Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1886-01-15
CONGRESSIONAL.
WEDNESDAY, JAN. 6.

w EDNESDAY, JAN. D.
Sendte-Sen. Gray called up Sen.
Beck's recent resolution of inquiry re-
garding the payment of Gu S tom duties
in coin, and the application of that coin
to the purpose of the sinking fund, etc.
The act of 1878, Sen. Gray said, was ten
tative; it was based on the idea that
silver would shortly reach an interna,
tional ratio with gold. 1t was the hope
of the attainment of this international
ratio that actuated many thoughtful
men in voting for that hiIl. This hope
had been disappointed. The object of
the bill had been defeated, and the dollar
worth 90 cents in 1878, was now worth
less than so cents. Passionate invectives
on the part of the silver men wsuld not
enhance the value Of the silver dollar.
The actions and recommendations of the
president and secretary of the treasury
were right. He (Mr. Gray, was not
here to defend any one, but economic
laws were always the same. He was
neither bondholder nor the son of a
bondholder, but he was for paying the
bondholder in honest money. The act
of 1878, having failed to raise the value
of silver, persistence in our present
plan of silver coinage would bring us to
silver standard. We would be descend
ing to the basis of an eighty-cent dollar
and thus the government of the United
States would, in fact, be scaling its own
debt. This would be a public misfor-
tune, as eviaencing the condition of
public dishonesty, which to say the
least was equally reprehensible with
individual dishonesty. Sen. McPher-
son followed on the same subject The
United States treasury he said had be-
come vast complicated machine.
There were seven different factors in
our circulation in the form of various
kinds of notes. If the coinage were
now suspended silver might get to
proper relation with gold, and in the
opinion of the best authorities of the
world, we had now got to a point in
silver coinage beyond which it was dan
gerous for us to go. The need of cur
rency was a need created not by law,
but business. Whenever the treasury
could no longer maintain gold basis,
then the public would have to take care
of the silver. The silver dollars had thus
far remained at par with gold be-
cause they had but limited use, and
were limited liz number within the linn
it of the public needs, but the Gresham
law still held good. After three cen
turies of the observation, namely, that
bad money drives out good money, all
history taught that with currency of
tiucuation!. value, ours was tending to
become speculation. and was encour-
aged, and monetary ruin fastened. The
loss would always fall on the producers
of our country, as the importers would
protect themselves. Referring to the
effect of silver in India, Senator Nc
pharSnr, in,a1. ~.
the American laborer should ever come
to condition like that of the laborer
II India
The blow aimed by the silver men at
the 'bloated bond holder Sen. McPher-
son insisted would strike ten fold the
force on the head of the laborer. The
government had permitted its financial
agent, Jay Cooke, to advertise that in
terest on bonds was payable in gold,
(McPherson produced such advertis.
ments). Sen. Beck inquired how much
the purchasers of bonds had paid for
them. Sen Mcpherson replied that
made no difference, the government
having held out such representations
that he could not ignore them. Could not
play fast and loose withits creditors
The reference by Sen. Mcpherson to an
understanding that bonds were to be
paid in gold brought from Sens. Nor
gan, Harris and Black simultaneous
and energetie insistance that payment
in coin and not "gold" was the under
standing and agreement. To show that
business was already becoming alarmed
st our course with regard to silver. Sen.
Mcpherson read letter from the man.
ager of the Liverpool, London C Globe
Insurance company, stating that that
company, in view of the great uncer-
taipty with regard to coinage. had de-
cided to make no further terms except
on the specific agreement to their re-
payment in gold coin. On conclusion
of McPhersen's remarks, Brown gave
notice that tomorrow he would ask to
be heard on the resolution of Beck. On
motion of Edmunds, the senate then
took up the Utah bill, the penaing ques-
tion being on Hoar's motion to strike
out the section that would disfranchise
the women of Utah. The motion was
rejected. Yeas, IL; nays, 81. The sec
tlon disfranchisiug women remains,
therefore, part Of the bill. An amend.
ment proposed by Edmunds was agreed
to, but including the fourth degree of
consanguinity, should be deemed inces-
tuous and punishable by imprisonment.
Sen. Van Wyck offered an amendment
dispensing with the Utsh commission.
He denounced the extravaganza of the
commission and insisted that it had
been Of no use to Utah or the United
States. The commission. he said, had
half a dozen clerks Sen. VOORHEES,
| denied this and challenged Van WICK
to prove his statement. Sen. Van
Wyck's amendment was rejected, and
after further discussion the bill went
ever till tomorrow, Sen. Edmunds say
ing he would ask the senate: to set it