Daily globe., 1879-05-14
FORTY-SlXTH CONGRESS-,
Extra Session.
The Senate.
SUBSIDIARY COIN.


The Senate.
SUBSIDIARY COIN.
WASHINGTON May Ex-senator Bayard re-
ported favorably from the committee on
finance the House bill for exchange of sub
sidiary coin for legal tender money, and asked
for it's consideration. 1t went over under OBJ
lection and consideration was resumed of the
legislative, executive and judicial appropria-
tion bill.
ARREARAGEs OF PENSIONS,
The clerk read the sentence which the COM
mittee on appropriations proposed should be
stricken OUT namely: ''In order to provide for
the speedy payment of arrearages of pensions
the secretary of the treasury is hereby
authorized and directed to issue Immediately
in payment thereof the ten million dollars in
legal tender currency now in the treasury kept
as special fund for the redemption of frac-
tional currency
BUNCoMBE BEATEN.
The resolution recently introduced in the
House by Mr. Garfield, authorizing the secretary
of war to issue rations to colored refugees in
Kansas, was called up for action in committee,
and the proposition to report the measure to
the House with favorable recommendation
was rejected. This action virtually kills the
measure.
MISSISSIPPI RIVER COMMISSION.
The House committee ON levees of the Missis-
sippi river, to-day agreed to report favorably
the bill introduced by Mr. Gibson, to provide
for the appointment of a Mississippi river COM
mission to direct and complete the surveys of
the Mississippi river, and report the result to
the Secretary Of war, together with such plans
and estimates as will be found practicable to
improve the navigation of the river, and prevent
destruction by floods. 1t authorizes the cxpcn-
diture Of SIZE, 900, so much thereof as will
be necessary to effect the objects with which
the commission is charged.
Senator Booth opposed the amendment
striking out the clause, and could see no rea-
son why money should not be used for the pay
ment of arrears of the secretary of the treas
ury saying that the diversion of the money
for the purpose stated. would be to increase
the public debt that amount, and suggesting
that it would be better to issue bonds to meet
the obligations.
Senator Beck said the committee ON appro-
priations were divided the amendment
For himself he was in favor of directing the
secretary of the treasury to pay out the residue
of ten millions, namely, $446,388, for arrears
of pensions. The redemption Of fractional
currency had fallen from So, 900, 900 to 81 200 a
month. Why aOt pay out money which was
lying idle, instead of issuing bonds to bear
interest. He criticised the financial policy of
the secretary of the treasury, saying that the
latter had made himself the trustee of the
bankers and the bondholders by giving them
the choice of coin in which they shall be paid,
instead Of paying them with silver coin.
Senator Plumb wished to say that whenever
the expenses of the government exceeded its
receipts he would increase the taxes instead of
increasing the public debt. He was in favor of
paying arrears of pensions with the remainder
of the money heretofore set apart for redemp-
tion of fractional currency, now idle IN the
treasury.
Senator Davis, of West Virginia, chairman of
the committee on appropriations, said that the
question of increasing the bonded debt was not
in this bill. The question involved was
whether they should take a backward step in
resumption which he was not willing to do.
Although he did not approve of all the secre-
tary of the treasury had done i'll the way OF re-
sumption, he thought the Senate ought not to
interfere with the law for redemption OF frac-
tional currency, but that they might pay ar
rears of pensions with the $23, 1000 of silver
now in the treasury.
Senator Voorhees, said he was going to vote
for the application of the $10,OOOOO0 lying
idle in the treasury to the payment of arrears
of pensions. The Senator from West Virg ginia
(Davis) informed this body that he would take
no step backward in resumption. He (Voor
hees) would take Thousand steps backward il
he could restore the interests Of the People
wrecked by bankruptcy forced upon the coun
try by the machinery of the secretary of the
treasury.
Senator Voorhees, continuing said: There
was no special resumption but only Unequal.
ization of currency. If an act had been passeC
declaring that the government would receive
its own money for what was due it green
backs could have been put ten years age
where they now are. The boast was made OF
taken in one day by a national bank or two
When so much money was drawn from the
channels or circulation the country became
4 dead sea instead Of a running stream carry
ing fructifying power over the land.
business were prosperous money would no
be found seeking investment at per cent
in time of peace The spirit of avariC
seeks opportunity to hold more of the public
debt, while the people are hungry owing t.
the withdrawal Of capital from trade ant
unable to obtain the labor which they seek
Senator Allison said the payment of arrear
of pensions must be provided for as any othe
obligation. Therefore he opposed to di
vcrting money set apart for the redemption o
fractional currency to that purpose. Their
was, apart from that ample funds in the treas
ury to pay all pensions.
Senator Wallace was in favor of the bill as i
came from the House, and therefore agree
with Senator Beck, his colleague on the com
mittee on appropriations. The bill simply pro
posed to apply all money to the payment Q
arrears of pensi ons. He argued, with Senate
Voorhees,, that there was no general resumptl0
of specie payments, but merely an inequalizs
tion of currency.
Senator Edmunds would vote to strike OF
the clause under consideration because 1t wa
vicious, and involved financial question in a
approximation bill.
The question then taken on striking o,
said clause, as recommended by the commit,
on appropriations, directing the secretary of Il
treasury to pay arrearages of pensions with II
$l0,OOO,0O0 kept as a special fund for the r
demption of fractional currency, and it W;
decided in the negative, yeas Is, nays 81, an
therefore the clause remains in the bill. TT
vote was as follows
YEAS.
Allison, Conkling, Logan
Anthony, Davis, W. va. Mcmillan,
Bayard, Eaton, Morrill,;