Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1880-01-21
Congress-.

| BAYARD's RESOLUTION IN THE SENATE
FINANCE MEASURES IN THE HOUSE
-HoRR MAKES ANOTHER OF HIS
| WITTY SPEECHES.
SENATE.
WASHINGTON, Jan. 15.-Messrs. Nc
Pherson and Baldwin presented petit
tions of women asking for constitu-
tional amendment giving women the
right of suffrage.
Mr.. Allison, from the Committee on
Finance. announced that he was di-
rected by that committee to report
back the joint resolution for the with
drawal of the compulsory legal tender
power of the United States Treasury
notes The committee had made a YER
bal amendment to the resolution unan-
imously agreeing to it, and, with that
amendment, directed him to report the
resolution adversely He understood
there was a minority report to be pre-
sented. otherwise he should ask an in
definite postponement of the resolution.
He asked it to be placed on the cal
endar for the present. So ordered
Mr.. Bayard, from the same commit
tee, presented the views of the minor
ity, which are as follows:
The undersigned, believing the
financial prosperity of the country, IN
order to be enduring and secure, must
be based upon money OF actual and In
trinsic value, and that our Govern
ment has no power and is incompetent
to endow its paper obligations with
such value, and United States Treas
urv notes in existence and in circula-
tion being now redeemable in gold and
silver coin at the option OF the holders,
do recommend the withdrawal of the
compulsory legal tender power of such
notes and the passage of the subjoined
resolution.
(Signed) FRANCIS HERMAN,
THos. Z. BAYARD.
Here follows the Bavard resolution,
heretofore published, that Treasury
notes shall be receivable for all dues to
the United States on duties Or imports,
and shall not be otherwise legal ten
der
Admitting the principle of the reso-
luton as to the power of the Govern
ment to make paper legal tender, | re-
serve my action upon The resolution as
to the time of withdrawal of the power
given heretofore.
(Signed) WIN. A. WALLACE.
Reserving the right of amendment.
(Siened) JUSTIN s. MORRILL,.
The minority report was also placed
on the calendar.
The amendment made by the major
ity in the phraseology of Mr.. Bayard's
Joint resolution merely changes the
words "U. S. Treasury notes" to ~.
S. notes."
The morning hour having expired,
the bill went over, and Mr.. Morrill,
called up for consideration his resolu-
tion instructing the Finance Commit
tee to inquire into the practicability of
refunding the public debt at less rate
of interest than per cent, and made
speech thereon.
He argued that lower rate of inter-
est than per cent cannot be expected
to hold our securities at par, and that
it would be for the best interest of the
people to place our debt at home at 4
per cent rather than a lower rate
abroad.
After some miscellaneous business,
consideration was resumed of the bill
requiring one-half of the reserves of the
national banks to be kept in gold and
silver coins of the United States
MIR. Price declared himself opposed
to any tinkering with the currency,
either as to quantity or quality of the
paper which was circulating. He was
also opposed to taking away the legal
tender quality of the greenback. All
prudent men spoke in thunder tones,
and said "Let well enough alone"
Among all the fallacies in regard to
withdrawing the legal tender quality
of United States notes the greatest
was the assertion that the movement
was made in the interest of national
banks. Those banks could not possibly
make anything by degrading United
States notes. He eulogized the silver
dollar, since the coinage Of which the
increased prosperity of the country had
been remarkable, and called attention
to the fact that there was more gold in
the country to-day than at the time of
the RECOMMENDATION of silver. In conclu-
sion be said: Yesterday our iron found
ries all over the land were idle; their
blackened walls spoke of bankruptcy
and ruin. The men whose business it
was to operate them saw their families
suffering for food and clothing. The
fires long since eXtinguished have been
rekindled, the operatives are working
full time at good wages, and are una
BILE to supply the demand for their pro-
ducts. Distress and desolation have
lad to flee before the onward march
and resistless force of prosperity |
Ships that lay rotting at our wharves
have weighed their anchors and the
sails Of commerce have again spread
their white wings on lake and ocean
Where a short time ago silence reigned
supreme, and distress and desolation
seemed to hold sway, is now heard the
busy hum of industry. Cheerfulness
and hope have taken the place of gloom
and dependency, and from all these
avocations and industries the cry
comes up Let well enough alone"
(Applause.)
At the conclusion of short speech
by Mr.. Lewis, in favor of the bill, the
morning hour eyydred, and the bill /