have been a matter of any I'M
portance, it would not have been question
either of interest inquiry, whether they
were payable in greenbacks gold
OF silver had the government performed it's
promise of redeeming it's greenback currency,
and making it convertible. Then the two
would have been upon equality, and the
holder of our national securities would have
felt more interest in the question to
than the holder Of an English security is now
interested in the question Of the payment of
English bonds iu notes of the Bank of England
or gold. Bnt by reason of the suspension of
specie payments, by reason of the fact that
the government had not performed its promise
to redeem these notes, they were depreciated-
deprecated by act and default of the govern
ment-and the question arose whether it would
stand upon its literal contract and pay it's obi
cations in currency deprecated by its own act
and its default The obligators Of that
day concluded it was equitable, in much as
these issues were deprecated by being unre-
deemed and non-redeemable, to pass a public
act proclaiming to all the world that they
should be paid in coin. They were confronted
by financial necessity-by financial terrors.
Had some Senator at that time, pending the
discussion, like my friend from Ohio enamor-
ed of the judicial aspects of the question alone,
resisted these previous laws and these circum-
stances under which these bonds were issued,
and proposed resolution declaring to the
world that, no matter what the interest of the
people or government might be, no matter what
the financial policy might dictate, no matter
what the question of expediency was-resolving
that the government can pay these bonds in
treasury notes, in greenback currency what
then would have been the effect on the finances
of the country? What then would have been
the effect of an attempt to fund your public
debt at lower rate of interest? Its effect
then would have been precisely what the effect
of this resolution will be if it is adopted.
The resolution of the Senator from Vermont
(Edmunds), in my opinion is amenable to the
same objection. do not believe it wise or po-
litic or craftsmanship, for the two Houses of
Congress, in advance Of any legislation, in adj
vance of any settled policy, to proclaim to the
world their position upon pure legal issue,
upon naked Judicial point, bare, isolated
from all other important aspects Of this sweep
ing and radical revolution in our monetary sys-
tenn. involving, as it does, utter overturning
OF all our exlsIlnS financial system. ana,
however, it may do in logic it will not do in
practical legislation to formulate and lay down
and commit yourself to any promise until the
terms of the proposition are we'll defined and
established. I think. therefore, that such
resolution would not be WISE There is anoth-
er objection to it. There is in all resolutions in
that side, under the circumstances Of their pre-
sentation, an implied committal against the
policy of reconciliation of silver. Such a
committal, by complication, is, in my
opinion, at this time inopportune and i'll adj
yised to an eminent degree.
That there is a method of remonetizing silver,
indeed there is more than one methodist as
to place that metal on solid and lasting foun-
dation part of the currency of this coun-
try. believe it can be incorporated into your
actual system of finance, and that to in such a
manner as will conduce to the prosperity Of the
country, satisfy the popular demand without
shock to the great interests involved and even
with benefit to the public service. BY concert
of action, and cooperation of all the nations
who are favorable to reconciliation of silver
believe a legal ratio between those metals can
be fixed SO as to make what is called the double
or alternative standard practicable at least so
as to advance all practicable purposes Of COM
merce, trade and business. 1t must be fair
and honest ratio, one in which the legal rela-
tion corresponds to the absolute relation be-
tween the two metals, and there must be con-
cert and cooperation in order to insure this
result.
I for one, wish it understood, am not an
advocate of recommendation, either of gold or
silver, and whilst I am in favor of going as far
as propriety will permit to the establishment
of dual system, with fairness of relation
between these metals, in the circulation of this
country, do not believe the bill which was
reported from the House and that which is re-
ported substitute by your committee will
accomplish that object. ! believe the result OF