The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1880-04-14
currency--National Debt--coinage

Currency--Nationa1 Debt---Coinage
In the House of representatives., OF
+ the 9Th inst, Mr. Weaver, of Iowa
moved to suspend the rules, and adop
the following resolutions
ResoEred, That it Is the sense of the House
that all currency, whether metallic or paper;
necessary for the use and convenience OF the
/ people, shall be issued and the volume con-
troiled by the Government, and not by or
I through bank corporations of the country
and when 80 issued iJ should be full legal
tender ia payment of all debts, public aud
private.
Resolred, That in the judgment OF this
House that portion OF the interest bearing
debt Of the United States which shall be re-
deemable IN the year 1881 or prior thereto,
being amount Of about $50 U0G. 900 shall
not be refunded beyond the power Of the
Government to call in such obligations and
pay them at any time, but should be paid
Is rapidly as possible and according to CON
tract. To enable the Government to meet
these obligations, the minis Of the United
States shall be operated TO their fall capacity
ia the coinage of standard silver dollars and
such other coinage As business interests may
require.
On suspending the rules, the vote
stood yeas 50, nays III.
HOW THE MISSISSIPPI DELEGATION STOOD.
YEAs-Messrs. Manning, Muldrow and
Singleton.
NAYs-Mr Money.
NOT VoTING-Messrs. Chalmers and
Hooker.
1t Is to be regretted that the House
did not suspend the rules and pass the
resolutions as an expression Of its sense
in favor Of a policy, the soundness Of
which can not be successfully contro-
verted. The first proposition to take
from banking corporation monopolies
the power to control the currency and
contide it exclusively to the govern
ment, is eminently proper and conser-
vative, and > good, oId-fashioned democ,
racy rs expounded by Jefferson, Madi-
son, Jackson. and Calhoun. Mr.. JEFF
ferson the original expounder Of the
/ Democratic creed, never uttered a truei
sentiment than that 1.-THE power to
issue money should be taken from the
banks and restored to Congress where
it belongs" Nor, Mr.. Calhoun, when
he said; "a paper issued by govern
ment, with the simple promise to re
ceive it in all dues, leaving its creditors
to take it or gold and silver at then
option, would, to the extent to which il
would circulate, form perfect paper
circulation which could not be abused
by the government, that would be 4.
steady and uniform in value as the met
ais themselves. = \ 1t IS certain
the Constitutional power Of Congress il
use such paper in the management Oh
its finances, accords with the most rigid
rule Of constituting the constitution"
The only feature Of the resolution
that admits Of reasonable ground Of op
position, are the words that the curren
cy ''when 30 issued should be l; full le
gal tender, in payment of all debts pub
lie and private.
| Unless the old monarehical doctrine
that "a public debt is 4 public bless
ing" be assumed as true, and thai
it is to the interest Of the people 10 have
the fruits Of their industry perpetually
consumed by privileged orders, tLe
proposition Is sound that the obliga
tions Of the government should not be
funded beyond its power to pay them Il
soon as possible by the practice Of econ
omy in the management Of its affairs.
unexpectedly worthy of acceptation Is
the proposition that the coinage Of silver
dollars should be unlimited for the pay
ment Of the public debt, two-thirds Of
which was originally payable ia green
backs as well rs coin, but which by a
change Of contract at the instance OF the
bond-holders, has been made payable
entirely ''in COIN" In examining the
vote upon these resolutions, we find that
they,,were supported by nearly two-thirds
| of the Democratic members and were OPP
/ posed by ell but two Of the Republicans.
| The South gave them fifty-eight votes.