Year: 1876

EXPIRATION OF THE MORNING HoUR-HIs-


TORY or THE BILL--A MEASURE IN THE


INTEREST OF THE WALL STREET spEcU-


LAToRs.


When the House this morning there an uncor-
mon though subducd excitement Members gathered
In knots about the floor in eager discussion aud lead
Ing men we're seen moving from place to place saying
few words they passed along. Tho friends and
opponents OF the Bland Silver bill were ranging their
forces, and tho report that the bill had been xed
Senate, and that II It could only be forced through the
House 1t would become q law had aroused bitter
ness tho determination of those who managing the
monstrous plot against the currency and credit OF tho
country to rush it through. 1t known that owing
to the persistent opposition of Mr. Randall Gibson,
the Banking and Currency Committee had once more
at its meeting this morning Iaed to come to a con-
clusion upon repeal of tho Resumption act this
unexpected defeat enragcd the soft money men, who
yesterday believed that this morning would bring their
scheme to fortunate conclusion.


motion TO take up tho contested election case Of
Platt against Goodc opened tho ball. 1t was defeated
by the democrats on n rising vote, and then Mr.
Bands Silver bill


Speaker Sayler, himself soft money man, had
already decided that the bill need be discussed
Committee OF the Whole, which means that ITS authors



cussion and under tho previous question. But tho
question revived by Mr.. Kasson OH a lew point of
Order his ground being that it involved appropria
tion OF money. He Interrupted by Mr.. Here
ford, tho father o! the huge internal improve
ment river and harbor job, who did not want
to waste time debate and asked that tho
Speaker take the floor from Mr.. Kasson. General
Banks, who is the putave father OF the BILL followed
urging that when tho bill passed 1t time
enough to appropriate money to carry 1t out and
the bill stood, it could not be carried out; that
say he virtually confessed that is mere specua-
ton.


Mr. Holman remarked tnat the bill did not appropri-
ate money but merely directed the exchange of
modities-paper for silver He regards paper money
as q commodity. Tho general drift of the arguments
for tho bill was that it OF consequence, and
might, therefore, without impropriety, be crammed
down the tnroats of the House.


Mr. Garfield followed Mr. Holman, quoting rule 10
the House to show that the BILL relating, 1t does
to the currency, should have reported by the
Banking and Currency Comnittcc and was necessarily
subject to debate.


Mr. Burchard, of Illinois, followed, quoting rule Ill
to that tho bill affected taxation, it must bc
debated in Committee OF the Whole


Mr Wilson, Of Iowa. asked If 1t were wise to pass,
under the percmptory order OF the previous question:
and without debate, bill which made a comprehcn-
sive change in the public debt and finances


All those opposing the bill were republicans, and
they constantly interrupted by soft money dem
ocrats, who demanded that the Speaker should put
stop the discussion and order the vote.


Finally tho Speaker declared that discussion was no
longer in order and proceeded TO decide that tho bill
need not be discussed Committee of the Whole but
should be brought to vote under the previous qucs-
ton. An appeal Immediately taken irom his de.
cision but the authors OF the bill saw that was
lost for this day. the morning hour being its end
when the had been taken by telcrs tho yeas and
nays demanded and ordered, and before they
were taken the morning hour had expired and the bill
went to the morning hour to morrow but as the
decision of the Speaker sustained by the House it
will be necessary tomorrow contrivo some other
parliamentary means to put it off,


There doubt that the bill is strong in the House.
has its side all tho ignorance which is an uncom
monty large element In this House; all the imitation
and soft money element which half crazcd with
desire for a victory tho East and quiet but pow
eriu lobby Of Wall spectators and Pacific silver
men.


The history Of the bill is this-Thcrc have been hero
In close attendance the House during the whole ses-
sion several adroit agents oil tho Wall street gold
chques, and it was one OF these who originally
framed this bill II at first suggested
and presented 10 tho Banking and Currency
Committee, but Nr. Cox too wise to entertain 1t
there did its friends to have IL considered by
a committee, some Of whose members at least would
see through 1t and mako its sinister designs public II
was therefore brought to the Committee Mines and
Mining, of tho most OBSCURE committees OF the
House, from which no ono expects any measure cx-
ccp perhaps, modification Of the mining laws Hero





full committee, as even that has members who would
never agree to it and who would havo OK.
posed it. It was reported in June, with
desire on tho committees part to have 1t
referred back with leave report again. and under
this fcrmalny attracted nobodys attention. and thus
was kept hidden from the general observation until
now the close of tho session IL Is suddenly sprung
upon the House and attempted to be passed without
debate assachusctt express great gnation at
General Banks, who, 1t seems, has addressed the CON-
mttcc in favor Of the BILL and is OF It's open
defenders Ho has fallen too ready victim to tho
schemes Of party OF gold spectators in New York
who are known to DO ''long" OF gold and
whose theory In regard to thisbill that IL they can
have silver made legal tender IL will be the standard
of value by which grcenbacks will be measured, and
that while greenbacks Will fall to level with silver or
to very nearly tho level Or to say in another
way, that while the two will approximate very closely
In value wherever the point OF compromise may be-
tho effect gold will be drive the price up ten
or fifteen per cent In other words the volume of
grccnback currency will DO infested with and
watcred by limi,lcss quantity OF equivalent
legal tender, reducing its purchasing power
so greatly, or taking tho other view enhancing the
value OF gold 80 much TO tho premium to ad.
vance to the full OF the percentage OF difference
between the market price OF silver and that OF
gold while silver will retain its nuctuatng rate below
gold, making constant source OF speculation. Tho
agent of the combination referred TO has
very adroitly to combine tho forces OF the money
men and the silver producers and the friends OF the
measure In private that tho Senate will pass II
anI the President Will sign IT, IT DO got through
the House. 1t is not probable, however, that It
get through the Senate. for that body tolcratcs no
previous question" and half dozen Senators would
cal II to DEATH at this stage of the session as the
Force bill defeated last year II should bc under