The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-01-02
REPUBLICAN FINANCE,
washington. December q. 1895.

Inc responsibility resting upon tho re-
pubi!cans In congress TO provide some 80
luton Of the financial problem is made
more apparent by the history OF the
resumption act and the efforts. at the
time, 10 induce the republican majority
to take such action az would have pre-
vented the evils that have since fallen
upon the country In the absence Of any
provision for the cancellation of treasury
notes after they have been redeemed"
Mlessrs. schurz. Bayard. VIM. T. Hamilton
Of Maryland and others pleaded in the SEN
ate for the insertion OF clause providing
for actual not merely nominal. redemp-
ton. and pointed out the very conse-
quences that have followed, but to no
avail.
The redemption act. as reported to the
senate by Mr.. Sherman from the commit
tee on finance, was put through as a
caucus measure,and the republican record.
as shown by the debate, Is clear and un-
equivocal. Having done the damage It Is
plainly the duty Of the republicans TO re-
pair 1t. but In what direction the exlgen-
cics Of party politics will constrain them
no man can foretell.
The resumption act was reported by Sen
ator Sherman on December q, 1874. 1t
was read and passed to second reading
and Mr.. Sherman gave notice that on the
following day he would ask the senate
to take up the bill with view to pre-
sent action" Accordingly on the 22d. he
moved that the senate proceed to the con-
sideration of the bill, announcing that he
| intended to press II to Its passage from
this hour forward at the earliest moment
practicable
Senator Bayard contended that such
| haste W, ! inadvisabie and that the meas
he NJ
| canvassed' before further action was
taken, Messrs. Thurman, schurz. steven
agams un sn Sass bG M s0 r
| man persisted. and the bill was rend the
second time and considered as in COM
| mittec of the Dhole.
The feature of the bill which caused
NEST discussion was the clause providing
| for the redemption In coin OF United
States legal tender notes. without saying
expressly whether. after having been re-
doomed. they should be permanently re-
| tired and Cancelled. 1t was seen at once
! that here was dangerous Indebtedness of
| language which might cause trouble at
| any time. Mr.. SchurL was the FIRST of the
senators to recognize the point ami pat
! the question to Mr.. Sherman whether the
| greenbacks, once retired, would be can
! celed end destroyed, never to be Issued
| again.
MIR. Sherman evaded the issue, saying
| the time had not arrived to deeie tina.
! question. lie had no dOuot that when the
| question becomes materiul' IL would be
| met
Mr.. SEIZURE pressed Mr.. sherman to
| state whether the note, after having been
redeemed. might or might not he ressued
| and put into he market again, but Mr..
| sherman world not commit himHelt II
leave that question TO be secided upon NE
justify HIS position on the ground that 1t
was not wise Ito introduce into tn Dill
controversy which will prevent that unity
! that is necessary to carry the good th1t
| ls contained IL this bin" But MIR. Schurz
| would not be content with so vague
dlspcsition Of the matter md again AIN urged Urge
rnn of the possible consequences of lrav-
/ Ing the bill so obscure upon TINS point
| that it's champion himself had to nit
that It's construction would be left TO
| the courts.
MIR. .BaYerd then offered an amendment
PROV idng that the legal tender notes re-
1 deemed should lie destroyed
Mr.. sherman objected because, he sad.
he wish ID TO leave open the question of
re'ss1ing the notes Ito be decided In the
future according to law"
In n speech Of great clearncss and pow
et, Mr.. Bayard athen proceeded TO- show
the serious measure of responsibility the
republicans We're assuming. The people
or this country" he said, Unjust take the
record of this debate. they must take the
answer of the honorable senator who
here represents his party on this subject.
and they must sec that he declines Ia
( ten them whether he means this TO be a
reasurN Il contrGt ton In any degree OF
a any time. or whether he means 1t to
be measure of irfaton. at the will and
pleasure of the secretary of the treasury.
1--WE all know" said he THAT the
treasury department has been conducted
with but slight regard for law for many
years past. You had. in 1872 and 1873 q
reissue of tho treasury notes that your
laws had declared to have been retired
and Cancelled -words Of accepted, well as
certained. thoroughly understood menn-
ing, Notes retired and Cancelled were
retired and cancelled in pursuance OF a
resolution or congress In 1896 that the vol
ume of the currency should be contracted
thereby. but. after that was done. you
had those notes reissued at the viii OF
the secretary. FIRST, IN one sum OF $4,000 900
n 49, which was soon recalled, and then
in u-sun OF SIS 001. $50 in 1913 and ne,e or re-
stored but Increased to $3.50 100000 by the
vote of congress at the last session
Nov. see In this case, If X was ali
evil, II the reorie Of the country felt that
the secreiary Of the treasury ought not
TO lie allowed. no matter how honest aud
Wen intentioned he might be, to play fast
and loose with the business interests OF
the country. to make money plenty OF
Source at his Whm or pleasure. and that
to the anplnt of Sh,to0,00O, what do yod
E.ves him the same power to the amount
of SlQO0 0OO and the honorable senato
who has charge of the bill and who once
reported against such dangerous power
Win not ag, zee that his bill shall contain
lurguage which shall render such an ex-
orcise of powcr impossible. No sir this
ia double faced bill, 1t seems to nit
that this Is Juggling with n plain ques-
ton which should be honestly treated
say tina, here in my place. and | say II
TO my fellow countrymen, out of this
chamber az we'll az those IN IT, / believe
this bill TO be Il juggle with a questor
that ought 10 be n matter of straight
forward business. and that there ought
rot to be In this bill any one WORT or any
set OF words susceptible OF any but on,
clear and plain Interpretation and rot
capable Of being frankly aud fully *
planned and Construed by those who adVo
cate its passage. Is It to contract our
paper currency until you shall have such
volume that geld and silver. the money
OF tho world, shall How into the countr5
to swell the combined volume of panel
end coin again and give II not Simply
quantity, htt give a that which 1t hai
not intrinsic Vaiuef When you give In,
trinsic value You give II am increase,
purchasing power When you give 1t IN
creased purchasing power you reduce IN,
volume necessarily less and less for tn,
transaction OF business, and when yot
luaH