Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1878-01-24

p0StmaSIerS TO act as dReuIs loT tuo saio VI
four per cent. bonds. Wood, Of New York,
objected. Hewitt, of Alabama, from the pen
sion committee, reported bill to pay pen
sions to soldiers and survivors of soldiers who
served in the Mexican, Creek and Black
Hawk wars. Referred to the committee of
the whole The bill to allow persons charged
with crimes in the United States Courts to
testify in their own behalf, was passed. Ban
ming of Ohio from the military committee,
reported bill to pay to the officers and SOL
diers of the Mexican war who have not re-
ceived their three months extra pay provided
by the Act of July 10Th, 1S4S, which was
passed. Evins, of South Carolina, from the
military committee, reported bill authoriz-
ing the issue of arms to the Washington
Light Infantry of Charleston. Passed. The
bill giving The thanks of Congress to Stanley
for African explorations was passed. After
speech by Blair, of New Hampshire, in oppo-
sition to the reconciliation of silver, the
House, at 3.25, adjourned.
In the Senate on the 18th, Mr.. Conkling,
of New York, presented several petitions of
citizens of Albany, N. Y, demonstrating
against the passage of the Bland silver bill.
Laid on the table, the bill having been repor'
ted to the Senate. In presenting the memo
rials he said they were signed by men repre-.
sentng not only money and property, but en-
terprise also, and they expressed the opinion
that the passage of the bill would be prejudi.
cial to the honor and credit of the govern
ment. He also presented the memorial of
the Albany Board of Trade against the pas
sage ofthat bill. Laid ON the table. At the
expiration of the morning hour, the Senate re-
sumed the consideration of the unfinished bus
mess, being the resolution of Mr.. Matthews,
of Ohio, declaring the right of the govern
meut to pay the interest and principal of the
bonds in silver, and Merrimon of North Car
olina spoke in favor thereof He said that
the subject was worthy of the most serious con-
sideration, and he trusted that free and
frank expression of views would lead the Sen
ate to wise and wholesome conclusion. He
would discuss the resolution submitted by the
senator from Ohio, Mr.. Matthews, and not
the expediency of the reconciliation of silver.
He would never consent that the honor and
good faith of the government should be i'm
paired in the slightest degree. The naked
question before the Senate was, whether the
government could lawfully pay its creditors
in silver of the stated value of July IA, 1870.
He then reviewed at some length the fnan.
cial legislation since 1862, and quoted from
various acts to show that all the bonds issued
were payable in legal tender coin, OF the
United States. When these acts we're passed
there were but two species of coin established
by law, to wit, gold and silver, and as the
contract stood between the government and
its creditors, the government could pay its
debts in both or either of these coins. The
fact that there were more or less of partcu-
lar kind of coin in circulation when the bonds
we're issued, did not, affect the contract at all.
1t had been argued that the creditors of the
government did not have the silver dollar in
view when they bought the bonds, because
silver was not then in circulation. That
made no difference. The law then provided
for the coinage of the silver dollar as we'll as
the gold dollar, and had it been intended to
exclude the silver dollar when the bonds were
issued, why was not provision inserted for
the purpose? That the government had the
right to pay its bonds in silver was clear, and
he could not see how any such action could
he looked upon as repudiation. He spoke
of the business prostration and suffering ex-
listing throughout the country, and argued that
it was the effect Of unwise legislation. The
financial legislation since the war had been
calculated to enhance the value of bonds
of the government, in the hands of creditors.
In the natural order of things, after the close
ofthe war, specie payments would have return
ed and prosperity existed throughout the coun-
try, but the interested bondholders could not
wait for things in their natural order. 1t was
too slow. 1t was thought that rapid contrac
tion of the paper currency would restore pros
perity and the earlier resumption ofspecie pay
ments. This course of contraction had been
pursued, but, unhappily, none of the good re-
suits anticipated followed. The volume of
paper currency in circulation had been regu.
lated by the government, and not BY the re-,
quirements of business Since the panic of
1873 nothing had hourished save the govern
ment bonds. Adjourned to Monday. In the
House, bill was passed removing the politi.
cal disabilities of Charles L. Scott, Of Ala
bama. After an hour spent on private bills,
eulogies of the late Senator Morton, of lndi-
ana, were pronounced, and the House ad'
journed till Monday.
SOUTH CAROLINA NEWS.
- The Republicans in the Legislature are
solidly arrayed against the passage of the
Moffett whisky law.
Moesre II r, To rlev and IT 7 TRIMMER