Morning journal and courier., 1880-01-28

the tribunal. The Supreme Court had held
 that neither Congress nor the States could
 pass laws impairing the obligations of con-
 tracts. The construction of the Constitu-
 tender cases is alarming and dangerous.
 He proceeded at length to give the history of
 United States Treasury notes from their issue
 to the present time. Fifteen years have
 passed since the war ended, yet measure of
 confessed temporary expediency is still in
 force and by many urged to be perpetuated
 indefinitely. Notes being at par and redeem
 able in gold and silver, certain Senators ar
 gued that it was inexpedient to adopt meas
 ures of safety and wisdom now. It was
 called hnkering with the finances Such 8
 condition of sentiment was alarming. This
 assumed legal tender power was like the germ
 Of fever which might at any time of emer-
 gency develop it's deadly power. While it was
 dormant he desired to end its existence. Now
 was the time to establish resumption of specie
 payment permanently. Since the bubble of
 false prosperity burst in 1873 our people had
 lived more economically, produced more and
 spent less. Providence had blessed us
 largely with bounteous crops during
 the past three years. which have
 been years of scarcity in Europe. As our favor, and 1t was estimated that since last June this country had received from Europe at least $1OO, COG, 900 in gold. This influx could only be arrested by our continued use of spurious money. The banks were wisely converting their reserves into coin, and if our smaller notes were withdrawn gold and silver would rapidly replace them in circula- tlon. The withdrawal of the legal tender power from these notes could do injustice to no one, and could not lessen the value of them in the hands of any holder, because they were redeemable at their face value in coin. It was idle to imagine conspiracies to discredit these notes because of withdrawal of their legal tender power, because they could procure coin at the Treasury on de- mand. The legal l-tender clause never added to the value of the notes. It certainly failed to prevent their great depreciation. The best illustration of the in- justice of legal tender paper money was to be found in the numerous petitions presented this session, praying that the difference in value between United States notes and coin should be paid to the soldiers and sailors who had been compelled to receive the former during the war at great depreciation, and there was now a bill before Congress author izing the issue of $5, 900, 900, 900 additional notes to equaliZe greenbacks to coin. He did not propose to discuss that measure now, but if it were just to relieve these petitioners then the relief should be extended to all classes af- fested by the depreciation. Such wild and foolish schemes should be met on the thres- hold. He appealed to the Senate to put an end to the legal tender quality of these notes. OentralIzation of power was ot 6nd be deplGrad in tb,s any ~ of the federal government during the past if teen years to increase it's powers had justly alarmed those who wished to preserve the Union under the federal system. What act of standardization equalled in any degree that which assumed values by fiat of Congress and compelled the acceptance of such values as equivalent for any indebtedness. The con- mercial and manufacturing centres of the | country had expressed themselves in favor of | the proposition contained in the resolution | now before the Senate He deprecated at l tempts to create sectional prejudices on ques- tions and concluded by appealing to the Senate | to adopt the measure to give security to labor | for its savings and to thrift and industry of | their just results.
 At 2 p. m., after the close of MT. Bayards l speech, the Senate went into executive session, | and at 3:30 the doors were opened and the | Senate adjourned.
 HoUsE-Mr. Caldwell, (Ky., tried to offer to prohibit any action by, the Interi- or department on the McGarrahan claim until after the Court of Claims shall have de- the matter, but Mir. Page, (Cal., objected.
 MT. Russell, (Mass. ) from the Committee on Commerce. reported bill appropriating s25, GOO to test Morris marine danger signal, md it was sent to the Committee of the Whole.
 MT. Cook, (Ga.,) reported bill declaring Ill pubic roads post routes, and it was sent to he Committee of the Whole on the ground hat to establish such service future appro- oriations would be required.
 The House went into committee and re- tuned consideration of the rules. General debate was closed last week and consideration commenced to day under the five minute uls No material changes were made in the irst seven rules, which relate to the duties of he thar an6 fha all I ion of officers. An amendment Awas offered | 0 make the Sergeant-at-A Arms disbursing off, 'er. The real fighting ground, which relates 0 committees and votes by the members will lot be reached for a day or two.
 The House adjourned at p. m.