New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-07-20
GOVERNMENT LEGAL TENDERS
LIVELY DEBATE IN TIE SENATE.
Nh MORGAN'S RESOLUTIONS CALL FORTH ri''
TESTS From MEssRS. SHERMAN
AND ALLISON.

| Nh MORGAN'S RE>OLt lAON' N'HS '
TESTS From MEssRs. SHERMAN
| AND ALLISON.
| Washington, July 1o.-In the seha'e "''", 80.
Morgan called up the resolution ohereo os III" w
Julv a. directing the Committee on finance 10 ~
,or = til IN give 10 all Paper money issued by
the United stetes as legal tender for debts h"' 10
all standard silver dollars the full legal tender gwen d!
law 10 colas OF gold. and addressed the S'h'o' .N
planning and advocating II. There WERE ne s%"'
scotch and English agencies In tho state OF Aao"''
which loaned money on contracts requiring pay "e'.
IN gold coin. He Was seeking reneu! lo' '''.
evil He wanted TO make uniform the power Oh
Ieacl tender money In tho payment OF debts ne
gave the figures OF the paper money Wphch "c
Government Is bound 10 redeem In goio II ucS'i''uV"
at S7O2 600 OOO ami OF fc gold coin III inc Ire'N9
whercwith to redeem such paper money nj Si-''"",
600: and said that demand on the lreas"rs WI" "
would Cur ope ,nom,nt rrovc the inability OF the
Government to meet It's contracts "ou'u ue'"o,
faith in mo Government, AMI would in)ure' IL not
ruin It's credit
The danger OF the situation could not be e1aeser
ated and II came from the power that was pu, IN 'o
hands Of the moncyed class TO make coh''hc.s pay
able In gold rs the only legal tender lie hao 'u'l "
ceived note stating land correctly he bereVco) ta'
the net amount OF gold In the treasury WIS
Slll 900 o. the lowest point rcacheo IN h''e si''
and that was all that the people OF the United eaes
had GOT 70 rcly on for the redemption OF the vast
volume Of outstanding paper money. he cahen tut
the yeas and nays on the adoption Of the resolution
Mr. sherman moved That tho resolution be re-
fe-red 70 the Committee on Finance. lie a>su'cu
that so experienced a Senator ms the eehn'or HV"'
Alabama would not ask the Senate to vote on n
proposition involving the gravei queSuohs' i"c'o
was not single proposition In the preamble 10 tne
rcoouton that was not disputed and as 70 inc reso
,on itself IT directed the Finance Committee t"i'h'
ont inquiry and without any opportunity lot ihVes".
rotonl N rcport bin declaring that the people OF
The United states shall have no right TO contract
with each other as to the mode and payment OF deo''
II the resolutions wcro referred TO the Committee
on Finance TINT committee would give the FULLEST
ate ton TO the subject. Mr.. sherman read one by
one the several statements In the preamble ana
pointed ont wherein they were not borne out by the
| facts. In the course Of his remarks he SAID iha'
not million dollars In United States bonds had ever
been paid in gold They had been paid. as oil other
| Government debts were paid in checks or IN paper
money or In gold or silver coin.
Mr. Carlisle asked Mr.. sherman whether the holder
OF United states bond stood any different footing
from any official uf United States; and whether The
ono did not receive payment for lbs bond Just rs the
other received payment for bis salary.
Mr.. Sherman replied that the person who presented
his bond to the Treasury for payment was treated as
INV other person having n claim upon the Treasury
Mr. Cockren remarked TINT there was this DIFF
ference the bonhoder could require payment In con
,.roos tho individual debtor had not that right
Mr. sherman admitted that. but said thn'' pra'
IDEALLY. the bondhoder precisely like any o'ner
public creditor.
! Mr. Morgan wished 70 int@pOse remark put 'ir
shern,an declined 10 yea the foor. saying that II
seemed ne could never speak on The subject oil nhaee
without stirring mp the senator from Aihosna' i"e
reort on the part OF Mr.. Morgan was THAI II me seh
ator from Ohio would stick 70 truth III MS e'a'e'
ments nobody would be stirred up.
That remark Mr. sherman sad showed The h'na'"'
uont o, courtesy And yet much OF what the Senator
! ,oa ea,a today WIS not truc-was NOT correct UT
sherman dcne, Mr. Morgans assertion that the IrSns
urv held only sII1 100000 Of gold coin ana so INV
l,ne treasury held dollar for dollar with some millions u
f,r IN. Guild cer1ihcntessl 900 ooO Every Dol
lar Of those gold certificates was supported By soo IL
he rreos,ry That gold not counted ns part N u"
an 900 OOo so that instead OF there being only Sill
600 OF gold In the Treasury, there was S'o'ooVo
odd. - -,
The debtor classes were not the 'hrn,' hS INK
Senator from Alabama represented OF TIE crcu'''
classes. The debtor classes dominated In the ous'
on,. y, the country There scarcely man en-
0ogad in lorre business who not a debtor. ano
NOW u IA propo,ed 10 deny to The people OF The ,mo
stotes TIE right TO contract n TO how ocp' shai
lie pald-whether 10 silver or gold. or IN legaiienue
notes The senator from Alabama mad zone mo'
than any Thousand men in the United states 10 crca'
dgtrust In regaM u INC Pi'''''N
He had done much 10 excite alarm ma 70 iNouc
careful people to convert their contracts into e"'
contracts ,
Mr. Allison also opposed Mr. MorFans rsoiu'ion
la ND NOT understand that the bonded debt OF IN
United States was payable only In gold coin. az
understood that IL was payable IN CONS Oh Vic ''i
states OF tho standard value OF 1870 Tic uuoo'a'o"
that the greenbacks $50 called when cohsu'nc'
s340 900 900 of the currency were payable III so'u
silver coins at the pleasure Of the Treasury ~
hnew OF no place In any Of the statutes tna ieqc
The prcenbaclu 10 be paid In gold CON- ne 'hefeio
submitted that the senator from hiapains; ~, ~
, | pursuiug A shadow, was striving aihf lInnk VI" ~
would not benefit the people whom ne a'e Th =, ~,
injured hy tho statutes on thai suojec,' Az NJ I'M
| United states Amounted 10 more thah '"ou'"'
J | million dollars was moi uue.
MIR Morgan-IIOw much Is IT. A., -,
Mr. Allison 1888 Oooooo as shown oS At tas N
amount OF the Pacific Railroad subsidy bonds Soe,ooV
0nO~so that the bonded debt OF the United stare
n good deal legs than 300 ,OpO,OO lie unucrs' -.
that all the standard silver dollars were Just MS Iu
legal tender gold coins. " ,,. a.,
"eWr Allison said IN the course OF his remarks uA
: be did not know anything about the racine COZ
trocts system on the Pacific Coast; but ne preeume
. that Judgments In such cases were Tor the n"iou"
On Seing Informed to the contrary by Mr.. Mitchell
NJ Allison said that he had never heard before 'hn
: n cour. at law could enter Judgment IsyaDle,
broomstlchs or whctstones and II tha was nc "a
~ The Pacific Coast II WIS rrnHRnDle pcrIormnho'
Tho discussion was still going Oh when the houi
1 o O'Clock arrived, ana thch me reSonuon va. a.
asiSe and The Anti option bill was laid before III
Senate.
FEDERAL, ELECTIONS IN NETWORK.