Daily globe., 1879-05-16
lars in the treasury when reduced in weight by
natural abrasion more than one per cent. shall

be recoined.
MIR. Kimmell moved an amendment by max
ing the weight of silver dollars 400 grains, and
ar0uedin support of his amendment
Mr.. Springer opposed the amendment on the
ground principally that the bonded debt of the
country could now without diahonsr or repu-
diation, be paid with silver dollars at 4l211
grains and the payment OF that debt in silver
dollars of AGO grains would be bounty Of 4711Ss
grains of silver on each dollar for the benefit
of the bondholders. If. creditors were not sat
isfied with payment of the debt in dollars of
4l21119 grains they must make the most Of it.
Mr.. Norton opposed the section. @
Mr.. Bright argued against the amendment
and in favor of the section. 1t was question.
he said. of American mountains of gold and silver
against the mountains of national debt, and he
predicted, it would require a large army and
navy to keep down the people staggering under
the load of their difficulties, and make them
pay in silver dollars of 46O grains a debt paya-
BILE in law and equity in standard silver dollars.
Mr.. Deuster opposed the whole bill as another
effort to make money cheap by simple process
of flegislating eighty-fve cents worth of silver
into, a dollar. This cheap dollar, however,
would not bring reduction of prices with it,
but simply lower itself in the scale of articles
Of exchange Congress could not create values.
but could easily injure them. The finances of
the country, like the reputation of a virtuous
woman, ought not to be tampered with. 1t
had always been good Democratic doctrine that
honesty was the best policy, and he believed
that ''the honest dollar of the fathers would
again be demanded by the Democratic party,
after the existing epidemic of financial states
manship had run its course.
Mr.. Buckner opposed the amendment and
supported the bill. just as soon as the Unit
ed States was determined that it would stand
by the standard hereafter adopted the nations
of Europe would join it.
Mr.. Price, although avowing himself to be
silver man, opposed the bill because it's ten
dency. was to create unrest and uneasiness
throughout the country.
Mr.. Monroe said had two or three weeks
ago introduced in the House proposition on
which the yeas and nays were taken, in which
be was supported by the members on his eide
Of the chambers to the effect that in the judg-
ment of the House the business interests of the
country required there should be no financial
legislation during the present session. in
troduced that resolution in good faith, because
it was the expression of my own convictions
and the convictions which hold in regard to
/ financial legislation generally at the present
time, and hold still more int ensely with regard
to legislation on the silver question.
would have the present law upon that subject
remain as it is. He argued further in view of
tho revolution which was taking place in Eu-
rope in favor of double standard, the present
was most unfavorable time for Congress to
legislate on the subject. Twelve months hence
all the elements of the question would be
changed. His own judgment was that within
a year or two such an understanding would be
reached between England, France and the
United States as would fix the weight of the
silver dollar as low as 4l21a grains and would
probably restore the old rates of 151a to l as
between gold aud silver. It was therefore alb
surd to attempt to fix to-day the weight of the
silver dollar. ~
Mr.. Mcmillan argued against the amendment
on the ground it was legislation against the
people and in the interest of the bonded aris-
| tOcrats. 5.4r
Mr.. Warner moved the previous question on
the second section and it was seconded. The
amendment offered by Mr.. Kimmel was re-
jected, yeas So, nays l76.
SECTION THREE.
| The second section was then agreed to and
the third section was taken up. 1t provides
that aay owner of silver bullion may depesit
! the same at any mint to be formed into bars or
into standard dollars of 4121a grains, for his
| benefit.
Mr.. Bedford moved an amendment by in
serting after the word s'bullion'' the words
produced from mints in the United States
The amendment was rejected, yeas los. nays,
| 100. s5ss 81. =,
Mr.. Calkins moved to add to the section a
proviso that the secretary Of the treasury may
purchase silver bullion for coinage at its
market value and that all gains and profits
arising therefrom shall inure to the United
States.
Mr.. Warner opposed the amendm n ent on the
ground that it would close the mints against
silver. The amendment was rejected yeas ia,
nays 115
| Mr.. Warner moved to reconsider the vote
and lay the motion on the table, but the
yeas and nays being demanded withdrew the
motion Adjourned