Los Angeles daily herald., 1886-01-07

faotors In our circulation in the form oi
verious kinds OF notes. II its coinag,
were now suspended silver might be gof
10 a proper relation with gold, and il
the opinion of the best authorities in tn,
| world we had now got to point in sill
yer coinage beyond which il was danger
Gus for us to 90. The need Of currency
was a need created not by law but BY
business. Whenever the treasury could
no longer sustain a gold basis then the
public would have to take care Of the
silver. The silver dollars had thus far
remained at par with gold because they
had but limited use and were limited
in number within the limit Of public
needs, but the Gresham law still held
good after three centuries Of observation,
namely, that bad money drives out good
money. All history taught that with q
currency Of a fuctuating value, as
ours was tending to become,
speculation was encouraged and
monetary ruin hastened, and the loss
would always fall on the producers
of our country, as the importers would
protect themselves. Referring to the
effect of silver ia India, Mr.. MCPHERSON
| exclaimed: 'tGod forbid that the Amer
| lean laborer should ever come to q con-
dition like that Of the laborers Of India. "
The blow aimed by the silver men at
| the 'sbloated bondholder," Mcpherson
| insisted would strike with tenfold force
on the head of the laborer. The gov
ernment had permitted its financial
agent, jay Cooke, to advertise that the
| interest on the bonds was payable in
gold. fMcPherson produced such ad-
vertiaement.l
Beck inquired how much the pur-
chasers of bonds had paid for them.
Mcpherson replied that that made no
difference. The government, having
held out such representations. could not
now ignore them--could not play fast
and loose with its creditors.
A reference by Mcpherson to the u.
derstanding that the bonds were to be
psid in gold brought from Morgan,
Harris and Beck, simultaneously, an
energetic insistance that payment in
sscoiri," not 'sgold," was the understand
ing and agreement.
To show that business men were be.
coming alarmed at our course with re-
gard to silver, Mcpherson read letter
from the Manager OF the Liverpool and
London and Globe Insurance Company,
stating that that company, IN view of
the great uncertsinty with regard to
coinage, had decided to make no further
loans except on specific agreement of re-
payment In gold coin.
On the conclusion of McPherson's re-
marks Brown gave notice that to-mor-
row he would ask to be heard on the
resolution Of Beck.
Mr.. Scott Of Pennsylvania introduced
bill to regulate he coinage Of stand
ard silver dollars. 1t repeals that part
OF the act Of February 2s, 1878, which
authorizes the Secretary of the Treas
ury to purchase not less than 81. 000, 600
worth Of silver bullion per month and
cause the same to be coined. 1t pro-
vides that whenever the standard silver
dollars now in the treasury shall be re-
duced in amount to $50, 900, 600 the Sec
retary OF the Treasury shall set that
sum aside in specific sum to be known
as the silver coinage adjustment fund.
II by payments upon lawful demands
made upon said fund the amount there
Of should at the end of any month be
below that sum, the Secretary is author
lied and directed to issue sufficient
standard silver dollars to bring the
amount up to $40. 600. 900, and to coin
ss many standard silver dollars in every
month as shall be necessary to restore it
to $50, 900, 900, provided it shall have
been reduced below that fund in the
month Immediately preceding. He is
also authorized to purchase from time to
time at the market price silver bullion
in such quantities a. shall enable him to
carry out the provisions Of tine act. IL
appropriates sufficient sum to carry
out its provisions.
On motion Of Edmunds the senate
then took up the Utah bill, the pending
question being ON Hoar's motion to
strike out the section that would dis.
franchise the women of Utah. Brown
expressed himself as opposed to women
suffrage, and said II the uestion was in
his own State he would vote against it,
out az the question before the Senate
was one affecting the right already given
to the women OF Utah by the laws Of
that Territory, he. Brown would vote
for Hoar's motion. The vote having
been reached on the amendment it was
rejected-yeas IL; nays 81. The Senators
voting yea were: Aldrich. Blair. Brown.
Call, Dawes, Dolph, Hoar, Mitchell.
Of Oregon; Palmer, Stanford and Teller.
The section DISTINGUISHING women re-
mains therefore part Of the bill. The
amendment proposed by Edmunds
was agreed to providing that mar
rages within, but not including
fourth csnsanguinity should be termed
incestuous and punishable by imprison-
ment.
Van Wyck offered an amendment dis
pensing with the Utah Commission.
The so-called duties of that body could,
he said, Just as we'll be performed by
army officers at no extra expense to the
government, and his amendment pro-
vided that board Of three officers OF
the army should perform the duties now
vested in the commission. He denounced
the extravaganza Of the commission and
insis ed IL had been of no use to Utah or
to the United States. The commission,
he said, had half dozen clerks.
Voorhees, denied this and challenged
Van Wyck to prove his statement.
Van Wyck 10 reply read from list in
his hands the names of seven clerks and
janitcrs.
Voorhees, remarked that those were
not regularly employed clerks but had
been employed only temporarily to meet
an emergency. He thought be knew
the reason for Van Wyck's attack on the
Utah Commission.
Van Wyck thought Voorhees, had bet
ter understand himself en- the subject
before taking his seat. [Laughterl.
Voorhees, did not wish to speak in the
limo of the Senator from Nebraska.
Van Wyok was willing he should. Ii
seemed TO make a difference, Van
Wyck said, whose friend was "at-
tackled"
Van wyok's amendment was re-
jected.
Morgan opposed the provision for
trustees TO administer the affairs of the
Mormon Church. He characterized
polygamy rs an offense that "stinks in
the nostrils Of civilization" He thought
| II anything was to be done about 1t, II
should bo torn up, root and branch.
Edmunds replied that those trustees
would deal only with the property Of
the church. The committee had feared
to abolish the whole corporation, which
Congress had a clear right to do, and
had confined the work OF the trustees
to the temporal affairs Of the church.
The committee had not wished TO make
precedent for legislative interference
with religion. Apart from the feature
Of polygamy, Edmunds did not think
the belief OF the Mormons greatly differ
ent from the belief of other sects.
Teller thought the Mormns had very
little property except their semple.
Edmunds had been informed that they
had,
Teller said that the temple was one Of
the most wonderful buildings in the
world and had cost great deal, but
these trustees would have to deal with
Mormonism in every way. He did not
believe in polygamy but he would say
that. II we had sent the right men TO
look after Utah, polygamy would have
been dead long since. We had sent
a IL - =