Savannah morning news. [volume] (Savannah) 1868-1887, 1882-01-19

resolution declaring the inexpediency of
contracting the currency by the withdrawal
of silver certificates or the discOntinuance of
silver coinage.
MR.. BROWN ON THE CURRENCY.
Mr.. Brown reviewed our legislation on
the silver question, showing its unfTiendly
character, and contending that while silver
had not been able to withstand it, gold would
not have stood any better, If the assault
had been made upoE that metal As to
what shall be the ratio of equivalents
he thought the French standard was about
a true one. That ratio was the one upon
which France would be willing to stand
with the United States Controverting the
assumption upon which, he said, the Secre-
tary of the Treasury had based his recon-
mendations for stopping the silver
coinage, that If this was not done
gold would f)w from the United States
and silver would take its place, and we
would be reduced in the commercial world
to the level Of the minor and less civilized
nations, Mr.. Brown argued to show that
we had a fixed ratio between the two metals
higher than had been fixed by other COM
mercial powers, ours being 16 to l, while
most commercial nations adopt 1516 to l,
and Germany now IA to l, and that, practi-
cally, the very reverse of a flow Of
gold from and of silver to the
United States would be the result of this.
He quoted from distinguished financiers in
gold and silver, mOno-metalists and BIZ
metalists alike, who discarded the theory
of the Secretary and went on TO demon
strate that the facts also were in the very
teeth of the theory. As the great silver
producing power we were assailing our own
interest in seeking to depreciate the value of
this product, and in ming with Germany
and Great Britain in giving to gold
alone the name and importance
OF money. In favoring greenback
redemption at par In coin, he said he was
opposed to the idea of one currency for the
bOndholders and another for the people,
and that the full measure of his rights and
equities entitled the bondhClder under his
contract to payment In silver dollars Of the
standard of 1910, which is 4l215 grains. AS
to the proposed withdrawal OF silver GER
tfcates, he argued that these furnish
ed a better currency than would the
bank bills, which, as he understood the
propositions of the President and Secretary
of the Treasury, it was proposed to substi-
tute for the certificates. The banks would
be under no compulsion to issue new bills
to take the place of the certificates,
aud, if they were so disposed, they could
contract the present volume of the currency
fifty millions or more. a worse currency
would thus be substituted for better, as
the certificates were always redeemable
promptly in legal tender dollars, while bank
bills in case Of bank failures are not promptly,
though, ultimately, redeemed. By retaining
the silver certificates the government avoids
some cumbrous machinery and secures the
profits on circulation, which, in other cases,
are given to the banks.
At 2:25 Mr.. Brown concluded, and his
resolution went over without action.
The Senate then resumed consideration of
the Sherman funding bill
Mr. Morgan ODDOsed the bill. He said he
was entirely satisfied OF the ability of the
government to pay $55O, 900 900 of the Win
dom continued bonds in eleven years with
out drawing one cent from the surplus reve-
nues, and presented figures showing the
respective totals of appropriation necessary
to extinguish the whole debt in FIVE, twenty
and thirty equal installments. He was 10
favor of using this surplus to extinguish
the debt at the tate of $10,000,0 600 per an
mum. Commenting on the aVowal which
he said had been made by some Senators
in the debate, of pOstpOning the pay
ment OF part of the public debt,
and thus continuing the debt indefinitely,
in order to perpetuate the national banking
system, he spoke of the incubus of the bank
power, which, having been created In mo-
ment Of folly. was now making its weight
upon the government felt. He referred to
the exclusiveness of the system in limiting
the basis Of banking to the bonds OF the
government, to the value of the franchise
enjoyed by the banks by reason of their
circulation being founded upon the credit
and strength of the government, aud to
their apparent intention 10 conunne business
upon from $50, 900, 900 to 800 600 600 Of the
bonds He then suggested as d means of
avoiding the continuance Of this system In
definitely that the government should cease
paying interest on the securities held ~ 1t
for the redemption OF circulation, and
further substitution in their stead from
time to time of State bonds OF undoubted
security as collateral, these being ken at
fifty cents on the dollar, or at any percent
age low enough to make the seearity abso-
lutelY safe. Upon the conclusion of Mr..
Mo-gan's remarks the funding bill was In
formally laid aside until to morrow
The following bills were introduced
By Mr.. GeOrge--rO encourage agriculture
and manufactures. 1t proposes to repeal all
duties and imports now laid on machinery
for the manufacture Of cotton or wooden
goods or goods composed of hemp or jute.
Also, on all tools of mechanics which are
used solely in manual labor. Also, on all
agricultural implements and all iron cotton
ties.
By Mr.. Ferry-Relative to the eompensa-
tiOn of letter carriers.
Messages from the President were reeeiv=-
ed transmitting for the consideration of
OU0ETes5 NUMBER or gOnmuQlCaGtOlS from
the Secretary Of the Interior.
The Senate, at $50, went into executive
session, and, after few minutes, devoted
to referring the nominations received to-
day, adjourned until to morrow.
HOUSE PROCEEDINGS.
The House proceeded, as the regular bust
ness Of the morning hour, to the call of the
committees for reports.
Mr.. Stephens, of Georgia, from the Coin
age Committee, made a report on the sub
1ect OF metric coinage. RecOmmitted and
ordered printed.
Mr.. Willis, of Kentucky, offered a resolu-
tion calling on the President for information
as TO the execution OF Section 1853 of the
hsVlseo n. os, for the promotion OF the
eInciency of the civil service, and whether
the sum Of $4,000 appropriated for that
purpose is sufficient for the purpose. Re
ferred.
After the transaction Of some unimportant
business, the House resumed consideration
of the report of the Committee on Rules,
proposing an increase in the membership OF
certain committees; The pending question
was on Mr.. Orth's substitute for the aD-
pointment OF board to select the commit |
tees. After long discussion, the question
was submitted to the House for decision,
and Mr.. Orth's substitute was ruled out of |
order by vote of 163 to "a.
Mr.. King, OF Louisiana, offered an amend |
ment, relating to the Committee on the I'm
provement of the Mississippi River, provid- |
ing that it shall have the same privileges in |
reporting appropriations for the improve |
ment of that river as are accorded to the /
Appropriations Committee in reporting gen.
eral appropriations. He spoke in support |
of his amendment as bearing on the ques-
tion of cheap transportation.
Mr.. Dunn, of Arkansas, opposed the |
amendment, arguing that the question of |
improving the Mississippi river belonged to
the Committee on Commerce.
Mr.. Thomas, of Illinois, advocated the
amendment, and said there was no reason
why the Committee on Commerce should |
have charge of the question, unless the OBJ
ject was to make the appropriation for the
Mississippi carry through the House the
riVers and harbor appropriation bill de
asserted that the commerce of the Missis-
sippi river was twenty-five times greater
than the whole foreign commerce OF she /
United States, and by the projected I'm
provements transportation would be cheap
ened SS per cent.