National Republican. (Washington City (D.C.)) 1872-1888, 1880-01-28
Mr.. BayaTd's Financial Speech in
the Senate.
The TIlz-JoIn Porter Bill-Blils Reported
from Committees TO the House-The
McGarrahan Claim AGain-Whnt
the Committees are Doing
a Belgian Prize for an
Essay on Harbors.
Congress Yesterday.

Commissioner OF Public buildings ana
Grounds to inquire into the condition of the
building pow occupied by tho Supreme court
of the District of Columbia and ascertain
whether it is sufficient for tho accommodation
of the courts and if not. what measures are
nc cessary TO supply the deficiency.
Mr.. Randolph reported the bill for the re-
lief of Fitz-John Porter agreed TO ly the ma
iority of the Senate Military Committee, which
is much the same as the majority report from
tho House Committee.
Mr.. Logan made a minority report, emphat-
icalv dissenting from the report of the major
ity, denying that the President had authority
to organize commission to examine the case
by taking er-pdrte testimony; that actions of
court-martials are not renewable by Congress,
and that Congress has no right to pay u per-
son for services not rendered because of ex-
clusion from the army
The bill was placed on the calendar, aud
both reports ordered to be printed.
Mr. Edmunds presented a resolution in
structing the Judiciary Committee of the Sem
ate to inquire whether in the settlement or
adjustment between the United States and the
Pacific railroads, mentioned in the act of
February %, 1915, to provide for the settle
ment of certain railroad companies any dis
crmination or difference of treatment, has
been made by the United States officers in
favor of one or moro such companies ~
against others; and If so, what further legis-
lature, ii any. on tho subject is expedient.
At the expiration of the morning hour Mr..
Bayard took tho Ioor and made IA lengthy
speech in behalf of his resolution destroying
the legal-tender quality OF tho United States
notes. He spoke for nearly two hours, and re-
ccived the closest attention both from the Sem
ate and the fair crowd in the galleries.
He began by reviewing the different acts of
Congress creating tho legal.tender notes and
tho purpose for which they were issued. He
cited copiously from the different acts passed
affecting tho currency and from the reports
of Secretary Chase to show that it was the
intention of the fathers of the Greenback cur
rcncy to retire 1t from circulation rs soon after
the war as possible. Speaking OF paper money
and its value, he said
Paper notes are all essential auxiliary to
coin, but never lot it be forgotten, they are
not coin-are not money-but are substitutes
for it. They are not actual payments, but
promises to pay-evidences of debt which
tho law will enforce--and do not give value
for value and their acceptance must be based
on their credit, on their convenience, and bo
always voluntary in order to be safe.
When paper note, an evidence of debt Is
made a compulsory tender in payment of
debt-the great law of honesty--the great law
of mOney-that value is to be given for value,
is broken aud disregarded. Mr.. President, we
have heard in this Chamber illusions some
what vague, but none the less alarming, to an
unseen. undclined, but terrible, money power.
What is meant by these omnous warnings
against this Invisible, intangible, immeasurable
power? What is meant is, suppose, the power
of capital How shall the law deal with il g.?
Capital is the result of labor and frugality I;
IL is BY the virtues of thrift, economy aud self
denial, working under the instruction of in
telligcnce and enlightened self.intcrcst, that
capital is first created and then accumulated.
Wealth and property of all descriptions arc
but forms Of capital. Encouragement is
given by the institutions Of property, by the
creation of government by the enactment of
laws, to induce men to exercise their faculties
to gain wealth. Is all this founded upon fall
laCy and wrong? Is there to be discrimination
suspicion and assault visited upon those indi-
yiduuls of society who have been moro sue
cessru than otEers in the accumulation of
property? Is II not money power that en-
abes Il poor laborer to become the owner of
the pick.ax aud shovel with which he prose.
cutes his daily task? Is it not money power
that enables him to procure wheel
barrow? Is II not money power that
enables his savings of years labor
temperance and frugnlity, to give him the
means to purchase Il horse and cart? Is it not
money power that enables him to educate
his children and fit them for IN improved con-
diton in life? Is IL not the same money
power that crowns his life of honesty, sobriety
aud industry, with an old age of comfort aud
responsibility? Such, sir, arc the humble but
honorable and useful, careers that America
offers TO tho poor of all lands; and, of ull insti.
tutions TO secure such results, II money having
real vaIuo is the chief, because il is the true
and only road by which the labOror honestly
becomes the capitalist"
In closing his speech, he said; whether
the Senate viii concur In my views l know
not. for q subject like this has never been and
will never be made by mo q subject Of party
caucus or personal canvass for votes; but
believe that good sense and rghttcCing are
permanent and enduring forces in American
politics aud In that faith | shall rely upon
these qualities yindcating themselves in tho
minds of my countrymen rs time shall pass on.
Tho issue is nothing less than whotlUr there
shall be security to labor for its savings to
thrift aud Industry of their just results, The
paiuful earnings of daily toll and the aCCumu-
lated wealth of generations are alike involved,
the creation Of property by labor aud it's
transmission TO posterity are all alike affected
by what havo proposed, and not being boz
lever in Congressional alchemy l ask that we
now abandon similar attempts to make it
successful"
The House spout a greater part of its time
again in tho consideration of the report of the
Committed on Rules, but during the early part
of its session Mr.. Caldwell from the Commit.
tee on IilNhlC lllu NlAlIlSi bhheu ledNc 10 re-
mort resolution Mstructing the Secretary of
the Interior aud his subordinatcs to cease and
desist from hearing or in any wise considering
any application for n patent to any portion OF
tho lands known as the Rancho PanOGho
Grande in California until tho bill relative to
that land now before Congress shall have been
disposed Of This resolution is the first of the
MGGarraghan claim in this Congress, Mr..
Page objected aud it went over,
Mr. GOode as the chairman OF tho com
miLtec on tho Yorktown celebration, reported
a bill to carry into effect resolution adopted
by Congress in October, 1881, in regard 10 q
monumental cOumnat Yorktown, Va. ltapprO.
pirates 100000 for theoroction ofa monument
at Yorktown, aud $4,000 to enable tho com
mttee on the Yorktown celebration to make
all necessary arrangements for such celebra-
ton Of tho centennial anniversary Of tho
| battle of Yorktown as shall beft tho historical
significance of the occasion,
During the calls of committees for reports
| Mr.. Converse, Of Ohio, reported q bill roserv.
| ing from salo or other disposition certain lands
| in California on which are growing redwood
| or big trees, which lands are to be dedicated
| to the people and set apart as public parks
Mr.. Cook, from the Committee on Postlllces
aud Post Roads, reported back bill declaring
! all public roads and highways post routes, aud