St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-05


Aldrich Harrison Miller (NY
Allison Hawley Mitchell
Blair Rill Morrill,
Call Hoar Pike
Cameron (wis) ingalls, Platt
Chace jackson Plumb
Conger Jonas Pugh
cullom Jones CFla) Riidleberger
Dawes Jones (Neb) Sawyer
Dolph Lamar SewelI
Edmunds Lapham Sherman
Frye Mcmillan Slater
Groome Maaderson Vest
Hampton Miller (Ca) Wilson
Harris-43
NAYS.
Bayard Colquitt Pendleton
Butler Mcpherson Saulsbury
CocSreu MaXey Vance
Coke Morgan Van Wyck-12
The chair laid formally before the senate
the Texas Pacific railroad land forfeiture bill.
Senator Morrill, moved to lay it aside in Or
der to take up the house bill for the retire
ment and recoinage of the ''trade dollar"
The bill, as amended by the senate provides
also for the suspension of the coinage of the
standard silver dollar. The senate, by a
vote OF 81 yeas and % nays, decided to take
up the last named bill.
Senator ingalls, moved to strike out the
fifth section. which is the section suspending Q
the coinage of the silver dollar, anj Morrill,
then addressed the senate on the bill He
did not feel that the senate was under any
legal or moral obligation to redeem the trade
dollar, and he had with some reluctau ce
consented to the measure in order to relieve
the country from at least one of the EN- bar
RAISING incidents which surround the silver
question. He sDoke of the danger
of silver coin alone suddenly becoming the
standard money of the United States, and of
the rapid increase of silver certificates, which
he characterized as a queer form of paper
money, and the most expensive paper cur
reDcy ever invented. In conclusion Senator
Morrill, said: l do not wish to demoralize
the silver or to reduce the amount in circu-
lation, but | would make it safe and practic-
able TO increase the amount held in our
financial institutions as well az in the hands
OF the people. The present bill and amend
mcnts are intended to provide against
any untoward combination or event
that shall leave US with only
one OF the precious metals to support our
standard OF money. We greatly need them
both 1t may be far off, it may never happen,
but if we should at any time be driven 10 q
single standard of silver, il would be great
disaster affecting the value of all property
and of all investments. The blow, should it
ever happen, would strike with the greatest
severity upon the workingmen of the coun-
try, who would suddenly find their wages
largely reduced by a cheaper mode Of legal
tender payment. The employees of the
United States are better paid than in any
European country, and the London Times. In
speaking on this subject, September II,
| 1888, says: with regard to the remuneration
of labor assuming the produce of labor 10 be
100 in Great Britain, fifty-siI parts go to the
laborer, TIVE nty-One to capital and twenty
three 10 the government. In France forty
one parts go to labor, thirty-six to capital and
twenty-three 10 the government. In the
United States seventy-two parts 90 TO labor,
twenty-three to capital and FIVE to the gov
ernment."
This shows that for any depreciation of
currency, which may at any time arise, the
labOriug men of the country must bear the
brunt Of the loss. OF all measures which
may affect the welfare of the Iaboring man,
there are none more ius dious or more dis
astrous than those which tender the remun-
Grafton for labor in deprecated currency, or
currency below that of a standard value
throughout the civilized world.
Senator Mcpherson said there would be
$3.50, ,000.000 of silver in the treasury vaults
! by August, 1856, and he favored the imme-
diate suspension Of the coinage. He believed
the government morally and legally bound
/ 10 redeem the trade dollar at its face value.
Senator Beck said the bill as reported was
not by any means the unanimous opinion OF
the finance committee.
The debate on the bill then closed for the
| day. 1t will be unfinished business to-mor-
row. Senator Blair made two unsuccessful
attempts during the day to secure the consid-
Grafton of the anti-foreign contract labor
bill. The senate after executive session ad-
journed.