TUB
M CLEARFIELD REPEBLICAJI,"
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tl.B. QOODLANDER,
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Cards.
S.
BROCKBANK,
ATTORNEY AT LAW,
CLEARFIELD, PA.
Office In Court Rouse, ap 25,77- ly
H. W. SMITH,
ATTORNEY-AT-LAW,
11:1.78 t'ieartteltl. Pa,
J. J. LINGLE,
ATTORNEY-AT - LAW,
1:11
I'blllp.burg, Centre Co., Pa. y:pd
ISRAEL TEST,
ATTORNEY AT LAW,
Clearfield, Pa.
fiU-OBf In tha Conrt Honaa. Jytl.'ei
W. C. ARNOLD,
LAW & COLLECTION OFFICE,
CURWBN8VILLE,
e2(l Clearfield County, Penn'a. 5y
WALTER BARRETT,
ATTORNEY AT LAW.
Clearfield, Pa.
.0-Ofrice In Old Western
eorn.r of Saoond and Market S
Hotel building,
i. novll.ss.
V. WILSON,
ATTORNEY AT LAW,
Office one door east of Western Hotel building,
opposite Court House.
CLKAKK1KLD, PA.
FRANK FIELDING,
ATTOKNEY-AT-LA W
Clearfield, Pa.
Will attend to all business entrusted to hint
promptly and faithfully. jaol'7
WILLIAM A. WALLA CI.
AKKT r. WALL AC a.
DAVID L. KNKBI.
JOHN W. WRI0LKT.
WALLACE & KREBS,
(Buwessors to Wallace Fielding,)
ATTORNEYS-AT-LAW,
Jaol'77 Clearfield, Pa.
Taoa. I. HraaAT. ctrus eonnon.
MURRAY & GORDON,
ATTORNEYS AT LAW,
CLEARFIELD, PA.
"Office la Pie's Opera Home, leeond floor.
I:.'0'74
CHARLES 0. LEIDY,
ATTORNEY-AT LAW,
Oicrola Mllli, Clearfield Co, Pa.
Leeal business of all hinds attenled to. Pa r-
tloular attention pn'd to ttie procuring cf bounties,
pensions, e.
Not II, ISTT-ly.
losers a. s'sxALLr.
DAMiai, w. s'cimny.
MoENALLT & MoCUEDY,
ATTORN EYS-AT-LAW,
Clearfield, Pa.
Mr Legal business attended to promptly with)
ddelily. Office oo Second itreet, abore the Pint
National Bank. Jan:1.7a
RH, M. MeCULUiUOK,
PRIED. 0 l BUCK.
MclTLLOlGH & lilCk.
ATTORN EYS-AT-LAW,
ClearHeld, Pa.
All legal business promptly attended to. Offioa
on 8eeond otroet, la the Masooio bnild.ag.
JobIO,'77
Q. R. BARRETT,
Attornet and Counkblor at Law,
CLKARPIBLD, PA.
Having resigned his Judgeship, has resumed
he praeliue f the law in bit old vfl.ee at Clear
IrlJ, Fk. Will attend the eourU of Jefferson and
Kit, counties when speeUlly telained in connection
rith resident counsel. jenl'77
A. G, KRAMER,
ATTORNEY-AT-LAW,
Real Estate and Collection Agent,
C'I.BAKPIEa.l, PA..
Will promptly attend to all legal bolln.M en
trusted to tit.
eare.
See la Ple'a Opera Hume.
janl'78.
JOHN L. CUTTLE,
ATTORNEY AT LAW.
Vnd Real Sietato Agent. Clearfield. Pa.
Offlea oa Third atrael, bet. Cherry A Walnat.
eT-Respectfully offari bla larelea.ln lelllag
and baying laada ta Olaarleld aad adjoining
ooBBtiee aad with aa eiperloaeeel oeertweotv
rtari aa a surveyor, Setters kiiaialf tbat be aaa
r.ndar iali.faelion. Feb. IMJ.tf,
DR. W. A. MEANS,
PHYSICIAN k SURGEON,
LVTHRHSUtlRO, PA.
Will attend prorelllonal oalla promptly, auglo'70
DR. T. J. BOYER,
PHYSICIAN AND SUROKON,
OBoe on Market Street, ClearOeld. Pa.
Uar-OHee lioara: I ta 13 a. a, , and I to I p. m.
D
U. E. M. SCIIEUREH,
HOMiEOI'ATIIIC PHYSICIAN,
Offloe la rrsidrnea oa Flral at
April 24, H71. ClearHeld, I'a
DR. H. B. VAN VALZAH,
CLICAR FIELD, PENM'A.
OFFICE IN MASONIC I1UILD1NG.
MV OBca bonra From 12 to 2 P. M.
May II, 1871.
DR. J. P. BURCH FIELD,
Late Sargaoa of tha 03d Regltnsat, Pennsylvania
Volaoteera, baring returned froas tha Army,
off.n his professional aareleas to lb.eitli.as
af Olearnaldaovnty.
VProfsstlonal ealla prosiptly atuad.d to.
0ca oa Seeoad street, foriaarlyoeeapled ay
Ur. Woods. tapia,..--
AIMLLIAM M. IIKNKY, Ju-tici
Y orraa PaacaiaDSeaitaaaa.LuaiBsri
ntTV r..iiutlnna and saonef aronptlT
paid aear. Artlelea of agreement and deeds a I
eoa.eyaaee aeatly aaeeated aaa warrantoa w
reel ar no abarge. 'J7 "
REED & I1AGEHTY.
an a Mel if
HARDWARE, FARM IMPLEMENTS,
Tlywara, ajalla.ekc,
angl,77 See, Bd SUMt, CTearteM, Pa.
JAMES H. LYTLE,
In Hratsrr'a llnlldlba;, ClearOeld, Pa.
De.lar la Oroeerlea, Prorllloos, Vegetablea,
Fruits, Flour, Feed, .to., ele.
aprlf'71-lf
HAIIUY 8NYDKU,
BARBER AND UAIRDRKHSEIl
Bb .p oa Market St., opposite Court llonse.
A cl.aa towel for avery aa.Uiaier.
Akw eaeaafaetarer af
All Kinds of Artlelea lit llamas llalr.
ClesrOeH, Pa. may 1, '7.
10 UN A. 8TADLKR,
U DAKKR, Market SI.. ClearOeld, Pa.
Fra.h Bread, Rusk, Rolls, Pies and Oekee
oa hand or made to order. A general aieortment
of Conrertlonarlrs, Frail, aad Nats hi etoek.
Ie Preeai and Oy.tara In eeeaoa. Saloew aearly
apaoslta tba PostoHlea. Prleea taoderala, :
RiMi 10 "75.
J JUJLJi JL JL liJ.
, , ; ;
GEO. B. 600DLANDEE, Proprietor. PRINCIPLES, NOT MEN. TERMS-$2 per annnm in Adranoe.
VOL. 5I-WH0LE NO. '2,552. CLEARFIELD, PA., WEDNESDAY, DECEMBER 20, 1877. NEW SERIES-Y0L. 18, NO. 51.
: 1 : 1 : : :
Cards.
JOHN D. THOMPSON,
Juitloe of the Peace and Berlrener,
Cur.weniville, Pa,
1. Col let lone mad and noney promptly
pniu utw. tenai Till
' RICHARD HUGHES,
JUSTICE OF THE PEACR
FOB
Mttratur Totrnthip,
Oeeeola Mill. P. 0.
All offlolal bu.lnera antraated to hltn will
promptly attended to. neb20, '70.
THOMAS H. FORCEE
DIALRB Ml
GENERAL MERCHANDISE,
URAHANTON, Pa.
Alee, exteneive nanufaotarar and dealer la Square
Aitnoer ana oawea laomoeroi au atnaa.
jaV0nlere tollelted and all bills promptly
REUBEN HACKMAN,
Houso and Sign Painter and Paper
Hanger,
Cleartleld, Peuua.
fA,Wi'.l execute Jobi in hU line promptly and
in a worKmanitke vianoer. arr4,07
Q. H. HALL,
PRACTICAL PUMP MAKER
NEAR CLEARFIELD, PENN'A
jTVPumpi always on hand and made to order
an ibort notice. Fines bored on reasonable terms.
All work warranted to render satisfaction, and
delivered tf desired. mylti:lypd
E. A. BIGLER & CO.,
DBA LRUS II
SQUARE TIMBER,
aad manutaeturera of
ALL KINDS l)V 8AWEI) I.I MIII.H,
l-7'72 CLEARFIELD, PENN'A.
JAS. B. GRAHAM,
dealer in
Real Estate, Square Timber, Boards
8IITNULE.S, LATH, A PICKETS,
0:1073 - CltarSeld, Ta,
WARREN THORN,
BOOT AND SHOE MAKER,
Market Clearfield, Pa. .
In the shop Intel? oeeupled by Frank Bbort,
one door weat of All.ghany Uvuae.
ASHLEY THORN,
ARCHITECT, CONTRACTOR and BUILDER
Plana and PpcciOeatiima furnished for all kind.
OI building.. All wore Drat-olaa. Btalr build
lag a ipeeialty.
P. O. addre.i, ClearOeld, Pa. jan.l7-77ir.
R. M, NEIMAN,
SADDLE and HARNESS MAKER,
Rumbarger, Clearfield Co., Pa.
Keepa an' band all kind, of Ilarneii, Saddle.,
Bridle., and Horae Furnishing floods. Repairing
promptly eiienueu 10.
Hunibarger, Jan. 10, 1877-tf.
JAMES MITCHELL,
oaataa ta
Square Timber & Timber Lands,
J.IT7.1 CLEARFIELD, PA.
J. It. M'MURRAY
WILL SUITLY YOU WITH ANY ARTICLE
OP MERCHANDISE AT THE VKHY l.OWKHT
PRICE. C'OMK AND SEE. :5:73y:
NEW WASHINGTON.
J. BLAKE WALTERS,
REAL ESTATE BROKER,
AMD DBALBB IV
Maw Ijogs and I.umbor,
CLEARFIELD, PA.
Offloe in Oraham'i Row. 1:25:71
S. I. SNYDER,
PRACTICAL WATCHMAKER
aan PBALBB IB
Watches, Clocks and Jowelry,
ffraAaat'a Jfew, Varkt Slrnl,
t'I.EARPIELD, PA.
All kinds af repairing in my line promptly at
inded to. April 2, l7,
NEW BOOT ANDSH0E SHOP.
The nnderitsned would Inform the public that
he has remored bis Root and Hboe Hhnp t the
room latrly occaplcd bf Joe. Deerlng, to hnaw i
Row. Market itreet. where he Is prepared to at
tend to the waoU of all who need anythinc In his
line. AH work done by kin will be of the best
atartal, and (Fiiarenteed to be flrtt e lass In avry
reeneet. Renairinff promiitlf attends to. All
hinds of Leather and boe Fitidinjc" for sale.
JOHN MtlllhrKn.
Clearueld, Pa., July Ifl, IN77 Kn.
Clearfield Nursery.
EaNCOUKAGE IIOiiK INDUSTRY
rrHB nnderilsed, barlnf aeubllibed a Nur-
X sery oa the I'ike, about half way between
C lea field and Cnrweniville, It prepared to fur
nish all kinds of FRUIT TREES, Utendard and
dwarf,) Rffrgreens, Shrubbery, Urape Vines,
Uooreberry, Law ton Blackberry, Strawberry,
and Raspberry Vines. A'so, Siberian Crab Trees,
Uninne, an early seen el tintmsrn, o. uriers
nrompuy attended to. Ad J reus,
J. U. WRMHT,
eplo BH-
Carwensvllle. I'i
ANDREW HARWICK,
Market Street, ClearHeld, Pa.
HiarrACTttaia ad naAt.aa ta
IIARaNGSS, SADDLES. BIUDLKS, COLLARS.
aad alt kinds of
HOKSK FVHMSHlfiQ OOOVS.
A fun stock of Raddlere' Harlwara. Crushes,
Combs, Rlsnkels, Robes, ate., always on band
and for sale al (be lowest eash prices. All kinds
of repairing promptly attended to.
All kinda of hides taken In xebarre for bar.
neaa and reps I Hint- All kinds of harness leather
kept en band, and for tale at a small proBL
Clearfield, Jaa. IH, IBT.
E. WARING'S
LAW BLANKS
F.r aala al tha Clr.rl.Id Iterianeia eBee.
Tilt moat Compltle HrrUt of Imu
Hlanktpvoitmta.
These Ill.i.ki are gotten up In superior style,
are af anifnrea else, and famished al rary law
flgaree far easb.
Call at the Kaeiaticaa eflra aad eiatala
them. Ordera by mail promptly tiled.
Addreu, UOflULANUER A LEX,
Jaly 4, lr U. ClearOeld Pa.
JOHN TROUTMAN,
DEALER IN
FURNITURE,
MATTESKJH,
AND
Improved Spring Beds,
MARKET STREET, HEAR t. 0.
fha anderelawed kegs leaea la Inform tha eltl
. r i-u.,a.l,l. and the senile eenerally, tbat
ha hae as hand a Ina assortment of Fornltnra,
aaeh as Wslaat, Chestnat and Painted Chamber
geitea, Parlor "Julles, Reellnlng and Ketenslna
Chairs, Ladles' and Heats' Easy Chalra, lbs P-
fnrated Dining aad Parlor Chairs, Can deals aaa
Wladinr Ohalrs, Clolhaa Rare, Htep and Kltea
aloa Uddsrs, Hat Raeks, Bensbblng Dru.b.s, is
MOULDING AND PICTURE FRAMES,
online (llasse., Phrem, Aa., whlck woalol
.altable for llolld.) praaeBt'- ..,.
QRANDFATHER't CHRISTMAS EVE.
aa old suae aaraRr,
I am sitting alone by my flroside to-night
As I often have done beforei
And I list to the voiees, so elear and so bright,
iu. cnnuren outaiae ins aoer.
"Christmas has eonio !" they tell me In gleej
Hut their glad words only bring pain,
"Christmas baa oome," Ah ma! Ah me!
The aong has a aad refrain.
For thought, eome crowding so tblek and fast,
me sumure entwining mo gay,
Like ehildhood'a friends from tba far-off past.
i oe irienns inn. are gone lor aye,
Tbe little ouas watch mo and whisper low t
"Poor Orandpa is sad to-night ;"
I .mile, for bow aheald tha darliogs know
My friends who are out of sight 1
They abow ma a boy brimming over with fun,
lu.ieaa ot a uraiimatner sage;
Iu my childish pleasure 1 try to run ;
Have my lituba grown stiff with age'
I look in tha mirror, ob who would know
Tbe agrd form I ate,
The wrinkled face, and the beard of snow,
Cnn that strange old man be we T
I laugh al the pioture; the roiee I bear
Has a shrill and hollow sound.
Alss ! that, too, has grown cracked and rjuacr.
i gianoe at my irieuos arounu ;
Tbey, too, have gone, and I, all alone,
'Mid tbe little children stand,
A stranger sad in my onoe loved home.
Ah ! triends from the fur-off land.
Ye lieekoa me on ; and X fain would go,
For the hour ie growing late,
And I long for the time whoa full well I know
1 be orookea shall all be made atraight.
1 he lace which earth has marked with eare
In lines of sin and pain,
Like an infant's brow ahall be Bella and fair,
And tbe dim eyas bright agaia.
The frost of age shall mslt away,
Tbe voice lung hushed shall sing,
As it sweetly sung in childhood's days,
The prai.es of CnRiar Its King.
The weried soul grown old in sin,
With garments long denied
A ransomed eoul shall enter in
The kingdom as a child.
GOFKJIAMKNT JiOXDS.
A Debate In Hie United Mate Ken ate on
Hie lloud (iueatlon and the silver Hill.
The tliscutwion in tbu United States
Semite, on Wednesday, December 12,
upon the mil isritie of tlio day, nliould
be read by all men. Tbe speeches of
the Senators being short and to the
point tit itumo, wo give the proceedings
in lull, and request our readers to give
the subject an attontira perusal. The
proceedings are as follows :
The Vice President. There comes
over as untiiiiehcd. business of yester
day a resolution, which will bo read.
Mr. Kernan. I understand that tho
unlinishcd business is the resolution
offered by the Senator from Ohio, Mr.
Matthews. 1
Tho Vice President. It is about to
be laid before tho Senate. It will lie
read by tho Socrctary.
Mr. Kcrnun. J was going to auk tbo
Clerk to report tho resolution.
The Chief Clork read tho resolution
submitted by Mr. Mattbewson theCtb
inst., as follows :
Whkrbab, By tha Ael entitled "An Act to
strengthen the nubile credit," approved Mareb
IK. IMII. It waa provided and declared that tha
latin ottna united states waa thereby solemnly
plrdgea to tne payment in eoln or its eqaivelent
or alt tb tBtet-e.t-b-H.riBa .bllaMt... or ta fat
ted Stales, eaeept la eascc wfaer. see lew eatBv-
istna tbe Issue of sucn obligations bad esprcs.ly
provided that .tha same might be paid la lawful
money or otnor currency taaa gold or stlvert and
Wiirbbab, All the bonds of the United States
authorised to be Issued by the Act eatilled " A
Act to authorise tbe refanding of the national
debt," approved July 14, 1870; by the terms of
said Ael, ware a soured to Be redeemable in eoln
of the then present standard value, bearing inter
est payable aemi-annnally in suoheoin - and
WnBaaas, All bonds of the United States
authorised to be IsBOed under the Aet entitled
"An Aet to provide for the resumption ol specie
payments, approved -January It, I&75, are re.
riuired to be of the deKription ef hoods of tba
united states a conned ta tnasaid Ael af uan-
gross apprured July U, 1S70, entitled " An Aet
to authorise tbe relanding of the national d-at ;
and
Wtirnaaa, At the date of tba passage ef said
Aet of Congress last aforesaid, to wit, tbe Mtb
day of Jaly, IS70, tho coin of the United States
of standard value of tbat date included silver dol
lars of the weight of 4121 grains eaoh, declared
by tha Aet approved January 18, HJ7, entitled
" An Act supplementary to tha Act entitled - An
A -rt establishing a Mint and regulating the eoina
of tbe United Slates,' " to be "B legal leader of
payment, according to tbelr nominal ralua, for
any sumB wbatever : Inerelore,
Bt ,1 resotecd ey Ike Aaar., (II. onm m jTrrtee
s.Hort'm eoNrNrrte, M.refe), Tbat all tbe Sonde
of the United States i.iaed or eathorised Is be
issued under the eald Acta of Coagrees hereinbe
fore veclted are payable, prtBolpal and Intereat,
at the option of the Oovernmciit of the United
rliates, la silver dollars, or tho ootaage
-AT ike Uaited States, eeotalning 411, graiaa
iob of standard silver f and that to ra
ore lo its coinage such silver aolos as a legal
U-ndvr In payment of said bonds, priacipal and
Interest, is not in violation of the publle fettb
nor in derogalloB af tha rights of tba publie
creditor.
Tho Vice President. The pending
question is on the motion to relcr tbe
resolution with the amendment ollerou
by tbe .Senator irom New York Mr.
Conklincl to tbo Committee on tbo
Judiciary.
Sir. Ivoninn atidrcssed lliortcnaie at
great length in opposition to mo roso-
ution. Jlis speech is withheld lor re-
viition.l
Mr. Wallace. Mr. President, I shall
not attempt to-day to enter into an
elaborate argument ol this question-
Mr. Hock. 1 lie (Senator lrom ronn-
sylvaniit yields to mo for a moment,
and 1 thank him liir allowing me to
mako an explanation ol a question 1
put to tho Senator from Now York. I
do not propose to make a speech on
this subject. I am too now a man
here to hope either to convince the
Senate of the correctness ot my views
or to change or influence a single vote.
llut l asked tbo Nonalor lrom now
York a qucntion which he seemed to
think bad nothing in it, as to the
mount of silver coinage ot tbe United
Slates. Ho stated the fact to bo tbat
there had been only 18,045,000 coined,
when 1 suggested lo him
Mr. Kernan. Silver dollars, 1 saitl.
Mr. liock. I meant silver dollars:
when I suggested to him that there
had been coined since 1874, from 1874
to 1877, sixteen and one half millions
of what wore known as trade dollars,
which I thought it was fair to suggest
was part of the silver coinage.
Mr. Kernan. o, tney are not legal
tenders, but mere tokens.
Mr. llcck. I understand ; and there
fore tbe suggestion was regarded as
being worth nothing, jnow, i assort
bat it Is evidenco ol tne mm mat out
for tho circumstance that silver was
demonetised in 1873, we should not
only have issuod ovor twenty-four and
a hull' millions of silver dollars as we
have dono, but the chances are tbat we
botild havo doubled that amount ol
silver coinage but for the demonetising
act. Vt iv do 1 say so T uocause
Congress mado tho trado dollar con-
tain 421) trrains. and tho legal tender
dollar only contained 4121 grains; and
I with 420 crams required to make
tbo trado dollar wo still coined sixteen
and a half millions since 1873, it is fair
to aastune that if wo bad been allowed
to coin the old dollar at 4121 grains,
we should have coined a great deal
more. That, together with the Im
menso colnngo of half dollars, which
up to 1873 reached ono hundred and
eighteen millions, and the half dollars,
were till ISUJ lull legal tentiern, suuws
that there was fwmctbiiirr In the sug
gestion 1 made which tho Senator from
New l orK socmen to rfgitru sua u-tiiiir
of no value, which was that but for tbe
Icmnnclir.nlion nl silver llierninairo oi
silver would have been greatly in
creased. While I am on tho floor I want to
say one thing, and I say it with all
respect to the Senator from Now York,
that it is the first timo that I evor
heard a Democrat on this floor, or on
tho floor of the other House, rise and
defend all the acts that have been done
by the Itopublican majority relative to
coinage and relative to money, and
clamor that tbe faith of tho nation was
involved in tbe maintenance of every
act thoy have dono. There have been
many acts done that I dony that the
people of the country are obliged to
maintain lomrer than till tliev havo the
power to revorse them ; and many of
those acts that have been done have
been done against tho protest ol tho
wnoie uemocrauo party.
Mr. Allison. Will the Senator yield
vt me lor a moment r
Mr. Bock. Yes, sir.
Mr. Allison. Do I understand the
Senator to intimate that tho Democrat
ic party opposed, as a political ortrani
zation, the demonetization of silver in
1873 r Was that a party question ?
Mr. Pock. I have no doubt they
did, so far as they understood it.
Mr. Allison. I have not the slight
est Knowledge that tho Democrats op.
posed it.
Mr. Peck. When the silver bill is
tnkon np lor discussion I hope to be
beard upon this question as to how it
was demonetized ; but 1 say this now
in answer to the question and the
records of Congress show tbat when
the bill demonetizing silver was pend
ing in the House of Representatives,
on the 28th of May, 1872, and the gen
tleman who then bad rhargo of it
brought it up within two days of tho
final adjournment aa a substitute lor a
previous bill which bad been partly
but never fully road, that bill having
been up on the 9th day of April, 1872,
when the question was put to him by
divers gentlemen, (and the rocord will
bear me out,) he aaid that it made no
changoin tbecoinago,and relyingon his
statement that bill was never read, but
was passed in the House ol Represent
atives without any man not privately
advised knowing what it contained.
Mr. Allison. Yos; but, Mr. Presi
dent, that bill was debated in this body,
and there was no partisan division
with reference to that bill in this body.
Mr. Peck. Lot me say, in answer
to that, that the bill was debated at
the third session of the Forty-second
Congress in this body, brought up by
the present Secretary of the Treasury.
Tbe debate will bo lound at tbe close
of tho first part and tbe beginning of
the second part ot tbe Uongressional
Cilobe for tbe third session of tbe Forty-second
Congress, and the whole de
bate was upon tbo coinago charge
Not one word was said in that debato
as to the demonetization of silver.
Senators will 1 hope read it for them
selves, and they will find the fact to
be as I state it. Mr. Casserly, of Cal
ifornia, insisted that we were to have
an immense silver coinage; be stated
whst Nswaula, waa than produoino;
IZU.OOO.OOO annually nd the prewont
Secretary of tbo Treasury insisted on
having "In God we trust" inserted on
the face of tho coins instead of the ea
gle, which was there before and which
he said foreigners did not understand.
Ho thought such a dollar would float
as far as the silver coin of the foreign
nations known as the Latin union
would ; that was, all over the world.
Was there a word said as to demone
tizing silver in that debate ? ' Not one,
unless I have overlooked it, and I have
read it with some care.
Mr. Allison. That is not the point
1 make. Tbat bill was pending in tho
Senate for a considerable timo. It
was printed in tho Kertato. If it
bad oeen objected to by Demo
cratic (senators, a lull and com
plete opportunity was given to Demo
cratic Senators to object to it. There-
tore it was passed without partisan di
vision and without partisan debato.
Mr. Beck. I say tbat debate shows
tbat no man claimed that that bill
sought the demonetization of silver,
and tbo record will show tbe fact tbat
the present Secretary of the Treasury
avoweti tnat me oniooi was lo maae a
silver dollar that would float, to use
bis own expression, all over tbe world,
co extensive with the silver dollar of
France, of Switzerland, and of tho na
Hons composing the Latin Union,
Thcrcloro I Insist tbat it was not de
monetized by the intelligent action of
tbo representatives ol the people.
Mr. Kernan. it was distinctly cbarg
ed by tho Senator tbat I acted in some
way improperly
Mr. Hock. Ub, no!
Mr. Kornan. In referring to tho de
monetization of silver. Now allow
me to say a word in Justice. 1 was
not discussing the silver coinage ques
tion. I was discussing a resolution
which doclares that it is right to pay
theso bonds in the dollar of 4121 grains
of silver, and 1 called attontion to all
of them that had ever been coined.
One other thing. T have not said
one word which could mako my friond
think one way or the other as to
whether I approve theso laws or not.
1 argued on tbe acts ol our uovorn-
ment, tho authorized trovernraent;
hcther It was dono by Doth parties
or by eithcrparty makes no difference
to the outsidor. I said tbe Govern
ment had made certain laws and the
honor and the necessity of that Gov
ernment and this American people.
whothor their Government was in
charge of the same party or any other,
was bound, as against the men tbat
truKtod to our agents and our Govern
ment, to keep faith with thera. I said
nothing about what was wise or not
wise. 1 said that the Uovernment
havine lakon certain action by its laws
and aaid to tbe world so and so, we
can not .now declare that we will undo
that, even if It were wrong, and thus
wrong the creditors 6 or 3 or 10 per
cent of tbe face of their bonds.
Mr. Beck. I do not propose to de
prive the Senator from New York of
tho bencnt oi nis statement, tor wnst-
evor it is worth, and therefore tlo not
propose lo reply to it 11 knows
what he said, and let It stand. But I
say that all the legislation of thlscoun
try for the last twelve years bas been
absolutely in favor of tbe rich against
tho poor, in lavor of dead capital
sgalnst active Industry, and tbat the
effort now made to prevent us from
restoring what was the legal coin oi
i . .
the country at the time the groat nun
of the debt was oontntcled is anti-Democratic.
To go back a little, 1 ay
that when the 6.20 bonds were hweed
in 1862 they were made payable upon
their face in tbe legal tender notes of
tbe oountry. overy legal-tender noto
had written across its back the state
ment that "this note is receivable at its
facet-value for all debts, public and pri
vate, except interest upon the publie
debt and custom duos;" and when the
Kennhliran nertv in 18. which the
gentleman says tbe faith of the United
Stales it pledget! to maintain i intna
I quote his exaot language there tin-
dortook to say that the principal of
tueso Donas waa payaoio in gold, tbey
undertook to do what no legislative
body had a right 14 do. It was tho
duty of the courts arid in the powor of
too courts alone to eonstrue what tho
moaning of the existing laws on this
subject was. Chancellor Kent, Judge
Cooloy, every writer on constitutional
law, so holds, When that act was
passed it oonvorted a domestio debt
into a foreign debt addod ovor
$600,000,000 to the burden of tho
taxpayers of this country ; and
whon silvor is now S per cent., as it is
said to bo, below gold, the act of de
monetizing it not only added 8 per
cent, to tho bonded debt of tbe coun
try, but it added $ por cent, to all
debts of tbe country: Federal, State,
corporate, municipal, and private Tho
Government of tho United States to
day owes over 12,000,000,000. Puoru's
Railroad Manual, issued not long ago,
shows tbat tho railroad bonds out
standing are over $2,000,000,000. Tho
debts ot States and of the cities within
the Statos are over f l.liliO.non.oiio.
The debts of the olhor corporations
and individual debts amount to ovor
$2,0(1(1,0011,000 more, to say nothing of
tuc ueuut ui national Dallas, matting
over 17,000,0011,000, half of which is
bold In foreign countries.
F.ight per cent, on our indebted
noss is $500,000,000; and whon the
bonds of the United Stales (to go back
a little further) were bought as thoy
were with tbo legal tender notes of
the country at par and bonds bearing
V per cent, interest in gold were given
to the men who bought them, and
thoy were authorized as national bank.
era to issue 90 per cent, of what pass
ed as money in their own names,
which depreciated the legal tender
notes of tne country as much as that
many more legal-tender notes would
it entailed a burdon of at least $22,
00(1,000 a year more on the taxpayers
of ther country, making in the last ten
years $220,000,0110. I repeat $5110,
000,000 were wrongfully imposed upon
the country tiy tho actol lsuli. five
hundred aud sixty millions, being 8
per cent, diturenco between silver and
gold by tbe demonetizing act, and
u,0dU,00(J in the last ton years, by
the amount of taxation added by al
lowing the national bankers to use tho
credit of tho Government in issuing
their notes instead of the Government
doing it itself, make $1,280,000,000, a
sum many millions largor than was
required to pay all tbe expenditures
of The uovernment irom the day
Washington was Inaugurated up to
and inclading the year 1850, embrac
ing the expenditures tor the wars with
Great Jtntatn and Mexico and all tbo
pensions that wore paid in consequence
of both of thorn.
And now we are told that tho faith
of tbe country is pledged to stand by
overy one ol these and similar things.
I deny it. Tbe meagre minority on
this side ot tho Chamber has swolled
to its present proportions and the
powor in the other House has passod
to the Democratic sido because thov
bavo pledged ihsmselvcs in their plat
forms and everywhere elso, whenever
they shall nave power, to legislate no
longor in the interest of bondholders
and capitalists, but to arrango the tax
ation of tho country so tbat its wealth
shall bear its proper proportion of
buraens. instead ol the noverir and
labor being as now, taxed almost ex
clusively.
I am of those who believe this rcso-
lution ia right, because it is tme. I
behove tbat it is a stop in the right di
rection. I feel assured that to force
resumption in January, 1879, without
making preparation for it by relieving
hardens and restoring commerce is
calculated and intended to still further
depress the industries of tbe country
for tbe benefit ot the men who hold
tho bonds and other obligations of the
poople, that the present system of tar
iff taxation is now so adjusted as to
put the money derived lrom taxation
into the pockets of the few and to keep
it ut of tbe Treasury. I am convinc
ed that there must be a re adjustment
ol all those things and that legal-ton-
der notos must bo received for all pur-
puses ueioru resuimiuuii is nusaiuie.
I ask the Senato if thesilver dollar had
not been demonetised, with over sovon
thousand millions of debt hanging upon
this country, with all its industries de
pressed, with tbo property of tho peo
ple reduced because of contraction and
tbo approach to spocio resumption,
from io to 33 por cent., if tboro is a
man in this Senate who would to-day,
becanao silver was lower than gold,
vote to domonotige silver? I answer,
not one. No man would dure to go
before tho poople who bad so voted
and ask re election in tho face of the
laws recited in this resolution, which
show that even by tho act of 18G9 gold
and silvor coin of tbo then standard
valuo were put upon an equality ; that
by the act of 1870 it was declared that
the bonds thon issued might bo paid in
the then silver coin of its then stand
ard valuo ; and tho act of 1875 recited
tho same fact upon its face. In view
of theso laws, who, 1 ask, would now
proposo that tho poople of this country
should bo deprived ol tho right of pay
ing tlioir dobts in cither tne goia or
silver coin of the standard value ex
isting at this time T 1 assort, no Sen
ator would dare to go before his peo
ple to-day and ask re-election after ho
bad voted to demonetize silver under
existing circumstances; and as be
would not. and as that was tho coin
on which the great portion of these
bonds were issued, in wbicb all tbo
railroad debts wero contracted, in
which the debts of corporations wore
contracted, in which nine-tenths ot tho
debts now outstanding all ovor tbe
country, State, Federal, municipal,
corporate, and private wore contract
ed, there is no injustice In declaring
that we have tbe right to pay in tbat
same standard silver coin.
But I beg pardon of my friend from
Pennsylvania. 1 roso to mako an ex-
filanation and havo boon drawn off a
ittlo further than I expected. I will
reserve what I may say till tho silver
bill comes up. 1 had no idea whon I
rose that 1 would occupy more than a
minuto or two. and I havo not pre-
tendod to speak to the merits of iho
question further than to deny that we
are in any manner bonnd, either by
good faith or olhorwlso, to support
East legislation In the Interest of bond
olden against the interest of the
great mam ol tbo pooplo.
air. waliaco, rar. i rusinonv
Mr. Dawes. Will the Sonator per
mit me to tar a few words In refer
ence to tbe manner in which the bill
of 1873 was passed f
Mr. Wallace, i snan occupy mo
flnnr hut at verv few minute, if tbe
Senator from Maasacbusetta will par
don me.
M r. Dawes. I should like now to re
ply to what baa fallen from tho Sena
tor lrom Konlucky, If it will not diso
blige tho Senator from Pennsylvania.
Mr. Wallace, me ctonaior may
proceed,
RIPILM.Tf!AN
Mr. Dawes. Tho Sonator from Kon
tucky Mr, lleckj has taken up a
chariro which has trenuontlv been
made in tho country, and 1 novo no
doubt is believed by tomo, that tboro
was something wrong about tho pas-
sago of tho bill which demonetized sil
vor In 1873, that 'by somo improper
aotion ot the gentleman having chargo
of that bill, without the law-making
power cither in tho J louse or in tho
Senate understanding its real mean
ing, and without any intent on their
part, he had cfloctod tbe demonetiza
tion of tbo silver dollar without their
being awaro oi it, and that that fact
was not discovered until recently. 1
have heard it said that a foreigner,
whose name was given, came over
bore with some $500,000 of monoy to
uso (as the phraso goes) where it
would do tho most good and in tho in
terost of the demonetization of silver.
Tho name of this foreignor, who was
hero at that lime and has been here
sinco, was given lor tho purpose of ad
ding strength to tho charge that this
law as it now stands upon the slatuto
book was put thore by some improper
moans. As the member in tho llonse
ot Representatives to whoso door this
charge is laid, was a Representative
from my own Stato, and is now dead
and cannot defend his own memory,
porhaps the Sonator from Pennsylva
nia will bear with mo while I say a
few words upon that point.
There never was a charge so
void of foundation and so exhibit
ing the want of examination on the
part of those who mako it as tbe
chargo that, without knowing what
was in tnai utn anu wun mo purpose
and with tbo idea thnt tbe bill still
continued tho silvor dollar of 4121
grains as the dollar ot tho currency of
tho country, it was passed by Con
gress, unless it bo tho charge, equally
groundless, that tbat man came over
ore with money to induce Congress
to pass that bill. Tbo man whose
namo is UBed in that connection is a
man who was then and has ovor been
in lavor of tbe silvor dollar and of the
bimetallio system, and has boeu deliv
ering leclurcs in this country in fuvor
of tho vory object that this bill whon
it became a law controverted; and
yet 1 say within threo days the namo
ol this man who in England and in
this country is spending his timo try
ing to convince the business public
that tho silver dollar ought to bo re
stored, and novcr ought to have been
extinguished as a part of our currency,
useu in connection wr.a a statement
that ho camo over hero and with mon
ey in bis pocket exorcised undue influ
ence over tho legislation ot Longross
in ordor to effect tho very opposito of
that for which h6 is now and was then
striving.
The bill that demonetized tho silvor
dollar was drawn in the Treasury De
partment in 1870. It did not become
a law till 1873. It was reported in
this branch in tbe winter of 1870 from
the Financo Commilteo,and in the very
first report and in the very first print
ol tho bill tho old silver dollar was de
monetized and reduced to a subsidiary
coin containing only 384 grains. It
was in pursuance ol a report Irom the
Comptroller of tho Currency in which
ho recommended precisely that same
thing in print. It went through vari
ous stages in that Congress, and in
every stage it was reprinted, and in
every reprint of it was contained tho
firovision demonetizing the silver dol
ar. It did not become a law during
that Congress. 1 1 was reported in tho
next Congress, containing that very
samo provision demonetizing or re
ducing to a subsidiary coin tho old sil
vor dollar ot 4124 grains; and when it
passed this branch and went to the
olhor House it was reprinted again.
in all it was reprinted ttrelvo tunes,
and I submit to thoScnoJor from Ken
tucky that in every ono of those
twolve reprints of that bill tbo old dol
lar that bad been thcrololbre coined
was demonetized and extinguished.
Tho Comptroller of tho Currency in
bis second report upon tho subject call
ed attention to the fact and gave the rea
son. When tho bill was reported in
tbo other branch for consideration
there it was first introduced by a dis
tinguished meniberlrom Pennsylvania.
Upon tbat occasion that member call
ed tho attention ol the llousetotho fact
that it demonetized the silver dollar.
It went to tho proper committee Jin
tho House and was in duo timo re
ported and reprinted, and in that re
print was contained the provision that
extinguished this dollar.
Mr. Hereford. Will the Sonntor
Irom Massachusetts allow me to inter
rupt him? Is ho not awaro of tho fact
that in tho House of Representa
tives, of whfrb wo wore both members
at tho time when the committeo hav
ing charge of that bill reported it, they
reported a substitute, and that although
it was demanded that tho substituto
should bo read, tho Speaker announced
that the previous question having been
demanded it conhl not bo read ; and
although Mr. Ilolman, of Indiana, and
Mr. Ilrooks, ot rtew 1 ork, demanded
that the substituto should bo read, tho
Speaker .of tho Houso announced
that It could not bo read ; and it never
was read, and was passed without any
member of tbo Houso knowing aline
or a word in it, without ilt ever being
read or printed ?
Mr. Dawes. Thero is nothing so
commendable in this world as patienco ;
it relieves us ol a great deal ot trouble ;
and when I get to the last day of the
consideration of tho bill, if 1 omit to
stato what was dono then, tho Senator
from West Virginia shall have an op
portunity to call my attention to it.
Mr. llereiord. Vt ill tho senator al
low mo lo interrupt him lor about three
minutes to rend Irom tho Congression
al Globo what did tako place ?
Mr. Duwos. I propose to read Irom
the Congressional Globo myscll. ll
the Senator pretert now to address the
Senato
Mr. Hereford. No, sir.
Mr. Dawes. My purposo Is to statu
the fact that overy man who had a do
sire to know what was in that bill bad
mora than the usual opportunity to
know what was in it; and it is more
than can be said of almost any bill that
has become a law that bail, as 1 have
said, twclvo reprints, and in overy one
ol them tho old silver dollar of tho cur
rency and of the legal tender was ex
tinguished and reduced to a subsidiary
coin of ,'184 grains. Upon the day that
the bill was considered in tho House
my then colleague, Mr. Hooper, in
discussing section by auction the pro
visions ol the bill, used this language:
Thas far tba section Is a ra oaaetmeat ef eilsl-
lag lawa-
1 read hit words
la additloa. II declares the gold dollar of 11.1
graias af standard go1 ,0 b tn nn,i of ealne,
aold nraetirallr having bees ha this country for
maay years the standsrd ar measure of value, as
II IS legally IB ureal nrttain ana most in. nu
repess oventrl.e. The stiver doller. which by
lew is bow the legally derlared anil of value,
does net Bear a correct relative proportion w, me
geld dollar. Being worth Istrlseloally about SI SI
ie gold It eaaaot circulate eeneurrnlly with tba
gold coins, a a a The committee, alter care
ful eoBsUeratlos, eosolnJed that 15.8 graioe of
standard gold constituting tha gold dollar ebon Id
ha deolared the atoaay unit or melallio represea -latlve
of the dollar of account.
Again, ho said :
Rection IS re-enacts tbe provlilons of existing
laws deflning the silver coins and their weights,
respectively, eaeept in relation lo Ibe silver dol
lar, which la reduced In weight from 4121 la 4
grains thus makiag it
I am giving you tho languago .ad
dressed to the Houso of Representa
tives by the man who Is chargod with
having obtained legislation extinguish
ing the dollar of 412 grains without
tho knowledge of tbe House
Thas making it a subsidiary eoin la harmony
with the silver coins of less denomination, to aa
ourc its concurrent circulation with them. The
silver dollar of 4114 graiaa, by reason of Its bul
lion or intrinsic value being greater than lie no
minal value, long since oeaaod to be a eoin of elr.
oulation, and ie melted by manufstlurer. of silver
ware. It doea not circulate now in ortnmrrclal
transsctloss with any country.
Here, sir, ho discussed Iho silvor dol
lar with tba bill belbro him ; told the
Houso just exactly whero it had boon
placed in all tbo twelvo prints of that
bill; and tho gentleman liom I'ennHyl
vania upon the committee who report
ed the bill in tho first place, and turn
ed it over to my then collengne to be
managed in the House 1 mean a Kep
rcsentalivo of one of tho Philadelphia
districts, the oldest member of tho
present Houso,. Mr. Rollcy called
attention to the sumo fact, and said
tbat ho wanted to go further than that
bill ; Bnid that he wunted to tollow tho
example of Kngland and make tho gold
dollar, as in England, tho absoluto and
only unit. I will read what that gen
tlcman said :
This bill ie a mere codification. There are one
or two thing, in this bill, I will say to the gen
tleman rroin new 1 ork, with bis permission, wniob
1 personally would lika to modify ; tbat is to say,
I would like to follow tha eiemplo of England,
and make a side diffrronoe between our silver
and gold eoinege. But as 1 wss charged with a
bill tbat looked only to the eodincatton of tba
mint laws, or mslnly that, I did not feel it well
to Interject into that bill anyoSiny own peculiar
Idsas. I would have liked to have made the gold
dollar uniform with the French sy.tem of weights,
tsking the gramme as the anit. I have eaiireea-
ed myself very earnestly or tbat aubjset, but I
did dot reel that 1 could Impress my personal
views on a general law, and. therefor, I preferred.
as I introduced yesterday a resolution touching
the silver eoln, to have this question eome up as
as independent question.
Mr. Heck. Will tho Senator from
Massachusetts allow ine to say a word ?
1 he honutor Irom Massachusetts will
recollect that 1 havo not said a word
about the history of tho demonetizing
bill, except in rcsponso to questions
from tho Senator from Iowa. W hon ho
asked mo certain questions, I answered
them according to my recollection ol
tho rocord ; but when tho silver bill
comes up I bopo to bo ahlo to show by
tbo record that tho bill as passed never
was read In tho Houso and that tho
gentleman havingcharge of it distinctly
avowed that it mado no change in tbe
law. Now, will tho Senator from
Massachusetts answer mo who that
distinguished gentleman was that he
referred to as somo Englishman who
bad taken part in this bill and who
was opposed to this thing ?
Mr. Dawes. The distinguished Lng-
lishman to whom I referred, who was
charged with having come ovor here
to do precisely the opposite of what he
did, was Krncst Beyd.
Mr. llcck. l observe, it tho gentle
man will allow me, that on the 9th
day of April, 1872, when the bill was
read up to its sixth section and laid
asido and never taken up again, the
gentleman from Massachusetts Mr.
uoopcrj rcmarkod :
The bill was prepared two years ago, aad hae
been submitted to oarelul and deliberate esamina-
lloo. It bas the approval of nearly all the Mint
experts ol tne eoonlry, ana Ibe senotion at tne
Secretary of the Treasury. Mr. Krncst Seyd, of
London, a distinguished writer, who Bss given
great attebtioa to the auhjsctof Mints and coinage,
after examing tbe flrst draught of the bill, fur
nished many valuable suggestions which have
bees ineorporeted In this bill.
I suppose he is the samo person.
M r. Dawes. There is no doubt about
that lact ; but tbat does not quite go to
tho point that ho approved of tho de
monetization ret the silver dollar in
face of the fact that lie was at the same
timo earnestly, openly, publicly pro
testing and urging against it.
Mr. President, my desire was to
show to tho Senato that this bill in the
beginning and throughout all its stages
was intended to demonetize the silver
dollar ; that tho discussion of the ques
tion of tbe silver dollar in the bill and
what the bill provided in respect lo the
silver dollar was open, free. Another
member of Iho samo committee, from
M ichigitn, whoso name has now oscaped
me, culled attention more explicitly
than either ot theso members to tbe
actual condition of tbo silver dollar in
that bill.
Mr. Beck. Mr. Sloughton.
Mr. Dawes. Mr. Sloughton. Now
it is true, Mr. President, that after
this discussion to which 1 have alluded,
upon tho next day a sulfstituto with
the sanction of the committee was
offered by my then colleague and that
passed without being rend:
Mr. Bock. Not the next day ; six
weeks afterward.
Mr. Dawes. Tho next day that tho
bill was under discussion the bill was
recommitted to the committee ; and it
w.ts brought back from tho committee ;
and on tho very day on which it was
brought back, just nt the close of the
session, it was brought back as a sub.
stiltilo for tbo original bill, and tho
dillcronce botween tho substitute and
original bill was just this : The sub
sidiary dollar of !!8i grains was left
out of tho bill which finally passed.
Tho old dollar of 4121 grains was novor
in tho bill, unless 1 have been misin
formed and have examined tho records
to no purpose. The reasons for tho
design of tho bill to extinguish that old
dollar wero given ; whothor sound or
not I am not going to trespass further
on Iho indulgence of tho Senator from
Pennsylvania to discuss for a moment ;
but tlio reasons wero given. Kvory
body that cared to listen to the biii
knew tbat it tho bill passed in that
shape tho old dollar of 4121 grains
would cease to exist. When tbu bill
camo back the committee thought that
a subsidiary dollar reduced in value to
384 grains was ol no use, and thoy left
it out. The chargo thitt tho old dollar
thus passed out of the currency of the
country by any artitlco or without tho
knowledge of llioso who passed tbe
bill, is a mistuke, and does great in
justice to those, living and dead, who
managed the bill and presented it 10
both branches nl Congress and by
whoso efforts it became a law.
I am very much obliged lo Iho Sena
tor from Pennsylvania.
Mr. Waliaco. Mr. President, 1 shall
not trespass upon tho timo of tho Sen
ato tonight so far as o go into tho
general argument that bears upon the
silver bill, but shall confine myself as
directly as 1 may to Ibe real question
at issue in this resolution, which is
whether tbo bonds of tho Government
ore, legally and morally, payablo in
tho silver dollar?
Wo are to remember, when wo at
tempt to enter upon the consideration
of this question, that the Government
had a double standard of coinage from
1792 to 1873. There can be no ques
tion about that. Thero were both sil
ver and gold coins. Tbe silver dollar
was by law the unit of value and tbe
monoy ol account. Iho law bases all
Treasury accounts upon this. As late
as 1849 tbegold dollar was given place
as a coin ol tbe uovernment. rv itn
this legal and practical situation, we
como to tbo period ol the war during
which tbo Govornmcnt issued a large
number of tlio bonds upon which this
issue arises and for which tbe faith ol
tho Government was pledged to pay
thnt indebtedness in coin.
That plodgo was to pay in coin of the
Government of tho United States. Tbat
coin was both gold and silver coin.
There can be no question about those
J impositions. Tho Government held
or itsell in overy statute tbe option to
pay Incithorcoin. From 1853 to 1073
silver waa practically driven out of tbe
country by tlio fact that it was under
valued in the coinago laws as compared
with gold. It stood hero at a higher
rato than gold ; and in tbo markets of
tho world, in ljondon, it stood at a
higher rate than gold ; that is, during
all thoso years one hundred cents in
gold would not buy ono hundred cents
in silver. TIiIb fact is found by refer
ence to tho tables. Hence whon silver
is named or implied from tho word
" coin " in the bonds and in the laws
authorizing tbom from 1801 forward it
was a more valuable metal than tbe
gold coin, which was in fact the money
usod, so litr as any mctalio coin was
used, in governmental transactions.
Tbat silver was not in uso in all those
years was not by reason of its cheap
ness, but because tbat it 'was more
valuable than gold both boro and in
Kngland, and it continued so until 1873.
Wo thus had " coin " named in the law
and tho bonds. We bad tbe practical
lact tbat gold, a cheaper metal, had
driven out silver, tho dearer motal, and
that when the word coin was used it
meant both gold and silver coin.
Now, we como to the effect of Ibis
upon the bonds issued. It seems to me
both a legal and a logical result that
tho bonds thus issued by tbe Federal
Government, payablo in coin, wore
payable at our option either in gold or
silver coin, and that if silver had ap
preciated and gold depreciated we
might have exercisod and could still
exercise our option to pay in gold. If
this be true, whero is the immorality
of exorcising our option now to pay
thoso bonds in silver. As to those
bonds, there was no act of demonetiza
tion to baso an argument npon.
Wo oome now lo the relunding act
of July 14, 1870. What wore its pro
visions ? Tbey are expressed in terms
as distinct and emphatic as anything
can be. It provides :
That the Secretary of tba Treasury Is hereby
authorised to Issue, ia a sum or sums Bot exceed
ing in tbe aggrrgate 1300,000,1110, ooupoos or
registered bends of the Uaited 8tatee, in sneb
form as he may prescribe, aad of denominations
of I&0, or some multiple of that sum, redeemable
in oolo of tbe prevent standsrd value, at the
pleasure of the failed Stales, efter tea years from
tba date af tbelr issue, and bearing intereat, psya
ble semi-annually is such coin, at tba rate efa
per cent, per annum.
Also $300,000,000 of four and a half
por cents and a thousand million of
4 por cents, all of which were to be
payable in coin of the then present
standard value. Then we find tbat
the law at that timo fixed the standsrd
value of tbe gold dollar at 25.8 grains
and the standard valuo of the silver
dollar at 412) grains and that the sil
vor dollar was then the undisputed unit
of value, and upon this basis of law
and fact the Government took the
option in tbe act of 1470 that then ex
isted in every bond which was then out
standing bearing (lie seal of tbe United
Statos upon it, in our own country or
in K ii rope, to pay either in silver dol
lars of 412 grains or in gold dollars
ot 25.8 grains. It is inevitable that
this conclusion must be reached from
a consideration of this Btatute and of
tho then existing facts.
Now wo find what else? In that
very section this :
And tka said bonds shall have sat forth aad aa
pres.ed npon their face tha above specified coadi
lions. What conditions? The conditions
that thev are navable in coin of the
standard valuo of 1870, both principal
and interest. J hoso words and condi
tions aro set forth and expressed upon
tho laco ol the bond itsell. I bave ono
here. 1 read from it. It is dated
July 18, 1877, and is a 4 per cent bond
and reads :
The United Statee of America are indebted to
the bearer in the sum of $00.
This bond is issued in sceordanoa with tba
provisioos of an Act of Congress entitled " An
Act to authorise tbe refunding of thcBetloBal
debt," approved July 14, 1S70, as ameaded by aa
Aet approved January It, 171, and is redeema
bla at tba pleasure of tbe Uated Stetes, after the
1st day or July, 1007, fa eeie of IA. sfenoVtrrJ
vale, of tec t'mited A'lnt.. cw eet'd Jilt 14, 1S70,
w,'fA ier.rerf fa .aeA eota from the day af the data
Hereof al tba rate ol 4 per cent, per anaur, pays
ble quarterly oo the 1st day of October, January,
April, and July ta each year. The prleeipal aad
interest are exempt from tbe payment of all taxes
or duties af tbe United Stales, as well aa from
taxation In any form by or onder State, BiuBtelpsI,
or local authority.
Washirotor, July 1, 1S77.
Hero is tho con tract written in the law
and printed in tbo bond. In every onool
tbe bonds that my I r lend lrom ix. i.re
lorred lo of the $592,000,000 issued since
February 12, 1873, is lound the express
provision that tlio contract is that we
may pay theso bonds in silver dollars
of 4 12j grains, or in gold dollars of 25.8
grains, and not only these but all
others issuod under the act of 1870,
and, yet, in tho face of the law, and of
tho express, contract that theso men
made with tho Government men who
aro not simple, nion who know what
they aro about, mon who handle mill
ions of monoy in tbe face of this.lhoir
plain contract, those gentlemen who
owo tbe debt say to those who are to
pay it, you are rcptidiators; you are
attempting to choat ; yon will destroy
the morality ol the Republic
Tho public press looms with assaults
on all who, in their representative ca
pacity, differ with tbom and dare to
say "lloro is tho letter of the law ; bore
is your contract ; tno rights oi our peo
ple aro involved in this question, and
we demand that you shall stand by
tho letter of tho contract" We who
say we abide by the contract aro term
ed rupudialora, choals, and immoral
people, who pay in cheap money.
Upon whose shoulders ought to lall
these epithets ? We simply say, "Sir,
you made a contract with the Govern
ment ol the United slates when silver
was abovo ono hundred cents on tbo
dollar, end when legal-tender notes
wero lar below tho gold dollar in valuo,
and you paid for your bond under that
contract in those legal-tender notes,
and now we propose to pay yon in the
coin that by that contract you gave us
the option to pay in, in silver coin of
the standard valuo that tho contract
provided wo might pay." Is tboro
anything wrong In this? Is there a
want of public morality in this? Is
thore a want ol common honesty in it F
Why, tir, it teems to mo that such
statements are uttor porvorsions of
terms and an unwarranted attack upon
those who seek only to tako rare of the
rights of the Government, and of the
ieoplt under a contract unambiguous
on iu lace.
But, says the Senator from New
York, in 187.1 came a statute which
changed the terms of tho contract,
which provided that the unit of value
should honcofortb be a gold dollar, and
that tbo Uovernment Laving cbangod
its standard aud made a gold dollar
the unit of value, that notwithstanding
the fact tbat we bad oontract out
standing which gave tbe Government
I the option to pay and the bondholder
fS'ILi; if, 6- -.'Stl-l-rloHeirsof.
v 'f, J-rt-ei
to tbe oonbraot uoniu ai. ju"-7,,3r
that contract Not to, tir. On tha
contrary, there ia no new contract ;
thore ia the letter ot tbe law and there
are the words of tbe contract and the
bond, and we mutt abide by them. But,
in 1873 tbe Government of the United
States, a sovereign with power to coin
monoy and regulate the value thereof,
with gold and silver at the only legal
tender ooin of the oountry, as I believe
and always bave believed, the sover
eign, possessed of undoubted sovereign,
ty in this regard, undertakes to change
its measures of value. Assume that
tbe law was proper, tbat there was no
wrong or impropriety in its passage,
the standard of value was changed ty
that law.
Now, how does tbat affect these gen
tlemen who held their bonds prior
thereto or subsequently? I turn again
lo the statute of 1870, and I And tbat
the first of these bonds, the five ner-
cents, mature in ton yean after their
date; tbe next, the (our-and-a-balf per
oonts, in fifteen years, and tbe next
the four peroents, in thirty yean, and
yet the gentlemen who bold these
bonds, who bave thia contract by tbe
law and tbe bond payable ten, fifteen,
or thirty years after date, say that we
shall cross the bridge before we get to
the river. They say they have the
right to say to us that it it a want ot
publio morality to say you will not pay
your bonds due in 1907 in the ooin
named therein. How absurd is tuch
a proposition, what standing has a
creditor of a solvent debtor to make
such an attack ? Let us take care that
our sovereignty is not impaired in this
matter. We have tbe right to change
the standard ot value and make the
unit ot value gold or silver alternately
two or three timet between thit and
tbat time. It is our rirrht and our pow
er, and it does not lie in the mouths of
those who bold theso bonds to say a
word on the subject until their day ol
payment comes. It ia for us, tbe sov
ereign, to declare what shall be the
measure of values, and if we do it to
day, fivo years before their tint bond
matures, it is not for them to charge
us with lax morality. If thoy get
their money when their bond matures
in tbe kind of eoin or in tbe standard
of value that it waa in 1870 they must
be content ; that is tbeirngbt, no more
and no less.
But, sir, is all thit cry about repudi
ation worth any tbing? Within a
year silver has stood in tbe markets in
London at 991. In December last tha
Director of tbe Mint in his report
shows you that it stood thore at 99) ;
in January at 98). It bas tended
downwards a part of this year and up
ward the other part ot tbe yoar and is
now appreciating; and yet because to
day it it below the rate that these gen
tlemen say it ought to be at when they
aro to get their money, twenty yean
after this, if yon please, therefore the
people of tbe United Slates through
tboir representatives cannot say. "We
can and we will change our standard
of value and we may and we ought to
declare tbat tbe silver dollar ot 4lzi
grains is justly, morally, and legally
payable upon this indebtedness I"
Mr. President, I bad not intended to
go into tbe general subject 1 bave
said all I propose to say on thit ques
tion. My only purpose was to assert
the proposition tbat the contract was,
and it written in the bond, that the
holdon tberoot are to take coin of tbe
standard value of 1870 ; therefore that
the law and the bond themselves both
speak directly and emphatically this
legal result They agreed to it and
they cannot now evade that oontract
It ia not for them to say that it it a
want ol public morality to declare that
the metal which in 1870, when their
contract was made, was worth more
than one hundred cents in gold, shall
not be paid to them when tbeir bond
matures. I can say to the Senator
from Ohio, however, in regard to thit
resolution, that it seems to me it ought
not to do passed until a iuu aisoession
is had of thit question by every one
who may seek or desire to discuss it
It eoems to me that our attitude upon
this whole question it capable of full,
portcct, and complete vindication, and '
that we ought to give to the country
from our places here all the light we
can belore making tne declaration,
which 1 think ia the logical result of
tbe law and ot the oontract and of tho
rights and the wants of tbit people.
Mr. Allison. Mr. President, on last
Thursday the Senate by a very large
vote assigned this day for the consider
ation of the silver bill. I trust now tbat
the Senator from Ohio Mr. Matthews
and other gontlemen who are interest
ed in thit resolution will allow it to be
laid aside in order that we may take
up the regular business of the day. I
think that tho whole question can as
well be debated npon the lull reported
by the Committee on Finance as upon
the resolution proposed by tbe Senator
from Ohio.
The Vice-President Is there objec
tion to tbe proposition of tbe Senator
from Iowa?
Mr. Matthowt. I trust tbat will not
be done. 1 think it is better to proceed
with tbe discussion on thia resolution
and dispose of it, and then take up the
silver bill.
Mr. Allison. If it is necessary, I
will make the motion to lay aside this
resolution until the Bland ailrer bill,
so called, ol the House of Representa
tives, is disposed ot.
Tbe Vice President The Sonator
from Iowa moves tbat the pending
resolution be postponed until tbe Bland
silver bill, to called, is disposed of.
Mr. Matthews. On tbat 1 ask for
the yeas and nays.
The yeas and nayi were ordered.
and the Secretary proceeded to call the
roll.
Mr. Ogletby, (when bit namo was
called.) I take it there it no great
difference between tbe resolution and
tbo bill, and I vote "nay."
The roll-call waa concluded.
Mr. Wallace, (after having voted in
the affirmative.) Since I have voted
Senators inform me that thoy desire lo
speak to the resolution, and 1 change
my vote to "nay.
The result was announced yeaa 18,
nayi 43, aa follows :
Vaaa-Allieon, Rhino, Booth, BaraaldcClefeo,
Chrtstieacv, Oshlteg, Dawee, Dereey, Hamlia,
Kellogg, kirhwood, MlteheU, Morrill, Psddeak,
Pattersoa, Rallies, Baaaders IS.
Nave Reiley, Baraam, Bayaaw, Beak, Brace,
Cameron, af Pena'a, CaaBerea,sf Wia.. Coehrell,
Coke, Davis, of III, Davis, af W. Ta.. Halea,
Basils, OarleselOordes, tlrevar, Hants, Hereford,
Hill. Howe, Iaa-alle, Johastea. Jeaee, ef F aulas.
JeBee, ml Nevada. KorssB, la mar, MeClreery,
XeUosald, McMiUas, MePhaeeoa, Matthews,
Maxey, Bf.rris.ee, Mergaa, Ogleeby, Flams,
taalsbnry. Spencer, Theresas, V astasia, Wayte,
Wadleigh, Wallace 41.
Abbbnt Aatheay, Arasstreag, teller, Oeaeeer,
Deaais, Rdmands, Ferry, Hoar, Resdolph, Ras
aoea, Sargent, Sharon, T.llee, Windoss, H libers
-I J.
So the motion was not agreed to.
Mr. Why to. Inasmuch at tbit tub-
ject ie of tuch importance to the ooun
try and ought to be luiiy aiscusseu be
fore any vote ia taken, other gentlemen
being desirous of speaking apoa the
measure, 1 move that tbe Senate do
now adjourn.
Mr. Hamlin. I ask the Senator to
withdraw that and allow ma to make
a motion to proceed to the considera
tion of executive business).
Mr. Wbyte, With pleasure. .
Mr. Hamlin. 1 move that the Sen
ate proceed to tbe consideration of
executive besinesa.
Tbe question being put, there were
on a division ayes 33, noes 20.