Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-12-04
EokTY-FJFrH CONGRESS.
The Senate.

WASHINGTON, Dec 3.-Senator Paddock sub
United resolution instructing the committee
on finance to inquire into the expediency OF
making trade dollars a legal tender for al
debts, public and private, and providing fol
suspension of the coinage of the standard sill
vcr dollar of 4l219 graias and the recoining OF
the same into trade dollars of 42O grains and
Tor such additional coinage of trade dollars as
the needs Of the country may demand Laid
over
large number of appointments which were
made during the recess weressent to the Senate,
including the New York customs nominations
and Hlllhouse Tor asslstant treasurer at New
York. -
! The standing and other committees existing
at close Of the last session continued.
SMALL BONDS.
{ Senator Morrill, introduced a bill authorizing
the secretary Of the treasury to issue in ex-
change for United States notes, or coin, GER
tifcates of deposit of the denomination of $40
or any multiple thereof, not exceeding 800,
bearing interest at the rate of 3.65 per cent.
sper annum, and convertible at any time within
one year into the per cent. bonds described in
the refunding act, and the money SO received
shall be applied to the payment of the $40
bonds, in the mode prescribed by said act; and
he is authorized to prescribe suitable rules and
regulations in conformity with this act.
SILVER COIN.
Senator Beck submitted the following:
Resolved, That the secretary of the treasury
be and is hereby directed to inform the Senate
what amount and denomination of silver coin
has been redeemed in payment of customs
duties since the beginning of the current fiscal
year, and whether or not he has applied the sill
yer coin so received, in whole or part, to the
payment of interest bonds or notes of the
Omitted States. If it has not been SO applied
to that purpose or in part only, state what
portion has been used and on what character
OF such payments. Also, that he be directed
to inform the Senate of the amount of interest
he has paid on bonds and notes of the United
States since the current fiscal year began, and
the amount Of such interest he has paid in gold
and silver coin respectively.
Senator Edmunds--I should like to have that
amended as to have the secretary show what
kind of silver coin has been used, so we may
know if there was subsidiary coin paid.
Thus amended the resolution was agreed to.
At the conclusion of the morning business
Senator Matthews called up the Texas Pacific
railroad bill, and made an address in favor
thereof. he argued that the government would
merely guarantee the payment of the interest
on the bonds of the Texas Pacific road to the
extent of nearly $4,000, 900 per annum. 1t was
manifest that the indemnity to the government
was perfect. Ultimate loss by the government
was rendered impossible unless it should turn
OuG Illdl dlLeE tne COlnpleJlOn OF Cne ROAD IL
should not be worth the accrued interest.
But such a superstition was not
to be entertained. He did not believe the gov
eminent of the United States would be called
upon to make any advances out of it's own
treasury. The Texas Pacific railroad, skirt
ing the southern boundary of the United
States would form a basis line from which
lateral lines would radiate, attracting a new
and profitable trade, and soon market would
be found for products of the
United States in Mexico. The
general influence of such trade over cur ma
tional interests with Mexico would be power
roads would open, by legitimate means, the
northern states of Mexico to industrial col
onies. The construction of the Texas Pacific
road would result in saving to the govern
ment of more than So, 100000 per annum. 1t
was not fair nor just to- the present measure to
dispose of it upon the summary objection that
1t was u subsidy.
He then spoke of the constitutional power of
Congress to regulate commerce and said The
Texas Pacific bill should be passed as a matter
OF justice to the Southern States, as the gov
eminent owed protection to all and demanded
obedience alike from all.
HOT SPRINGS COMMISSION.
Senator Conover submitted a resolution pro-
Viding for a committee to investigate how the
section of the sundry civil appropriation BILL
passed last session, relating to the Hot Spsings
commission. was omitted in the enrolment of
the bill, whether Senator Conover had any con-
nection herewith and government officers in
vestigated the matter after the adjournment of
Congress. Agreed to.
An executive session followed and when the
doors re-opened, the Senate adjourned till to-