Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1892-07-21

WASHINGTON, July 19.-In the Senate
alter the routine morning business Mr..
German presented the conference report on
the fortfication bill and it was agreed to.
Mr.. Morgan called up the resolution Of
Tered by him on the 14th inst, directing the
committee on finance to report a bill to give
to all paper money issued by the United
States a legal tender value for debts and to
allow standard silver dollars the full legal
tender given by law to coins Of gold, and
addressed tine Senate in explanation and ad
vocacy Of it. There were, he said
Scotch and English agencies in the
State Of Alabama which loaned money
contracts requiring payment in
gold coin. He was seeking q remedy
for that evil. He wanted to make uniform
the power of legal tender money in
the payment of debts. He gavo the
figures of the paper money which tho
government is hound to redeem in gold If
demanded at STOP, 600, 600 and OF the gold
coin in the treasury wherewith to redeem
such paper money at 1925 600, 000 and said
that fl demand on the treasury which would
for moment prove the inability Of the
government to meet its contracts would
destroy fash in the government and would
injure if not ruin its credit
MIR. Sherman moved that the resolution
be referred to the committee on finance.
There was not single proposition in the
preamble to the resolution that was not dis
ruted, and to the resolution itself, it
directed the finance committee without in
quiry and without any opportunity for
investigation, to report bill declaring that
the people of the United States shall have
70 right to contract with each other as to
the mode and payment OF debts.
Mr.. Sherman read by one the state
ments in the preamble, and pointed out
wherein they were not borne out by the
facts. In the course Of his remarks he said
that not D 1000, 900 in United States
bonds had everbeen paid in gold. They had
been paid as all other government debts were
paid, in checks or in paper money, or III
gold or silver coin.
MIR. Sherman oaid that the person who
presented his bond to the treasurer for pay
meut was treated as any other person hav
Ing claim upon the treasury.
Mr.. Cockrell remarked that there was
this dtfereune; the bond holder could re-
quire payment in coin, whereas the indI-
vidual debtor had not that right.
Mr. Sherman admitted that but said that
practically the bondholIer was precisely
like any other public creditor.
Mr.. Sherman denied Mr.. Morgan's asser-
tion that the treasury held only Sill, OOO,
600 of gold coin, and said that the treasury
held dollar for dollar with some millions to
spnre) for the gold certiiicates $l55, 000,
600 That gold was not counted as part OF
the $ll1, 900, 900, SO that instead Of there
being only $111, 0y0, 900 in the treasury,
there was 127O, ,0O0, 900 odd. Tho debtor
classes, Mr.. Sherman went on to say, were
not the thrals,t tas the souaIor from Ala
bema represented, OF the creditor cassos.
There was scarcely a man engaged in Il
large business who was not a debtor.
Mr.. Allison also opposed Mr.. MorEan's 3
resolution. He did not understand that the
asbt OF the United StGtos was payable only
In gold coin. lie understood it was pGya-
BE in coins Of the United States OF the
standard value of 1870. lie understood
that the preenbacks, which constituted
S3i6, 0O0, 600 of the currency, were payable
in gold or silver coins at tho pleasure Of the
treasury. He knew Of no place IN the
statute that required the groenback5 to be
paid in gold coin. Tho statement in the
preamble that the bonded debt OF the
ulted States amounted to more than q
thousand million dollars was not true.
Mr.. Morgan-Iiow much is it,
AR. Alhson-5sj, 900, 600, as shown by
The department statement.
Mr. Stewart touched on the question OF
the reconciliation OF silver. Finally ht
remarked that he would consent to have
the anti-optlons bill become & law, just tc
show how worthless it was.
5lr. George, on behalf of himself ant
Messrs, Coko and Iugh of the judiciary
committee, presented a substitute for til,
bill; which was ordered 10 l." Printed.
The amendments heretofore offered by Mr.
Washburne were adopted without que ton
The bill was then laid aside Informally aac
areprint was ordered with ths amendment
hgreel to and those adopted.
A number OF minor bills were passed
A message announcing the notion OF tn
House on the sundry civil appropriation
bill, was laid before tne Senate, includin
tho House provision in relation to the Pink
ertou detective force.
On motion OF Mr.. Allison the latte
amendment was disagreed TO and confer
once agreed TO on the whole bill. Mossrs
Allison, Hale and German were nppoiu te
cOnferees.
After a short executive session the senat
adjourned.