The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1880-01-22
Last NIGHTS Dispatch es.
XLVI CONGRESS.
SENATE.

| WASHINGTON. Jan. Ex-senator Beck,
continued his speech in opposition to the
withdrawal of the legal tender status of
| greenbacks. He showed that during the
| financial legislation of 1878 Mr.. Bayard
| offered as an amendment to the bill then
passed the identical resolution now pend
| ing and it was voted down by large ma
jority in both houses; in the Senate by 42
to Is, six OF the AZ being members of the
| Finance Com mittee. At that time none
of the capitalists Of New York and else
where who now send gilt edged petitions
| to Congress favoring the measure saw any
danger in the reissue of the greeubacks.
On the contrary their reissue met with
universal approval. If any objection was
ever to be made to the power OF Congress
to issue notes IN time of peace, that was
the time to make it. Notes could then
not redeemable. Since then the Secretary
of the Treasury has accumulated 1925.
100000 in gold and silver, $l6O, 900 O007of
which is available for all purposes. In
his report the Secretary shows we have
| reduced the public debt since 1866 $761,-
100000. We have on hand more than
can possibly be necessary for the purpose
of a sinking fund If one half the money
collected from the people by taxation had
been retained in the Treasury, and if legal
tender notes had been allowed to perform
the functions Of money at the custom
house, if silver had not been stricken
dowD, resumption would have come of it
self years ago without any one suffering
from it, Nobody was demanding the
principal of the debt 1t was diminishing
every day, and we are growing in pros.
perity and numbers. The Secretary saws
be is holding the money thus acquired for
assurance that the notes shall be paid.
1t has cost the people by double interest
and percentages $13 100000 to get money
into the Treasury, and we are holding it
at an annual cost of $8,00O,OO0, and 10
addition to that the Secretary claims the
right to sell five per cent bonds n any
| amount to get money to redeem notes on
demand. New York petitioners claimed
that greater confidence ID business would
| follow the passage of this resolution. He
denied it. What greater confidence was
needed? Our bonds we're at a premium
Greenbacks were at par No man was
cheated by receiving them They are
| amply secured. Can there be greater se-
curity than that implied in our declaration
that they shall be re-issued and stand at
their full value? Prior to the Introduction
of this resolution, what petitions against
United States notes had ever been pre-
sented? He had seen none It is
always safe. and generally wise. said MIR
| Beck, TO let we'll enough alone IL hoped
the prosperity now being entered upon
would Irove permanent, but it might be
temporary, for We have no ships, no COM
| merce, We are paying enormous sums to
foreign ship owners. We are isolated by
our tanH from the markets of the world
We are prosperous because God 10 His
province has seen fit to bless US ami visit
other nations with calamity. 4 reverse
may come and prosperity vanish Ii all
the money issued were now in existence it
| would only amount to $750,000, 600 or
| S9OO,O0O,00O, Including the gold in the
Treasury that was Gully $l5 or SIS per
head Of popuiation France had $1,000,
0O0,U9u In gold and silver and $450,OO0, =
600 OF bank notes in circulation, making
500 per head. Yet France was a remark
ably prosperous country. There was no
complaint of redundancy there Belgium
was thrifty country. rich in commerce
and manutacturies Her circulation was
1892 600, 600, or Sl32 per head. Germany
Jas S7l4,000,0 900, or SIT per capital. She
had ln an unfortunate hour attempted 70
demonetiZe silver, but as shown by Judge
keily's interview with Bism arck, at which
our minister was present she mad been
Obliged 10 the interest of business to stop
ssiiing silver and begin TO re issue Great
| Britain has circulation of S905 100000
or $3 per capita, nearly double what we
have, yet 10 face OF these facts, saiG Mr..
| Beck, he and those 3i His opirionS were
denounced as repudi4 fools and kuaveg
| by many newspapers 50 well paid by ban
kers and brokers oi New York. Owing 10
| losses by accident and the uatura! wear
aud tear, the amount Of grcenbacks cut
standing was probably less than $500, 600,
| 600 by the controllers report. $79 OGO =
900 of this was held By tic banks and the
| treasury on May !. 1879 aud though the
| amount thus held differed at different
| times, hat was probably a good average
and il left only s i65 600 900 in actual cir
culation. Mr. Beck said he Gcver regard
ed the ssue'ot greenbacks as constitution
al. but the Supreme Court held otherwise
and now we have them lets get he benefit
and not give it to the banks by destroying
them. AS long as pensions and other ext
gencies of the war were upon US, these
notes were needed.
| Mr.. Coke obtained the floor, but after
the executive session the Senate adjourned.
HOUSE.
| WASHINGTON. Jan, 81 Mr.. Sparks
| chairman OF the com mlttee on military
affairs. reported back the bill for the relief
of General Fiiz John Porter. accompanied
with the majority report thereon.
Mr.. McCook presented the minority
report, Both reports were ordered printed
and the bill was made the special order of
Feb IS
| Mr., McIahon, from the committee on
appropriations. reported bill for the pay
ment of the fees of marshals and deputy
marshals for the next fiscal year. Ordered
printed and recommitted,
Tbs morning hour was consumed by
discussion of the bill requiring half Of the
bank reserves to be kept in coin.
MIR. Townshend, of Illinois, argued
against the bill as being in favor of nation