, 1879-05-04
TIE RECORD.
H0I1$T

WASHINGTON, D. c., May 3.-ln the House
| Afr. Davidson called attention to the speech oi
MIR. Russell, which was printed in the Record
! Though not lelivered), aud PRONOUNCED some
Of its statements wholly and absolutely untrue,
He added that the tiippaht manner in Which
| members charged fraud on others was ulto
! gether unbecomtng the station which they oc
cupicd. = -.
Mr.: Reed responded {sarcastically), "That is
sou - -,
| :Mr. Springer, Chairman Of the Committee on
Elections, reported back. the bill relating to
contested election cases, with few unim portant
amendments. lie stated that the only object oi
the bill was to permit the Clerk of the Com
mittee on Elections, when Congress did not
the records aud briefs in the contested election
cases, ana have them ready to be presented to
the Committee when organized. -.
|; MIR. Harris opposed the bill, because 1t gave
, ministerial officer during the vacation OF the
House power to break open the great seal Of
State.
The bill goes oyer to another morning hour
At the exDiortion Of the morning hour, cou-
sldefation'. was resumed OF the bill reported
from the Coinage Committee, amending the
statutes relating to coinage and coin and bull
ion certificates
AIR. Warner submitted the amendment pro-
'viding that gold and silver bullion, which shs1l
become property of the Government by the re-
turc OF certificates to the Treasury in payment
OF dues thereto, SHALL be coined and paid out tile
same rs other money. He made an argument in
support Of his substitute, and quoted, in favor
OF i.is argument. from the writings and speeches
OF Hamilton, Jefferson, aud Webster, He spoke
OF the demonstration OF silver Us "felouious
act ~ on the part OF the nloneyed classes, and
argued that Congress had uo right to pass that
Legislation. He asserted that not only was
President Grant not aware at the time OF bis
signing the bill which denonetized silver OF the
elect OF that act, but tl!at two years subse-
were, aware OF it. This was proved by
a special message OF jan. is, 1875, in
which the President spoke OF the time
it would take to coin the silver necessary for the
of the decentralization Of silver, that act, be
said, affected the country very little, hut when
specie payment was resumed then its effect was
felt, for the metallic valuation OF currency was
reduced from y ,oeo 600 900 to s4ou, OK, 900.
SIR. Fort reminded Mr.. Warner tlat the
ground had been atl travelled oyer, and silver
had been retnonetized two years ago,
Mr. Warner replied that the Bland bill, while
rculonetizng silver, did not rc-establtsh the BIZ
nteta'1c s standard, and it was for that he
currency was rs much money as Il it
were gold or silver coin. Hc-asscrtcd that in
England gold had appreciated in its purchasing
power between Is aud 90 per cent within the
last fifteen months, and the question was,
Whether the standard which was thus CONSTANT
ly changing should be adhered to! il the
value oi money was being constantly changed
it WIS easy to see that all relations OF values
were overturned aud industry was necessarily
eparalyzed. He regarded the success of The i
per cent loan Us the saddest commentary that !
could be made on the condition*of the country,
1t proved only one thing, nnd that It proved
alsolntely,-that there was no profit in the
United States on productive c2nital or industry,
and that the American. people, with its educated
brain. its skilled hand, and its industrial equip
meur, was earning no profit II he had his own
way, the LIGHT Of anotilcr day should not tade
IRON the sky I'LL .erery one oi these financial
measures (wicked mud wrong throughout) was
torn from The statute book. [Applause.l The ef-
feet OF the prQy.slon Of tile bill allowing
the unlimited coinage of silver would be to in
crease. the value Of silver, aud to decrease the
ra!ne Of gold. That was sort OF compensation |
which belonged to the bi-mctallic system, and
tenden TO retain the equivalency OF the TWO
metals, II;
IN conclusion he ursed return to the stand
ard ot the 1athers, and the giving to the pconle
3 currency that had the element of unchanre- |
ability to the: fullest extent possible. That
could only be hy;allowing the unlimited coinage
OF both metals**l lApplause.1
AR. ClatIin obtained the floor, and the House !
adjourned. ~