The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1880-01-16

t'prstnod there was n minority report ~ be
urpspntad otharwIla he should ask the III
definite nnatponement OF the resolution, lie
asked that II hp placed on the calendar lof the
present. 1t was sa ordered
Mr.. Bayard from the same cnmm'tIee, pre-
apntpa the views nf the minority, aa follows
The undersigned, believing the Industrial,
commercial and financial prosperity nf the
country, In order to be enduring anh secure,
must be based upon money uf actual ana IN
tr,naic value, and that unr government has no
power and is incompetent To endow its paper
obligations with such value; and United
States treasury notss IN existence and I'm cir
culation being now redpemahla IN gnll AMI
sllvpr coin, Mt the option Of the holder, do
recommend the withdrawal OF the compul-
aory legal tender power Of such notes, and
the passage OF the subioined rpsnlntinn.
FRANCIS HERMAN.
THOs A BAyARD,
Here follows Mr.. Bavard's resolution
THAT treasury notes shall be receivable Tor
al dues to the United States except the duties
on Imports and shall he otherwise legal
tender; admitting the principle of the resnlu-
tion az to the power Of the government to
make paper legal tender
II reserve my action upon the resolution a.
to the time Of withdrawal Of the power given
hett tOforp. WM. A, WALLACE.
"aeservng the right of amendment
Justin s. MORRILL,"
The minority report was also placed on the
calendar.
MIR. Morgan presented the credentials Of
Luke Pryor, appointed AZ Senator from Ala
bama until the Legislature elects a euecessor
to tho late Mr, Houston. Mr.. Pryor was
sworn In, taking the modified oath
The Senate took M the bill to relieve the
United States Treasurer from the amount
now charged against him and deposited with
the anveral States.
MIR Thurman opposed It, The money he
longed to the United States and should he
ia i,tyt "A IA
The morning hour having expired, the hill
went over, and MIR. Morrill, called for the CON
sderatiun of his resolution instructing tho
Finance Committee to inquire into the praeti-
cahlity If rpfunding the public debt at less
rate Of interest than per cent
The amendment made hy the majority, In
the phraeeology of the Bayard joint resolu-
tlOn, is merely verbal changing ct the
words ''Inited States treasury notes" to
f'United States notes
MIR. Morrill, ennaking In favor Of his resoll-
tion, said the 3-G5 bonds Of the District Of
Columbia, guaranteed by the United Statea,
are selling at aO'4 net. This WAS teat OF the
value of q United States b md bearing less
bring less that one ut 965, He
thought 1t would be wiser TO refund with
bonds that will bring premium and 50 re-
duce the debt by that much and obtain, tinan-
cialIy all the advantage possible ~ the lower
interest He Thought action should he taken
lest delay bring less favorable cir
MIR. Gordon, from the Committee Oh Com
mpree, reported favprahly the bill authorizing
the Secretary of tho Treasury to appoint u
deputy collector at Lake Charles. La.
MIR. Garland introduced q bill to release the
Memphis and Little Rock Railroad Company
from the operation of SO much of the acts Of
1853 and 1866 AZ unjustly affect such corpora
iions; also to authorize the Secretary OF the
Interior to certify tu said road the public
lands to which Ii is entitled under said acts.
Referred.
The Senate then adjourned tn Monday.
House The House, after transacting some
business. resumed cona'dera-
Lion Of the bill requiring 0ua-half OF the re-
serves of national banks to be kept In gold
and silver cpins OF the United States.
Mr.. Pterco, III advocating the hill declared
himself as opposed tp any tinkering with the
either as to the quantity OF quality
1f paper which is circulating. He was also
opposed to taking away the legal tender
quality of greenhaeks. All prudent men
spoke IN Thunder tones and said, Let we'll
enough alunan
Mr.. Lewis, of Alabama, followed with q
speech In favor Of the bill
The morning hour having expired the bill
went over without action.
After a long discussion 1T the revision of
1nuree Of which Mr.. Hoar, Of Michigan. made
i humorous speech IN behalf OF the Commit
zee on Manufactures. to which he insisted all
lther cammitteea should report.
The House, at 80 y. NJ, adjourned.