The Springfield herald., 1898-02-04
A VOTE OF Al TO 32.
TELLER RESOLUTION PASSED.
The Senate by Strong Majority Expressed
Its Views on the Currency Question
All Western Men Voted for silver-Mr.
Wolcott's Speech.

Its Views tile Currency Question
All Western Men Voted for siiver-Mr.
| wolcott's Speech.
Washington, Jan. 29.-After debate
! animated at all times, and occasionally
acrimonious, which occupied the great
1 er part of the week, the Senate last
p, evening, by decisive vote of Al to 32'
passed the Teller concurrent resolution.
., The resolution is n practical reaffirma-
ton of that of Stanley Matthews In
| 1873, and is as follows:
That all the bonds of the United
! States issued or authorized to be Is
sued, under the said acts of Congress
hereinbefore recited, are payable prin-
| cipal and interest, Mt the option OF the
government of the United States, in
| silver dollars of the coinage Of the
! United States containing 4121a grains
/ of standard silver and that to restore
to its coinage such silver coins as
| legal tender in payment of said bonds,
principal and interest, is not in viola
| ton of the public faith nor in derOga-
tion of the rights of the public cred
| itor.
| All efforts to amend the resolution
| were voted by majorities ranging from
| five to twenty-nile, Mr.. Lodges gold
, standard substitute being defeated by
/ the latter majority. The vote on the
! Lodge amendment was, ayes "a, nays
53.
The events of the day leading up to
| the final vote were full of interest and
importance 1t was field day for the
| orators of the Senate. no less than
twenty-five senators embracing the OPP
portunity to speak upon the subject
under discussion. The public interest
| in the debate was attested by the at
| tendance in the galleries, which were
crowded throughout the day. and that
1t was important was evidenced by the
statement of several of the speakers
that the discussion was but the prelin-
mary alignment of the great political
parties for the contest of 1900.
From 10 o'clock this morning until
| this evening the contest was cOntin-
ued. When the voting began 1t was
evident that party lines were being
broken on both sides of the chamber,
but 1t was on the substitute offered by
Mr.. Lodge of Massachusetts that the
most decided break occurred. On the
Republican side, Mr.. Allison of Iowa.
and Mr.. Burrows of Michigan did not
answer to their names on that roll call,
and many of the Republicans voted di-
\ TeCtly uEuluSt It, lpOI tHe lihui puS-
| sage of the resolution, some Repub-
licans who supported Mckinley and
the ST. Louis platform, in 1896, like
| Carter of Montana. Chandler of New
Hampshire. Clark of Wyoming. Pritch-
ard of North Carolina, Shoup of Idaho.
Warren of Wyoming and Wolcott of
Colorado. voted for the resolution.
Mr.. Wolcott, In discussing the reso
lution, said:
"The discussion upon this question.
| 1t seems to me, has gone far afield of
| the resolution. AS 1t was introduced,
| 1t is In words and phraseology identi-
| cally the Matthews resolution. which
met, twenty years ago, the overwhelm-
ing approval of this body under condi-
tions which have not since materially
changed.
1.-The binding force of that resolution
is recognized to-day by almost every
senator on this side of the chamber.
This resolution has nothing on earth
| to do with the question of the unlim-
tied coinage of silver. 1t lays down a
legal principle, defining the phraseol-
ogy of our bonded Indebtedness. Be-
yond that 1t does not go.
| ANY senator who believes In silver
| monometallism, or in bimetallism, or
in gold monometallism can vote for
this resolution with n clear conscience
because 1t embodies the exact state
ment of the terms Of the obligation of
' the government.
1 There has not been any question as
to the character of the money which
has been paid, either upon the prlnci-
| pal of the small amount of bonds
which have become due. or upon the
| interest due from time to time upon
| our bonds, nor are the many other
1 questions which have been imported
into this discussion involved in the
slightest degree respecting it,
I'VE have had a most extraordinary
spectacle developed here. Senators
have risen in their places and, invok-
ing the pensioners of the government
1 against this declaration of a legal
right, have declared that the pension
| ers of the government are the true
bondholders and that because the eff
feet of the passage of a bimetallc
| measure might be to raise the price of
agricultural products. therefore those
who enjoy the pension of the govern
ment for service upon the field of bat
tie should join hands with the gold
monOmetallists and make our bonds
specifically payable in gold. I can
easily picture the consideration which
the pensioner would receive mt the
| nhnuS OF tne Indianapolis convention.
and the warm and sympathetic treat
ment that would be extended to him
by the great clearing house associa-
| tions.
I'm 1870 the standard of money in
this country was 412h grains of silver.
No man doubts that. In 1870 when we
voted to issue the bonds there was n
provision in the act that the bonds
should be made. payable in coin Of
standard value. The coin of standard
value was 412h grains of silver. 1t
was exchangeable for 1920 grains of
gold. because the mints were open to
both, but the standard was the silver
dollar. In 1873 the free coinage of sill
yer was destroyed by law.
Lest that might be construed to
change the legal effect of the obliga-
tions of the government after that had
happened. in 1879, when we came TO
pass the specie-resumptiOn law. Mt n
time when the mints of the country
We're closed to silver, then both houses
of Congress enacted into legislation n
provision that bonds thereafter issued
should be bonds OF the same character
as those issued under the act of July