New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-01-28


that the President had no authority in law TO organize che
commission that examined the case by taking exparte
martial are not renewable by Congress that when
person out of the Army, Congress has power. or
time he has the service the country. lie
oBIectedto the bin on these grounds with others.
The bill Y as placed on the calendar. -
Among the bills introduced and referred were the fol-
BY Mr BUTLER Dem, s. C)-by request-To incor.
porate the Cosno- American Colonization and General
BY MI WALLACE Dem, Penn.)-To increase the
pensions OF all wounded soldiers OF the War OF 1872
who receive less than SD per month.
BY Nh. LOGAN rep, Ii)-TO amend the statutes In
relation to tue Immediate transportation OF dutabe
Mr.. EDMUNDs rep, VT offered resolution, which
adopted. nstructng the Judiciary Committee to IN
cure whether there had been any dlscrnnatlon Dy
United States officers IN favor OF some railroad com.
panles and against Others in carrying out the ACT OF
February %, 1873
MR.. BAYARD's SPEECH
DEFINING NEUTRALITY-SUSPICIOUS. BASED on PROM
IsEs TO PAY A SHAM.
The Senate resumed the consideration OF the Joint
resolution Withdrawing the compulsory legal-tender
power Of United States reported adversely from
the Committee On Finance, and Mr.. BAYARD proceeded
speak support OF the views of the minority OF that
committee.
Mr.. BAYARD tDem.), Del, said; Ny object in urging
the adoption OF the present resolution is to bring about
actual resumption OF specie payment. Whatever
may Effected by this resolution is secondary and
merely incidental TO TINS cardinal object TIE pros
periy the country to De permanent must rest upon
u sound basis, and know thai sound currency is es
senta and that real money Is the only basis OF sound
do not believe what's at present called re-
sumption IL real or reliable, because II Is neutrazed IN
All its resumptye eneots by the immediate reissue Ga
the just redeemed. THIS resolution intended to
secure tho resumption OF standard OF yaue-Oased
upon value and upon credit IL is not intended
TO destroy convenience and assistance OF the present
paper currency but feel assured that by letting men
feel confidence that stable standard II ultimately TO
measure al their coDtracts-they VIII naturally ieel
eapitai TO embark upon enterprises which
will give employment to the laboring classes and will
that notes should be called money" tends 10 pro-
once confusion and injustice The Issue OF the notes
that they thought 1t unadylsabe 20 tax the
people 20 obtain 1t; and, therefore, the United
Government 10 obtain supplies 10 carry the
war without paying for them Making notes legal
notes: II only compels him To receive them for
debt then due.
PAPER CURRENCY USEFUL, BUT NOT MONEY.
Paper currency n all It's forms-bils OF exchange
promissorY notes bank bls-arc all useful auxilisres
OF money are evidences OF debt. and OF wealth.
and possess no inherent value Every piece OF money
represents the value OF the labor which II cost TO pro-
duce It, The value OF any commodity only be
urod by money It does not determine the value but IT
ures IL. Capital he useful without the employ
of labor that the aborer must share the adyan
increased demand for labor and captai and labor,
having a common origin, are natural allies aud not
enemies universal medium Of exchange Is necessary
In civilized country can all the exchanges pf prop
let II DO forgotten thoy not
coin, are not money but are substitutes for H..
They are not actual payments but promises payev-
licences Of debt which the Law will enf0rce-aud do
bcd on their credit on their ana be always
voluntary in order be safe When paper note.
Of deb, rne great law Of honesty, tile great law Of
money that value Is to be given for value is broken and
dlsregarded
THE THREATENED ASSAULT on CAPITAL.
We have heard I'm this chamber illusions somewhat
vague but none the less alarming to unIe.
fined but terrible money power" What Is meant is /
suppose the power OF capital. How shall the law deal
with III Capital IL the result OF labor and frugality
Wealth and property OF oil descriptions but forms
capital. Ia there TO be discrimination, suspicion
and assault visited upon those individuals
than others In the accumulation of property I
Ia ~ not "mOney power" that enables poor abOTer
10 become owner OF the pick-axe shovel with
when he prosecutes his daily task IA IL money
power that enables him 10 educate bis children aud
nj them for an improved cond ton IN hfet do not
and wholesome distribution OF property winch
1t was hoped 10y the founders OF our Gov
Of The rules prmogenure. OF enaimen's OF perpet-
uliies and the division OF intestao estates among
daughters und sons alike, has been greatly defcaed
The system OF incorporation which We have introduced
into NIL branches OF industrial pursuits viii he found
nearly equal TO the effects of prmogen;ure and
mortmain combined, In its influence upon aggrega-
lion OF wealth. But tho mlonaires or to-day,
he counted by scores, where twenty wears they
were to be counted by units, twenty years ago
pennless boys. and cannot comprehend in this vague
aenuncaton OF their money power at what point OF
their Accommodations condemnation and prescription
TO commence To tning, however. do attribute
this unequal division OF properly IN tins country, so
much rs resort by the Government to the use OF
nconverble lesa-tender paper money IL IL from such
the distress caused by unwise financial management
attempts the force Of numbers against property
which witness over the country ana which afford
such opportunity for demagoguts.
The SUPREME COURT AND THE CONSTITUTION.
ma Sunre Cour doc
the consutionaty OF legal tender Issues and said he
believed the Constitution Congress power only
10 coin money not 10 notes. He continued the
Constitution was intended the restraint OF major
ities, aud to keep all power there not del
egated within assigned limits. 1t Is obvious
that the necessity for maintaining Its provisions Is
In proportion to the and dangers of
the nour. Yet by the Interpretation or the Supreme
Court the hour Of the trial Of the Constitution Is the
hour OF its auret never so weak as WIEN It should
too prompt TO put Ship OF State in a condition to
weather further storms.
FORMER LEGISLATION on THE sUBJECr-LET US
SIZE WHERE WE NOW STAND.
Secretary McCulloeh, in his annual report OF 1865
having expressed the opinion" that the Ieenl-Tepder
Acts we're measures passed in great emergency
that they should be regarded ouly temporary"-he
House OF Representatives. under suspension OF
rules by ii yeas to only nays, passed the following
ResOlpd That this House cordially views
with vieN TO early resumption OF specie
business OF
hereby pledge cooperative action to Ellis
fly possible
Among the LA supporters Of this resolution were
Nessrs Allison, Conkng. Dawes, Ferry, Morrill,, Rol-
Inns and Voorhees,.
Mr. Bayard went on to show how this policy had
been Abandoned the notes reissued and kept In crcua
tiOu.
TO this complexion have we c0me-that n proposition
to adopt measures Of admitted safety and wisdom TO
secure permanent prosperity Is called " tinkerlng
with the finances"
| Mr.. Bayard combatted Mr. Coke's recent argument
that to pass this resolution was to question the
validity OF the public debt, and said the notes
never anything than evidences of Ceot
To offer to pay debt novel way to question ITS
validity. The people will hope that every debt que
them be Questioned" the sense TINT the
public debt by this resolution viz by an