Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1885-02-27
csSGREssIosAL.


.AsaIseToS, Feb. 26. - The Chai,
1aid before the Senate the credentisIa q,
vsda.
Hale, from the COMMITTEES ON Ammo
pFlaaons. reported With amends msnt,
We regular annual naval approuriatior
pail, which VAS placed on The ealeuda,
and ordescd pgia.aa.
Sewell, frocn the Committee on ksiI,
reads, reported favorAbly tbs bill al
ready passed by the House extendinc
the provleions Of the Paeife railroad
ooustrucfiun act to such roads a. NAV
De constructed through the Niohrars
valley. Placed on the calendar.
Hoar intEoduces a Pacific railroad
! funding bill, containing, be aid. ths
provisions Of the bin already reported
from the Judiciary COMMITTEES, bat with
some amendmenfs suggested by expsri-
enoed Senators while that bill was ON
shs calendar. The bill stood, A be sup-
posed, as the order Of business that
Voald Be next taken up In the regular
course, except the appropriation bills
and the silver bill. kut 10 vas irpoasi-
bic that it could be considered at this
session. The subject deserved serious
attention, aad might involve consider.
able discussion. He moved that the
bill be printed and lIe on the table.
Agreed 20.
Ingalls, said short exesutivs session
vas desirable, and moved that the SEN
ate proceed 20 the consideration of
executive business. The Democrats
opposed the nnotioa and called for she
yeas and nays. The call resulted, yeas
Ill, nays %, and the senate vent into
executive session.
when the doors reopsned she Senate
resumed consideration of the Leaisia
tlve Appropriation bill. All tie amend
u,ents prepared yesterday by Senators
70 increase the number of annual clerks
or senate committees were voted dswn
by S3 TO Is. The bill was then read tke
taird time and passed substantially a.
reported from the Senate COMMITTEES on
Appropriations.
The silver bill was then taken up.
Sherman said he was willing 20 vote
for the bill as II came from the senate
committee. Two questions we're in
yolved Ia IL fret, should the trade dol
bar BE- redsemed at par In sold, and
second, whether the coinage Of the sil.
yer dollar should be discontinued in
August, 1896. He maintained that there
was no obligation, whether Of honor,
Law or public policy, to give the trade
dollar any preference over SILVER bullion
purchased in open market. Those dol
lars. like silver bars, had been issued
for the Purposes of trade only, and not
for circulation. After reoiting the his
tory Of ths trade dollar, sherman show
ed that the bill taking away its legal
tender quality had been passed without
an objection being raised.
MCPHERSON asked why the Govern
tnent should have taken away the legal
tender qualities Of the trade dollar
without providing fos its retirement.
sherman replied that to have talked
Of providing for the retirement of the
trade dollar when the Law was passed
taking away its legal tender quality,
would be folly, because the dollar vas
worth t13 oeuts eR the dollar-were
than United States money. Il would
have bean better IL an arrangement had
been made at the time permitting the
holders Of trade dollars to convert
them into Rreenbaeks.
MoPhefson thought that the fact that
United States paper money was worth
less than gold ~ that time was no rea-
Bon why the trade dollar shenld have
been robbed of It's value a. q circulat-
Ing medfum. What notice had Con
Rress given the holders of that coin
that its legal tender qualities were 10 be
taken away
Sherman aaid the Law was notice 10
every body. In 1871 tbs trads dollar
became Of lees value than the paper,
and while Sherman s,mpathised With
those Who may hold trade dollars, still
ha orsRlA tsaN ha 10
right 10 call on the GovefnDent 10 re-
pair their losses any more than II they
had invested In wheat or osrn. AithonQu
there was no obligation on the par; Of
Government. yet II Congress chose to
pay 5000, 900 20 redeem these coins, he
Shefman) would not object. IL voald
make good some bad bargains Of the
bullion dealers. IL the bill stood as the
House passed 10, Sherman wUuld have
opposed 10, but as amended by the SEN
ate Committee be would vote for Il. All
commercial transactions In the United
States, Sherman continued, wsre based,
and bad sinoc 1887, been hasea On the
gold dollar Of 2S.s grains aoiid gold
The market value Of silver bullion had
been steadily declining sinoe the pas
lsaee Of the sct authorizing she coinage
81 silver dollars. II this should lead to
u large expectation and boarding of
geld, the sole standard Of value would In
time he tased on the market value Of
the standard silver dollar. The
edect would be TO contract the
currency 90 sharply As 20 ssnd q
shock 20 every village ln the country.
isherman'q idea Of the remedy for the
threatened evil wosid be. either first by
international agreement 10 maintain
the free coinage of silver and hx its
ratio, or second. 60 snspend the coin
see Of silver until demanded BY the
uants Of business or third, by the
adoption of an American bi-mstailic
polioy 10 decree the coinage es silver
and gold according 70 their nafhes
value. The Senate Committee On Fl
nance did net seem prepared, Sherman
Esaid, 10 adopt 20 broad an economic
tolicy and he would support the pend
iaQ bill, bat his own idea was boldly 30
ptociaim the paFpess Of the United
states 10 maintain bi- metallic money.
Esea II we stood alone among the M
aians Of TIE earth, 10 were osttef able
10 sstahiish sneh fiscal policy than
ANY other nation, bot the policy indi-
ssaiad was perhaps In advance Of the
sentiment Of the country, and Sherman
would not pres Il and would be con
TENT 10 deal with q proposition thas gave
as some safeguard against what be re
eanisd - ths great threatened evil Of
Tue demonetixaiien and boarding Of
gold. Sherman appgosed the idea OF
endcavoying TO secure IN International
agreement AZ % the rate of value be-
tween silyer and gold, bot he had NOS
much faish that an agreement could be
reached.
Beck read from the report OF secre
tary Feleer % eontrovert the position
assumed by Sherman On the trade del
lar. Az 10 the suspension q the silver
dollar e,inage, nsek said We should not
| in The lass hears OF this CoaRress ST.
tempt 20 strike d0wn silver, neither
shoald Ne give any pouer OF disoFesion
10 strike down The coin 0f The country.
he (Reclsl would give that powsg 10 no
President no matter boz much conn.
asnce hs n ieht have IN him. He Ssaid
a. lief give the President right - de-
clare var. He vas elaA 10 be aba %
say THAI thar IVES no danger thai sny
pfpe3dentwoniA eea sAch power. fur else
where, in BODY that bad the powes, "a
attempt hsd been made this very day q
give the Rresident ssch power and u hst
naissrably failed.
1 HsIl rnainsalned that The tine ghel