Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-01-29

lows:
BY Senator Plumb, providing for the dis
position of the public timber and timber
lands of the United States also, bill to
amend the army appropriation bill for the
fiscal year ending June 80. 1876, in regard to
compensation to railroads for government
transportation.
Senator ingalls, introduced a bill to reim-
burse the States of Kansas, Texas, Nebraska
and Colorado for expenses incurred by said
States in repelling inyasions and the sup
preston Of Indian hostiiities. Referred.
At the expiration of the morning hour
consideration was resumed of the unfinished
business, being the House bill to authorize
free coinage of the standard silver dollar,
and to restore it's legal tender character, and
Senator Morrill, made speech in opposition
thereto. He argued that to sustain a silver
standard, would cost annually about one per
cent. for abrasion, while that of gold would
not exceed 1920 of one per cent The double
standard put forth by the United States on
the terms now proposed, would be only so in /.
name as to paying the debt in silver. He
held that it would cost Il per cent. more to
coin silver than gold, and l per cent. annu-
ally to maintain it would be lost. He alluded
to the disastrous effect on our credit of such
payment, and said to allow duties to be paid
in silver would be striking boon suddenly
granted to foreign industry without any adj
vantageous equivalent. He declared that the
labor of the country is entitled to be paid in
the best money the world affords. There has
been so large an increase of the stock of sill
ver as of itself to affect positive reduction
of its value, and this result has been con-
frmed and made irreversible by new and ex-
tensive European disuse of silver coinage.
He also argued to show that even on the
lower pecuniary sense of profit, the govern
ment Of the United States couldn't be the
gamer by proposing to pay either the public
debt or United States notes in silver: that
such payment would violate public pledges
as to the whole, and violates existing stat
utes as to all that part of the debt contracted
since 1870, and for which gold has been re-
ceived; that reconciliation of silver means
Punishment of gold and Our degradation
among nations to second cr third rank that
1t would be sweeping ten per cent. reduc-
ton OF all duties OF imports requiring the
imposition of new taxes, and to that extent
it would prevent a further funding of the
public debt at a lower rate of interest, and
give to present holders of our six per cent.
bonds'a igreat advantage, and that it would
reduce the wages of labor to the full extent
of the difference there might be between it's
purchasing power and that of gold.
In conclusion he said, should it have be-
come law without fundamental amendments
and the evils have anticipated not be veri-
fed there is no one who would rejoice more
than myself, but I can't shut my eyes to the
teachings Of the eminent men who have
adorned history in the conduct of our nation
al affairs, and can't avoid the conclusion
that while we may coin dollars containing as
little silver as we please, yet they will not
receive more than local recognition, nor
exempt us from frequent and great disasters,
and at last we shall have none of that money
which represents the combined wants of the
poor and The rich, not less than those great
commercial interests of the human race
At the conclusion of Morrill's remarks
Senator Waltars of Pennsylvania, took the
floor with the understanding that he would
proceed with his argument tomorrow.
Senator Allison presented communica-
ton from the Secretary of the Interior, rela-
tive to the removal of the Kickapoo Indians
from the borders of Texas and Mexico to the
Indian Territory. Referred.
Senate adjourned.