The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1879-05-23

executor, own $4,000 four and half
per cent bonds, for which | paid to the
government gold last year. know that
the interest is payable in coin, but also
know that the government had never-not
hardly ever, but never loud laughter
offered its creditors dollar in silver for
payment for interest on its bonds. Ii |
borrow good horse from the gentleman
from Illinois (SpriDger), and offer him
bad mule in return, he wilt say | am
! id seoundrel shouts of laughter and
so l say that the government OF the Unit
ed States is d ID scouDdrel if it pays
me deprecated silver for the interest on
the $4,000 bonds which | hold for d
widow. This proposition for issuing GER
| tihcates is the greatest monstrosity ever
proposed in civilized legislature. There
Is not member of the House who votes
| for this bill that will not repent of it in
| dust and ashes, provided he is subject to
the honest sense of the American people.
| thank the great God who made this
country, that there. is no more chance Of
this bill passing than there is of the coun-
| try sinking into the bottomless pit of
degradation, Laughter and applauseI,
| After some further discussion the cues
ton on the amendment that certificates
may be composed as part of the lawful
money reserve of the national banks was
rejected without division.
Mr.. Warner offered an amendment pro-
vldlng that gold or silver bullion. which
shall become the property of the govern
ment by the return Of certificates to the
treasury IN payment of dues, shall be
coined and paid out the same as other
money. Adopted.
Mr.. Buckuer offered an amendment to
the eighth section, making the minimum
denomination o. certificates $50 instead OF
$5, striking out the provision that the
amount Of certificates shall notSexceed by
more than 20 per cent the amount of coin
aud bullion 10 the Treasury, aud adding a
provision that all certificates for gold or
silver bullion shall be issued It the mar
ket value of such bullion at the city o!
New York at the time of deposit
Mr.. Garfield said that the law In refer.
oncs to gold certificates should have been
passed at the time when the government
was anxious to get by every means i, could
all the gold possible in the treasury and
deposit it in order to strepthen the govern
ment. The 20 per cent arrangement had
been made in consequence Of the GecesSi
ties Of the government at time when
there had been a very small outstanding
volume OF paper money. Now when there
was a vast volume of that MONEY, when
, financial affairs Of the country were ad-
ius:ed on basis Of maintaining that vol
ume at par, it was proposed to re-enact that
old clause of 1868, injecting into it silver
bullion and coin. What were the certi6
Gates to be issued for? The bill did not
, say. They should be called gold certifi
, Gates or silver certificates, or even coin Ger
p tifcates. 1t was absolutely aud hopeless
! | ly indefinite and uncertain,
Mr.. Ewing, offered en- amendment Il
Mr.. Buckner's amendment, providing
: that certificates of deposit shall be issued
> at the average market value of bullion il
= standard silver dollars in New York anl
, San Francisco, for the week preceding
: such deposit. This was accepted by Mr
4 Buckner, aud incorporated in his amend
meat. The previous question was thel
= seconded on the section, and the pendin!
= amendment thereto. The first amend
ment was that offered by Mr., Buckner, z
amended by Mr.. Ewing, and it was adopt
. ed.
Mr.. Claf1in's amendment to strike on
i that portion of the bill providing that Ger
tifcates shall be issued 10 payment Of ia
& ierest on the public debt was rejected,
:. Mr. Lounsberrys amendment strikin
out the whole section was rejected-yea
-, 90, nays 1l6.
:, During dilatOry motions to prevent Nj
Ewing from offering further amendments
=. the House I06 to l04, adjourned.