Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1886-01-14

Der of bills introduced to-day was190
WEDNESDAY, JAN. 6.
Senate. Senator Gray called up Sen
ator Beck's recent resolution of in
qulry regarding the payment of custom
duties IN coin, and the application OF
that coin TO tie purposes of the sink
ing fund. etc. The act of 1878, Sen.
Gray said, was tentative; it was based
on the idea that silver would shortly
reach an international ratio with gold.
1t was the hope of the attainment of
this international ratio that actuated
many thoughtful men in voting for that
DILL. This hope had been disappointed.
The object of the bill had been defeated.
and the dollar worth 80 cents in 1873.
was now worth less than so cents. Pas
sionate lnvectives on the part of the sill
YER men would not enhance the value
OF the silver dollar. The actions and
recommendations of the president and
the secretary Of the treasury were
right. He (Mr. Gray, was not here
to defend any one, but economic laws
We're always the same. He was neither
p bondhOlder nor the sen Of a
bondhoider, but he was for paying the
b0ndholder in honest money. The act
Of 1878, having failed TO raise the value
OF silver, 8 persis tence IN our present
plan Of silver coinage would bring us 10
a silver standard. We would be descend
ing TO the basis of an eighty-csnt dollar
aud thus the government Of the United
States would IN fact, be scaling its own
debt. This would be a public misfor-
tune, as evidencing the condition Of pub.
lie dishonesty, which TO say the least
was equally reprehensible with indiv-
ldual dishonesty. Sen. Mcpherson
followed on the same subject. The
United States treasury he said had be-
come vast complicated machine.
There were seven different factors in
cur 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
mad now got to point In silver coinage
beyond which it was dangerous for US
to go. The need Of currency was a
need createdsnot by law, but business.
Whenever the treasury could no
longer maintain 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 be-
S@eNOS SAA1J IICISA WV tlIl1ISo USE. anu
were limited in number within the linn
it of the public needs, but the Gresham
law still holds good. After three CEN
turtles of the observation, namely, that
bad money drives out good money, all
history taught that with q currency of
HucuaJion value, ours was tending to
become a speculation, and was encour-
aged, and monetary ruin FASTENED. The
loss would always fall on the producers
Of our country, as the importers would
project Themselves Referring to the
effect Of silver in India, Senator Nc
the American laborer should ever come
to condition like that of the Iaborer
of India" The blow AIMED by the sill
yer men at the ''bloated bond holder
Sen. Mcpherson insisted would strike
ten fold the force on the head Of the
labOrer. The government had permit
ted its financial agent, Jay Cooke, to
advertise that interest on bonds was
payable in gold, (McPherson produced
such advertisements. Sen. Beck inuuir-
ed how much the purchasers OF bonds
had paid for them. Sen. Mcpherson
replied that that made no difference.
the government having held out such
representations that he could not ignore
them. He could not play fast
and loose with its creditors.
The reference by Sen. Mcpherson to an
that bonds were to be
paid in gold brought from Sens. EIor-
gan, Harris and Black simultaneous
and energetic insistance that PAYMENT
in coin and not ''gold" was the under
and agreement. To show
no n1r
at our course with regard to
silver, Sen. Mcpherson read a letter
from the manager of the Liverpool.
London & Globe Insurance company.
stating that that company, in view of
coinage, had decided TO make no fur
Their terms except GA the specific agree
rnent of their payment in gold coin.
On conclusion of McPherson's remarks,
Brown gave notice that tomorrow he
would ask to be heard on the resolution
ton of Beck. On motion of Edmunds,
the senate then took up the Utah bill,
pending question being on Hoar's mo-
TO strike outthe section that would
aisfranchise the women Of Utah. The
motion was rejected, Yeas. II; nays,
81. The section DISTINGUISHING women
lClI1lASs Pol VI Ul1C O11ls AL
by Edmunds, was agreed
TO, providing that marriages within,
out including the fourth degree OF con-
sanguinity, should be deemed incestu-
Gus and punishable by imprisonment.
Sen. Van Wyck offered an amendment
with the Utah 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 dozen clerks. Sen. Voorhees, de-
MED this and challenged Van Wyck to
prove his statement. Sen. Van Wyck's
was rejected, and after
some further discussion the bill wen
over till tomorrow, Sen. Edmunds say
ng he would ask the senate TO set it
)ut and bring the bill to vote.
Sen. Morgan offered resolution, which
vas agreed to, directing the commits |
ioner of Indian affairs to consider and
,eport whether his policy in the civil
,ation of the Indians required the es-
ablishment of a school west of the |
river, based on the principle |
If military enlistment, instruction and |
discipline of Indian youths, with view
o qualifying them for service IN the |
]. S. army. Sen, Hoar asked and OBJ |
aimed unanimous consent to have the |