TUK
" CLEARFIELD REPGBLICAM,"
BITABIIIHED IN letl.
Th larjpiat Circulation af ujr Neerepaper
In North Central Petinoylvenla.
Termi of Subscriptjoy'
If paid la edvanee, or within I monthe.... (Ml
If paid after I ud bror 0 month. I SO
U paid aflar tbt expiration of 0 monthi... I (Ml
Rates ol Advertising,
Trenalenl advertloeinonta, par aquara of 10 llnaaor
leaa, I tiinoi or leaa.. tl 0
Koreaeh aubaequent inaartion ao
A-lrainiatraloro' and Exooutora'aotloee, I &0
Auditora' notioee , HH , t 60
Geuttona and Eatraya . (0
Diaaoluttoa notiaaa S 00
Profaaaional Garda, e linee or leaa, yoar..... I 00
Lecal notioee, par lina 10
YEARLY ADVBRTIUBMRNTB.
I auuara In 00 1 oolatnn 10 00
1 aqaaraa IS 00 I t eolomn.. TO 00
laquaraa.. 10 00 I I aoiama .U0 00
fl. B. OOODLANDER,
NOEL I). LKK,
Publlehorl.
(Cards.
g T. HROCKBANK,
ATTORKEV AT LAW,
CLEARFIELD, PA,
Ofioe In Court Houae. ap 20,77-lv
H. W. SMITH,
ATTORNEY-AT-liA W,
tl:l :T8 t'leartleld, fa.
J. J. LINGLE,
ATTORNEY - AT - LAW,
1:10 Plillipabura;. Outre Co., Pa y:pd
ISRAEL TEST,
ATTOHNRY AT LAW.
Clearfield, Pa.
jearOSioe la tha Court Bonao. (jjll,'7
W. G. ARNOLD,
LAW V COLLECTION OFFICE,
Cl'RWENSVILLE,
o20 Clearlleld County, Penn'a. T5y
WALTER BARRETT,
ATTORNEY AT LAW.
Clearfield, Pa.
jgnV-Omee to Old Weatern Hotel building,
oornar ef second and Market Hta. inorll,ee.
g J WILSON,
ATTORN KV AT LAW,
Office one donr eaat of Werteni Hotel building,
uppoaite loart II ohm.
ept.VTT. CLEAKFIKM), PA.
FRANK FIELDING,
ATTOKNEY-AT-LAW,
Clearfield, Pa.
Will it. end to all tioilneM en t rutted lo hi)
prouiptly end faithfully. janl'T
WILLUN A. WALtaACB.
I A RUT 9. WALLACB.
DAVID L. BMBBa.
J OHM W. WRIOLBT
WALLACE Sl KREBS,
(Suioeiore to Wallace A Fielding.)
ATTORN KYS-AT -LAW,
jenl'77 Clearlleld, Pa.
ruoa. u. Hi'aaAr. otbdb aoauua,
MURRAY & GORDON,
ATTORNEYS AT LAW,
CLEARFIELD, FA.
JtAV-Gfiioe In l'ia'a Opera Uouae, vecond Boor.
:J0'74
CHARLES 0. LEIDY,
ATTORNEY-AT LAW,
Oeerola Mill,, Cleerleld Co ., Fa,
Legal Itoaloaaa of all kind etteaded to. Par-
tiaular attcntioa pa'd to tha procuring if bountiea,
tianaiooa, ao.
- Alee III. 177 ly.
toaara a. ar aaatLr.
oabibi, ar. M'cuaar,
McENALLY & McCUBDY,
ATTORN BYS-AT-LAW,
Clearfield, Pa.
j" Legal bnalneaa attended to promptly wlthj
adclity. Office on tteoond it reel, above tb Pint
iNtUonel JJank. Jan: 1:76
wm. MociTLMiran,
f RRn. O'L. BtTK.
MeClLLOIGH & BICK.
ATTORN EYS-AT-LA W ,
Clearlleld. Pa.
All legal bueinee promptly atteaded lo. Offlca
oa Second etreet, to the alajonic building.
Jenlu,'77
G. R. BARRETT,
AlTDttNEY AND COUNSELOR AT LAW,
CLKARFIRLD, PA.
Having resignM hlf Judgealilp, haa refluined
.he practice r the law lo hit old office e.t Clear
cf, Fa. Will attend the ooarta of Jf ff-rion and
Kilt co nn when pwially retained in connection
un re I dent coumc). jam (
A. G. KRAMER,
ATTORNEY-AT-LAW,
Raal RaUta aod Collaatloa Afaot,
CLBAHKIGM), PA.,
Will promptly attaed to all lagal buainaaa aa,
trnitad to bla oara.
dr-OHloa ia Pla'a Opera lloaae. Jaal'10.
JOHN L. CUTTLE,
ATTORNEY AT LAVY.
nd Real Ktate Affcnt, ClearOeld, Pa,
Ofllet on Third ttraat, bat. Cbarrj A Walnot.
fjT-RaipHtfulljr offari hit erv.cai la lllaf
and buying landi la Claarflald and Adjoining
eonntiat and wits aa aiparunotoi oTtrtwantv
juri aa a arraror, flatUrt blmaalf that ba can
rinau aatlMaauon. . iraa. io;r:u,
DR. W. A. MEANS,
PHYSICIAN 4 8CRGEON,
LUTHKKHDURO, PA.
Will attand profaaaloaal oalla proatptlr. auajl70
DR. T. J. BOYER,
PHYSICIAN AND SURGEON,
Offioa aa Market Street, Clearfield. Pa.
.tefOfllce bourat I to 1 a. m , aad 1 to 0 p. m.
D
U R. M. SCIIEURER,
IIIMCKOPATHIO P1IYBIOIAN,
OKoe La rraidvooa oa Flrat at.
April M, 18TI. Clearlald, Fa.
DR. H. B. VAN VALZAH,
CI.P.ARPIRM), PKNN'A.
OFFICE IN MASONIC BUILDING
f- OBee h oara Fro o II to I P. U.
Mar II, 1871.
DR. J. P. BURC H FIEL D,
Uu Sari aoa of tha HM RelDaat,PeanatlaaDla
Volaoteera, kavlaR retaroed froaj tha Army,
ofera hla profaaaloaal eereleea to tbeeltleeaa
er Ulearfleld eoanty.
ej-Pror.iatooal ealla promptly alUadad la.
OBee aa geeoad etreet, foraiarlyeeeapled by
br.Woeda. apr4,'0-U
WILLIAU M. HENRY, Jubtioi
F or Tea FaACl ear, Hcaieaaaa, LUantan
CITY. ColloeUone aaade and aeoaey areaiplly
Paid over. Artlaleeof OKraemant and deeda of
aoaaayanee aaatly aould aaa ajarraniea ear
root or bo eharaa. Wjy'TO
U F.K.I) ft IIAGEKTV,
naataaa l
HARDWARE, FARM IMPLEMENTS,
Tinware, laana, sr.,
aarl,'?7 ed Street, CleatOald, Pa.
JAME8 H. LYTLE,
In Kratier'a Bulldliip;, t leal Held, Pa.
Kaalar In flroeatlaa, Prorlllooa, V.j.taklia,
Frail,, P4,mr, Faed, ele., ete.
aprU'fttf
HAKRY SNYDKR.
HARHKH AND HAIRDRESSER.
Skcp aa Market 81., oppoalle Court lluaeo.
A alaaa towel for every eaatoeaer.
Alee BBtaafaetarer of
All Khida of Artirln lu lluraaa Hair.
ClearOald, Fa, eiay It, '70.
IOIIN A. STADLER,
tl LAKER, Market 8l Clearlald, Pa.
Freak Ureed, Ruek, llella, Piee ead Oakea
oa bend ar aaede la erder. A (eaoral eaaortaieal
at I'oalaeUnaarlee, Fralta aad Mute la eteoh.
re Intel aad Oyatara I aeeaoa. Sahxel aeerly
fo
Wl
opaoalie the PoaloOlre. I'rleee a
Mrb 10 '7,
GEO. B. G00DLANDEE, Proprietor.
VOL. 51-WII0LE NO.
Cards.
JOHN D. THOMPSON,
! Jaatlea of tha Paaoa and SorlTantr,
Cur.wenavlllei Paa
VfA.Colltotloni tnaIa and money promptly
palduvar. ( , fabtl'Tltr
RICHARD HUGHES,
JUSTICE OF THE PEACE
-ran
Itrcolur Totruthlp,
Oaoeola Mllla P. O.
i offleial baaineri entreated to blra will be
promptly attended to. B)oh29, '70.
THOMAS H. FORCEE,
OBALBB IB
GENERAL MERCHANDISE.
CRAIIAMTMN, Pa.
Alao, aatenalTe nanufacturer and dealer la 8quara
Timber and Sawed Lamber of all kindl.
ay-Ordara aaliatted and all bille promptly
ailed. Jyl0'71
REUBEN HACKMAN,
House and Sign Painter and Paper
Hanger,
Clearfield, Peuu'a.
tot-Will execute joba in hla line promptly and
in a workmanlike manner. afr4,07
Q. H. HALL,
PRACTICAL PUMP MAKER,
NRAR CLEARFIELD, PKNN'A.
-Ptimpt alwaya on band and made to ordar
n abort nolle. Hipei bored on reaaoiubla Urma.
All work warranted to render tatiifaption, and
dalivared Ifdeaired. njTJ6:lypd
E. A. BIGLER oV CO,,
DRALRna in
SQUARE TIMBER,
aad maaulaetnrera of
AH, KINDS OP SAWED l.l'KIIII.R,
1-771 CLEARFIELD, PENN'A.
JAS. B. GRAHAM,
dealer in
Beal Estate, Square Timber, Boards,
8HINOI.ES, LATH, A PICKETS,
0:10'7S Cl.artald. Pa,
WARREN THORN,
BOOT AND SIIOE MAKER,
Market "I., Clearlleld, Pa,
In tbe ahnp lately occupied by Frank Short,
one door weat bf Alleghany Houae.
ASHLEY THORN,
ARCHITECT, CONTRACTOR and BUILDER.
Plana aad SpaciBoatiooa furniahed for all klnda
ef buildinxa. All work firat-claaa. Stair build
in a epecielty.
P. O. addraaa, Clearlleld, Pa. jaa.l7-77tf.
R. M. NEIMAN,
SADDLE and HARNESS MAKER,
Bumbargcr, Clearlleld Co., Pa.
Keepi an bnnd all kind of Haraeti, Raddlea,
Bridled, and llorte Pnrntihing Uooda. Repairing
pronptijr attended to.
Runbargcr, J ma. 10, 187 J-tf.
JAMES MITCHELL,
DBALBB IB
Squure Timber & Timber LrikIh,
Joll'Tl CLEARFIELD, PA.
J. R. M'MURRAY
WILL SUPrLY YOU WITH ANY ARTICLE
OP MERCHANDISE AT THE VERY LOWKST
PRICE. COME AND SEE.
(Ittitly:)
NEW WASHINGTON,
J. BLAKE WALTERS,
REAL ESTATE BROKER,
AMD BBALBB IB
.Saw Log and Xaumbor,
CLEARFIELD, PA.
Offlca ia Qrahaaa'a Row. 1:36:71
S. I. SNYDER,
PRACTICAL WATCHMAEER
ABO PBA.LBB IB
Watches, Clocks and Jewelry
oVoAom'a Bern, MmrM Sir I,
CI.EARFIKI.D, PA.
All kinda of repeirinf la my line oromptly at-
anded to. April za, leia
NEW BOOT AND SHOE SHOP.
The Bbdaraiatned woo Id In form lha nubile tbat
be baa renoTrd hit Boot and Hhoe Hbop lo tha
room lattlj Meatie4 br Jon. Dearing, In Shaw't
Row, Market atreet, whera b la prepared to at
tend to ttia wauti of all wbo need anything la bia
line. All work dona by bia will be of tha beat
material, and guaranteed to be flrit elatr In every
rrtpect. Repairing promptly attendod to. All
kiada or Lent her and Shoe Finding for aale.
JOHN HCHlKt'KK.
Clearufld, Pa., July 18, IH77 rim.
Clearfield Nursery.
EaNTOURAGR 1IOMK INDUSTRY
THR under Hinied. hiTlna aauhliibad a Nuf-
J. aery on the 'Pike, about half way bet w era
Clearfield and Corwemrille, In prepared to far
nlab all kindi of FRUIT TKKES, (ttaadard and
dwarf,) Evergreen i, Bhrubtrery, Hrape Vinei,
Uooeberry, Lawton fllarklwrry, tSlrawberry,
aad Kainbarr Vine. A 'to, tiibrrlaa Crab Treea.
Qnlnea, end early warltt Rhnbarb, Ae. Ordara
prumpUj attended lo. AdMrew,
r J. I. WKIOHT,
aep3l 08- Carweairille, Pa,
ANDREW HARWICK,
Market Ptreet, Clearfield. Pa.,
MABuracrrtiBaB Ann DBAI.BB IB
BARKERS, SADDLES, IlItlDLES, COLLARS,
aad all klnda of
nouns rviiKisiiita eoous.
A full atock of Saddlera' Hardware, Rroahe,
Caaba, lllankata. Robca. ete.. alwaya on head
and tor aale at the loweit eaah prleee. All kinda
of rrnairiBK promptly attended to.
All klnda of bidea takea ia aicbanee foe bar.
naae aad reiielrlna;. All klada ef barneaa leather
kept oa bead, aad for aale at a email prott.
ClearOald, Jan. 10, 1070.
E. WARING'S
LAW BLANKS
For aale at lha Clearlleld Ran blicib offleo.
The inokI Comptrtf SerUi f 1-alF
Blank publUhtd.
. .... .i.i.
jaere itiaoa. mr w,, rH,.,,u.
are ef aniform eiae, end furniahed at very low
ageree for eeah.
Call
a. tha Kkc. .lic:ab oftce aad eaamia
tkraa.
Ordere by ai.il promptly Oiled.
ddreaa, OOODLANDER A LEE,
J.I,
Xe, IblT-U. tlearaeia ra.
JOHN TROUTMAN,"
DEALER 1H
FURNITURE,
51 ATTEE,
AND
Improved Spring Beds,
MARKET STREET, REAR P. O
fa a
aaderetBned here leaee ta laform tbe elll-
eeae ef
UleerBeld, and laa paatie ir...rair, mm
I 1 ... , fl, ,iM
ha bae
each
aa Wcmat, Cheatnat aad Palatal Chamber
Saltea,
Parlor Huttee, HerllnlnK aad Kaienaion
Cb.lra,
Meier aan uen.a neay v.r
Dialae aad Parlor Cbeire, Oaae SeaU aad
- ..k-i . Cl.iLu U ... Ul.n a. .1 KalM.
irated
iadane
Oloa
Laddare. Hal Raeka, ScrabMng Braebee, Aa
M0ULD1NQ AMD PlCTt'SI FRAMES,
uk... llluH. Charaaia. Aa.. wkleh weald
..lub,. for Holiday ,r.t.. ,.
EI
taM.a.
illJTFniT
2,552.
ORANDFATHER't CHRIST MAI EVE.
A OLD VAX! BIYIRT.
I am littlog alone by my flreiide to-aigat
Aa I often have done before:
And I Hit to tbe roleet, o clear and ao bright.
"i me onuuren ouuiae me door.
MCbriitinaa baa ooroe I" they tell ma la glee ;
Hut their glad worda only bring pain,
'-Chrlitmaa haa come," Ab tna! Ah mo!
The toug haa a ud refrain.
For thought aoma crowding o thick and fast,
ina ombre entwining tbe gay,
Like childhood' friendi from tha far-otTpBat,
Tbe friend tbat art gone for eye,
The little ouea w atob ma nod whiiper low 1
"Poor tirandpa ia lad to-night '
I umlle, for bow aheuld tha darlinga know
My frit n da wbo are out of eight r
They ihow me a boy brimming over with fun,
I nit end of a (1 rand father ;
In my ehildi'h plouure I try to run
Have my Ihubi grown atifl'with age?
I look in the mirror, ob wbo would kuow
The aged form I are,
The wrinkled face, and tke beard of enow,
Can that ftMOge old man be ma '
t laugh at th picture; the rolue I hear
Has a ahrill and hollow Bound.
Aloe ! that, too, hat grown cricked and rjuter.
. I glance at my ftieudi nround j
They, too, have gone, and I, all alone, '
'Mid the little children aUnd,
A at ranger aad In my once loved home.
Ah I lilcndi from the fur-off land.
Ye beckon me on ; and I fain would go,
For the hour la growing late.
And I long for the time wbea full well I know
T lie crooked iball all be made atrnight.
1 be face which earth haa marked with cam
In It net of tin and pain,
Like an iniant'a brow ahall be calm and fair,
And the dim cyea bright again.
The froat of age ahall melt away,
Tbe voice long bathed iball ling,
Aa It iweelly iung ia childhood'! dya,
Tbe praiiei of Christ Ita King.
Tbe wvried ioula grown old In tin.
With gannenia loog defiled (
A mntoLued aoul aball enter in
The kingdom aa a child.
GOVERNMENT HOSDS.
A Debate lit the United Watea Hetiate aa
tha llond Uueetlou and tha Hllver IIIIL
Tho diricussion in tho United States
Si'nnto, on Wcdncedtiy, December 12,
upon tbe mil ihmuo of tbe day, should
be rcud by all men. Tho speeches oi
tho Senators being short and to tbe
point ut issue, we give Ibo proceedings
in lull, anil request our readers to giro
tbe subject an attentive perusal. Tbe
proceedings aro aa follows :
The Viee President. Thoro comes
over as unfinished business of yestor
day a resolution, which will be read.
Mr. Kerunn. I understand that tbe
unfinished business, is tbe resolution
offered by the Senator from Ohio, Mr.
Matthews
The Vice President. It is about to
bo laid before tbe Senate. It will be
read by tbe Secretary.
Mr. Kernan. 1 was going to ask tbe
Clerk to report tho resolution.
The Chief Clerk read tbe resolution
submitted by Mr. Matthews on tbe Gth
inst., as follows :
Wneniia, By the Ael entitled "Aa Act to
etronRtheo the publio eredit," epproved Mareh
IS, IfiliV, it wee provided and declared tbet the
faiib of the United Stetea waa thereby eolemnly
plrdeed to the payment ia eoia or ita equivaloet
of alt the iotaraat-beering obllifatiooaof the I'ni
I. tataU., .mI , ....I whwr. tb.tew aulhoe
iaing the iaaue of aacb obllgntiona bad eaprea.ly
provided that the aame might.be paid la lawful
moocy or other eurrenoy than gold or advert and
YYuKBBAe, All the bonda of the United Statee
aulboriaed to be iaaaed by the Act entitled M Aa
Act to autboriae tbe refunding of the national
debt," approved July 14, 10,0, by thelermaef
aaiu Act, were oeet.rea lo oe reaeeraeoia ia eoia
of the tb.a preaeot atandard value, bearing latar
cal payable aemi-annaally ia auch coin ; and
WttBBBAa, All boada of tbe United Statea
authorlacd to be leaned onder the Act eatitled
" An Aot to provide lor the reauroptiun ol apeoie
uavmcntp," approved Jaoaary 14, lS7a, are re-
ouired to bo of the deacriptlon ef bonda of the
Inlted HUtea deeoribeMl In tbe aald Aet er Con
greta approved July 14, 1870, entitled " An Aet
to autboriae the relendiag of the national dtbt "
and
W HKBBAt, At tbe dete of tbe paiaage of eaid
Act of Congreaa last aforeaaid, to wit, tbe 14th
day of July, 1070. the eoio of the United Statee
of atandard value of tbat date included eilver dol
lara of the weight of 41., gralna each, declared
by tbe Act approved January 10, 1037, eatitled
"An Act aupplcmcntery to the Aet entitled ' An
kit eatebli.bine a Mint and regulating the eoioe
ufthe United titatea" to be a legal teader ef
p.ymeat, according to tbalr nominal ralue, for
any euma whatever i Therefore,
Hi it rtntMd h tkt Stunt; (rAa r7o.ee nf Krjirt.
HNlorirra coaearr,' Merei.), That all the booda
oftb. lioiled Statee Iaaaed or eutboriaed to be
iaaued under tbe aaid Acta ot Coegreee hereiabe.
fura recited are payable, priacipal aad iatereat,
at the optioa of the Ooveroment of tbe Uaited
Statea, ia ailver dollara, of the aeiaaga
tX ifco Uaited Statea, eootaialog 4114 graiaa
aeoh uf atandard ailver and that to re
atorv lo ita eoinage auch ailver eoiaa aa a legal
tendir ia payment of aald bjnda, priacipal and
laiere.l, ia not ia vlolalioa of tbe publie faith
nor la derugoifoo of the rigbta of the pablie
creditor.
The Vico President Tbe pending
question is on the motion to refer tho
resolution with tho amendment offered
by the Senator from New York Mr.
Conkling to the Committee on the
Judiciary. ; .
Mr. Kernan addressed the Senate at
great length in opposition to the reso
lution, ilis speech is withheld for re
vision M r. Wallace .Mr. President, I shall
not attempt to-day to cntor into an
eluhoritto argument ol this question
Mr. Heck. J he Senator irom renn-
sylvania yields to mo for a moment,
and I thank him for allowing me to
make an explanation ol a question J
nut to the Senator from New York. 1
do not propose to make a speech on
this subject. I am too new a man
here to hone either 10 convince ine
Sonato of the correctness ol my viows
or to chango or Influence a single vote.
Hut I asked the Senator Irom xnow
Vork a question which ho socmod to
think bad notbinir in it, aa to the
amount of silver coinage of the United
Stalog. 1 1 o slated the fact to bo that
thero had been only 18,045,0(10 coined,
hen I suggested to Dim
Mr. Koinan. Silver dollar, 1 said.
Mr. Hock. I meant silver dollars ;
hen 1 auirifcsted to him that there
bad been coined since 1874, from 1874
to 1877. sixteen and one half millions
of what were known as trado dollars,
which I thought it was fair to suggost
was part of the silver coinage.
Mr. Kornan. No, they are not legal
tenders, but mere tokens.
Mr. Heck. 1 nndorstaiitl ; anu inero-
foro tho suggestion was regarded as
being worth nothing. iow, I assert
that it is evidence of the fa t that but
for tho cireumstanco that silvor waa
demonetised in 1873, wo should Dot
only have issued ovor twenty-four and
a half millions of silver dollara as we
have done, but tho chances are tbat we
hould havo doublod that amount oi
silver coinage but fur tho demonetizing
aet. Why do 1 say so ? llecause
Congress made the trade dollar con
tain 420 irrain, and the legal tender
dollar only contained 4121 grains and
il with 420 grains required to make
the trade dollar we still coined sixteen
and a half millions since 1873, it i fair
to assume that if we had boon allowed
to coin the old dollar at 4121 grains,
wo should have coined a great deal
more. That, together with tbe Im
mense coinage of half dollars, which
un in 1873 reached one hundred and
oighleen millions, and tba half dollara,
wero till 1863 full legal tendora, showi
tbat thoro waa something in tha sng-
wlion 1 mado which the Sonator rrom
aw York aoetnod to rcirard aa being
of no value, which wao that but for tbe
demnnetixRtlnn of ailver the rolnarre rvt
.Til. J T
Mire.
CLEARFIELD, PA.,
silvor would have boon greatly in
creased. While I am on the floor I want to
say one thing, and 1 say it with all
rospoct to tho Senator from New York,
that it ia tbe first time that I ever
hoard a Democrat on this floor, or on
the floor of the other Homo, rise and
defend all the acta tbat have been done
by the Republican majority relative to
coinago ana relative to money, and
clamor tbat the faith of the nation waa
involved in the maintenance of every
act they have done. There have been
many acta done tbat I deny that the
people of the country are obliged to
maintain lonirer than till thov havo the
power to reverse them ; and many of
those acta tbat nave been done have
been done against tbe protest ol tho
whole Democratic party.
Mr. Allison. Will the Senator yield
to me for a moment?
Mr. Beck. Yes, sir.
Mr. Allison, Do 1 understand the
Senator to intimate tbat the Democrat
ic party opposed, as a political organi
zation, .the demonetization of silver in
18737 Was tbat a party quostion ?
Mr. Hock. 1 have no doubt they
did, so far aa they understood it
Air. Allison, f have not the slight
est knowlodgo that the Democrat op
posed it.
Mr. Hock. When the silver bill is
taken np lor discussion 1 hope to be
heard upon this question aa to how it
was demonetized ; but I say this now
in answer to the question and the
records of Congress show that when
tbe bill demonetizing silver waa pond
ing in the Uouae of Representatives,
on tho 28th of May, 1872, and tbe gen
tleman wbo then had rhargo of it
brought it up within two days of the
final adjournment as a substitute lor a
Ercvioue) bill which had been partly
ut never fully read, that bill having
been up on the 9lb day of April, 1872,
when tne question was put to him by
divers gentlemen, (and the record will
bear me out,) be said that it made no
chango in tbeeoinago,and relyingon his
statement that bill was never read, but
was passed in tbe House ot Represent
atives without any man not privately
advised knowing what it contained.
Mr. Allison. Yea; but, Mr. Presi
dent, tbat bill was debated in this body,
and there was no partisan division
with reference to tbat bill in this body.
Mr. Hock. 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 prosent Secretary of tbe Treasury.
Tbe debate will be tound at the close
of tbe first part and the beginning of
the second part OI tne uongroasional
(ilobe for tho third session of the Forty-second
Congress, and the whole de
bate was upon tbe coinago charge
Not one word was said in tbat dobato
aa to the demonetization of silver.
Senators will 1 hopo read it for them
selves, and tbey will find the fact to
be as I state it Mr. Casaerly, of Cal
ifornia, insisted that we were to have
an immense ailver coinage ; he atated
what Nevada was then producing
120,000,000 annaally aod tha preeweit
Secretary of tho Treasury insisted on
having "In God we trust Inserted on
the face of tho coins instead of tbe ea
gle, which was there bclore and wbicb
he said foreigners did not understand,
lie thought such a dollar would float
as lar as the silver coin of tbe foroign
nation known aa tba Latin anion
would ; that waa, all over the world.
Waa there a word said aa to demone
tizing silver in that dobato? Not one,
unless I hae overlooked it, and I have
read it with aorae care.
Mr. Allison. Tbat ia not the point
1 make. That bill was pending in the
Senate for a considerable time. It
was printed in tho Senate. If it
bad boon . objected to by Demo
cratic Senators, a lull and com
plete opportunity was given to Demo
era tio Senators to objeut to it There
tore It waa passed withont partisan di
vision and without partisan debate.
Mr. Heck. I say that debate shows
that no man claimed that that bill
sought the demonetization oi silver,
and the record will sbow the fact that
the present Secretary of tho Treasury
avowed that tba object waa to make a
silver dollar tbat would float, to use
his own expression, all over the world,
co extensive with the ailver dollar of
France, of Switzerland, and of the na
tions composing tbe Latin Union.
Therefore 1 insist that it waa not do
monetized by tbe intelligent action of
tbe representatives of the people.
M r. Kernan. It was distinctly charg
ed by tho Senator tbat I acted in somo
way improperly
Mr. Heck. Oh, no I
Mr. Kernan. In referring to tbe de
monetization of silver. Now allow
me to say a word in justice. I was
not discussing the silver coinago ques
tion. I was discussing a resolution
which declares that it is right to pay
those bonds In the dollarof 412J grains
of silver, and 1 called attention to all
of them that had evor been coined. .
One other thing. I havo not aaid
one word which oould make my friend
think one way or the other aa to
wbothor I approve these laws or not
1 argued on the acta of our Govern
ment, tha authorized t.ovcrttmetit ;
whethor ft was done by both partiea
or by eithor party makes no difference
lo the outsider. 1 aaid the Govern
ment had mado certain laws and the
honor and the necessity of that Gov
ernment and this American peoplo,
whether their Government waa in
charge ot the aame party or any other,
waa bound, as against the men that
truated to our agent and our Govern
ment, to keep faith with them. J aaid
nothing about what was wise or not
wise. I aaid that the Government
havina taken certain action by its laws
and aaid to tbe world so and ao, we
cannot now declare that we will undo
that, even if It wore wrong, and thus
wronir the creditors 6 or 3 or 10 per
cent of the face of tbeir bonds.
Mr, Deck. I do not propose to de
prive the Sonator from Now York of
the benefit ol his statement, for what
ever it ia worth, and therefore do not
propose to roply to It H Knows
what he said, and lot It stand. . Hut I
say that all the legislation of this coun
try Tor the lust twelve years naa oecn
absolutely in favor of tha rich against
tho poor, in lavor of doad capital
airainst active industry, and that the
effort now made to prevent aa from
restoring what waa tho legal coin oi
the country at the timo the irreat bulk
of tho debt was contracted ia anti-Dora-uc
ratio. To go back litllo, 1 aay
that when the 6.20 bonds were vanned
in 1862 they were made payable upon
tbeir faco in lb legahlenaer notee oi
the country. . livery legal-tender note
had written across iU back tha state
ment that "this note is receivable at ita
face-value for ill debts, public and prl-
vato, except interest upon tha publio
debt and custom dues;'1 and when the
Bepttblican party in 18tTO, whirli the
gentleman eays tba fallb of the United
State ia pledged to mainUin--l think
1 quote his exact language there un
PRINCIPLES, NOT MEN.
WEDNESDAY, DECEMBER 20, 1877.
dertook to aay that tbe principal of
these bonus waa payablo in gold, tbey
undertook to do what no legislative
body had a ritht to do. It waa tho
duty of the courts and in tho power of
tbe courts alone to construe what tho
meaning of the existing laws on this
subject was. Chancellor Kent, J ml go
Cooloy, evory writer on constitutional
law, so holds. When tbat act waa
passod it converted a domestic, dobt
into a foreign dobt added ' over
1500,000,000 to the burden of the
taxpayers of this oountry ; and
when silvor Is now 8 per cent, as it is
said to bo, bolow gold, tho act of de
monetizing it not only added 8 per
cent, to the bonded debt of the coun
try, but it added 8 per cont. to all
debts of the oountry; Fedoral, State,
corporate, municipal, and private The
Government ot the United States to.
day owes over $2,000,000,000. Poore's
Railroad Manual, issued nut Ions aso,
shows tbat the railroad bonds out
standing are over 12,000,000,000. The
dents ot Htatca and ol tno cities within
the States are over 11,000,000,000.
Tbe debta of the other corporations
and individual debts amount to over
2,OIHI,000,000 more, to aay nothing of
the dobta ol national banks, making
over 17,000,000,000, half of which is
held in foreign countries.
Eight per cent, on our lndebted
neea ia 1500,000,000; and when tbe
bonds of the United States (to go' back
a little further) were bought as they
were with tho legal-tender notes of
the country at par and bonds bearing
6 per cent, interest in gold were given
to the men who bought them, and
they wero authorized aa national bank
ers to issue 90 per cent, of what pass
ed as money in their own names,
which depreciated tho legal tender
notes of tbe country as much as tbat
many more logal-tendor notes would,
it entailed a burden of at least 122,
000,000 a year more on the taxpayers
of tho country, making in the last ten
years (220,000,000. 1 repeat $500,
000,000 were wrongfully imposed niton
the country by tho aot of 1800. 1- ive
hundred and sixty millions, being 8
per cent difference between silver and
gold by the demonetizing act, and
220,0110,000 in tho last ton years, by
the amount of taxation added by al
lowing the national bankers to use the
credit of tho Government in issuing
thoir notes instead of tho Government
doing it itself, mako 11,280,000,000, a
aum many millions largor than was
required to pay all the expenditures
of the Government from tho day
Washington waa inaugurated up to
and inclading the year 1850, embrac
ing the expenditures tor the wars with
Great Britain and Mexico and all the
pensions tbat were paid in consequence
of both of them.
And now we are told that the faith
of the country is pledged to stand by
overy one of these and similar things.
I deny it Tbe moagre minority on
this aide of the Chamber has swelled
to its present proportions and the
power in the other IIouho has passed
to the Democratic side because tbey
have pledged theiuaolvejej in taair plat
forms and everywhere elso, whenever
they aball have power, to legislate no
longer in tha interest of bond bil Jors
and capitalist, but to arrango tbo tax
ation of the country so that its woalth
shall bear its proper proportion of
burdens, instead ot the poverty and
labor being aa now, taxed almost ex
clusively. I am of those who believe this reso
lution ia right, because it ia true. I
bolieve that it is a step in the right di
rection, I fool assured that to force
resumption in January, 1879, without
making preparation for it by relieving
burdens and restoring commerce is
calculated and intended to still further
depress the industries of the country
for the benefit ot the men who hold
the bonds and other obligations of the
people, that the present system of tar
iff taxation is now so adjusted as to
put the money derived from taxation
into the pockets of the few and to keep
it out of tbe Treasury. 1 am convinc
ed that there must be a re adjustment
of all these things and that legal ten
der notes must bo received for all pur
poses before resumption is possiblo.
I asktheSenateifthosilvcrdollarhad
not been demonetired, with over sovon
thousand millions of debt hangingupon
this country, with oil it industries de
pressed, with the property of tho peo
ple reduced bocanseof contraction and
the approach to specie resumption,
from 25 to 33 per cent, if there is. a
man in this Senate who would to-day,
becanao ailver wad lower than gold,
vote lo demonetize silver? I answer,
not one. No mas would dare to go
before the people who bad ao voted
and ask re-election in the faco of tho
laws recited in tins resolution, which
show that oven by tho act of 18G9 gold
and silver coin ol tho then standard
value were put upon an equality ; that
by the act of 1870 it was declared that
the bonds then issued might bo paid in
the then ailver coin of its then stand
ard value ; and tho act ol 1875 recited
tbo same fact upon Hit face In viow
of these laws, who, I ask, would now
propose that tho people of this country
should bo deprived ot tho right of pay
ing their debta in either tho gold or
silver coin ot the standard value ex
isting at this time ? I assort, no Sen
ator would dare to go before his peo
ple to-day and ask ro-cloction after ho
bad voted to demonetize silvor under
oxisting circumstances; and as ho
would not and as that was tho coin
on which the great portion of these
bonds were issued, in which all tno
railroad debta were contracted, in
bich tho debts of corporations were
contracted, in wbicb ninc-tontha of the
dobts now outstanding all over the
country, State, Federal, municipal,
corporate, and private wore contract
ed, there ia no injustice in declaring
that we have the right to pay in tbat
same atandard silver coin.
But I beg portion of my friend from
Pennsylvania. 1 rose to make an ex-
f donation and have boon drawn off a
ittlfl ftirther than I expoctod. I will
reserve what I may aay till the silvor
bill oomes un. bad no Idea when i
rone that I would occupy more than a
minute or two, and I have not pro
tended to speak to the merits of tbo
question furthor than lo deny that wo
are in any manner bound, oithor by
good faith or othorwioo, to annport
past legislation in the Interest of bond
holders against tbo interest of tho
groat maaa of the people.
air. nauace. m r. r roaiuem
Mr. Dawes. Will tho Senator per
mit me to aav a few words In refer
ence lo the manner In which the bill
of 1873 was passed?
Mr. Wallace. 1 ahall occupy tno
floor but vory fow minute, if the
Senator from Maasacbuaetla will par
don me.
Mr. Dawes. I ahould like now to re
ply to what baa fallen from tbe Sena
tor Irom Kentucky, if it will not diso
blige the Senator from Pennsylvania.
Mr. Wallace, the senator may
proceed.
&JBJ,,p.im.or. an
Mr. Dawe. Tbo Sonator from Ken
tucky Mr. Bock bos takan up a
chargo which boa frequently been
made in the country, and 1 havo no
doubt is bolioved by somo, tbat thoro
was something wrong about the pas
saire of tho bill which demonotizod sil
vor in 1873, that by somo improper
action ot tho gentleman having chargo
of that bill, without the law-making
power eithor in tbe ltouso or in the
Sonato understanding ita real mean
ing, and without any intent on thoir
part, ho had effected tho demonetiza
tion of tho silver dollar without thoir
being aware of it. and that that fact
was not discovered until recently. I
havo hoard it said that a foreigner,
whoso name waa given, enme over
bore with somo 1500,000 of monoy to
use (as the phrase goes) whero it
would do the most good and in tho in.
terest of tbo demonetization of silver.
Tbo name of this foreigner, who was
hero at that timo and bus been here
since, was givon for tbe purpose ot ad
ding strength to tho chargo that this
law as it now stands upon tho statute
book was put there by some improper
means. Aa the member in tho House
of Representatives to whoso door this
charge is laid, waa a Representative
from my own State, and is now dead
and cannot defend his own memory,
perhaps the Senator from Pennsylva
nia will bear with mo while 1 say a
few words upon that point.
Thoro never was a charge so
void of foundation and so exhibit
ing tho want of examination on the
part of those who make it aa tho
chargo that, without knowing what
was in that bHI and with tbo purpose
and with tho idea tbat tho bill still
continued the silver dollar of 412)
grains aa the dollar of the currency of
the country, it waa passed by Con
gress, unless it bo tho charge, equally
groundless, that that man came over
hero with money to imluco Congress
to pass that bill. Tho man whose
name ia used in that connection is a
man who waa then and has ever beon
in favor of tho ailver dollar and of tho
bimotallic system, and boa been deliv
ering lectures in this country in favor
of the very object that this bill when
it bocame a law controverted; and
yot 1 say within throo days the name
of this man who in Knglond and in
this country is spending his timo try
ing to convince tho business public
that the silvor dollar ought to bo ro
stored, and never ought to havo been
extinguished as a part of our currency,
used in connection with a statement
that bo came ovor hero and with mon
oy in his pocket exorcised undue influ
ence ovor tho legislation of Congress
in ordor to effect the vory opposite of
that for wbicb be is rpw and was then
striving.
The bill that demonetised tho silvor
dollar was drawn in tho Treasury De
partment in 1870. it did not become
a law till 1873. It was reported in
this branch in the winter of 1870 from
the Finance Committee,and in the very
first report and in tho very first print
ot the bill tho old silvor dollar was do
monetized and reduced to a subsidiary
coin containing only 3H4 grains, ft
was in pursuanco of a report from tho
Comptroller of tho Currency in which
he recommended procisoly that samo
thing in print. It went through vari
ous stages in that Congress, and in
overy stage it was reprinted, and in
overy reprint of it was contained tho
ftrovision demonetizing the ailver dol
or. It did not become a law during
that Congress. It was reported in the
noxt Congress, containing that vory
same provision demonetizing or re
ducing to a subsidiary coin the old sil
ver dollar of 412) grains; andwhonil
passed this branch and went to the
othor ltouso it was reprinted again.
In all it waa reprinted twelve times,
and I submit to the Senator from Ken
tucky that in every ono of those
twelve reprints of that bill the old dol
lar that bad been tberutoloro coined
waa demonetized and extinguished.
The Comptroller of the Currency in
his second report upon tbo subject call
ed attention to I he fact and gave tbe rea
son. When the bill was reported in
the othor branch for consideration
there it was first introduced by a dis
tinguished mcmbortrom Pennsylvania.
Upon that occasion that member coll
od tho attention of tho House fothe fact
that it domonotized the silvor dollar,
it went to the proper committoe in
tho llouso and was in duo timo re
ported and reprinted, and in that re
print was contained tho provision Hint
extinguished this dollar.
Mr. Hereford. Will tho Senator
from Massachusetts allow mo to inter
rupt him ? Is ho not aware of tbo fact
that in the iiouso ol Itcprescnta
lives, of which we wore both mcmbors
at tbe time when tho committco hav
ing chargo of that bill reported it, they
reported a substitute, and that although
it waa demanded that tho substitute
should bo read, the Speakor announced
that the previous question having been
demanded it could not be read ; and
although Mr. llolman, of Indiana, and
Mr. Itrooks, of .Now l oik, demanded
tbat the substitute ahould be read, tbo
Speaker of tho llouso announced
that it could not bo read ; and it novcr
waa road, and waa passed without any
member of tho House knowing a lino
or it word in it, without its ever hoing
read or printed 7
Mr. Dawos. There ia nothing so
commendable in this world aa palicnco ;
it relieves usol a great deal ot troublo;
and when I get to tbo last day of tho
consideration of tho hill, if 1 omit to
atalo what was done then, the Senator
from West Virginia shall havo an op
portunity to cull my attention to it.
Mr. Hereford. Will the Senator al
low mo to interrupt him for about three
minutes to read Irom the Congression
al Globo what did take placo?
Mr. Dawes. I prnposo lo rend from
tbe Congressional Globo mysvll. If
the Senator prefers now lo address the
Senate
Mr. Hereford. No, air.
Mr. Dawea. My purpose ia to stulo
tho tact that every man who nnti auo
siro to know what was in that bill had
mora than tho usual opportunity to
know what waa in it; and it is more
than can be aaid of almost any bill that
has become a law that had, aa 1 have
said, twelve reprints, and in every one
of them tho old silver dollar of the cur
rency and of tho legal tender was ex
tinguished and reduced to a subsidiary
coin of .184 grains. Upon the day that
tba bill was considered in tho ilouae
my tben collonguo, Mr. Hooper, in
discussing section by section tho I ro
visions oi the bill, Used this language:
Thee far tke eeetioa la a re eaaetmeat af eilat
lag mwe
I read his words
la addlllee.lt deelarea tke gold dollar af li t
gvaine of atandard gold to be tha aalt ef value,
eold nraelicallr having baea la tbieeoaatry for
many yeera the euaderd Of meaeeee af valae, aa
Ilia legally ia Ureal Rritaia aad matt of the Eu
vnpeoa eoealrtee. Tba Oliver dntler. which by
doea not bear a correct relative proaortioa to tbe
Bold dollar. Belai worth lalrlaaieelly a heel SI .01
in gold it eaaaot eirearaia eoaearraetly with ibe
goto eetna, - - - in reaniiir., nur nin,
nil eonalderatlon, eoaelujed tbat Sft.B graioa of
atandard gold oonalituling tbe gold dollar ahould
be declared tbe aoaey Bait or metallic repreaea -tatlre
of tbe dollar of account,
Again, ho said ;
Section 10 re-enecta tbe nrovi.iona ofexiallng
lawa deflnlng tbe ailver eolna and their waigbta,
reaneolively, .Boept In relation lo tne euvor doi.
lar, which la reduced la weight from 4134 to IS4
gralna tnua tnaaiag ll
I am giving you the lnnguago ad
dressed to tho House of Representa
tives by the man who is charged with
having obtained legislation extinguish
ing the dollar ot 412) grains without
tho knowledge ot tbo House
Tbua making it a aabaidlary eoia in harmony
wlin tne ailver eolna or leaa denomination, lo ae-
cure ita concurrent circulation with them. The
ailver dollar of 4l!f gralna, by reeaoo of ita but-
Hob er Intrinato value being greater than Ita no
minal value, long ainoe eeeaed lo be a coin of cir
culation, and la malted by maoufatturer. of ailver-
were. It doea not alrculate bow la ermmerclal
tranaactloaa with any oountry.
Hero, sir, he discussed tho silver dol
lar whli tho bill before him ; told the
llouso just exactly whero it had been
placed in all the twelve prints of that
bill ; and tho gentleman from Pennsyl
vania upon tho committco who report
ed tho bill in tho first place, and turn
ed it over to my then colleaguo te be
flotiso I mean a Hep
no of tho Philadelphia
managed in tho II
roscntulivo of ono
districts, the oldost member of the
present llouso, Mr. Kollcy called
attention to tho mime fact, and said
that ho wanted to go further than tbat
bill ; said that bo wanted to follow tho
oxnmplo of Knglond and mako tho gold
dollar, as in England, tho absolute and
only unit. I will read what that gen
tleman said ;
Thte bill la a mare codification. There are one
or two thioga In thia bill, I will any to the gen
tleman rrotn new York, with hi pormioeloo, which
paraonally would like to modily i tbet la to aay.
I would Ilka to follow lha example of England,
aad make a wide UlftVroneo between our ailver
and gold coinage. But aa I waa charged with a
bill that looked only lo tbe oodincatlon or Ibe
mint lawa, ar mainly thai, I did aot feel it well
to loterjeot into that bill any of my own peculiar
ideaa. 1 would have liked lo have made the gold
dollar uuiform with tbe Prcnob ayatem ofWaighu,
taaing tne gramme aa tna unit. 1 n.v. exnreaa-
ed mveelf eery earneatly oa that anbjeet, bat I
did dot reel tbat 1 could Impreae my perauoal
riewa on a general law.and, therefor, I preferred,
aa I introduced yeaterd.y a reaolutioa touching
the ailver coin, to have Ihia quealion come np aa
an Independent neatioa.
Mr. Hock. V ill tbo Senator from
MuBsachtisulto allow mo to say a word 'I
Ihohciiutor irom -llussucbusetl will
recollect that 1 havo not Buid a word
about tho history of tho demonetizing
bill, except in rosponso to questions
from tho Senator from Iowa. Whon ho
asked mo certain questions, I answered
thorn according to my recollection of
tho record ; but when tho silvor bill
comes up I hope to bo able to show by
tbo record that tbo bill as passed never
was road in tho llouso and that the
gentleman havingchargeof it distinctly
avowod that it mado no chango in the
law. Now, will tbe Senator from
Massachusetts answer mo who that
distinguished gentleman wns that ho
referred to as somo Englishman who
hall taken part in this bill and who
was opposed to this thing ?
Mr. Dawos. Tbe distinguished l'.ng-
lishman to whom I referred, who was
charged with having como over hero
to do precisely the opposite ol what lie
did, was Krncst Boyd.
Mr. Hock. 1 observe, it tho gentle
man will allow me, that on tho 9th
day of April, 1872, when tho bill was
read up to its sixth section and laid
aside and never taken tip ugain, the
gentleman from Massachusetts Mr.
nooperj remarked :
Tbe bill waa prerared two yeera ago, and haa
bean aubroltled to oaratul aod deliberate .lamina
tion. It haa the approval of nearly all tbe Mint
exp.rta of tbe country, aad the aaaotion af tbe
Secretary of the Treaaury. Mr. Erneet Seyd, of
London, , a dlatlngulabad writer, who baa given
great attention to Ibe aubjeet of Minteaad coinage,
efter examing tbe Brat draught of the bill, fur
lab.d m.ny valuable euv.e.'tiona wbicb have
beea incorporated ia thia bill.
I aupposo ho is the samo person.
M r. Dawos. There is no doubt about
that lact ; but tbat does not quite go to
tho point.thnt ho approved of tho de
monetization of tho silver dollar in
face of tho fact that be was at the same
timo earnestly, openly, publicly pro
testing and urging ttgainot it
Mr. President, my desiro was to
sbow to tho Senate that this bill in the
beginning and throughout all its singes
wns intended to demonetize tho silver
lollar; that the discussion of tho ques
tion of tho silver dollar in tho bill and
what the bill provided in respect to tho
silver dollar was open, free. Another
member of the same committoe, from
M icliigan, Whoso name baa now escaped
mo, called attention moro explicitly
than either of theso mcmbors lo tbo
actual condition of tho silvor dollar in
that bill.
Mr. Heck. Mr. Stoughton.
Mr. Dawes. Mr. Stoughton. Now
it is truo, Mr. 1 resident, that alter
this discussion to which 1 have alluded,
upon tho noxt day a auhstilnto with
the sanction of tho committco was
offered by my then colleaguo and that
passed without being read.
Mr. Hock. aoi the next duy ; six
weeks altorward.
Mr. Dawos. Tho next day that tho
bill wns under discussion the bill won
recommitted to the committco ; and it
was brought back from tbo committco ;
and on tbo vory day on which it was
brought back, ittst at tho close ol tho
session, it was brought back as a sub
stitnto for tho original bill, and tbo
ditl'eroneo between the substitute and
original bill was just this : Tho sub-
tdtarv dollar ol HX1 irraina waa left
nut of tbo bill which finally passed.
Tho old dollarof 412) grains was novor
in tho bill, nnloss I havo been misin
formed and have examined the records
to no purpose. Tho reasons for the
design of tho bill to extinguish that old
dollar wore given ; wholhcr Bound or
not 1 am nut going to trespass furthor
on tho indulgence of tho Senator from
Pennsylvania to discuss lor a moment ;
but tho reasons wore given. Hvory
body that oared lo listen to the bill
knew tbnt il tho bill passed in that
shape the old dollar of 412) grains
would censo lo exist, w lion thu in
camo back the committee thought thnt
a subsidiary dollar reduced in valuo to
184 grains was ol no use, anil they loll
it out. Tho chargo thnt tho old dollar
thus passed out of tbo currency of the
country by any artifice or without the
knowledge ol those who passed the
bill, io a mistake, and does great in
juslico to those, living and dead, who
managed tho bill and presented it to
both branches ol Congress anil ny
whoso cfnirta it became a law.
I am very much obliged lo tho Sena
tor from Pcnnsvlvania.
Mr. Wallace. Mr. President, 1 ahall
not trespass upon tbo timo of tbo Sen
ate to-night ro fur aa to go into tho
ircnornl argument that hears upon the
silver bill, but shall confine myself aa
directly as 1 may to the real nuosiion
at issue in this resolution, which ia
whether the bonds of the Government
are, legally and morally, payablo in
the ativer dollar r
Wo aro to remember, when we at
Uimpl lo enter upon the consideration
of this question, that tho Government
bad a douhlo atanf lira of coinago from
1792 to 1873. There can be no qnea
tinn Rbnnt that. There wore both ail-
TEBMS-S2 per annun in Admoe.
NEW SERIES-VOL. 18, NO. 51.'
ver and gold coins. Tba ailvor dollar
was by law the unit of value and tbe
monoy ot account Tbe law bases all
Treasury accounts upon this. As late
as 1819 tho gold dollar was givon place
an a coin of tho Government. With
thia legal and practical situation, we
como to tho poriod of tho war during
which tbo Uovornmont Issued a largo
numbor of the bonda npon which tbia
issuo arisos and fur which tbo fuith ot
tho Government waa plcdgod to pay
thnt Indebtedness in coin.
Tbat pledge waa to pay in coin of tbe
Govornment of tbe United States. That
coin was both gold and ailver coin.
There ran be no question about these
propositions. Tbo Government bold
lor itself in evory atatuto the option to
pay in either coin. From 1853 to 1073
silvor was practically driven out of tbe
country by tho fact that it was under
valuod in the coinage laws aa compared
un gold. It stood here at a Higher
rate than gold ; and in tbo market of
tho world, in London, it stood at a
hiL'hor rato than cold : that ia. durinv
alfthoso yoars ono hundred cents in
gold would not buy ono hundred cents
in silver, llns lact Is tound by refer
ence to tho table, llenco whon silver
ia named or implied from tho word
coin in the bonds and in tbe lawa
authorizing thorn from 18G1 forward it
was a moro valuablo molal than the
gold coin, which was in fact the money
used, so fur as any metalio coin waa
used, in governmental transactions.
lhat silver was not in use in all those
yoars was not by reason of ita cheap
ness, but becauso that It waa more
valuablo than gold both hero and in
hngland, and it continuod so until lHi 3.
Wo thus bad " coin " named in the law
and tho bonds. We bad the practical
lact that gold, a chcapor motnl, bad
driven out silver, tbe dearer motal, and
tbat wben tbo word coin was used it
meant both gold and silvor coin.
Aow, we como to tbe etreet ot this
upon tbo bonds issued. It seems to me
both a legal and a logical result tbat
tho bonda thus issued by the Federal
Government, payablo in coin, were
payablo at our option either in gold or
silver coin, and that if silver bad ap
preciated and gold depreciated we
might havo exercised and could still
oxcrciso our option to pay in gold. If
thia bo truo, whore ia the immorality
of exercising our option now to pay
those bonds in Oliver. Aa to those
bonds, thoro was no net of demonetiza
tion to bono an argument upon.
vo come now lo the relunding act
of July 14, 1870. What were its pro
visions ? They aro expressed in terms
as distinct and emphatic as anything
can be II provides :
That the Secretary of tbe Treeaary la hereby
autborited te laaue, ia a earn er euma aet exceed
ing ia tha aggregate $2011,01)0,000, eoupoaa ar
rcgiatered beada af tbe Uaited Stetea, ia auch
form aa be may preecribe, aad of denominetiona
of fbO, or aoma multiple of tbat aum, redeemable
la eoia of the preaeat eteadard value, at tbe
pleaaure of tbe Uaited Statea, after lea yeera from
ibe date af their leaee, and bearing iatereat, paya
ble aemi-annually ia aaek eoia, at the rale of &
per ecat. par aanam.
Also (300,000,000 of four and a half
per cent and a thousand million of
4 per cents, all of which were to bo
payable in coin ot tho tben present
standard value. Then we find that
tho law at that lime fixed tho standard
value of the gold dollar at 25 8 graina
and the atandard value oi the oilver
dollar at 412) grains and that the sil
vor dollar was thon tbe undisputed unit
of value, and upon this basis of law
and lact tbo liovornmonl took tho
option in tho act of 1870 that then ex
isted in every bond which was then out
standing bearing tbe seal of tho United
States upon it, in our own country or
in Europe, to pay cither in silver dol
lars of 412 grains or in gold dollars
ol 25.8 grains. It is inevitable that
this conclusion must be reached from
a consideration of this statute and of
the then existing facta.
.Now wo find what else 7 In that
very BCction this :
Aad tbe aaid boada ahall have eat forth and ex.
preeaed upon tbeir fece the above epeciSed eondl
tiooa. What conditions? Tbo conditions
that they are payable in coin of tho
standard value of 1870, both principal
and interest. Those words and condi
tions aro set forth and expressed npon
tho faco ol tho bond itsell. I have one
hero, t read from it. It ia dated
July 18, 1877, and is a 4 per cent bond
and reads :
The Uaited Statea of America are Indebted ta
Ibe beerer ia Ibe ram of 140.
Thia bond ia tarued ia accordance with tha
provieiona of aa Act ef Coagreeo entitled " An
Act to authoriee the rofuodiag af IbeaatliiBal
debt," approved July 14, 1870, aa amaadedbyaa
Aot approved Jaeuary 10, left, and ia redeema
ble at lha pleaeure of tbe fated btalea, aher Ibe
lat day of Joly, 1V07, .'a core o lea tlamtard
eelea e lie Cited SlaM ea ea.'d Jilf 14, 1S70,
w,rA tnlcreal ia .... eo,a from tbe aay af the data
bcreol el the rale or 4 per oenl. per aanam, paya
ble quarterly oa tbe lat dey of October, January,
April, end July la each year. The priacipal aad
iatereat are exempt from the peymeat of all taxee
or dutiea af the I'aited Htoloe, aa well aa from
lexetion in eey form by or under Stale, municipal,
or local authority.
W A.UIROTOB, July 1, 1877.
Hero is the contract written in the law
and printed in tho bond. Inevory oneof
tho bonds that my friend IromM. I. re
ferred to of the !!92,000,000 issued ainco
rebruary 12, IS. J, is lound tho express
provision that tho contract is that we
may pay those bonds in silvor dollars
ol 412) grains, or in gold dollars of 25.8
grains, and not only those but all
others issued under the act of 1870,
and, yet, in the face of tho law, and of
tbo express contract lual luoee men
made with tho Government mon wbo
are not simple, mon who know what
tbey aro about, men wbo nnmiio mill
ions of money in the face of this,thoir
pluin contract, those gentlemen who
owe tho debt say to those who aro to
pay il, you are repudiators; you are
attempting to cheat ; you will destroy
tho morality ot the Kepublic.
Tho public press teems with assaults
on all who, in thoir representative ca
pacity, dtller with them and dare lo
say "Here is tho letter of the law ; here
is your contract ; the rights ol our peo
ple nro involved in this question, and
wo demand that you shall stana by
tho letter of tho contract." We who
say wo abide by tho contract are term
ed repudiators, cheat, and Immoral
people, who pay in cheap money.
Upon whose shoulders ought to fall
tboso opithola ? We simply say, ' Sir,
you mado a contract with tho Govern
ment ol the United slates wben ailver
waa abova one hundred cent on tho
dollar, and when legal-tender notes
were lar bolow tbe gold dollar in value,
and you paid for J our bond under that
contract In those legal-lender notes,
and now we propose to pay you in tbe
coin tbat by that contract you gave us
tho option lo pay in, in sliver coin oi
Ibo standard value tbat tbe contract
providod we might pay." Is thoro
anything wrong in this? Is there a
want of publie morality in this ? I
there a want ol common honesty in it?
W hy, air. it soema to me that auch
statements ar utter perversions of
terms and an unwarranted attack upon
Ihoso who seek only totakocare of the
right of the Government and of the
people under a contract nnambiguons
on ita race.
Hut, aaya the Senator from New
York, In 1873 ntmo tUlutc which
obanvod tbt Virmi of tbfl contnwt,
which providod that tha unit of la
(hould honcoforth Do ft gcM tlollar, and
that tho Uovornmoat having cbavfeed
its atandard and made a gold dollar
tko unit of ralue, tbat notwiibotaadin j
tho fact that w bad eootrart out-
landing which girt the tiorwinnant
112) grains, yett jMoneol uymMZ
to tbe contract could and bad ebsngad
that contract Not ao, air. On ilia
contrary, there ia no now contract ;
there ia the letter ot tbe law and there
aro tbe words of tbe contract and tba
, bond, and wamuatbida by thorn. Hut
in 1873 tha Govornment of taet'nited
State, a sovereign with power to coin
money and regulate) tha value) thereof. '
with gold and ailvor aa the only legal
tondor coin of the country, as I believe
and always havo believed, the aovor. .
eign, poceeoaeexl of undoubted sovereign
ty in this regard, undertakes to change
ita measure of value. Assume tbat
the law waa proper, tbat thoro waa no
wrong or impropriety in it paamre,
tbe atandard of value was changed by
that law.
Now, how dons tbat affect tboao gen
tlemen wbo held their bond prior
thereto or subsequently? I turn again
lo the statute of 1870, and I find that
the first of these bonda. the Ave nor.
cent, mature in ton year aftor their
dato; tho next, the fonr-and a-balf per
cent, in fifteen yean, and tbe next
tho four percent, in thirty year, and
yet tbe gontlomen who bold these
bonds, wbo have tbia contract by the
law and the bond payable ten, fifteen.
or thirty yean after date, aay tbat we
shall cross the bridge before we get to
the river. Tbey aay tbey have the
right to oay to a that it i a want st
nublie moralit v to aav von will not trar
your bonds duo in 1907 in the coin
named therein. How absurd is auch
a proposition. W hat standing has a
creditor of a solvent debtor to make
such an attack ? Let us take care that
our sovereignty is not impaired in thia
matter. We have the right to change
the atandard of value and make the
unit ot value gold or ailver alternately
two or three time between tbis and
that lime. It io our right and our pow
er, and it doea not lie in tbe mouths of
those wbo bold these bond to oay a
word on the aubjeet until their day of
payment como. It is for as, the sov
ereign, to declare what ahall be the
measure of values, and if we do It to
day, flvo years before tbeir first bond
matures, it is not for them to charge
ua with lax morality. If they get
their money wben thoir bond mature
in the kind of coin or in the standard
of value that it wao in 1870 tbey must
bo content ; that ia their right, no more
and no loss.
But, sir, is all tbis cry about repudi.
ation worth any thing? Within a
year eilver has stood in tbo markota in
London' at 991. In December last the
Director of the Mint in bis report
shows you that it stood there at 991 ;
in January at 98). It has tended
downwards a part of thia year and up
ward tbe other part of the year and is
now appreciating; and yet because to
day it is below llie rate that these gen
tlemen oay it ought to be at when tbey
are to get tbeir money, twenty years
after tbis, if yon please, therefore the
peopio or the united statea inrougn
thoir representatives cannot aay, "We
can and we will chango our standard
of value and we may and we ought to
doclare that the silver dollar of 412)
graina is justly, morally, and legally
payable upon thia indebtedness I
Mr. President, I had not intended to
go into tbe general aubjoct 1 have
said all 1 propose to aay on tbia ques
tion, juy only purpose was to assert
tbo proposition tbat the contract was,
and is written in tbe bond, that the
holders thereof are to take coin of the
standard value of 1870 ; therefore tbat
the law and tbe bond themselves both
apeak directly and emphatically tbia
legal result. They agreed to it and
they cannot now evade tbat contract
It io not for them to aay tbat it ia a
want of public morality to declare that
the metal which in 1870, wben their
contract waa made, was worth more
than one hundred cents in gold, ahall
not be paid to them when their bond
matureo. I can say to the Senator
from Ohio, however, in regard to thia
resolution, that it seems to me it ought
not to be passed until a full discussion
is had of this qneetion by every one
wbo may seek or desire to discuss it
It seems to me that our attitude npon
this whole question ia capable of lull,
perfect, and complete vindication, and
tbat we ought to give to the country
from our place hero all the light we
can bclore making the declaration,
which 1 think is the logical result of
the law and ol the contract and of the
rigbta and the want of thia people.
Mr. Allison. Mr. President, on last
Thursday the Senate by a very large
vote assigned this day tar tho consider
ation of tbe silver bill. I trust now that
the Senator from Ohio Mr. Matthews
and other gentlemen who are interest
ed in tbis resolution will allow it to bo
laid asido In order tbat we may take
up tbe regular business of the day. I
think that tbo whole question can as
well be debated npon the bill reported
by tho Committee on Finance as upon
tha resolution proposed by the Senator
from Ohio.
Tbe V ico-Preoident Is there objec
tion to the proposition of the Senator
from lowa r
M r. MalthowB. I trust that will not
bo done. I think it is bettor to proceed
with the discussion on thia resolution
and dispose of it, and tben take up the
silver bill.
Mr. Allison. If it is necessary, I
will make the motion to lay aaide tbis
resolution until the Uland ailvor bill.
so called, ot tbe House of Representa
tives, Is disposed Ol.
Tho Vice I'rostdcnt J bo senator
from Iowa moves tbat the pending
resolution bo nostponod until the lilantl
silver bill, so called, ia disposed of.
Mr. Matthews. On tbat 1 ask lor
the yea and nay.
The yoas and naya wero ordered,
and the Secretary proceeded to call tbe
roll.
Mr. Oglesby, (when hia name was
culled ) 1 take it there ia no great
difference between the resolution and
the bill, and I vote "nay."
Tho roll-call waa concluded.
Mr. Wallace, (after having votod in
tbo affirmative.) Since ( have voted
Senators inform me tbat they desire to
speak to the resolution, and 1 change
my vote to "nay.
The result was announcou yeaa in,
nay 43, a fullowa :
Yaaa-Allteoa, Rlelee, Booth, larsaMe,Caaraa,
Cbrialiaaey, ('oakling, Dawea, Dereey, llamlia,
Eelloee. Vilrhwood, MirekcH, Merrill, PeMaak,
Palleraua, Ralliaa, S.aadera la, . ,
Neva Bailey, Bera.m, Bayard, neea, nvwea,
Cameree, of Peae'a, Oameraa, ef WhK. Ceete.ll,
Coke, Daela, af 111, Davie, of W. Va., Katba,
BaMla,Uarlaad.Qoedea,Urevar, narria, Hereford, .
Hill. Howe, l.ealla, Jekaataoj, Jasea, af Florida,
Joaee, of Nevada, kar.ee, Lamar, MeCreery,
McUeaaia, alcMlllaa, Meraeeeoa, mel.eewe,
Mexey, Meerimea, Mergee, Ogleeby, Plumb,
Sealabary, Speaeee, Tharaaaa, Voorbeoe, Wbyte,
Wadloigk, Wallace 41.
Aaaa.r Aaiboay, Armetroag, tatler, Conov.r,
Deaaie, Kdmande, verry, Hear, Randolph, Raa
aom, Sargeat, Sbanal, Teller, Windom, Wilkere
-14.
So the motion waa not agreed to.
Mr. Whyte. Inasmuch aa thia aub
jeet ia of such importance to the coun
try and ought to be luiiy aiecaaseq De
fore any vole ia taken, other gentlemen
being desirous of speaking upon the
measure, 1 mote tbat tbe Senate do
now adjourn.
Mr. Hamlin. 1 ask the Senator to
withdraw thfl and allow me 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 the consideration of
executive business.
Tbe quealion being put, there were
on a division ayes 33, nor 20.
aaeie T. i. "
15