The home journal. (Winchester, Tenn.) 1858-188?, 1878-02-07

| NhuN u lNC anu lluhh VI NltWt
would lead the senate TO q wise and whole
that the honor and good faith of the govern
ment should be impaired in the slightes,
degree. The naked question before the sen
ate was whether the government could law
fully pay its creditors In silver Of the stand,
ard value OF July ii, 1870. lie reviewed the
financial legislation since 1862 and quoted
from various acts TO show that all the bonds
issued we're payable in legal tender coin oi
the United States. When these acts were
passed there were but two species OF coin
established by law--gold and silver-and as
the contract stood between the government
and its creditors the government could pay
It's debts in both or either. The law at the
| time provided for the coinage of silver dol
lars as well as gold dollars, and had II been
| intended to exclade the silver dollar when
bonds were issued, why was not Il provision
inserted for that purpose? That the govN
ernment had right to pay its bonds In silver
was clear, and he could not see how any
such action could be looked ucon ~ repu-
diation. He spoke of business prostration
and the suffering throughout the country,
and argued it was the effect of unwise legisN
laiion. The financial legislation since the
war had been calculated to enhance the
value of the bonds of the government in the
hands OF its creditors. The volume OF paper
currency in circulation had been regulated
by the government and not by the require.
ments Of business. Since the panic OF 1873
nothing had tourished save government
bonds Mr.. Maxey reviewed the arguments
against the reconciliation of silver, and
said the constitution itself recognized a
double standard He argued that the act
demonetiTingsi was not understood when
passed. He quoted from the speeches of
Secretary Sherman in the senate to the eject
that congress had the Iigh to re tore the
silver dollar whenever it might think proper.
In his MaXcyS) opinion the time had now
come when it should he restored to the coin.
age of the country. lie would vote for the
pending resolution cheeriully, because he
believed the welfare OF the people imp era
lively demanded it...After the executive
session, the senate adjourned till Monday.
In the senate, on the Dist, Senator
ConSling presented large number of petit
tions from citizens of Ulster, Livingstone,
Orange and other counties of New York in
favor os the reconciliation Of silver. Laid
Oh the tablc....A bill having been reported
to the senate, Senator Beck submitted con.
current resolution declaring that it is unnec.
essary and inexpedient to impose taxes at
this time asked for by the secretary of the
treasury, to provide thirty seven million
dollars for sinking fund, and directing the
secretary not to purchase any more bonds
for liquidation of the public debt until direc.
ted to do so by congress. Laid over for the
present and ordered that it be printed.
Bills were introduced and referred to appro.
pirate committees as follows; BY Mr.. Nc.
DonaldTo establish mint for the coinage
Of gold and silver at indianapolis, Ind, and
appropnating certain grounds for the same,
and also money for the purchase Of necessary
machinery. BY Mr.. Camoron-Authorizing
the coming of standard silver dollars, and
providing that gold and silver Jointly, and
not otherwise, shall be legal tender. BY
Mr.. Eusts To authorize the establishment
OF mail steamship service between the
United States and the empire of Brazil. By
Mr.. COnkling- For the relief Of VIM. A.
Hammond late surgeon general Of he Uni.
ted States army. BY Mr.. Chailce--A declar.
alton Of the meaning and intent Of the ff.
teenth section Of the Pacific railroad act Of
July /, 1862, etc. BY Mr.. Davis-Directing
the secretary of the treasury to purchase the
Freedman's bank building and adiscent
property owned by the Freedman's Savings
Trust company in Washington, the price not
to exceed two hundred and fifty thousand
dollars, and the money to be placed in the
United States treasury to the credit of the
commissioners Of said insOvent company
for distribution among its creditors. BY Mr..
Plumb-1'o provide for the Improvement of
the Usage rivers it, Missouri and Kansas. .....
At the expiration of the morning hour the
senate resumed the consideration Of the
resolution of Mr.. Matthews, declaring the
right of the COVE rnment to pay its bonds in
silver, and Mr.. Jones. of Florida, spoke in
favor thereof ,.... Sir. Coclrell then quoted
extensively irom various financial acts OF
congress to show that the government had
right to pay the bonds in silver and also re-
viewed the arguments in behalf of the sin
ge standard alone; but before he had spoken
long yielded TO Mr.. Edmunds, on whose mo-
tiOn the senate went Into executive session
and soon after adjourned.
In the senate, on the 22nd Mr.. Dorsey
Springs Arkansas, in favor Of an amendment
to the act in relation to the Hot Springs
reservation, to enable those occupying prop.
erty there to purchase the same. Referred.
.....Mr. Withers presented petition repre-.
senting 5000 depositors in the Richmond
branch of the Freedmen's savings bank
asking congress to reimburse their losses
incurred in the institution 1.-THE following
bills were introduced and referred: BY Mr..
Earris-To provide for the appointment of
a district Judge for the western district OF
Tennessee. BY Mr.. Buter-To repeal section
3l7 OF the revised statutes of the United
States, the same being section 1872 of the
national bank act imposing tax Of ten per
cent on the circulation Of state banks. Adj
lsurned.
In the senate, on the 23rd, Mr.. Blaine
introduced bill to coin silver dollars and
make them n legal tender in common with
god coin up to and including five dollars,
and for all sums exceeding five dollars the
debtor shall have the right to tender, and
the creditor to demand one half Of the
amount in gold coin and one.half in silver
coin The senate then resumed the cons
sideraton of unfinished business, the resOlu.
ton of Mr.. Matthews to pay interest and
principal of bonds in silver, and Mr.. Cock.
rell continued his remarks in favor OF the
resolution. Sargent presented the
petition of 5000 citizens Of California in
favor OF government aid to construct the
Texas and Pacific railroad, so as to have q
competing line from the Pac nc to the At-
jantic ocean. Referred. ....Mr. Morgan pre-
sented memorial OF the conference oil
merchants and Others recently held at Chat.
tanooga, Tenn, fayoring the improvement
of Muscle Shoals, Tennessee river. Referred.
Mfr. Terry introduced bill to remuner-
ate the compensation of postmasters and for
other purposes. Referred. 1t provides, as
its main feature, that the compensation ol
fourth class postmasters shall be based upon
the number of stamps cancelled in theii
offices instead Of the number Of stamps sold
The senate then went into executive
session, and when the doors we're re-oPened
adjourned.
On the 9th, at the expiration OF the
morning hour, the senate resumed consider
alton OF the resolution (by Mr.. Mattbews) to
pay the interest and principal OF bonds In
silver, and Mr.. Lamar spoke in regard mere
THE debate was continued IN coHo'
auial manner by Messr'. Edmunds, Inurmah N
and Kernsn The Senate, on motion o'
Mr.. Davis (IllA y adjourned.