, 1885-02-27

NATIONAL NONSENSE
The House Considers the Land
Law Bill.
Cattle Kings and Railroads
Favor the Repeal.
The Senate Struggles With
the Silver Question.
CONGRESSIONAL
SENATE.

AAAa btAoAN Nv ociA~AAL az "
the reelection Of Senator Jones, Of Ne
vada-
Mr.. Hale, from the committee on ap-
preparations, reported, with amendments,
the regular annual naval appropriation
bill. which was placed on the calendar
and ordered printed. Mr.. Hale said he
would endeayor to call up the bill to-
morrow.
MI. Sewell. from the committee on the
railroads. reported favorably the bill
passed by the house, extending the pro-
visions of the Pacific railroad construction
act to such roads as may be constructed
through Niobrara valley. Calendared.
The Legislative appropriation bill was
then passed and the silver bill was taken
up.
Mr.. Sherman said he was willing to
vote for the bill as it came from the SEN
ate committee. Two questions were in
volved in it: First, should the trade
dollar be redeemed at the par of gold; and
second, whether the coinage of the silver
dollar should be discontinued in August,
1886. He maintained there was no obi
CATION, whether Of honor, law, or public
policy to give the trade dollar any prefer
ence over silver bullion purchased in open
market. Those dollars, like silver bans,
had been issued for bullion purposes and
for trade only-not for circulation. After
reciting the history of the trade dollar,
Mr.. Sherman showed that the bill, taking
away its legal tender quality had been
passed without any objection being raised.
Mr.. Mcpherson asked why the govern
ment should have taken away the legal
tender quality Of the trade dollar without
providing for its retirement. Mr.. Sher-
ma replied that to have talked of pro-
viding for the retirement" Of the trade
dollar. when a law was passed taking
away its legal tender quality, wonld have
been folly, because that dollar was at
that time worth thirteen cents on
the dollar more than United States
money. Perhaps it would have been bet
ter ifan arrangement had, at that time,
been made, permitting the holders Of
trade dollars to convert them into green
backs, but it would have been simply con-
sidered ludicrous and ridiculous. Mr.. Nc
Pherson thought the fact that the United
States paper money was worth less than
gold at that time was 40 reason why
trade dollars should have been robbed Of
their value as a circulating medium.
What notice had congress given the hold
ers Of that coin that its legal tender quail
ty was to be taken away?
Mr.. Sherman said the law was a notice
to everybody, owing to the appreciation
of paper money in 1877, the trade dollar
became of less value than paper, and
while Mr.. Sherman sympathized with
those who held trade dollars, still he could
not see that they had any right to call on
the government to repair their losses any
more than if they had invested in wheat
or corn. Although there was no obliga-
ton on the part of the government, yet ii
congress chose to redeem those coins he
(Sherman) would not object 1t would
make good some bad bargains of bullion
dealers. If the bill stood as the house
had passed it, he (Sherman) would have
opposed it, but as amended by the senate
committee he would vote for it. All com
mercial transactions in the United States,
continued Mr.. Sherman, were based
and had since 1887 beer
based On the gold dollar
of 25 $40 grains of solid gold. The
market value of silver bullion has beer
steadily declining since the passage of the
act authorizing the coinage of the
standard silver dollars. If this should
lead to large expectation and the hoard
ing of gold, the sole standard value woulC
in time be based on the market value O
the standard silver dollar. The efiec
would be a contraction Of currency So
sharp as to send a shock to every villag'
in the country. The volume Of pape
money being insufficient for the demand
of business would be used for labor, bu
its purchasing power would gradually de
cline until it reached the level Of its mar
ket value as measured by gold. Thi
deprecated currency would then take tn
place of the boarded gold; and the labor
CT would receive his pay in depreciate'
money, while the capitalist would stipu
late for gold. Then we should hear tn
cry for the redemption Of the standar
dollar in gold-and rightly hear it, be
cause we had provided that it was to b
received and paid in all respects like gol
coin. 1t was to the true interest OF a
classes to maintain the circulation Of bot
metals. but this must be done on a bas
according, and as nearly as possible wit
their relative market values.
Mr.. Beck read from the report of e,
Secretary Folger to %controvert the positio
assumed by Mr.. Sherman on the trad
dollar, as to the suspension Of silver coli
age. Mr.. Beck said we should not, in Il
last hours of this congress, attempt
strike down silver. Neither should v
give any president the power, in his di
erection, to strike down the coin of Il
country. He (Beck) would give tn
power to no president, no matter no
much confidence he had in him. +