National Republican. (Washington City (D.C.)) 1872-1888, 1879-04-11

| currcnoy. Tho Secretary of the Treasury was
good deal like his colleague (Mr. Garfed) and was
always in favor of action In the interest OF cap
| ital.
As an ILLUSTRATION of Mr.. shermon's financial
policy he said that II that gentleman were dying
| his last words would be, Borrow money on Gov,
| The Treasury was loaded down with reserve Of
| three hundred and thirty millions IN gold and cur.
re and vet The Secretary Of the Treasury ,ol ns
the people that there 49,. 49, were ten
or nm additional issue Of bun.7 Tho reserve
mllolS now in the Treasury, paY y. - had
authorized by law The purpose for which IL
been placed there had long since passed away, ana
should noy be put out to pay the arrears olpG
SONS, instead OF issuing ten millions Of bonds, on
which the interest would amount to 500 600 year
Mr GA AZ, said that tho attempt of his col
champion Of the pensioners was quite too thin
disguise to deceive anybody Tho Republican side
%, tae oSc had tried again and again to authorize
o oecretaiy OF tue Treasury to extend the sales
per cent bonds sufficiently 10 cover the matter Of
me payment of the arrears of pensions, and the
House at the last session had been brought TO
vote on that subject at least twice But for the re.
slStance on the Democratic side of the House that
Imposition would have prevailed, and the pen
The responsibility for not paying them rested,
.n1relore on those who resisted that proposition,
anything which he had said to-day on the point Of
order INTO an unwllllngness that the pensioners
snoulu nave their pensions paid, or that all
their payment easy. II was quite too late
in the day for his colleague to ultimate that there
wasNny objection OH his (Mr. GarAelGs) part to
oil order simply because he looked upon the amend.
mcnt as an entering wedge, the general purpose Of
winch was TO break down the system of reserves
9n wh,ch the maintenance ofrcsumptlon depended.
HIS colleague, whose distinguished knowledge rs
imancier no one would question, had amazed
llim very much by saying that the subsidiary cur
roncy played no part In the general problem of re.
sumption. Did not his colleague know perfectly
wen thal lhe subsidiary currency went to make up
NM iugi no ptup ou
greonbaoltS did and Just ms much as gold did ? The
relations. between himself and his colleague had
never been such as to warrant either In using an
lmpO,lte or indecent express Ion toward the other,
and therefore his colleague had no moro right to
say either as matter of fact or as matter of fair
inference that he CHR. Garfed) owed his allegiance
to Wall street than he would have a right to say
that his colleague owed his allegiance to the grog
gGrcs tand, whlSky;,shops of Dayton, And as he
tMr. Gatiteld) would not say that he did not think
that his colleague was entitled to suy the other.
Mr.. MCMAHON stated that ho was tolcraby Ismll-
his colleague whether. In all the discussions that
had taken place in this country on the financial
question his colleague could show one vote of his
That was not based upon the idea orspccdy rcsump-
zion, no matter at what cost. even when his col.
leagues own party had separated from him on that
point In the Fortythird Congress.
Mr.. GARFIELD replied that, according to his own
notions OF proper legislative praise, his colleague
could not certainly praise him amy more than In
stating that he (NIr GHrleld) had always cast his
vote i'll favor of the resumption of specie payment.
II he ever had cast vote which was not against
all schemes to delay that unnecessarily or to pre-
vent 1t, then he had cast vote of which his con-
science mud his judgment disnpprovcd. Applause
on the Republican side. He had cast as many
votes as any member on the floor against Wall street
| and against the business Of gold gambling, which
had been destroyed by rcSumptOn-gold gambling
| that had locked up $l0OOOOO0O from the business
capital of the country for fifteen ycars-lOckcd 1t
up away from MI profitable Investment and con-
vcrled Wall street into faro hell. [AppUuse.l
Mr. BRIGHT Has not Wall street been simply
transferred TO the Treasury of the United States
Mr. GARFIELD. | hope that enough OF the gold
on1 silver Of the country that had been hitherto
has been transferred to tho Treasury of the United
States to break down the bulls and bears of Wall
| street permanently and to maintain honest money
| In the country lAppl0uScL
Mr. MCMAHON mquirodir II was wrong to order
the Sl0O00000 to be reiSsrcd, when under law they
should lie paid out in redemption Of fractional cur.
rcncy.
Mr. GARFIELD replied that Il his colleague would
| inquire and find out how much of that jlOOOO,OO0
could be spared, leaving enough to meet all the OBJ
legations of the reserve he wOuldbe willing to vote
that surplus for the purpose Of paying arrears OF
pensions
Mr.. WEAVER spoke in opposition to the point of
order and in favor of the amendment. There was
no reason for keeping this SlO,0OOOOO locked UP in
the Treasury, The gentleman from Ohio M. Gar,
tlcld) wanted TO issue bonds; he (Mr. Wcavcr)
wanted to issue the idle grcenbOcks IN the Treasury.
Let the issue be squarey made Those who favored
the amendment were willing to appeal to the coun-
| try TO sustain them
| Mr. FonT also supported the amendment. If
adopted II would save the interest on the slOO0OOCO
| nothing to interfere with resumption. He had not
been in favor of fastening IT, but II had come and
he would do every reasonable thing to maintain II /;
but II wns not reasonable to lock up this Sl00O0O00
| in the Treasury
Mr. wARNER supported the amendment.
| Mr. KELLY expressed himself as opposed to pac-
| ing outside legislation ON appropriation bills but
under the rules of the House (and very bad rules
| they were), the present amendment was in order
| and pertinent 10 was measure OF economy for
| this particular year. for long years to come and
perhaps forever. The interest of per cent. which
| pounded, exceed the amount of the principal In
less than twonty years. The country owed tho
bonds now In twenty years the people would be
| taxed to pay their face, and still posterlty would
owe the bonds. He was averse to any increase of
the bonded debt and he stood on the pledged faith
of the Government reiterated in act after net, that
no such increase should take place, He referred to
the bankruptcy of Archbishop Purcell, of Ohio,
(than whom, so faras he knew, there lived purcr
man, to show the dangers arising from allowing
compound interest. The Archbishop had borrowed
about sjOOOOO, aud his bankruptcy was for over
Si,00O0O0 Why? Because ofcompound interest; and
thatwas what was going on underline present system
which was being pursued by the Government Of
| borrowing money to substitute base silver tokens,
| which could not DO sent through the mails for
| convenient fractional currency, which had been
| promoting minor commerce throughout the
| country. And now when money was wanted for
current use II was proposed to add Sl00OOOOO to the
| bonded debt to pay pension money which had been
withheld for years. 1t was proposed to increase
the debt and IN so far as the amendmentpreycnted
| that, IL was in the direction of economy
| The Chairman overrulcd the point of order
| holding that the amendment was germane to the
| bill, and retrenched expenditures.
| Mr.. CANNON offered as an amendment to the
| amendment the following, land fractional currency
presented for redemption shall be redeemed in any
moneys III the Treasury at the time the same is
presented" Adopted 81 to SO.
The amendment as amended was then agreed to
| without division.
The clause in tho bill requiring the photolitho
graphing work for the Patent Office TO be done in
| Washington was stricken out on motion of Mr.
Morse
| Mr. MONEY offered amendment increasing cleri.
| cal force of the PoSt.Onice Department.
Without action on the amendment the commit.
| tee rose.
! The House then at 4lO adjourned
In consequence of the additional committees
| and OF increased membership of committees
ordered by the House Yesterday, the Speaker will