Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1892-07-20
IN the SENATE.
pehais O nssyas's Silver Rssslutisa Ne
Aetiea Taken q ~ Sans.

pehais q nsssas's Silver Rssslssisa mo
Aetisa Taken q ~ sans.
WASHINGTON. July la.--In the Senate.
after routine business. Gorman presented
the conference repo,s on the fertilization
l bill and ii was agreed to. Morgan called
tup the resolution offered by him on the
ilath. directing the committee on iinance to
report bill TO give all paper money issued
by the United States as legal tender for
debts. and allow standard silver dollars full
legal fender gwen by !aw to coins of goii.
There were. he said, Scotch and English
agencies in Alabama which loaned money on
the contracts requiring payment in gold coin.
He is seeking remed, for that evil. He
wanted to make uniform the power of legal
tender n.oney in PAYNE of debts He gave
figures of paper money that the government
| i bound to redeem in goLi. ii demanded.
at s7oe con, 900, and Of gold coin in the
treasury wherewith to redeem such paper
money at sf2, ,(sll. go. and san! a demand
on the treasury which would for the mo-
nent prove the inability of the government
to meet lis contracts would DESTROY faith in
| the government, and womb iuinre, if not
ruin, its credit.
| sherman moved that the resolution be
referred 10 the committee on finance
| There was not Il single provision in the
preamble to the resolution not disputed, and
the resolution itself. directed the finance
committee without inquiry, and without
anv opportunity for investigation) TO report
bill declaring that the people of the United
States shall have no right to contract with
each other a. 10 moie and payments of
debts.
| In the course of his remarks he said that
not a million dollars in nited States bonds
were ever paid in gold. They paid as all
other government debts were paid, in checks
or paper money, or gold or silver coin.
! Sherman said the person who presented his
| bond TO the treasury for payment was
| treated as any other person having a claim
upon the treasury.
Cockrell remarked there was this differ
ence: the householder could require pay
mcnt in coin. the individual debtor had not
that right.
Sherman admitted that, but said practi-
caily the bondholder was precisely like any
/ other public creditor. Sherman denied
| Morgan's assertion that the treasury held
only Slll ,oo0, 900 gold coin and said the
treasury held dollar for dollar with some
millions to spare) for the gold certificates
sl5ii, 900 900. That gold was not counted
as part of the Sill 900 600; so
instead of there being only 81 100000
gold in the treasury there was $40, 900 900
odd. The debtor classes fisherman went
on 10 say) were not the thralls as the sena-
tor from Alabama represented, of the
creditor classes. THERE'S scarcely II man
engaged in large business that is not deb.
tor. The senator from Alabama SHERMAN
declared with much emphasis) had done
more than any thousand men in the United
States to create distrust in regard to the
present financial condition.
| Allison opposed Morgan's resolution. He
did not understand that the bonded debt of
the United States was payable only in gold
coin. He understood il was payable in
coins of the Ur'ted States of the standard
value of 1870. He understood that green
backs, which constituted 1916 200, 900 of
the currency. were payable in gold or silver
coins at the pleasure of the treasury. He
knew of no place in the statute that re-
quired grccnbacks to he paid in gold coin.
The statement in the preamble that the
bonded debt or the United States amounted
to more than 81 900 900 900 was not true.
Morgan-iIow much is il.
| Allison-S5S5 900 900, as shown by the
department statement, to which will he
added the amount of the Pacific Railroad
| subsidy bonds, S64 900 900, so the bonded
debt of the United States is good deal
less than 500 ,ooo00e. understand that
all standard silver dollars are just as full
legal tender as gold coins. The hour of =
having arrived the resolution was laid aside.
\ message from the President, returning
without approval. the bill to amend an act
establishing circuit court of appeals in
cases of Indian dcpreda,ions, was read, and
referred to the judiciary committee. The
effect of the first provision of the bill-the
President thinks-woull be TO defeat the
general purpose of Congress in constituting
an intermediate court. His chief objection
is to the third section which provides that
no appeal be allowed from the judgement
of the court of claims in these cases.
The anti-option bill was then taken up.
Sundry amendments were presented by
Washburn, Jones of Arkansas. and Gibson
of Louisiana, To he offered at the proper
time.
Stewart made an argument against the
bill. lie driftcd OF into the advocacy of
his bill to reduce by % per cent. the com
pcnsation of the United States officials
only he said that he would
make the minimum $1,000 instead of 5000.
The Presidents compensation of $4,000
was more now than 100000 would have
been at the time il was increased from SO
900. The President therefore was inter
csted IN maintaining the gold standard to
the extent of S2j 900 year. Stewart
touched on the question of the remontiza-