Omaha daily bee., 1885-02-27
CONGRESSIONAL.
The Senate Takes Up The Silver CON-
age Bill.
And The Trade Dollar Engages
Their Attention,
Relief for The New Orleans Ex-
position is Mentioned.
The Pacific Railroad Funding Bill
is Discussed,
The National Theatre a Prey to
the Fiery Element.
There viii BE No Increase of Annual
Clerks to the Senate
Committees.
SENATE.

WASHINGTON, February 26.-Hale, from
the committee on appropriations, reported
with amendments the regular annual naval APP
preparation bill. Placed on the calendar.
Hale said he would endeavor to call up the
bill tomorrow.
Sewell, from the committee or railroads, re-
ported favorably the bill already passed by
the house, extending the provisions of the Pa
cifc railroad construction act to such roads as
may be constructed through the Niobrara val
y. Calendar.
Hoar introduced the Pacific railroad fund
ing bill, containing the provisions of the bill
already reported from the judiciary commit
tee, but with amendments suggested, he said,
by experienced senators, while that bill was
on the calendar. 1t was unlikely the said bill
could be considered this session. The subject
desererved serious attention and might in
yolye considerable discussion. He thought
it useless, therefore, to refer to the judiciary
committee the bill now introduced, but he in
PRODUCED it for the information of the public.
He hoped that before the next session the
matter would receive the careful attention OF
the business men of the country 80 that con-
gress might receive the benefit of their suP-
~gestions as to the justice or injustice of the
measure. He moved the bill be printed and
lie on the table. Agreed to.
Ingalls, said q short executive session was
desirable, and moved the senate proceed to
consideration of executive business. Two
democrats opposed the motion, but 1T passed,
81 to %. The senate then went into eXecu-
tive session. When the doors reopened the
senate resumed consideration Of the legisla.
tive bill.
All amendments yesterday proposed by the
senator's to increase the number of annual
clerks to the senate committees were voted
down by O vote of 80 nays to 10 yeas.
Tho canada onraal IN tho panata aupenHfna ant
striking out the house section providing for q
new apportionment and election in theterritory
of Wyoming. The bill was read the third
time and passed substantially as reported
from the senate committee of appropriations.
The silver bill was then taken up, Sherman
said he was willing to vote for the bill as it
came from the senate committee, he maintained
that there was no obligation of any kind to
give the trade dollar any preferences over the
| bullion purchased in open market. : This dol
lar is like silver bars and had been Issued for
bullion purposes and trade only not for cir
c%ulation. After reciting the history of the
trade dollar, Sherman showed that the bill
taking away its legal tender quality has been
passed without objection being raised.
Mcpherson asked why the government
should have taken away the legal tender quail
ity of the trade dollar without providing for
its retirement.
Sherman replied that to have talked of pro-
| viding for the retirement of the trade dollar
when the Law was passed taking away its
legal tender quslity would have been folly,
because that dollar was at home worth thir-
teen cents on the dollar more than United
States money. Perhaps it would have been
better If the arrangement had at that time
been made, permitting holders of trade dollars
to convert them into greenbacks, but it would
have been simply considered ludicrous and
ridiculous.
! Mcpherson thought that the fact that the
United States paper money was worth less
than gold at that time was no reason why the
trade dollar should have been robbed Of it;
value as q circulating medium. What notice
had congress given TO the holders of that coin
that the legal tender quality was to be takeI
away?
Sherman said that the law was o notice Il
everybody. Owing to the appreciation of pa
per money in 1o77, the trade dollar became o.
less value than paper, and while Sherman
sympsthized with those who may hold trade
dollars, still he could not see that they hac
any right to call on the government to repai
their losses, any more than if they had in
no obligation on the part of the government
vet If congress chose to pay $50, 900, 900 t.
redeem those coins, Sherman would not OBJ
jsct. 1t would make good some bad bargain
of the bullion dealers. If the bill stood a
the house had passed it, Sherman would
| nave opposed IL, DuC us aneuueu u
the senate committee he would vote for it
All commercial transactions in the United
States, Sherman continued, were based, anC
had been since 1S47 on the gold dollar, 20 ST.
grains solid gold. The market value of silye
bullion had been steadily declining since tn
passage authorizing the coinage of standar
silver dollars. If this should lead to large ex
portation and the boarding of gold, the stand
ard value would in time be based on the mar
ket value of the standard silver dollar, the ei
feet would be the contraction of currency .
sharp as to send q shock to every village in tn
country. The volume of paper money beinl
insufficient for the demands of business, i
would be used for labor, but its purchasin
power would gradually decline, until !
reached a level market value, measured b
!, gold. This deprecated currency would the
take the place of boarded gold and tn
laborer would receive his pay in de
preciated money, while the capitals
{ would s~tipulate for gold. Then we shout,
hear the cry for the redemption of tho star
dard dollar in gold, and rightly hsar becaus
we had provided that it was to be receive
and paid in all respects like gold coin. 1t wa
true that the interests of all classes was I
maintain the circulation OF both metals, bu
this must be done on a base according, Q
nearly as possible, with their relative marke
values and that alone by the constitution o
3 bi. metalism. Any demonetizing of eithe