The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1879-05-29

eminent TO sell those bonds on gold basis, and
then turn round and pay them on deprecated
basls9
Mr. Sprluger-Tti Is honorable for the Govern
ment to carry out contract and II is illegal and
dishonopble for any officer Of the Government
to make a different contract than that authorized
by law, Applause on the Democratic side The
law which authoriz d the sale of these bonds is
the only authority for issuing them and that
law says bonds shall be paid in coin OF weight
and hneness then established by law, That
weight was 25 10 grains gold and 4l2l5 grains of
silver. The holder Of the bonds takes that stat
ute with him and takes nothir elee, The hold.
ers of the bonds know that well, btcause, at the
last session of Congress; concurrent resolution,
Offered by Senator Matthew'S, was adopted,
which served notice on all holders Of these bonds
that they were payable in silver dollars Of 4l2l%
grains and since that notice was served, more
bonds had been taken than ever before.
Mr.. Chittenden (Rep N " informed Mr.
Springer that on January I'd last, be had present
ed his $40 at the Sub Treasury and had received
gold or Ii, and now said he, suiting action to the
word present he gold piece as a historical re-
cord to the gentleman from North Carolina,
Steele [Laughterl Continuing, he said, there
is not word in any dictionary that have ever
read which ftly expresses the folly and audaoity
of the authors Of this measure for conupting and
inastlng the currency. Laughter It fairly
out Herod's Herod. 1t implies that a majority of
the American people are knaves or fools. [Con-
tinued laughterI, As to arguing with proposers
OF this message of imitation, you might as well
! ar vit al hullp rTaMuhtnr1 Ao
utor own $1,000 of AZ bonds for which paid to
the Government gold last year, l knew then,
that int rest is payable in coin, but also knew
that the Government had never, not hardly ever
but never, Qoud laughter) offered its creditors a
dollar in silver for payment for interest on its
bonds, II 1 borrowed a good horse from the gen.
tleman from Illinois (Sprnger) and offered him
bad mule in return, he will say am damned
sCoundrel Shouts of laughter and so say that
the Government Of the United States is a damned
scoundrel If it pays me deprecated silver as the
interest on the $1,000 bonds whl hold for a
widow, This proposition for isyuing certificates
is the greatest monstosty ever proposed in a
civilized legislature. There is not member of
this House who votes for this bill that will not
repent 1t IN dust and ashes, provided he is sub.
| ect to the honest sense Of the American people
l think the great God " no made this country that
there is no more chance of this bill passing than
there is Of the country sinking into the bottom.
less pit Of degradation. Laughter and ap.
plausel,
Mr., Warner Dem. o. argued that the provision
about twenty per cent was in the existing law as
applying to gold, and the only object of the Com
mittee on Coinage was to extend the provision to
silver, He had no objection, however, to It's be.
| ing struck ont,
Mr. Cannon Rep. Ill.) reminded the gentle |
man from New York (Chittenden) who had |
grown eloquent over the $1,000 in bonds of his |
widow, that there were other widows and or.
phans In the country besides bis who had to pay
taxes, and he hoped that equal and exact justice
would be done. [Applsuse]
After some further discussion the question on
the amendment that certificates may be comput.
ed as part Of the lawful money reserve Of nation,
al banks was rejected without division.
Mr., Warner offered an amendment that gold or
silver bullion which shall become the property
Of the Government by the return Of the certifi.
Gates to the Treasury in payment Of dues shall be
coined and paid out the same as other money.
Adopted.
Mr.. Buckner Dem. Mo- offered an amend.
ment to the eighth section making the minimum
denomination Of certificates $40 instead OF IS,
striking out the provision that the amount Of Ger.
tihcates shall not exceed by more than twenty
per cent, of tne amount Of coin and bullion In
the Treasury, rnd adding provision that all Ger.
ticates for gold or silver bullion shall be issued
at the market value of such bullion in the city Of
New York at the time Of deposit.
Mr., Garfield (Rep. o. said that the law In ref
erence to gold certificates had been passed time
when the Government was anxious to get, by ev
cry means 1t could, all the gold possible into the
Treasury II had invited people who had gold
bullion to come into the Treasury, and deposit in
order TO strengthen the Government. The TWEEN. {
ty per cent arrangement had been made in con. Z
sequence Of the necessities of the Government at
a time when there had been a very small out.
Standing volume OF paper money. Now, when
here was vast volume Of that money, when the
affairs of the country were ABUSED on
A basis Of maintaining that volume at per- 1t was
proposed to re-enact thstOld clause of 1868 inject
Dg into 1t silver bullion and coin. What were l.
to be issued for7 The bill did not say
hey should be called gold certificates, or silver
certificates or even coin certificates It was alb.
olutely vnd hOpelessly indefinite and uncertain. I,
I did not say whether man deposlting bullion NJ
ould get certificates at 4l215 grains to dollar, cC
nd he hoped that his colleague (Warner) would el
lot demand the previous question until he had ce
AIKEN threO or four days to explain his great So
nancial views. The amendment Of the gentle. 10
nan from Missouri tBuckner) made the section :
eos utterly and absolutely bed, but the only safe
hing to be done with the section was TO strike 1t B
ut entirely, 1t was not even necessary to the
eneral scope Of the bill, except the bill was now
absurd that 1t was made more perfect as spec
men Of absardlty by leaving 1t in than by strik.
1g 1t out. F.
Mr. Warner said the law now provided that
DIN and bullion deposited for or representing tlc
srtihCates Of deposit should ee retained In the E'
reatury for the payment Of the same on de Ii
land Any man who had any sense knew that
lesnt that bullion was represented by certificate
nd that no mau could claim gold for cerlia. * *
ate for which he had deposited silver. His col.
ague (0ar6eld) had better look at the law be- pa
re he.Went off in rage about the insanity of
ie eighth section. No man was more responsl y.
e for vicious legislation, Of which that law was he
part, than his colleague, and he ought to be the IN
st person to crlticlse the gentleman who now tr
opposed to corr, ct those errors. DC
NOTING ON AMENDMENTS. n
Mr.. Belford (Rep. COLI offered an amendment tS tS
r the reception Of bullion al the branch mint eli
Denver and the issue Of certificates therefor. IN IN
dopted. re
-
Mr.. Ewing Dem, o. offered an amendment to " "
1ckner's amendment, providing that certificates
deposit shall be issued at the average marke! "
Ilue Of bullion in New York and San Francisco
I the week preceding such deposit. This was
cepted by Mr. Buckner and incorporated in his
an !
The previous question was then seconded on