Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-08-14

>4"'l"" per month. all >ci.ninra:e t.
arrru" I" the treasury.
Mr. Morrill, Of Vermont, pronounced
Inc, measure Il fearful assault upon the
public credit. 1t re,u>citate, the obso-
l"tt dollars which Congress ertombed in
III 1871, worth less than the LEGAL tender
IN g",d and Yet Ia hr Il full legal tender.
Mr. Herman ii New York said This
hlii does not proceed upon the basis that
We are To- make a silver dollar the equiv
;tIrnt OF a gold dollar, and hc thought
the cheaper com would inevitably drive
"ut the gold coin
Mcpherson SAID that he was charged
ny large majority al the people of
New Jersey I" rcmuns.ratr against the
measure, which they believe will retarl
prosperity and throw Il blot upon the ma
tlpial integrity
Nr. Sargent, of California. represent
my mining State, opposed the bill as
against good faith, and against the in
ttfests OF the government and OF the leo-
pie
The Senate passed the bill with it's
amendments 10y yeas Is noes 2l. The
concurrence of the House In this amend
ment passed the bill.
=" President Hayes returned the bill to
the li"u~" OF Representatives with his
objection, on the 18th day of February.
lie based his veto on the propusition
that the silver dollar authorized is
worth less than it purports to he worth,
and Is made a legal tender for debts con
tractcd when the law did not recognize
such coin as lawful money. The effect
would be to put an end to the receipt of
revenue in gold and thus compel the
payment OF silver for both the principal
and interest of the public debt. A cur
rencv worth less than it purports to be
worth, will in the end dcfraud, not only
creditors, but all who are engaged in
legitimate business, and none more
surely than those who are dependent on
their daily labor for their daily bread
The House voted at once upon the
Veto passing the bill against the objec-
tons OF the President, by ayes 1876, noes
% The vote was taken in the Senate,
ON the same day, without debate and the
bill was passed over the veto by ayes As,
notes 10.
Had every Senator been present and
voted the result would have been ayes
%, noes %. New England, New York
and New Jersey supplied the principal
part OF the negative vote. Pennsylvania
the South and the West sustained the
bill.
From the silver bill the public inter-
est turned to the approaching day of
specie resumption, January |, 1879. To
the last month there had been many
doubters, but when the day came it was
found that the Treasury was fully pre-
pared, and the gold coin, which had
borne premium for the seventeen years
OF specie suspension, was not now de-
manded even by those who had been
boarding legal tender notes for that ex-
press purpose. The result has proved
that Legislators and financiers were wis
est. who had the largest faith in the re-
sources of the nation.'"
The foregoing quotations from the
gold opponents in 1878. contrasted
with results, successful resumption in
1879 and the prosperity which ensued,
is worthy OF careful study. President
Cleveland has been more successful
than was Mr.. Hayes in carrying his
measures through Congress, but their
arguments were the same, and Judged
by results. equally fallacious.