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1877. ·coNGRESSIONAL RECORD-HOUSE. 263

By Mr. SCHLEICHER: Papers relatin~ to the claim of George H. Mr. STEPHENS, of Georgia. I ask consent to submit the resolu~ Giddings, mail contractor-to the Comnuttee on the Post-Office and tion which I send to the desk. Post-Roads. The Clerk read as follows: By Mr. SPRINGER: The petition of Daniel Clary, for a pension­ Buolved, That the House bas heard t..be Jetter just read with feelings of deep to the Committee on Invalid Pensions. regret; and in parting with Dr. PoisaJ. we return him our sincere t.hanks for the By Mr. STEPHENS, of Georgia: The petitions of V. Richards & manner in which be has discharged his duties. The best wishes of the Hou.se go Brothers and A. L. Maxwell, for stores furnished and supplies taken with him in his new sphere of W!efulness. by the United States Army-to the Committee on War Claims. There bein~ no objection the resolution was received, and was Also, the petition of Bernard Rice, for compensation for property adopted unarumously. destroyed by the United States Army-to the same committee. GEORGE V. HEBB. By Mr. SWANN: The petition of F. C. Latrobe, mayor,and5,000 Mr. WHITTHORNE, by unanimous consent, submitted the follow­ citizens of Baltimore, for an increase of the salaries of letter-carriers­ ing resolution; which was referred to the Committee on Appropri­ to the Committee on the Po~t-Office and Post-Roads. ations: Also, the petition of George Wolf, for arrears of pension-to the Resolved, That tho Clerk of the House be authorized and directed t() pay George Committee on Invalid Pensions. · V. Hebb out of the contingent fund, the amonnt which may be due him for serv­ ices 1endere(l as doorkeeper to the diplomatic gallery fr.;m the 5th of January, Also, the petition of Mrs. Elizabeth Goldsborough, widow of Rear­ 1877, t() the 1st of November, 1877. Admiral L. M. Goldsborough, for a pension-to the Committee on Naval Affairs. ORDER OF BUSINESS. · Also, tho petition of John H. Bond and 25 other mechanics and The SPEAKER. The regular orrler is the special order fixed for labc.rers of Baltimore, that the salaries of Go\"ernment employes be to-day immediately after the reading of the Journal, the Army ap­ equalized and that unjust discriminations be destroyed-to the Com­ propriation bill. mittee on Reform in the Civil Service. Mr. ATKINS. I desire to say that the Committee on Appropria­ B.v Mr. TIPTON : Remonstrance of the Letter-Carriers' Association tions wish to postpone the consideration of the Army bill to-day and of Bloomington, Illinois, against making the salaries of one class of to take it up to-morrow morning immediately after the reading of letter-carriers larger than those of another-to the Committee on the the Journal. Post-Office and Post-Roads. The SPEAKER. The gentleman from Tennessee, chairman of the By Mr. WHITTHORNE: A paper relating to the establishment of Committee on Appropriations, gives notice that he will not exercise a post-route between Whitten's Stand and Wayland's Springs-to the his right to-day to bring up tho Army appropriation bill, but will do same committee. so to-morrow immediately after the reading of the Journal. The Also, the petition of John Barclay and other beneficiaries of the gentleman from Ohio [Mr. EWING) is recognized. Naval Asylum at Philadelphia, for a change of their relations to the Mr. CONGER. I would inquire whether the regular order this Government by granting them pensions-to the Committee on Naval morning is not the call of committees. Affairs. The SPEAKER. The regular order is the unfinished business com. By 1\Ir. WILLIAMS, of Michigan : The petition of the workmen on ing over from yesterday, which was made a special order by the Poverty Island light-house, for relief-to the Committee of Claims. action of the House. Also, papers relating to the petition of John Pulford to b~ restored Mr. CONGER. }fy point is that the special order to which the to his former rank as a lieutenant-colonel United States Army on the Speaker now refers was to come up after the mornio~ hour, and not retired list-to the CommHtee on Military Affairs. immediately after the reading of the Journal. I th10k that is the Also, the petition of Joseph Sawyer for compensation for property tenor of tlle resolution making the special order. lost while in the service of the United States-to the Committee on The SPEAKER: The Clerk will read the resolution, according to War Claims. the terms of which the Chair must of course decide. Also, the petition of Thomas W. Hewitt, for a pension-to the Com­ The Clerk read as follows: mittee on Invalid Pensions. Resolved, That the bill to repeal the third section of the resumption law be made By Mr. WILLIS, of Kentucky: The petition of Rev. W. H. Miles, the special ol'cler, not to interfere with any appropriation bills, for to-morrow at the bishop of the colored Methodist Episcopal Church of America, repre­ expiration of the morning hour, and from day to uay thereafter until the following senting a membership of 100,000, for govermental aid for the educa­ Tuesday at tb.ree o'clock. when the previous question shall be ordered on it and on any amendments then pending, all amendments meanwhile to be in order, provided tion of the colored people of the South-to the Committee on Educa­ the time shall be extencled, if necessary, so as t() allow five days after the morning tion and Labor. hour for the consideration of said bill and amendmeuts. By Mr. YOUNG: Papers relating to the claims of Indiana Hughes, The SPEAKER. The gentleman will see that this bill was made a. Charles C. Burke, Francis Molitor, trustees of La Grange College, spec1al order for yesterday after the morning hour, but that in its Tennessee, Mrs. Elizabeth Too£, and Rosetta Freel, for property continuance aa a special order it interrupts the morning hour, subject taken and destroyed by the United States Army-to the Committee only to the priority of appropriation bills; and the gentleman from on War Claims. Tennessee [Mr. ATKINS] has stated that this morning he does not Also, papers relating to the claims of Mrs. Lucie A. Jameson, John wish to exercise his right as to the appropriation bill. Morrison, Ezekiel T. Keel, Mrs. A. G. Bankhead, R. Dudley Frayser, Mr. CONGER. But the Chair will observe that the last clause-of La Grange Synodical College, and Mrs. Sarah E. Norton, for use, the resolution speaks of "five days after the morning hour." occupation, and damage to property by United States authorities­ The SPEAKER. That applies in case of an extension of the time to the same committee. for the special order. The Clerk will read Rule 56. Also, papers relating to the claim of Benjamin Bibb and others, of The Clerk read as follows : Memphis, Tennessee, to be reimbursed the amounts wrongfully col­ The conflicleration of the unfinished business in which the Honse may be engaged lected from them by United States authorities as tax for rope and bag­ at an adjournment shall be resumed as soon as the Journal of the next day is rea.d, ging-to the same committee. and at the same time each day thereafter until disposed of; and if, from any caW!e, other business shall intervene, it shall be resumt~d as soon as such other business is disposed of. And the consilleration of all other unfinished business shall be resumed whenever the class of business to which it belongs shall be in order under the rnles. The SPEAKER. The g~ntleman from Michigan will see that under the rule this order neces.:-~arily interrupts all business not excepted by HOUSE OF REPRESENTATIVES. the wording of the resolution; and the only exception waa in favor of appropriation bills. WEDNESDAY, November 7, 1877. Mr. CONGER. A part of my understanding in assenting to the resolution was that the morning hour should not be interfered with The House met at twelve o'clock m. Prayer by the Chaplain, Rev. by this business. J OH..."i POISAL, D. D. The SPEAKER. The resolution does not state so. The Journal of yesterday was read and approved. Mr. CONGER. The resolution says "after the morning hour." RESIGNATION OF THE CHAPLAIN. . The SPEAKER. It says that it shalJ be taken up as the special The SPEAKER. The Chair has received a communication which order after the morning hour on Tuesday. The gentleman from he desires to submit to the attention of the House. Michigan having called attention to the matter, enables the Chair, The Clerk read as follows: after re-exawination, to be further satisfied the course he has taken NOVEMBER 5, 1877. is the right one. To the hO'TtO'T'ahle the Speak~ and House of Representatives: PERSONAL EXPLANATION. GENTLEMRN: Having been unexpectedly called ro fill another position, which I must regard as providential, I hereby tender my resignation as Chaplain to the Mr. LEONARD. I rise to a question of privilege. House, to t.ake effect after Wednesday next. The SPEAKER. The gentleman will state it. When I remember the cordial support and the complimentary manner in which Mr. LEONARD. I desire to make a. personal explanation, and if the chaplaincy was conferred upon me, I confesR I retire from the position with in nnfei~ed regret. Be assured, gentlemen, never while memory ho1ds her seat, by there be no objection will ask leave to have it printed the RECORD. which I mean the memory of the heart, shall I forget your kindly interest and cour­ The SPEAKER. The Chair hears no objection and the gentleman teous bearing t()ward me during the brief period of my official and social relations will proceed with his explanation. to the Forty-fifth Conttress. :Mr. LEONARD. I prefer to print my personal explanation in the Praying God's blesstnp; upon our common country, and with best wishes for you all personally, I am, gentlemen, RECORD if there be no objection. Faithfully, you.r friend and servant, Mr. SAYLER. I hope the gentleman will make his explanation in JOHN POISAL. the House. 264 CONGRESSIONAL RECOR~HOUSR ~lt>VElUDER 7,

Mr. LEONARD. Mr. Speaker, I regret that I am obliged to make of Elections from the further consideration of this bill. Tho gentle­ the explanation orally; it is simply this: .My attention bas been man from Geor~ia ask\J unanimous consent to move that tlm Uorn­ calletl by a unm l>er of gentlemen, fl'ieuds of mine, to what they seemed mittee of Electwns be discharged from the further coositleratiou of to consider an exhibition of temper on my part during the proceed­ the l>ill and that the same be referred to the Committee ou tho J alli­ ings yesterday, and I deem it dne to myself as well as to tho ~peaker oiary. pm urmpore [Mr. SAYLER] and the gentleman from Georgu~, [Mr. There was no objection, and it was so ordered. HTEPHE~s,) for whom I ent~rtain the profoundest rea.poot, that I The SPEAKER. The gentleman from Georgia Js now recognized should set the matter in its trne light. to make the usual motion. The gentleman from Georgia [Mr. STEPliE;.~Bl reported from the Mr. STEPHENS. of Georgla. I ID

This fractional currency aa well as the legal-t~nder notes were $300 000,000 by increased bank circulation. It would be necessary to issued as obligationtJ of the Government. use this sum by tho banks for their protection. llaving thus provided, Redamt, says Webster, is "to purchase back, to regain possession of as was evidently then thought, ample provisions for all the conency by payment of tlie stipulated price." . necessary for the country, and, as the friends of the resumption act believed, guarded against contraction, the Secretary of the Treasury To redeem 1M to receive baok by paying the obligation, as any promissory note or othor evidence of debt given by the St-ate, by a company or corporation, or by could with safety begin on the 1st of January, 1879, to redeem tho an individual. legal-tenders then outstanding. These obligations of the Government are, by the terms of thtR sec­ The aot then provides that- tion, to be redeemeit; that is," received back by paying the obi iga.tion," On and after the 1st day of January, A. D. 18'79, the Secretary of tho Treasury and the Government is no longer a debtor on account thereof. shall redeem, In coin, the United States le~al-tender notes thon outstanding ou their presentation for redemption at tho office of the a.ssistant treasurer of the The whole amonnt of such fractional currency outstanding shall be redeemed. United States in the city of New York in sums of not less than fS(). None left out.standing, all received back. Here the Secretary of the Treasury is required to do the same Did it ever occur to any person that the Secretary of the Treasury, thin~ with reference to the then outstanding legal-tenders as he is under this first section, oould re-issue any of this fractional currency reqm.red to do with "the whole amount of outstanding fractional so redeemed by this act t · currency," and With the legal-tenders in excess of three hundred mill­ He has nbt 80 construed it, but has glven it the same construction ions. Nor is there an1 perceptible difference in the language used that I contend for, and has retired and canceled the fractional cur­ in these se,·eral proviswns of tho act. rency so redeemed, and as fast aa it is presented for redemption With reference to the fractional currency, he is directed to redeem ffa.thering it in for tlJe same purpose, and will continue 80 to do "until the.whole amount of such fractional currency ootstanding shall 'until the whole amount of such fractional currency outstanding be redeemed." With reference to the excess of three hundred mill­ shall be redeemed." None left outstanding. ions of legal-tenders, he is required to continue their redemption- The third section of the act, after providing for free banking aa I As such circnlatin~ notes Breissned until there shnll be outstanding the sum of have already stated, contains this provision, namely: f:JOO,OOO,OOO of such United States notes, and no more. And whenever, and 80 often, as circulating notes shall be Issued t() any sneh And on and after Jan nary 1, 1879, he shall redeem, In coin, the United States legal. banking association, 80 increasing ita capital or circulating notes, or so newly tender notes then outBtanding, &o. organized as aforesaid, it shall be tho duty of the Socretar.v of tho Troasnry to They are to be redeemed, in the same sense that the fractional cur­ redeem the legal-tender United States notes in excess of $300,000,000 to the amount of 80 per cent. of the sum of national-bank notes so issued to any such banking rency is redeemed. The t·equirement is as broad and comprehensive association as aforesaid, and to continuo snch redemption as such circnlatinl! notes in one case as the other. These obligations of the Government aro to are issued, nntil there shall be ontstamling the sum of $300,000,000 of such leg&l­ be discharged; it is no longer to be a debtor by reason of them. This tender United States notos, and no more. requirement is as far-reaching aa it is possible to conceive; it follows Here the same words are used to indicate the duty of the Secretary all the legal-tenders over issued, until the last solitary wandering of the Treasury in reference to the United States notes in excess of one outstanding shall be redeemed, paid, and retired. Whatever $300,000,000. lle shall "redeem them," and continue "such redemp­ might have been the hopes and even sanguine expectations of the tion" until there shall be outstanding bnt $300,000,000. He shall friends of this act when passed, it has certainly failed in its operations discharge the obligation of the Government by paying off the ex~ torealizothem. Instead of encouraging and inducing many new b:mk.

and believing,~ I do, that an attempt to enforce its provisions will substitute a provision which I will refer to in a moment, namely, the result in a great and speedy contraction of the legal-tenders, and that canceling of legal-tender notes .in excess of 300,000,000 as rapidly ruinous results to business and property will of necessity follow, I am as they are presented at the Treasury of the United States aud re­ in duty bound to vote for its repeal; and therefore support the bill deemed. The.qna.ntity in excess of that amount is not large. The now before the House. gent.leman from Kansas [Mr. PHILLIPS] told us yesterday that the In doing this I do not oppose resumption, nor am I in favor of in­ amount in circulation is not more than from thirteen to fifteen mill­ flation. I am unalt.erably opposed to any new issue of legal-tenders, ions in excess of $300,0CO,OOO, and consequently that portion of my and look hopefully to the short future when legal-tenders and coin amendment is of comparativel:v little moment. The essential poiut will be of the same value; when the legal tender in the bands of the is that we propose to keep the $300,000,000 of governmental currency people will be as valuable as gold coin. And if in the future coin now known a~ legal-tenders in circulation. may circulate with the legal-tenders and it may then be shown that We propose, also, outside of that, to have free banking under the we may retire legal-tenders with safety to the business interests of national-bank law; to have both Government currency and bank cur­ the country, it will be time enough to legislate for contraction. rency as being in accord with what may be regarded. the settled opin­ And if the resumption act could be legally aml fairly construed to ion of the country. The amendment is in the nature of a compromise be simply an act to make interchangeable coin and legal-tenders, which proposes to limit the issue of legal-tenders to $300,000,000, aml without the contraction of the latter, it would very materially alter then return by gradual approaches to specie payments. It is by adopt­ the cas~. But such, in my judgment, cannot be the legal construc­ ing.this principle of beg:nning at the point where we are to-day, and tion of that act. going step by step, making each month carry ns over some portion o( On and after the 1st day of January, A. D. 1879, the Secretary of the distance to the point which we desire to reach, that we are most the Treasury shall'redeem in coin the United States legal-tender notes likely to succeed. We desire to increase the value of the paper dol­ then outstanding, on their presentation for redemption, &c. lar 1 per cent. per annum until we bring its value up to the point that The Secretary of the Treasury shall then pay the obligation of the we all wish to attain, namely: to par in coin. The amendment pro­ Government in money, just as he is required to redeem the whole poses to begin on the 1st of January next by paying ninety-seven amount of outstanding fra.ctional currency. There is no authority for cents on t.he dollar for our Treasury notes, in coin, and to proceed by him to re-issue them. And ii the legal-tender act can only be main­ adding a half cent every six months, bringing them to par in coin by tained, as the courts have indicated, as a war measure, the attempt the 1st of January, 1&!1. to issue them a~ain after redemption, either wit.h or without au­ I desire to present some reasons why this proposition should be thority of law, for that purpose, would be restrained by the courts. adopted. I thiuk we have hitherto found that in •liscussing the If this act is to be enforced, I can see in the future the rapid with­ question of resumption of specie payments this question has troubled drawal from circulation of the legal-tenders, no provision for cur­ the public mind," What assurance have we that when the time fixed rency to take their place, the inevitable depreciation of values, gen­ n pon for t.he resumption of specie payments comes the Go vern men t will eral bankruptcy, and all the evils that of necessity follow these be prepared to carry out and the national Legislature will adhere to things. that policy f" The country a-sks whether, after having declared that Mr. DEERING. I desire to ask the gentleman from Ohio [Mr. resumption shall take place at a given time but failed to provide any GARD~'"ER] one question. Are we to infer that by enactment we could definite means of reaching the result, it can be regarded certain that ~ not so legishtto as to aut.horize the Secretary of the Treasury to re­ anv earnest effort is intended. issue those legal-tender notes t I simply ask the question for infor­ The great political party represented on my left have brought it mation. as one of the charges against the party to which I belong that we Mr. GARDNER. I un(lerstand, Mr. Speaker, that our courts have have really done nothing toward resumption; that we have never held, in fact have so declared, that the legal-tender notes were issued accomplished anything in that direction. Now, I am willing to admit and allowed to be maintained simply as a war necessity, and that that there is some weight in th!Lt objection in so far a& we have failed their legality consists in that fact. If they _are redeemed by the pro­ to provide definite and fixed steps town,rd the desired result ; and if visions of this act, the purposes of their issue have been completed; there are gentlemen upon the other side of the House who really wish if Congress conld not pass for that exigency a law for their issue, the Government to resume specie payments, I think they can meet certainly no act that they can pass for their re-issue could be main­ me and those who believe with me upon the ground proposed in my tained if the other could not be maintained. Therefore I have main­ amendment. How shall we rea.ch resumption f Not by saying that tained that there is no means by which we may legislate for their we will resume in 1879 or 1881, but by providing intermediate steps re-issue, if that is the law as declared or indicated by the Supreme leading to that result, and calculated to secure it. Court. When an outcry against contraction is made, I think it has weight Mr. COX, of Ohio. Mr. Speaker, I find myself agreeing in many of only so far as it is a protest against a forced contraction by the act the propositions which I!lY colleague from Ohio [Mr. GARDNER] has of the Government, or by the national Legislature. The Secretary just stated, but differ from some of the conclusions he would

stantly said that we did not want infia.tion and did not want forced paper money as against money convertible into coin. I believe we contraction. We want simply to apply the experiment naturally. are all agreed upon this, that whether we ever resume specie pay­ This is what I propose to do uy this amendment, and I think it will ments or not, and whet.her we have Treasury notes in circula-tion or accomplish it if passed. not, the bulk of the ordinary currency of the country will be in Some may say, Why not go on more rapidly t The reason is plain. paper. All with whom I expect to act believe that this paper must We must not proceed so rapidly tllat the mere increase in the value be redeemable in coin, and kept. at the value of coin by such redemp­ of paper by the promise of the Government to make it worth more tion. Therefore, it does not seem to me that it is worth our while to and more in coin will be a sufficient motive to board it. If yon make go into the discussion of paper currency which is not redeemable, your paper appreciate in value 3 per cent. per annum, inaBmucb as which nobody intends to redeem-a currency ba ed upon any of the during all the year past that was about the average rate at which exploded theories of which the world h!lS been full-a currency which call loans could be placed in Wall street, of course the people will should be merely token currency, whether of paper or base metal, or say that this currency is just as good as any loan on securities which anything else. I do not imagine that I could change the opinion of they could get.; consequently the notes might be boarded. We might any gentleman who believes in such a currency. Therefore I frankly :find to our cost that at the end of our attempted resumption the cur­ state my position as one of those who desire to see a return to specie rency which bad been thus boarded would be crowded upon us for payments by means of successive steps, which are really calculated redemption so fast as to exhaust all our hoarded coin and force a new to bring it about. Then, at the end we may come to the question suspension. which·my friend and colleague [Mr. GARDNER] has already stated. Consequently it is indispensable in every such system that we Then, when the legal-tender quality of the Treasury note has served should proceed so slowly as to test fairly at each step the question its purpose, when we are actually back at redemption iu coin, we whether or not t.he quantity of currency in the country is in excess can take np this question of the war power of the Government to of the actual demands of trade ; and in that way only can we settle issue legal-tender notes at all, and declare whether the Constitution the question bow much currency will stay afloat. permits that the legal-tender quality of this currency shall still When, therefore, any gentleman complains to me that the national 1·emain in it. banks have been retiring their currency voluntarily, my answer is In order that I may be perfectly frank here, I will say that my own that the men engaged in banking are supposed to be looking after preference would be to declare now that when we have reached tpecie their interests; and when it is no longer profitable to loan money as payments by the steps which I have indicated, the legal-tender qual­ the national banks loan it, it only proves that there is too much ity of the notes sbonld cease; because I agree with my colleague that currency in the country; so much that it is no longer profitable, as ·to give such legal-tender quality is possible only under one of the compared with other uses for money, to put their Government J:>onds war powers of the Government, the exercise of which should not be into the fp of national-bank-note circulation, and then to loan the continued beyond what is necessary. But we have meanwhile· time circulation:. · within wbi~h we may tbns seek to make an honest, rational approach There may bean other reason for contraction by the banks, but I think to the end we profess to desire. Within that period we may discuss itR force would be annulled by what I have already stated. There t.be question I have just stated. It seemed to me, tllerefore, that I might be a contraction on the part of the national banks grow in~ out of might, in deference to the views of some of my friends on this side of the fear that a very early resumption of specie payments on the part the House, waive that discussion at present. Still I preferred to of the Government would make it necessary for them to anticipate a state my own position in order that there might be no doubt about rapid return of their own notes for redemption; and it consequently my attitude in regard to any phase of the subject. might appear to cautious bank managers to be the part of prudence Party lines no longer indicate the opinions of the people with regard to reduce the amount of their circulation prior to the time fixed for to a question of currency. There are gentlemen here on both sides of the resumption and to avoid the possibility of a "run" upon their banks House who are thoroughly honest and in earnest in desiring a return as soon as coin payments may be begun. Tllis is one of the possible by proper means to specte payments within a reasonable period. To disturbances of the natural process of adapting the supply of cur­ all such I offer this amendment as a means of coming to an under­ rency to the demand which can only be removed, a.s I think, by making standing. There are those also who do not believe in such a return tile approacll to coin payments at par so slowly and by such definite to specie paym~nts at any time or in any manner, and with these. we and fixed steps as shall enable all intelligent business men to calcu­ must frankly d1ffer. Cannot those of us who agree as to the obJect late with some confidence on the probable efl'ect of the plan we may to be sought agree upon some method by which to attain it f adopt, and to take /\Way the feeling of timitlity and uncertainty which For one, I am willing to abide by the result of a fair experiment as might otherwise cause an unnecessary contraction of the bank-note to the demand for currency, insisting only that the experiment shall circulation. be upon conditions that may be a touchstone to insure the preserva-­ If, then, our operations be so moderate and so slow that we c~.on tion and gradual increase of the value of the circulating medium. see, step by step, whetller the currency we have will rema.in afloat, it If under such conditions the amount of the currency should rnn up seems to me every sound objection against resumption will be re­ to five ttousand millions, absurd as the supposition seems to me, I moved. Our mouths will be stopped unless we take the ground that would have no objection to it. The question is what we need; and we do not believe in a currency redeemable in specie at all. These ibis question should be determined by something that is really a test, are the general principles I llave attempted to embody in the amend­ not by the mere opinion of any theorist th1t twenty dollars or thirty ment I have offered. This plan will, as I sincerely believe, give 11M a dollars a head is the proper limit, nor by any comparison with coun­ safe resumption, and if not a speedy one, at least one which will be tries of the Old World. In saying this, I am very far fi·om wishing to iu accordance with the real interests of the country, and of which be understood as contemning theory or despising the lessons of his­ neither the debtor nor the creditor class can complain. tory. Few men have more faith m them. I am only bringing into I desire to say very little more on this subject. We can, as I think, stronger relief my belief that actual, present convertibility, at all afi'ord to say that we will, in addition to the three hundred millions stages of the process of resumption, may be made the demonstrative of Treasury-note currency, allow the national banks to be free. We proof of the safe aud proper quantity of our circulating medium, and may safely allow them to issue as much currency as the country that consequently it is a mistake to resort to ar~uments from analogv desires, as much as the business interests of the country require. or comparison when the simpler and indisputable test may be so easily Those wants create the demand, and the certainty of 1:mppl ywill be applied. determined simply by the profit whicll men will find in establishing A few more words and I have done. I believe that one of the new national banks, if t.hey have the ca-pital on which to found them. greatest evils that can ever happen to a country in its financial rela­ I do not see why we may not go forward on a basis like this. An tions is a rapid fluctuation in the value of its currency; and it does approximation to specie at the rate of 1 per cent. per annum is cer­ not matter whether the tlnctuations are upward or downward. Wllat tainly slow enough to insure that the currency will not be boarded we need, in my judgment, is something t.hat shall be as nearly ,as pos­ for the increase· of value; and it will give a little more t1me than is sible a stable, continuous, even value. I believe we cannot get it in now provided to adapt the business interests of the country to the any other way than such a.s I have indicated. Consequently I also condition of specie payments, and to prove what may be the effect believe that we should regard it as one of the most solemn duties which is to follow the remonetization of silver. The history of the past that can be imposed upon us as legislators to see to it that there shall few years has shown that we need not fear a reckless inflation from not be created unnecessary fluctuations by anything we may do. As free banking, for the proverbial caution of capital has prevented any we have now a currency worth within 3 per cent. of par in coin, let net increase of bank-notes, in view of the probable return to coin pay­ us be exceedingly careful lest by letting down the bars, by encour­ ments within a comparatively short time. aging inflation without stint, we cause vibrations which shall over­ The question will be asked, why not resume on the 1st day of Jan­ turn all values. I believe, as I have said, in proceeding cautiously; uary, ll:l79, as the law now provides! I answer that I am inclined by slow steps; trying to keep wh·at we have already gained, and not, to yield as far as I have already indicated to the arguments which after we have approached within a few feet of shore, launching out have been based upon the fact that in the plan we have followed again upon the deep stream. Consequently I look with great alarm hitherto tllere has been no actual test of the amount of paper money upon a proposition to announee to the world, by an unconditional which could be kept in circulation iu the presence of proffered coin repeal of the act of 1875, that the United St.at.es bas taken down a.U redemption, and that the practical solution of this problem would the bars against inflation; that it shall now depend simply upon the • be worth the delay which my amendment contemplates. I am there­ caprice of Congress whether there shall be a great addition to the fore disposed to yield so far to that argument as to say that we will nationallegal-te~\der currency, unchecked by a.ny effective means of take a little more time within which we will apply a proof of the kind preserving its value. I ba.ve spoken of, and thus settle the question. Under the present law your bankers are conservative, because they 1 do not propose to discuss at all the question of irredeemable are looking forward to the necessity within a few years of meeting

" 268 CONGRESSIONAL REOORD-HOUSR .NOVEMBER 7, their notes in coin; but if you take off that safeguaro, if you say to Mr. SAMPSON. The latter part of the amendment provides: them you shall never retmme, or even that you have no definit.e or And after the issno of saitllegal-temler notes shall bo reducetl uy such redemp­ abiding purpose of resuming, you directly and most powerfully encour­ tion as aforesaid to the sum of 5JOO,OOO,OOO- age inflation. It is therefore in the interest of steady progress toward And that I believe is at the commencement of the year 1881 : an end, which I believe a majority of this House and the conn try de­ any further BUIDS of said notes which may be redeemed under tho provisions of siro, that I have offered the amendment which has been rood. this act shall not be canceled and destroyed, but lll8Y be ~issued undor any ap­ Mr. RIDDLE rose. propriation made by Congross_ Mr. SAMPSON. Before the gentleman from Ohio [Mr. Cox] takes Even after we arrive at that period the commencement of 1881, BDd his seat I should like to ask him a question. have made full l?rovision for the ;;demption of the legal-tenders in Mr. COX, of Ohio. I should be glad to hear the gentleman's ques­ coin, then there l8 still here a provision that they may be re-issued .. tion. Mr. COX, of Ohio. So far as the amendment is concerned, it ex.. Mr. SAMPSON. Do I understand the position of the gentleman to -presses no opinion arid makes no rule. It leaves the gentlemen whC> be that after legal-tenders may be redeemed in coln there is no con­ believe they may continue these legal-tender notes in circulation as stitutional power to re--issue them t safe a.s they can be under any proposition they m:1.y themselves make. Mr. COX, of Ohio. No, sir; I believe that after the Government But while the question is thns loft open, I have for the sake of frank:.. notes are redeemed in coin there is no constitutional difficulty in ness expressed my own opinion t-hat we must within eome reastmab1e their re-issue, except as it arises under the question whether or not period after that time put an end to the legal-tender quality, and then you will issue them as legal-tenders. I believe that if we have the if they are re-isaueJ, it mnat be as United States Treasury notes pay­ right under the Constitution to issue legal-tender notes at all, we able on demand. have also the right to prolong the legal-hmder quality of tho notes Mr. SAMPSON. Is not this amendment open to the same uncer­ so far as we may find it necessary in order to reach the end we aim tainty in this respect as the act of January 14, 1875 Y at, namely, a permanent return to specie payments; but I believe Mr. COX, of Ohio. Not at all. The amendment has no uncertainty that when we have fully reached this result, when we have got to the about it. It says that until something further is done by Congress point where it is no longer a doubtful question whether the Govern­ these noteR may be re-issued ns legal tender. There I leave it. It ment can redeem its notes in coin at par, then it will be our duty will need a future act of Congress, dealing with the subject de novq, (although that is not included in my amendment) to 'take away their to change that. legal-tender quality. I do not believe the issue of legal-tender Treas­ Mr. BLAIR. I desire to at?k the gentleman a question. ury notes can be made a perpetuity under tho Constitution. But I Mr. COX. of Ohio. I will hear the gentleman. wjsh distinctly to be understood: that proposition is not included in Mr. BLAIR. I understand the proposition of the gentleman from tho amendment I have offered, because I am willing to leave it to Ohio to be this: He starts with the principle that the ~vornment bo settled by the discussions of Congress and the growth of public should pay its promises in coin. As the law now standS, tho legal­ opinion in the country for the next few years. tender note is worth ninety-seven cent-s on the dollar. The gentleman :Mr. SAMPSON. The gentlemau has not clearly answered my ques­ proposes to pay the legal-tender note, from the 1st of January, 1878 tion. at the rate of ninety-seven cents on the dollar in coin. From subse­ Mr. COX, of Ohio. I desire to do so. Stato it agaln. quent dates he proposes to pay it in coin at ninety-seven and a half, Mr. SAMPSON. I will do so. When we shall have redeemed legal­ u.t ninet.y-eight, at ninety-nine, and at one hundred, roaching com­ tender notes in coin, will we then have the constitutional power to plete resumption or payment in full in gold in the year lBel. I would re-issue them as legal tendert like to a.sk the gentleman if it would· not have been proper to apply Mr. COX, of Ohio. Does the gentleman mean from time to time, the same principle when the legal-tender note was worth fifty conts during a limited period f in gold; if we shoulcl not have begun then to buy in the promises of Mr. SAMPSON. I mean hereafter. The •gentleman has provided the United States at a discount of 50 per cent t If the principle is for complete redemption after 1881. good, so that its application can be commenced now, would it not Mr. COX, of Ohio. Yes, sir. have be.en so then 't Mr. SAMPSON. That is, as I understand, his amendment. Mr. COX, of Ohio. I will answer the gentleman's question with Mr. COX, of Ohio. I mean to bo explicit. I believe we have the groat frauknC88. I think all practical business mon will admit tuis: power to continue the legal-tender quality of the note so long as in that there is a time when everybody recognizes so plainly the foot good faith we may deem it necessary as part of the process of getting that fluctuations are extraordinary that they will not tako such a out of the condition in which wo were put during tllo war; but after period as a sample of an ordinary cunent of events; that conse­ wo are fairly out of it, I do not say whether in ouo, two, or three quently, when gold WM at 280, it waa our duty to wait a little and years, but within a reasonable period thereafter./ when we have got see what would be the rate of relative values to which paper and back into the full relations of a time of peace ana into 'full redemp­ coin woulople to Con- 1877,. CONGRESSIONAL RECORD-HOUSEo 269

~ress. Tho paym<'nt in coin is the only explicit covenant in the con­ encourage benevolence. We have tho highest an~hority for the asser­ tmct, aUtl tltcroforo ! c::tllHOt nndorsta.nd this lo:,ric abont n. breach tion that- of contra~t in regard to the time of resumption. If we look at the Law has two anJonly t.wofoumlations-equityaml utility, and that they arc con­ faco of the note, we shall find that a dollar legal-tender is a promise ditions without which nothing ca:~ give it a.::ty force. of the Government to pay one dolla.r. For the definition of a dollar And this definition is but another statement of the heroic declara­ we must look to the statute fixing the United States coinage, which tion of Sydney: is the only authoritative dictionary t.hat can give us tho meaning of That which is not just is not law, and that which is not law ought not I be tho word. Tho contract extends so fur, but it does not contain on its obeyed. fa.ce the time when it i8 to be paid, nor is tl:iere any distinct or im­ Edmund Burke, whose expansive and catholic mind gave him so plied contract with the Government to pay at any stated time. The profound an iusigqt into the philosophy of jurisprudence, lays down people left the quest.ion indefinite as to when tho Government FJhonld for our instruction and guidance these axiomatic principles : redeem its promises; but the implicat.ion a&..to time is fairly to be All human laws o.re merely doolamtory; they may alter the modo BUd applica­ interpreted so as to make it the duty of tho Government to provide tion, but have no power over the substance of original justice. The other fuunda· for complete redemption within as short a reasonable time n,s may be tion of luw~ which is utility, mllllt be nnllorstood, not of partial or limited .but of J!enerul ana pnblio utility, conn eo ted in the &'Wle manner with. and derived airectly1 consistent with the general weal of tho country. from, our rational nature; for BDY other utility may be the utility of a robber, lnit Mr. BLAIR. I would like to ask the gentleman this question: Is cannot be that of a citizen; the interest of the domestio enemy, and not that of a not his proposition simply and purely one to postpone the day of re­ member of the commonwealth. This present equality can never be the founda­ sumption nntill881 f And in tllis view ho offers to pay in coin what tion of statutes, which create BD artificial difference between men in order to induce a consequential inequality in the distribution of justice. Law is a mode of human the paper of the Government is worth. No one will ask for coin, action respectin:; society, and must be governed by the same rules of oquitywhich since paper is more convenient. In another year tho paper of tho govern every pnvate action. Government will be worth 1 per cent. more, and then who will ask for coin T What reason is there to suppose that the redempt.ion of a And this, in substance, is but the definition of Sir William Black· single dollar of legal-tenders will be called for until tho time has stone: anived when actual payment of tho debt is to be made f Lo. w fa a rule

contract after it was made and changed it in the interest of the suspended as a. mortgage over the property and laborof the country; creditor and against the interest of tho debtor. It was a law that and there can be no true prosperity until it is diminished. benefited a few and inflicted an irreparable and irremediable injury Tb~ as~ssed wealth of this co~try in 1860 was...... $7,000,000,000 and loss on the many. It was in the interest of the bondholder, who Its mdebtedness, St&te and national, was...... • • ...... 26 D, 000, 000 pays no taxes on his bonds and at whose dictation it was enacted, Net wealth in 1860 .•••••••••••••••••••••••• ········- •••••••••• 6, 740, 000 000 and ~as against the interest of the people, who were not consulted as to Its enactment and who were then and are now oppressed under Its assessed wealth in 18TO was...... 14, 000,000, 000 the weight of every kind of taxation. It was the worst form of class Its indebtedness, State and national, was • • • • • • • • • • • • • • • • • . • • . • • • • 5, 001', 000, 000 le~islation and in direct violation of the sound old Jeffersonian maxim, Net wealth in 18TO .••••••••••••••.•••••• , ••••••••• -----· •••••• 9, 000, 000, 000 "Equal rights to all, exclusive privileges to none." It was a cunning device by which a domestic debt was converted into a foreign obli­ Our wealth per capita in 1860 waa .•••••••.••••••••••••..•••••••••• 215 00 gation and by which the field of the domestic and foreign bondholder Our debt per capita in 1860 was .•••..••••.••••••.•••••.•••.••.•••• 10 00 was for an indefinite period to be enriched by the sweat of the labor Netwealth .•••••••••••••••.•••.•••••••••••••••••••••••• ·-····. 205 00 of the country, which in its last analysis is the fruitful parent of all wealth and of every form of individual and national prosperity. Our wealth per capita in 1870 was .•• ___ ...... 240 00 As the laws creating our national debt stood at the date of their Our debt per capita in 1670 was .•••.•••••••.•••.••••.•••.••••.•.•• 125 00 enactment, they should have remained without change or modifica­ Net wealth .•••••••••• _••••••••••••.•••••••••••••••••• ·-· •••••• tion until that debt was fully discharged. The contract under which 115 00 the debt arose should have been changed neither in the interest of The taxation of the country in 1870 waa .•.•••••••.•••••••••••••••• 730, 000,000 the creditor nor of the debtor. If these 5.20 bonds had been paid at The net earnings of the country in 1870 was .•••..••••••••..•••••• 546, 000, 000 the expiration of five years from the date of -their issuance in legal­ Taxation exceeded net earnings by .••••••••••••••••••.••••••• 184, 000, 000 tender notes, as the Government had tho le~al right and as it was its duty so to pay them, the peoplo would have been spared the immense Our taxation per capita in 1850 was .••.•••.•••.•••••••.••.• --····· 3 37 and the irreparable loss which has resulted from the payment of the Our taxation per capita in U:!60 was...... 4 60 interest thereon, which has amounted in ten years to very nearly if not Our taxation per capita in 1870 was...... •. ..••.• .....••. 19 91 quite $1,000,000,000. Thjs sum, if saved, would have so reduced the It is a melancholy fact that the taxation of the country in 1870 ex­ volume of the national debt as to have rendered its burden lighter ceeded the net earnings of the people by the sum ot $184,000,000, and with each successive year, and would have insured its certain and that the net wealth of each individual in the country was $90 less in speedy extinction, Our Government has been characterized as "a 1870 than it was in 1860. When the Government of any country government of the people, by the people and for the people;" but it demands in taxes all the income which property produces, the value must be a violent presumption that the people ever gave their con­ of property is in a great mea-sure destroyed and the confidence of the sent to that le~islation of their representatives in Congress by which people in the integrity of their legislators and in the wisdom of their such immense losses and such monstrous wrongs were inflicted upon legislation is seriously impaired, and ought to be. them. Governments, though absolutely necessary, are the most frightful The payment of these bonds in leg:.tl-tender notes would have im­ oppressors and do most wrong, and often with the very best inten­ posed no hardship and no injustice upon the creditors of the nation, tions. The crime of individuals is small when compared with the tor the reason that the bonds were not paid for in gold at'' par" but wrong done by governments. For every dollar stolen by the crim­ in greenbacks at "par," and when gold was at a premium of from 145 inal, the tax-gatherer takes about two thousand dollars. In corrob­ to 230. I here insert a table showing in what years the Government oration of what ha-s just been said I will here cite some remarks of disposed of its securities, the amount disposed of, and -the prices Thomas Buckle, which are contained in the first volume of his re­ realized for them in gold : markable Hist.ory of Civilization in England: For no government bavin~ recognized ita proper limits, the result is that every government bas inflicted on Its su!>jects great injuries; and has dono th111 nearly Amount of Rate Realized iu always with the best intentions. * * * 'Tho most valuable additions maue When sold. bondssolU. in gold. gold. to legislation haYe been enactments destructive of preceding legi11lation; anu the best laws which have been passed have been those by which som~former laws were repealed. * * * 'The whole scope and tendency of modern legislation is to restore things to that 1863 ·- · · • --· ••·••• ····--·• • ·• ·-·-·- •· ~~. 595,000 $0.61 . fJ37, 082, 910 natural channel from which the i~nora.nce of preceding le~islation has driven 18f. 4- - · ·· ·•• ·- •· •••• • •• • · · ···- • · ·--- · · 196, 000, 000 44 86,240. 000 them. This is one of the great worK~ of the present ago; auu if legislators do it 1865...... l:lO,OOO,OOO 43 55, 900,000 well, they will deserve the gra.titndeof mankind. But though we maybe thus 1866 • ·-· • • • • ·--· • • • ·-· ·--·- · ·-·--·- · · 5.31, 300, 000 70 ~5. !llO, 000 grateful to individual lawgh·ers, wo owe no thanks to lawgivers, considered as a 1!167 ·- • • · ·-• ·--• ·-·-· • • • ·-· ·-·--·-- • · · 380, 000, 000 83 315, 400, 000 class,· for, since tho most valuable improvements in le!!islation are thoso which "'1, n:25, (.'00 ~ 18G8 ·········-········ ••••••••••••••• · 42 • 500 • 000 73 '"' v• subvert preceding legislation, it is clear that the balanco of good cannot be on ------1------their siue. It is cleat· that the progress of civilization cannot be due t.o those who, 1, !:152, 395, 000 · -- · · ·--- 1, 211, 557, 910 on the most important subjects, have done so much harm that their successors are considered benefactors, simply because they reverse their policy and thus restore affairs to t he state in which they would have remained, "if politicians had allowed This debt of 1,852,395,000 therefore represents only $1,211,557,910 them to run on in the course which th~ wants of society required. n golcl received by the Government, or an average price of abont From these extracts we may readily learn the important lesson sixty-six and two-thirds cents on the dollar. The "par" sale of the that the Forty-fifth Congress has it within its power to gain the bonds cost the people a loss of $640,t:l37,000, or one-third the whole thanks and the benediction of the country by the immediate repeal aruonnt of the bonds issued. For these figures I am inrlebted to and modification of all the bad and mischievous legislation which the Saint Louis Republican, a jonrnal known throughout the country has been enacted to the great detriment of the people durinJr the last as a hard-money advocate, as quoted by the gentleman from Mis- decennium, and in no other way can we ber.pme the benefactors of eouri [Mr. BL.A:ND] in a speech made in this House on the silver bill, our constituents. August 8, 18i6. And not only have the people lost the $1,600,000,000 heretofore The payment of the bonds in greenbacks or legal-tender notes, for f!tated by the failure of Congress to direct the payment of the 5.20 which they were sold, was the only means by which the people could bonds in greenbacks, but by the passage of the public-credit act, have avoided the loss of the 640,837,000 sustained in the original and tho contraction of the cm·rency at least 25 per cent. was added saleof the bonds. By the passage of the public-credit act of March to the amount of tbe national debt and of all other debts, or, what 18, 1~, therefore, it is clearly seen that the people have not only practically amounts to the same thiug, the property of the people lost the $1,000,000,000 of interest already paid on the bonds, but also was depreciated at least 25 per cent. by the measures above indi­ the $640,837,000 in their first negotiation, which is the difference be- cated, and their abilit.y to pay their va-st indebtedness was dimin­ tween the face value of the bondB in greenbacks and the amount ished of course in the same proportion. A debt of $1,000, contracted realized for them in gold. when the currency amounted to $1,500,000,000, becomes $~,000, prac- In these transa.ctions the republican party is justly chargeable with tically, when the currency is red need to $7GO,OOO,OOO, because the two enormous political sins; one of omission in not paying the bonds purchasing power of the currency is thereby doubled. Such contrac­ in legal-tender notes, and the other of commission in the passage of tion should never have been superinduced until the indebtedness, t.he public-credit act., by which the most of the debt was changed incurred when the currency was abundant, han been fully paid oft" wrongfully from a currency debt to a coin debt; and these two ~eat aud discharged. If there had been no indl'btedness the policy of political blunders, which have justly attained the dignity of cr1mes, contraction would have been perfectly defensible, for it would have have robbed the people under the forms of law of the tremendous made no difference whether the values and the property of the conn­ sum of $1,600,000,000, which would very nearly pay the whole amount try were measured by the triple standard of gold, silver, and paJler, of the public debt of the United States now carrying interest.. or the bimetallic standard of gold and ~ilver, or the single srand3rd Another grievance in this connectiQJl which the people justly l~y of gold, because new debts and all pnrchasable commodities would to the charge of the republican party is t.he failure to maintain the have been measured by the same standartls. volume of the currency in circulation in 1!-365 until the vast debts The additions to the public debt by these flagrant blunders of the then and previously contracted had been fully met and discharged. republican party have been at least S2S ~ 1 000,000; :mel the addit!on to The reduction of the amount of the circulating medium in the face the private, municipal, and State debts of the country ha-s been at oftbeoverwhelming and crushing indebtedness ofindividuals,munici- least $1,000,000,000 more; and these enormous sums are clear losses to palities, corporations, States, and of the nation, has been deservedly the people, without any compensating advantage whatever. IIi is denounced by such an approved financier as Peter Cooper as an act of not at all strange that the debts of Tennessee and other States have gross injustice and wrong to the debtor class of the country. beco.me so burd~J?-some and nnma;uageable as ~o invi.te fro~ their It is alarming to contemplate the immense indebtedness which 1s creditors propositiOns of compromiSe when considered m the hght of 1877. - CONGRESSIONAL RECORD-HOUSE. 271

the losses of the people superinduced by the bad policy and mischiev­ which were" adopted and em bodied in the bilL" Very soon after that_ ous leglslation of the National Government for the last twelve years. event the legal authority to coin the silver dollar of 371!- grains of pure T!Jat tllere bas been an unwise anno­ 1849--...... -- ____ ..... ------... -. - 114, 74:1, 415 4J, U19, 368 2. :i6 rance on the subject is manifest from expressions used by him m a 1850. ---· •. -- --- · - -- ..... ---.--.------.--- - 131 306 526 45, 379,_345 2 76 let-ter to Mr. Cowdrey, in the month of October, 1873, nearly a year 1851 ··--·- ..... - .-.. -- •• ·------.-----.-.- 155: 165: 251 48, Oil, 04S 3. 19 after he signed the bill. 1R54 ...... - ...... -- 204; 689, 207 59,410. 253 3. 01 The double standard of gold and silver prevailed in this country 11:!55 ----·- •••• -----.-. ·-·---·-·. -·- ·------186, !152, 223 53,944. ;'\46 3. 46 1856 --·· ·--.-----..... --...... ---·. -·---.-. - 1!15, 747, 950 59,314, 063 3. 30 from the du.ys of Alt::xander Ha.wilton until Ernest Seyd, of London, 1857 ...... ·---•• ----••••• --- - .• ----.-- - 214, 778, 822 58,349, 838 3. 7~ "made Yarious sensible sngo-estions" to the Committee on Coinage, 272 CONGRESSIONAL RECORD-IIOUS:ul NovEMBER~

The average of these ratios is about 2.88, from which i.t may be in­ that the proper impression maybe made by the contemplation. of the ferrod that to maintain specio payments there must always be on fearful aggregate result: Land $1 of speeie fo1· every $2.t!Cl of paper to be redeemed. And Loss of intereat for over ten years by failure to pay the 5.20 bonlls it will be observed that whenever the ratio has exceeded $3.70 of in United States Treasury notes ...... fl, 000, 000, 000 01 600 000 000 paper for $1 of specie, as happened in the years 1837 and 1857, toO: \;tihe ~tlo~~oi~~)~iioimi -eBtabli.sh justice, tion, in tho face of an indebtedness already alarming, will result in and to repair the injury its unauthorized and improvident acts have the virtual confiscation of a very large portion of the property of the done, and to correct by revisionary legislation, so far as it is possible people. The policy of resuwption under existing circumstances is to do so, the manifest wrongs fa-stened upon the people by our prede~ one which discourages production on the one hand and limits con­ cessors. An overwhelming majority of the American people demaud sumption on the other. It is a policy of repression and prostration, the repeal of all the partial and mischievous legislation to which I and not ono of development and expansion, and its results are with have referred, so far as it can be don~ without impairin~ veMted rights veri-similitude set forth by Sir Archibald Alison in that part of his or the obligation of contracts; and it is somewhat discouraging to lliMtory of Europe in which he treats of the murderous attempt of the true statesman, as he pursues the path of remedial legislation, to England to enforce resumption in 1819: find many original injustices which have become vested rights and entitled to his consideration and protection. Everything turned to the profit of capital and tho deprea.'3ion of industry, and The 1·epeal of the resumption law and the passage of a law provid­ t~o sti'On_gly were the interests magnified by these changes intrenched in the legis- · lature that tho cause of h~manity St'(:lmed hopel6S8. Every effort of industry, ing for the restoration of the legal-tender quality of the silver dollar every triu.mph of art, every increase of popolad.on, tended ouly to a.ngmont the of 412t grains of standard silver and for its recoinage are clearly gl'nernl distresR, becanso it enhanced the disproportion between the decreasing cir. within the competency of Congress during its present session. The cuJation and increasing nnmbers and transactions of mankind; and propbetio wisdom, resting on the past and mnsing on the future, could anticipate nothlng demand for this legislation is not the effervescence of a mercu­ but a decline and fall, similar to that of ancient Rome, for modern Ew·ope. rial people, but the deliberate expression of a well-matured publio opinion; and it is but just to this House to say that it. shows a com~ Tho repeal of the resumption law is demanded by every consid­ mendable readiness to respond to the demand by the faithful execu­ eration of public equity and public utility; for the shrinkage of tion of the will of the people. These measures tend in the right values, caused by the apprehensions it has excited, has already en- direction, but they fall far short of meeting the exigencies of the • tailed upon the people a loss of not l~s than $1,000,000,000. If the financial situation. Ia w Hhould be executed, the actual loss to the people would be the The substitution of Government notes for those of the national difference between the value of the $.'J,OOO,OOO,OOO indebtedness of the banks and the conversion of those banks into banks of deposit and co1o.tryat the date of its pa-ssage and the date of itsoxecntion, which discount operated under wise re~ations and restrictions, and the would be 17 per cent., or $850,000,000, and~ in addition, the interest removal of the stamp of inferiorto/ from the notes of the Govern­ on the $400,000,000 of United States notes, which woulU be destroyed ment by requiring their reception m payment of customs dues (and as circulation by resumption aml which had cost the peopl~ nothing, the failure to do this has been the chief hinderance to resumption of lmt which by the process of resumption would have to be converted specie payments and has cost the people by the enforced de.J?reciation iuto a bonded debt still further to burden the people. of the notes at least $100,000,000) a1·e all measures that woulcl be 1'he responsibility for the actual and prospective losses superin­ supremely beneficent in their operation ; so much so that the agita­ tluced by the passage of this law belongs to the t·epublican party, for tion for· their adoption by the people and their Representatives iu the record shows that not a single democrat in either Honse of Con­ Congress should never cease until they are every one incorporated gress voted for it. into the statute-book of the country. Great obstacles lie in the way BXTRAVAGANT APPROPRIATIONS. of their adoption, but they should stimulate to effort and activity The untiring and indefatigable efforts of the democratic majority and not create apathy and discouragement. In this Honse during the Forty-fourth Congress met the public de­ I take this occasion to repeat what I said in this high forum Febru· mand and the public expectation, by an average annual reduction of ary 26, 1876, and subsequent reflection has strengthened the opinion t.he expenditures of t.he Government of more than $30,000,000, which then expressed, which lS as follows: saved to every adult laborer in the country at least $5 of annual Ift!J.e entire currency consisterl of Je~al-oonders. a redundancy conld be vory direct and indirect taxation. Tho New York Tribune said in itsissno ea.sily prevented by approQriate lc!!islation, even if that currency amount~l to ei,!lOO,OOO,OOO. The con"Vertibility of tho lo)!al-tenCCt that the extraordinary distress-~ter tenfold than anything we have of it~ dues to the exclusion of everything else, except gold nnd silver, and which endured for tho last two or three years in England, a distr"CSS which has been felt shall be O,Ptional -with those who have demands on the Government to receive or throughout all the mannfactw·ing industries of tbe United States-is almost en­ 'not would, it seems to me, be as stable in its vnlue as those metals the.mselves, "\nd tirely to be attributed to their mistaken protoctive s.vstem, to their having misdi­ be as little lmble to abuse as the power of coining. It would contain within itstllf rected so much capital ; to their having, on the strength of high tariff~:~, promoted a a self-~gnlating J?:>Wer." * . * * * * great extension of business which could not be permanently sustaineil; but th" result has been n state of suffering infinitely snrp:J.Ssing anything we have known Nothing but experience can determine what amount and of what denomina­ in iliis countrr. .At this moment yon re-ad 10 the papers of the terrible scenes that tions might be safclyissued; but it may be safely assumed that the country would have occurred in ROme parts of the State of Pbnnsylvania. Those terriblo scenes o.hsor~ an 'UilOun~ grea.tly ex~ding its :nnnal inco~e. .. * come very much from the same cause. There is the prostration of thQ iron in(lus­ try, this collapse arising from tho impoverishment of the capitalists, necessitating It ma:v throw some liaht on this snhject to state that North Carolina just after n grent fall of waJres, and the attempt to resist the fall of wages by those who had the Revolution issued a. 'iarJre amount of paper, which was made receivable in dues very high wages for n long time, so that there springs up a riot which approaches io her. It was also made a legal-tender, but which of course was not obligatory to the dimensions .of a local insurrection-one of the most deplorable and discredit. after the adoption of the Federal Constitution. A large amount, say between four able things which have happened in theNortheru States, so far aa my knowledge anll five hundred thousand dollars, remained in ciroulation after that period, and goes. continued.to circulate for more than twenty years at par with golJ and silver dur­ ing the whole time, with no other advantage than being received in the revenue It is a. very significant and suggestive foot that those interests, of the State, which was much less than $100,000 per annum. such as iron and wool, which have been most munificently favored • * * * .. • • by protective bounties, are now laboring under the greatest difficul­ Dnt whatever may be the amonnt that can be ciroulated, I hold it clear that to that amount it would be as stable in value as gold and silver itself, provided the ties, and it is high time that those protective bounties which ntterly Go\"ernment be bound to receive itexclusivelywith those metals in all its dues, and fail to protect should he discontinued. Our country bas long since that it be left perfectly optional with those who ha.ve claims on the Government to passed that period of infancy when, in the langua~e of the author of receive it or not. · the "American system," (Mr. Clay,) it should submit to "present Mr. Jefferson bas thrown the weight of his great name in favor of inconvenience for permanent future advantage." It bas now reached such a currency as that so ably advocatad by .Mr. Calhoun, and gave that vigorous manhood when "no special interest should be built up it as his opinion ~!hat a country so populous as ours is at this time before it.s time," and when no "industry should be protected by leg­ could carry 1,2uu,OOO,OOO of such a currency at par with gold and islation which cannot thrive in the free air of competition." It would silver, agreeing most fully with Mr. Chase in the opinion that ''the exert a very salutary inftuence upon the public ~nd of the country support of note circulation was not its limitation, but its receivabil­ if all the money necessary to meet the interest on the public dl"bt ity." In his letters to Mr. Epps be says: and the legitimate expenses of the Government could be raised for Treasury bills, bottomed on taxes, bearing or not bearing interest, as may be just one year by direct taxation. The adoption of such a. policy found necessary, thrown into circulation, will take the ~laco of so much gold and would most effectually put an end to every form of protection. silver. Dank paper must be suppressed, and the ciroulation restored to the nation, to whom it belongs. Our system of excise or internal-revenue taxation is equally liable THE CO!i'TB.A.CTION OF THE CURRE."iCY. to objection. Tobacco is a staple grown chiefly in Virginia, Maryland, On the 18th of December, 1865, the following resolution was passed Missouri, Kentucky, and Tennessee, and it is the only product of the by the Honse of Representatives : soil which is taxed in the bands of the producer. The tax imposed on Raolvecl, That this House cordially concurs in the views of the Secretary of the retail dealers in leaf-tobacco is enormous, being $500 for sales up to Treasury in relation to the necessity of n contraction of the currency, with a view $1,000, and fifty cents a dollar on all onr $1,000; and the tax on every to as early a resumption of specie payments as the business of the country will per­ pound of tobacco prepared for use is twenty-four cents, regardless of mit, and we hereby pledge cQ.Operative action to this end as speedily as practicable. its quality. Spirits, which are chiefly distilled and fermented in the­ And on April12, 1866, a. bill was passed to carry out this resolution. South and West, are excessively taxed; and the statistics presented In August, 1865, the circulation of the country amounted to nearly to-Congress by the Commissioner of Internal Revenue show that $2,200,000,000, but in obedience to the demands of the Secretary of the more revenue has been collected from a fifty-cent tax than any 'freasuryitwas reduced over$1,000,000,000, and $1,200,000,000 of Treas­ other. More than 94 per cent. of the whole internal revenue is paid ury notes and bonds, bearing currency interest, which were distrib­ by spirits and tobacco, and it was welJ sa.id by the gentleman from uted, like the debt of France, among our own people, were withdrawn Virginia [Mr. TUCKER] in his report to the last Congress recommend­ from circulation by being converted into gold bonds and sold in Europe ing a. reduction of the tobacco tax: so that the interest thereon is now paid to foreigners, and not to our Looking to the nature of the products (tobacco and spirits) to the faet that they own citizens. To show the effect of such a policy I state below the are produced chiefly in one section of tho Union and not in others, it becomes a number of failures in business and their amount for four years before question whether the section so burdened does not bear infinitely more than its fair contraction began and for four years afterward, when the country was sha!'e of the weight of internal taxation. menaced b~ enforced resumption in 1879: . The revision a.ncl modification of the internal-revenue laws and of the tariff, so that the burdens of the Government shall be equitably Ye:n-. Number. Amount. apportioned and distributed, and so that there shall be no discrimina­ tion in favor of any producer or manufacturer, whether his means be Large or small, are demanded by every consideration of justice, fair­ 1863. ______•••••••••••••••••••••••• --- ···-·· --·-··. ····--·-- 485 eG. e64, 700 ness, and common honesty. 1864 .••••• ·-································ --···· ········- 520 a, 579, ooo 1865 .••••••••••••••• ···- -- •••••• ·····- •••••• ·--··· .••• ·----- 530 17,625,000 THE CLAIMS OF THE SOUTII. 11:l6G •••••• ····--· ••• ··-··· ·--··· ·-·-·· ••••••• --- ···--· -----· 632 47,333,000 Tho bad legislation and bad policies, which I have been discussing, 1873 •••••••••.••••••••••••••••.••••• ·-····-·-·······-·-- --- . 5 38:1 228; 499, 000 1874 ••••• - •••• -.-•••••••• - ••••••• ---.----••• --•• - ••••• -- •• -- 5:830 1:>5, 239, 000 have been potent in the infliction of calamity and misfortune upon 1875 .••• ···-··---.---·· ·-.. - •• ···-··.-•. ····-· ····-·. ----·. 7, 740 20 L, 060, 353 every portion of our common country. In every locality t.heir oper­ 1876 ••.•••.•••..• -· -····· ••• -·· ••• ··-· •••••••• ·-·-··. --·.--- 9, 092 1!>1, 117, 786 ation has been in open violation of tho principle that the art of gov­ 1877 (six months) •••••...••••••••••••••••••..••..••..••••. 4, 749 99,606,171 ernment is the art of being honest and that thoce should be perfect equality in tho imposition of the burdens and in the distribution of And as n. further result of this policy we have $2,000,000,000 of rail­ the benefits of the Government. Their invariable and uniform re­ road stock and bonds which return no earnings whatever. The pol­ sult bas demonstrated the fidelity of our law-makers to the credifcr icy of contra-ction connected with the baneful legislation of the last class and their hostility to the debtor class; for every financial twelve years bas incnlcnlably augmented the indebtedness of the measure passed by Congress since 1865 has been in the interest of the country, fearfully depreciated the valuo of labor and of every species creditor class and against the interest of the debtor class, and is well of property, and now threatens continuous ruin and bankruptcy to calc'llatecl to engender the suspicion that there was a concerted union every business interest of the country. That policy and that legisla­ between the political and tho money power of the country, a union tion have been beneficial alone to the creditor class of our fellow­ pronounced by Mr. Calhoun to be moro dangerous thrul the union of citizens; that cla.ss whose property h~s been in the form of money. church and state. bonds, and evidences of indebtedness. Their property has beendoublecl Capital <~.nd labor are tho Siamese twins of all true progress, wealtlt, in valu~, while every other species of property has been fearfully de­ and prosperity, and any antagonism between them is sincerely to bo preciated. The late strike was precipitated by the bad policies of deplored. Perfect equality should be maintained in all legislati{)n the Government; and the true remedy is in the removal of the griev­ affecting their relative rights and duties, "'ith no preferences and ances and the redress of the inequalities imposed by previous preju- with no advantages in favor of the one or the other. If tllat equi­ dicial legislation. ~ • . poise and equality have been disturbed, let it be at once restored and ,Tho communistic element in ~bol:' can be most effectually destroyed their natural equation be re-cstablished1 and all clamor, which never VI-18 274 CONGRESSIONAL RECORD-HOUSE. NOVEMEER 7,

exists without some reason, will instantly cease. Whenever griev­ Comparative statement of txpenditures by the United States Governmen.t on ances are redressed, dissatisfaction will subside and disorders will ter­ account of railroads, toagor~oad.s, and canals from, 1779 to 1873. minate. NORTHERN STATES. But the South bas been pre-eminently a sufferer from the perni­ Maine.--.---...... --... --.----.-.-••••• ---.------·------•.. --- 1137, 008 !l2 cious legislation and policy which I have reviewed, on account of the Delaware-----·----··-··--······--·--······-·····----··--··-··----­ 450,000 011 New York·------··-····-·····-·-···-··-··-··-···-·····-_ •••••••••. 3, 500 00 great poverty of her people and the severe pressure of the misfor­ 1, 051. 990 00 tunes of the late war and of the odious measures of reconstrnction. ~hfJ~OU:.~:-::.-_ ·_ -_-_-_-:.:: :: ·.:::: ~ ·. :-.::: ·.::::::: ·_-_._ ·.:: ::: -_ ·_ -. -.: :·_-_ :·_:::: 2, 102, 8El8 38 For twelve long years our legislators gave us a system of govern­ 1, 751, 271 5~ Iii?~~r:.::::: ::::::::::::::::::::::::::::::::::::::::::::::::::::::: 747,879 t19 ment that led to a political union, which, in the graphic lan~uage of 1, 3.10, 024 26 is J\1icbigan --···--··-· -·--····- -·--·--···-·---····- _:•••• ----·------· Macaulay, "can only be compared to that which the subject of a \Visconsin -·····------·-- -- ·····-········-··· -··· --. ---·-·-- ·--··· 422, ~oa 36 wild Persian fable:" Iowa.------···-·····-·-······-·-···-··-···--·-·-----··----- •• . ---· 84, 226 6G Minnesota ---· -·- -·- --·---·-········ ...... -···-· .. __ , __ - -·····-- -­ 562,775 51 "KingZohak"-wetellthestoryasMr.Soutbeytellsittous-"~vethed e vill eave 2, 422, 564 52 kiss hill shoulders. Instantly two serpents sprang out, who, in tbo furyof l.luugm· Kansas------······-·--··---·-- .. ··--·····-·······-·-·····----·--­ to 1 Nebraska ---·_··--·--····---··-·· ••••••••• _.. ···----···---··-··-··· 174,826 15 att.'lcked his bead and attempted to get at lli~t brain. Zobak pulled them away anu Nevada . _.;_··-··-.. ··-···-·-·······-·····----·--·-·-···------·-· ;j, 399 87 tore them with his nails; but he found that they were insep•wabla parts of him­ California ____ ···-· •••••••••• ·-_·--··· •• - ____ ..... __ ·-.·---··.·- ___ _ 2. 506. 53.1 96 self, and that what ho was lacerating was his own flesh." J:>erhaps wo might be fl91. 29-2 91 able to find, if we looked round the world, some politic:tl union like thi:i-80me ~8~c;:: 13, 826 76 hideous monster of a state, cursed with one principle of sensation and two princi­ ::::::::::::::::::::::::::::::::::::::::::::::::::::::::: Idaho-··--··-·--··--·--·--.. ---·--··- •• ·-· ··--·---···-- --·- -- -·· -­ 36,500 00 ples of volition, self-loathing and self. torturing. made up of parts which are driven Utah---·-··---··--··-·-···-··---·--·---···-;--···------·-----···- 7, :!43 70 by a :frantic impulse to inflict mutual pain. yet are doomed to feel whatever tbey 14t!, 989 G8 b:illict,. which are divided by an irreconcilable hatred, yet are bloncl.ed in an indis­ 40,000 00 soll1ble identity. ~a~rnrz-~~:~ti~: :~:::: ::::::::::::::::::::::::::::::::::::: 34, 267, 704 49 The North bas recently bee.n made k('enly to feel that an injury to Union Pacific Railroad . _•. -.--. ___ ----•• -•• -. --.-••••• ---.•• -.---. 34,350,703 70 Kansas Pacific :Railroad .• ------·· •••••• ---·--.---- __ ------. 7, 766, 212 11 the prosperity of Louisiana and South Carolina very soon reacts most Sioux City and Pacific R.ailroad_ ••• -·-···-·-···-· ··-·-· -····· ------2, le2, 703 38 disastrously upon the prosperity of New York anrl .Massachusetts; and it is a subject for sincere congratulation that the whole country Total------········· .. ·--·-··-----·-·····---· .. ---·-··· ------92,757,274 83 bas awakened to the realization of the fact that all its members are SOUTHERN STATES. nseparable parts of one great nationality and that th"' self-hating Vir,~Zinia -·---····· --.. •• ···-········ -·····-. -·--·-··· .. •• ······---­ 57,538 27 and self-torturing policies of .the past must be henceforth and for North Carolina-·--·-·-···--·····--·-···-·-···-·· ·--·-·-----.--.---- 205, 000 00 South Carolina·-·--·····--··-·-·-· . -·-· ___ ... ···--· · -···-- ---·-·-- 9, 961 92 ever abandoned. Florida_ ••••• _.·- ... ·-· ___ .·-- __ • ____ ·--·-··· ______-·--·· ___ . ____ -· 230, 013 43 The South needs such legislation a~ will foster her industries and Alabama _____ ··--·---···--.-.. ···----·····------·---·-·-··-- __ -··- 873, 812 138 such just and liberal appropriations as will develop her slumbering 994,936 14 ~~~=~::::: :::::::::::::::::::::::::::::::::::::::::::::::::::: 296,968 04 resources and her untold latent weaUh. She asks no exclusive privi­ 573,390 84 leges and no excessive or unequal expenditure of the public money =:rr_ :::::::::::::::::::::::::::::::::::::::::::::::::::::::::: 1, 049, 800 38 within her borders. She only asks equality and justice. She would Kentuckv __-- ·--·---· -· --···------·· ·····-- ··--·· ---·-·--·· ·--- 1, 181, 511 00 be p~rfectly satisfied with a present equalization of the bounties and 246, 415 20 7, 920 00 benefactions of the Government in the light of their distribution 217, 0H 42 under the legislation of Congress from 17H9 to Ul73. During that tf~~~?~ ~ ~ ~ ~~ ~ ~ ~ :~ ;; ;;~:;;;;:; ~ ~ ~ ~~ ~ ~: ~:;: ~ ~; ~: ; ; ~ ~ ~: 5, 000 00 period there was appropriated for public works, railroads, canals, rivera, &c., in the- Total ••••.•••••••••••.• _..... -·-····-·--- . . -··---·------·--·· 5, 951. 400 52 Northern States nearly ----·· ------·- ··--·· ---· ·-·--· 5'208, 000,000 Total amount to Northern States_--·_----····-··--··-·---· ___ ·- __ . Svernment can imitate the example of England to advanta~o in tbe man­ tories, deducting . amount to Atlantic and a~tement of the public deht. When Enp;land came out of the war with France antl Pacific Railroad ····-· -···-· _-- ·--··· -· ---- .. 2-2, 000, 0'10. 00 20,750,000.00 America her nation:ll debt wns. 52 per cent. of her assessed vallllition. Bnt.by ber ::Mississippi _- • --•• -•• --•••• -••• ------.•• --• - . 2, 062, 240. 00 1, 137,130. ()() sound policy, and fostcrin~t caro and attention to her ~!~'eat commercial and manu­ .Alabama ___ . ····-· •••••• ·------·-- ___ ·--· .. 3, :;9~. 120. 00 2, 708, ol35. 00 facturing induRtries, she developed her resources so rapidly that substantial pros­ Florida-·---·----·--·-··------·------___ . 2, 360, 114. ()() 1, 7HO, 467.00 perity and wealth followed to such an extent that a.bout fifty ye.'\rs after, tbe anks has not people of the South are, with intense earnestness, revolving plans driven a single banking institution out of existence. My attention for recovering from the losses inflicted by the rebellion, and will WaR called by a colleague who :1grces in opinion with the gentleman insist upon the payment for property taken or destroyed by the armies from Iowa, and not with me, upon this subject, on my way from of the Union, and that in the end payment for the emancipated slaves Philadelphia to tbis city this morning, to the fact that our national will be demanded. banks in Philadcpbia. bad just declared their semi-annual dividencls, In reply to an accusation so sweeping, it is only necessary to say ranging from 5 per cent. to 10 per cent. They had been adding to that the policy of payment for property taken, used, and destroy~d their surplus, and, as I intimatecl the other day, one of our national in the South during the late war was inaugurated by the republican banks recently made, not an annual clividend (I have been corrected. party, when the southern people were very imperfectly represented in that) but an extra dividend of 100 per cent. I say that a system in Con~ess; and for that policy they are in no wise responsible. of taxation that allows such profits is not an oppressive one or one Every Jaw for the payment of claims, introduced by democratic calculated to drive capital out of employment. 'fhe gentleman must members- of Congress, bad in view simply the execution of laws look elsewhere for the cause, and were I speaking in my own time I already upon the statute-book by the procurement of the republican would point it out. party. Mr. PRICE. Now, Mr. Speaker, that is all·very well; and I do not The southern people contemplate no raid on the National Treasury call in question the correctness of the statement just made by my for any purpose; but they will insist upon the execution of all laws friend from Pennsylvania, [1\lr. KELLEY.] But he knows and you without partiality by the executive authority of the country as those know and this House knows that there are exceptions to all rules; laws have been construed by the Supreme Court of the United State8. and I believe it is correct to say that it t.akes an exception to prove They have no policy on the subject of the payment of southern a rule. There may be, I doubt not, a bank in- the city of Philadel­ claims to propose in hostility to the spirit of the laws enacted before phia-there may be a half dozen of them in that city-there may be the democratic party obtained its majority in the House of Repre­ banks here and there throughout this country that can declare such sentatives; and they can surely afford, without any impeachment of diviclends as my friend refers to. But I speak of the system ~en­ their fidelity to the Constitution or loyalty to the National Govern­ erally; I speak of it as it ha-s operated in years past; I speak of It as ment, to ask the impartial enforcement of every law of the laud as it exists to-day; and I challenge contradiction when I say that the expounded by its highest judicial tribunal or its immediate and un­ national-bank capital of the country pays more taxes than any other conditional repeal. species of property in the land. I can confidently decl:1re my honest and sincere conviction that Mr. KELLEY. If the gentleman will permit me, I desire to apply I have no policy on the subject of southern claims to advocate in his principle that the exception proves the rule. In the history of opposition t.o that sense of justice, equity, and magnanimity which national banking about two hundred and thirty of these institutions animates the great heart of the American people and directs its pulsa­ have retired for some cause or other; hut there is left a survivorship tions. Give us that which is just, equal, and right and we are con­ of over two thousand national banks to-day. The hanks that have tent. And if that much should be denied us we are well aware of retired are exceptional; and let ·the cause be what it may, the cir­ our utter inability to enforce a more liberal policy in the face of a cumstance that so · small a proportion of these institutions have re­ large adverse numeri_cal majority, so that acquiescence would be the tired proves the fact that the banking business is among the most only alternative. profitable branches of business in the country. As the vexed political questions which have eo long agitated the Mr. PRICE. I am afraid that my friend from Pennsylvania will country h&ve been at last settled, and every State of the American compel me to extend my remark8 further than I had intended. union restored to local self-government, so that the great economic Mr. KELLEY. Then do not challenge me personally. questions of the country can be entertained free from the excitement Mr. PRICE. Yes, I challenge contradiction, and I do so because I of partisan politics, may we not with confidence indulge the hope have the ground for doing it. Two hundred aml thirty-three banks that those great enterprises which so manifestly involve the future have gone out of business voluntarily, and a great m:1ny others have wealth and prosperity of the South and of the entire country, and gone out from different causes. But my statement that the national which so strongly appeal to the Government for recognition and sub­ banks pay more taxes than any other species of property has not been stantial aid, may be considered by Congress and. the American peo­ contradicted. That is the declaration of which I challenge contra­ ple in the clear sunlight of reason, justice, and equality, and not in the diction. In addition to all the taxes that every other species of prop­ glamour of partisan and sectional prejudice and political animosity T erty pays, theee institutions since their organization have paid-I The expression of this hope is but the presage of its fulfillment. do not ~ive the figures exactly-about $80,01.)0 000 into the Treasury Mr. PRICE. I voted to take this bill out of the morning boor so of the United States, not one dollar of which would have gone there that the friends of the measure might have an opportunity to discuss but for the establishment of the hanks. it. I voted for that proposition, not because I believed in the doc­ In this connection I wish to adu that while only two hundred anu trines contained in the bill, but because I am opposAd to anything ninety-two of these bttnks have gone out of existence, two hundred like a gag, to anything like suppression of di cnssion. In addition and thirty-three voluntarily, this House is loaded down to-day witt to what I have said, I voted in that way because I have always be­ petitions from the national b:1nks setting forth their grievances in lieved that truth has nothing to fear in discussion with error. I do language that c:1nnot be misunderstood or mistaken, and asking to not mean by that remark to say here and now positively upon which be relieved, for the purpose of saving them from winuing up their side of this questiol! all the truth is or all the error is; that is not business anu retiring their circulation, and thereby contracting the the object of making that remark. But this q-o.estion is on~ that currency of the country. agitates the country to :1 considerable extent; it needs discussion. I Mr. KELLEY. The banks, :1ccording to the gentleman, have paid think it wants some light shed upon it; and in all human prob:1bility 80,000,000 of t<1xes. Now I ask him whether they hav~ not paid some light will be shed in this discussion upon the question that has this out of the gold paid to them by the Government for putting in not heretofore been seen by the people. circulation notes which the Government prints, and which are re­ I wish to say but a few words to correct, more than anything else, deemable in "worth les~, lying greenbacks f'' In other words, have some wron~ statements that have been made since the discussion of not the banks received 600 or tWO per cent. in gold for every dollar this question began. It ha.s been alleged, particularly by the gentle­ of the $80,000,000 they have paid in taxesf man who opened the discussion [Mr. PHILLIPs,] that the contraction Mr. PRICE. Now, Mr. Speaker, before my friend from Pennsyl­ of the currency led to the difficulties in our part of the financial vania interrnpt me again, I want to say that I am perfectly willing world :1nd was brought about by this resumption act, and th:1t the to be asked a question by him or any other person; but I do not retirement of the national-bank note~ would not have taken place want him to make my speech. [Laughter.] but for the passage of the resumption a~t. Mr. KELLEY. Oh, there is no danger of my making your speech. I think if th:1t gentleman or any other who holds t.hat opinion will Mr. PRICE. These greenbacks that my friend talks about have examine ·the history of the country for the last two years he will been printed by the GovernruPnt, but they have been paid f·•r by the change his opinion in reference to that matter. I appeal to any gen­ banks; and these institutions have paid in addition (I do not give tleman upon this floor who knows anything about the internal oper­ the exact figures, for I have not them here) about $30,000,000 into ations of the national-banking system whether I am not correct when the Treasury of the United States; and no other banking institu­ I assert that those national banks have retired their circulation and tions h!Lve ever paid such taxation a8 this. And in further answer I have wound up their business and gone out of it simply and entirel.y say that the interest paid on these bonds upon which circulation has bE>.cause the taxation upon the national banks is burdensome. I think been issued to the banks would have been paid by the Government­ I might make that assertion and challenge contradiction without every clollar of it-if no banks h:1d been org:1nized. Consequently fear of its being successfully done. the $80,000,000 paid by the national banks is a clear gain to the Gov­ I am glad my friend from Pennsylvania, [Mr. KELLEY,] who is a ernment. eulogist of the nation:1l banks, is now sit.ting near me. 'fwo hun­ These extra dividends which are spoken of as having been p:1id by dred and thirty-three national banks of this Union have voluntarily certain banks can only be founcl in the large cities, with probably surrendered their charters, given up their circulation, and gone out here and there at long intervals an exception outside of the large of tbe business, not because of the resumption act being passed, hut cities. But I affirm what I know, and testify what I have seen, when because·the taxation upon those national banks is greater than upon I say that I know a large majority of the national banks in the 'Vest any other species of property in this land. I am authorized so to (and I see no reason why the romark should not apply to the Ea.st state from the report of the Comptroller of the Curr~ncy. outside of the large cities) are lau~ring under a burden that they 276 CONGRESSIONAL RECORD-HOUSE. NOVEMBER 7,

feel too grievous to be borne ; and I know that many more of them Mr. PHILLIPS. The United States issues the legal-tender notes of will go out of business unless these burdens are relieved. the United States. I would not have extended these remarks in reference to the na­ Mr. PRICE. Yes, sir, and all other notes of the United States, sub­ tional banks so far, if I had not been interrupted. I intended merely stantially. Now, I wish to say the paper money in the United States to reply to the argument made by my friend from Kansas, [Mr. to-day is six hundred and seventy-one million, while the paper money PmLLIPs,] whom I am glad to see in his seat, that the contraction of in France is five hundred and sixty-one million, leaving a balance in the currency was largely owin~ to the resumption act. I 'Yant to our favor of one hundred and nine millions of paper money. So that say (and this is mainly what I rntended to say upon this point when we bavein this country, taking the population of France at 37,185,700, I arose) that the contraction is attributable to another cause almost the last figures I have been able to get, and our population at forty­ entirely, and not to the resumption a-ct. fQ~r millions~we have to-daythis state of facts existing, that while , Mr. PHILLIPS. Will the gentleman allow me- France has $15.11 per capita of paper circulation, we have $17.67 per Mr. PRICE. I will yield to the gentleman for a question. capita. Now, then, if redundancy of paper money in France gives Mr. PHILLIPS. I merely wi!3h to ask the gentleman whether the them prosperity and peace, I should like to know bow much more reason in the first place why many of the western banks are unwill­ prospE-rity and peace America should have mider the Stars and Stripes ing to retain their circulation is not because they have to publish a with more paper money per capita than France has. If the argument statement of their condition. I know that in my section of the coun­ is in that direction, we ought to be the most prosperous country in try the banks refuse to issue national-bank notes subject to that the world, and I am not sure but we are. requirement. There is another reason : They loan their money 'l.t 2 per Mr. PHILLIPS. The gentleman's misapprehension arises in this, cent. a month, while under the national-banking act these institutions that ours is the only country in the world where they print paper for are only allowed to charge 10 per ceht. per annum. I ask my friend private banks. whether these are net sntficent reasons to account for the retirement Mr. PRICE. There are no private banks in this country_, or at least of bank circulation f comparatively very few. Mr. PRICE. If the banks loan money at 2 per cent. a month they Mr. PHILLIPS. Yes, sir; the Credit Foncier and others issue paper nre violating the law and are am~nable to it. I am not here to de­ that really mebts the exigencies of business, which is redeemed in fend any violator of the law; that is not my business. I only say notes of the Bank of France which is redeemed in gold. 'rhe gov­ that outside of the national-bank system men can make more money ernment does not print them, and it is not a correct statement to as­ with their capital than inside of it, in the majority of cases, and that sume that the only paper is the paper of the Bank of France, because is the reMon why the banks are abandoning the system. their currency system does not resemble ours. We have taxed State But one reason given by my friend from Kansas was that we were banks out of existence by the 10 per cent. tax, and we have in lieu not following in the line of precedents; that other nations older by of them national banks, and ours is the only country in which these centuries than we are bad pursued a different line of policy and were conditions exist. France has a circulation outsicle of the Bank of prosperous tmder that line of policy, and he gave us as evidence of it France. But it has what we have not, an immense coin circulation. France, the most prosperous nation of Europe, as he termed it; and We drive out of circulation the little coin there is in it. in that connection be stated to this House and to the country that Mr. PRICE. The answer to that is this; and I am glad I have France-but I will read from his remarks, that I may not do him in­ brought here with me a statement which answers me in good stead justice, for that is the last thing I want to tlo: just now. It shows that the paper money of the kingdom of France, In France, where they have a population mnch smaller than our own, they have or the republic of France, or the empire of France-we can scarcely a volume of circulatilig medium more than twice, yea, more than thrice as great as tell what it is to-day, we on1y know what it wa.a yesterday-is • oo~ . 2,807,689,625 francs, which reduced to our money makes $561,000,000 • I wish to call the attention of the House to it especially, for if those 1 take, then, the paper money of France and I take the population of things are true then I am wrong and those who act wi tb me are wrong; France and I divide the one by the other, and I find that they have but if those things are mistakes. then they should not go to the country got just $15.11per capita nf paper currency. And now, if I take the as true. Let me continue: , population of the United States, and the amount of the paper money of the United States, without counting any State-bank paper that They have a silver currency of five-franc pieces of between five and six hundred may be in circulation-I give you the benefit of a.ll that circulation, millions. and take only tho paper of the national banks and the legal-tenders And this is the point to which I wish to call the attention of the of the vernment-the amount is 17.67 per capita of the people of Bouse: the United States. Now, if paper money gives the people prosperity, The bank-note circulation of the national bank of Franco is much greater in vol­ peace, and happiness, and they have these blessings in France be­ ume than ours. Their circnlation is, for the population, three times a.s great a.s cause they have paper money to the amount of $15.11 per capita, ours, :mel there is to-day no more prosperous country in Europe. because they have got so much of it, I want to know why we ought As I satd before, if that statement is true, if France bas that kind not to be the most prosperous, and happy, and peaceful nation on the of circulation, if France is prosperous and still has that circulation, globe; for we have got nearly two dollars per capita of the people of the presumption is it is because she has that circulation, and that tho United States more than they have in the boasted country of is the argument sought to be made. If these statements be true, then France, and that is not all of it. it would be folly for us to pursue any other course, for we ou,gbt to Why are these arguments made on this floor' 'Vhy are they pub­ be governed by those precedents and ought to learn somethiilg from lished throughout the county if it be not to satisfy the laboring the experience of France. classes who make up the 1arge majority of the voters of this country­ Now let me call the attention of the House to what are the fa-cts to satisfy them that they are oppressed and burdenell and that there in reference to that matter. I have taken the trouble to look them is a war between the int-erests of labor and the interests of capital T up, and here they are. In 1874 France bad a paper currency of }'or what other purpose can these statements be mllde f Do gentle­ 2,607,768,625 francs, which, reduced to our money, is $561,5:39,9"25. men upon this :floorwant the laboring classes of this conntryreduced That was in 1874. Those are the latest figures I have been able to to the condition of the laboring classes of Fra.nce f Is that the get. But what was our circulation f The argument is that they object f Where men work for from twenty to sixty cents a ·day and have more circulation to population than we have, and that being where bread and meat a.re dearer than they are in the United States 'f prosperous consequently we ought to be prosperous in the same Do gentlemen want that T Is that the object t Let me put it on direction. record, I declare it in this presence and in this place that there is no Mr. PHILLIPS rose. country on the globe to-day from the rising of and the going Mr. PRICE. Not just now. At the same date the Government of down of t.be same wbero the laboring classes are so well fed and so the United States had 777,558,000. Shall I · repeat the figures f well clothed as they are under the Stars and Btripes of the United France bad $561,000,000 while we had $777,000,000, so that we had States. . $216,000,000 of paper currency more than :France had at that time, 1\lr. GLOVER. Will the gentleman yield to me for a question 7 the declaration of my friend from K-ansas to the contra.ry notwith- :Mr. PRICE. For a question, ·certainly. standing. . Mr. GLOVER. Is it fair in making this contrast between the cir­ Mr. PHILLIPS. Does the gentleman yield to meT . · culation of France and that of the United States to confine it entirely Mr. PRICE. J<'or a question, certainly. to the paper circulation without any regard ~o the metallic circulation Mr. PHILLIPS. "Vas not that circulation the circulation of the of France f Will the gentleman state what is the comparison be­ Bank of }'ranee only T tween the metallic circulation in France and that in the United States f Mr. PRICE. It was the paper cir-culation of the Jlank of France, Mr. PRICE. It will be a sufficient answer to that to say that I of course. supposed we were talking here about the resumption of specie pay­ Mr. PHILLIPS. But the gentleman refers only to the paper circu- ments and how to get rid of this paper money and replace it with lation of the Bank of France. . coin, and the argument had been that we must not get rid of it, be­ Mr. PRICE. I will appeal to any gentleman here who has traveled cause tho more we had of it the better we were off, ·and we had not ·in ·France whether he ever saw any other paper money in ~'ranee than enough of it now; and the example of France was held up to us to the paper money of the Bank of France f show us a country which had so much of it and which was so pros­ Mr. PHILLIPS. That is the paper money of the Bank of France, perous. And now when we have remonetized silver we will have in this country represented by the legal-tender-- plenty of silver, and then we will have of silver, of gold, and of paper . Mr. PRICE. I claim that the Bank of France issues all the paper as much as we want, and, according to the view of my friend, we . money of France, as the Bank of England issues all the paper money will then be on the high-road of prosperity. . . of England. I want to say this, that I do not understand, when you take in a 1877. CONGRESSIONAL RECORD-HOUSE. 277 paper dollar and pay out a silver dollar or a gold one, you have con­ and bullion in circulation did not make the circulation of that coun­ tracted the currency. If Smith has $100 in gold and Jones $100 in try more than $32.f>~ per capita; that is, taking into consideration paper, and if they trade, I do not see they·have contracted the cur­ everything they counted as money. I want to say in this connection, rency any or inflated it either. If the Government has a hundred before I forget it, that the gentleman knows very well, and any man dollars in gold and I have a hundred dollars in paper, I take the paper who has anything to do with commerce or the finance of the country down t.o the Treaaury :md get the gold or the silver, as the ca.se m!ly knows, that not more than one dollar in twenty, nay not more than be, I do not think we have contracted the currency. We have got one dollar in thirty dollars, of the business of this country is done just as much money in circulation as before. But I have heard the with any kind of money. Ninety or ninety-five per cent. of the busi­ nrgument made that somebody will hide away the gold and the sil­ ness of New York is done without money. I only refer to this mat­ ver. They will not hide it away if it does not belong to them; and ter to show that the figures made by the gentleman from Kansas if they want to buy any labor or materials they- will have to pay it [Mr. PHILLIPs] are not to be relied upon, and we do not stand in that out, and that puts it in circulation. · relation with the country that his speech would indicate. Mr. PHILLIPS and Mr. HARRISON rose. 1\!r. PHILLIPS. Will the gentleman allow me to ask him a ques­ The SPEAKER. To whom does the gentleman yield 7 tion f Mr. PRICE. I yicltl for n. question to ·the gentlema.n from Kansas, Mr. PRICE. The gentleman from Kansas submitted to an inter­ l Mr. PHILLIPS.] ruption from me when he was speaking yesterday, and I have yielded Mr. PHILLIPS. Accepting the gentleman's :figures of five hundred to him to-day half a dozen times. I think the account is square. and sixty millions-- I have but a few words more to say; but I want to say hero Mr. PRICE. Make it a question. what I think every gentleman on this floor and on every side of this Mr. PHILLIPS. I am stating my q nest ion. Accepting tbe gentle­ qnestion, and of every shade of politics, will agree with me in, that man's figures of five hundred and sixty-one millions and a. half of paper we would not want to advertise ourselves to the world by going back of tho Bank of France, eight hundred millions of silver, and one thou­ upon our promises. It wa-s truly eaid by the gentleman from Ohio sand millions of gold, all this makes upwards of twenty-three hun­ [Mr. Cox] that we have not fixed a time when we will redeem dred millions. Taking the same statement of the population as the these notes; but they are our due bills out in the world as the pledges gentleman from Iowa, I gave the figure of the circulation there aa of the Government for payment, and we have agreed by an act pru:ssed being three times as great as ours. This proves it by the gentleman's in the high council chamber of the nation two years ago that at a own figures to be three times as great. · certain time we would pay them. )lr. PRICE. That is not a question. My friend is making a speech. I want to call the attention of gentlemen to another fact in this Mr. PHILLIPS. The whole amount of gold in this country is one connection, that when this promise was made gold was worth about hundred and seventy-five millions, as I learn from the Director of the 11ft I am not cert~in, but I think it was about that value. There Mint. It does not enter into our circulation, does it f I ask the gen­ has been some contraction of the currency since that time, because tleman the question. tho national banks were taxed out of existence, but not enough to Mr. PRICE. Yes, sir; there is the gold in our circulation to-day make a difference on the premium on gold. The law-making power and silver. Now the answer to that is-- of the country said that we wotild redeem these notes and the world Mr. PHILLIPS. I wish to ask the gentleman-- knew that we were able to do so. That has brought the price of gold Mr. PRICE. I want to answer one question at a. time.. When you down to 102-i- to-day-specie value; and when we have reached specie count the gold, the silver, and the paper circulation of France, you value we have in fact reached specie payments; the step from that give.tltem a little more circulation tha.n we have, counting the me­ is not long nor difficult. . tallic currency; but nothing like the three times mentioned by the I want this people, this Congress not to go ba~k npon its promises; gentleman from Kansas. I want them to stand firmly by them. I do not want the word to go Mr. PHILLIPS. I think that is shown by the figures. Our circu­ out to the world that we cannot do anything. What have we ever lation of legal-tenders and national-bank notes is a little over tried to dll that we did not do f Can any gentleman put his finger $700,000,000. The little gold coin cannot be said to circulate. upon a single transaction from 1776 to this present good hour in Mr. PRICE. I hn.ve the figures before me. The circulation in which this Government was concerned w·:tere we have agreed tQ do France, peJ- capit-a, is 32.52 in gold, silver, and paper. The circula­ anything that we did not accomplish it to tlte -very letter f Let ns tion of this country is $21.90 per capita. Now, then, is three times continue to stand to-day upon the highest pinnacle of honor, the peer $21.90, $32.52 Y Then I want to say in this connection, that if anyone of the proudest nation on the globe in point of honor and financial lias thought, and some gentlemen may not have thought of it, that ability. eY"erbody knows, who has ever given any attention to this snbject, They have said in the past that we could not do a great many th.'lit there is not n. civilized country on the globe to-day but what has things, but we have done them all; they have all been done. I want less coin, gold, silver, a.nd paper, per capit-a, taking them together, in to say that if a nation that has existed for but one hundred years, circulatiou, excepting France alone, than has the United States. coming up as it were from nothing and successfully striving to attain Great Britain, Germany, and most of the other countries of Europe a position equal to that of the proudest on tho earth-if we have done have less money in circulation, per capita, in coin, gold, and paper things which it was said were impossible during those one hundred than the United States. I repeat, that there is no other country in years, I want to know whether we are not prepared to-day t.o say the world, excepting France, that has a larger per capita circulation that we can do what we promised t.o do two years ago f than the United States. It is no news to members of this House that some years ago every­ Mr. HARRISON. I desire to ask the gentleman a question. Is he body said that we onght to have a road to the Pacific; everybody not aware that in France the paper money has never been dishonored said that an iron band should nnite the Atlantic with the Pacific by not being received for all dues of the government, and therefore Ocean; but everybody said that we could not do it because it would that it has kept side by side with the coin, whereas on the other hand, bankrupt the nation. At that day we had a national debt of only in this country we have driven the coin out by dishonoring our own about $dO,OOO,OOO, and yet people stood upon the banks of the Missis­ pnper money 7 sippi, so to speak} and trembled for fear of the approaches to it, and Mr. PRICE. If we resume we shall honor our paper money and said that we con d not do it. Yet, when we got into debt, through restore it to its proper place. influences which it is not necessary to name here-when we got into 1\ir. HARRISON. They have always honored theirs. debt over $2,000,000,000, we went to work and built that Pacific Rail­ Mr. PRICE. I want t.o say in answer to that that we now seek to road, and it is an accomplished fact to-day. We built it up into the reach that very point by indicating that the country shall take no clouds and across the de~ert; and to-day there is an iron band con­ step backward on this question of resumption. Its faith was pledged necting the Atlantic with the Pacific, because we said we would do for the resumption of specie payments two years since, a.nd, thank it and we did it. God, we are nearer to it now than we have ever been since the first And another thing; when the bill was under discussion in this gun was fired on the flaoo at Sumt~r. House, the great commoner of Pennsylvania, whohasnow gone to the Mr. PHILLIPS. Wilf the gentleman allow me to correct him f land of the hereafter, said that the road should not be built unless it Mr. PRICE. I do not want to be discourteous to my friend from was built of American iron. Everybody said that that would not do, Kansas. that it would give a monopoly to American manufacturers of iron Mr. PH1LLIPS. I desire to ask the gentleman a question merely. who woolcl put the price up so high that the work could not be If his figures of one thousand millions of gold and eight hundred mill­ accomplislted. But that provision was put into the law, and the ions of silver and five hundred and sixty millions of notes of the Pacific R-'llilroad was built under that law, two thousand miles of Dank of }"ranee are correct, it makes considerable over twenty-three road. The American iron-masters had a monopoly of that business, millions for a population of thirty-seven ·millions and our forty-four and the first ton of iron laid down upon that road cost $105, but tho millions population have Jess legal-tender and bank-notes, 'in all last ton cost less than 85. Therefore, in place of our not being able making seven hundred and seventy-five millions; and, taking into to accomplish it, and in place of that being an obstruction in the consideration the greater population, we have less than one-third the way of putting up the price of iron, it pot down the price of iron, circulation possessed by France. Besides, France in 1874 had just and we built that road, all the obstructions made to it to the con­ bt>en paying her war indemnity and has been increasing her coin act­ trary notwithstanding. ive circulating medium ever since, the paper she has being at par We can do this that we have promised to do, for in the lexicon of with coin. this yonng briant of the west there is no such word as "fail." If we Mr. PRICE. I thought I had answered that question before. The are true to ourselves we will accomplish it. I hope that hereafter wu circulation of the Bank of France was not in 1!:574 a thousand mill­ will continue to be as we now are, the admiration of t,he civilized ions-that is where the gentleman from Kansas errs-and the coin world, and accomplish what we put our hands to, doing in gootl faith 278 CONGRESSIONAL RECORD-HOUSE. NoVEMBER 7, what we agreed to do, going back on none of our promises, but perform­ Mr. KELLEY. How has the price increased T In British sovcr~ ing all that we have promised to perform. eigns or French francs f Mr. KELLEY. I ask the gentleman to yield to me for a single ques­ Mr. PRICE. I am not speaking of British sovereigns or French tion, or perha(>S two. francs, but of American dollars. Mr. PRICE. Very well. Mr. TOWNSEND, of New York. Wheat is worth more than it was .Mr. KELLEY. Doe.s the fact that this nation has accomplished three years ago or sixteen years ago, measured in francs or sovereigns that which was possible prove that it can accomplish impossibilitiesT or our own gold. . Mr. PRICE. I would like to know what sort of a question that isT Mr. KELLEY. Does the gentleman from New York speak for Mr. KELLEY. . Well, it is a very direct one, that can be answered Iowa? categorically. Mr. TOWNSEND, of New York. I doj for I have wheat to sell in Mr. PRICE. When the gentleman shows me anything impossible, Iowa, and bullocks, too. [Laughter.] I will be prepared to answer the impossible part of his question. Mr. KELLEY. I am beat. I had supposed that the gentleman .Mr. KELLEY. One other question. Was it not the· argument of was really from New York; I had never suspected that hA was a Peel and Ricardo, when they passed the act of lt:l19, that as gold and "carpet--bagger." [Laughter.] paper were then at a difference of less than 5 per cent., it was a mere Mr. PRICE. I give my friend from Pennsylvania credit for being question of from 3 to 5 per cent. to be divided over four years T If straightforward; and the very best thing he can do after he is beaten the gentleman cannot answer that question I will answer it in the is to acknowledge it. affirmative. What was the result Y In overcoming that alleged dif­ Mr. BLAIR. I think the gentleman from Pennsylvania [Mr. KEL­ ference of from 3 to 5 per cent, values were reduced 60 per cent.; and LEY] is inaccurate as to a matter of history, and I wish to correct his the elder Peel said to his son, "Robert, you have made the fortune of statement, as it may leave a wrong impression upon the mind of the your family, but you have ruined your country." Three per cent. House. He has stated that the effort of Great Brit-ain to resume was enongh to do that. specie payments during a period of four years, the difference between Mr. PRICE. Well, if I am to answer that question-- gold anu paper being not more than 5 per cent., resulteu in actual Mr. KELLEY. And furthermore, having found no more trouble ruin to the kingdom. Now, sir, my recollection of th:J.t matter, anu during the first three of the four years than we have, yet fearing an I think it is fully explained in Francis's History of England, is more effort to overthrow the throne in the fourth year, thirty-five thou­ like this: An act was pa-ssed providing for the resumption of specie sand volunteers were added to the available force of the British realm payment in 1822. The time was fixed after there had been a long to enforce the overcoming of the difference from 3 to 5 per cent. period of suspension. Under the operation of that act Great Britain And the terrible stories of Peterloo, Bristol, and other manufacturing was able to resume specie payment in gold one year in advance of the towns in which the starving people resisted the troops of England time. The Bank of En~land, one year prior to the time when she was tell the terrible result of the experiment. required to resume speme payment by law, did so, that is, on the 1st Mr. PRICE. That may be true in reference to England. I am not of May, 1821. The condition of speculation and resulting ruin to standing upon the floor of the House of Commons; I am not endeav­ which the gentleman alludes did not commence until after the actual orincr to represent any part of the English nation. But while the resumption of specie payment in 1821, and it arose in consequence of gent~eman's statement may be true, I want to call his attention to causes which had no connection with the resumption of specie pay­ another fact, that under our process of operations on this side of the ment. Atlantic the price of gold has fallen from away up at 280 to 10'2j-. And it is not precisely the thing to leave upon the minds of the Now, I do not know anything about Sir Robert Peel's opinion; and I House the impression that the resumption of specie payment caused do not care much a.bout his son. [Laughter.] I live in the afternoon the financial ruin of England to which he alludes. It grew out of of the nineteenth century; we are to legislate, if at all, for people other causes, and the ~entleman will find them set forth in the par­ who live in the afternoon of the nineteenth century under a repub­ liamentary investigatiOn, of which there is a full account in the his­ lican form of government, and when I have the lamp of experience tory of the Bank of England to which I have· referred. Specie pay­ to guide my feet in the path of the future, I feel pretty safe so long ments had been resumed one year prior to the time when by law it as I follow that guidance. While values in England may have gone should be, and the period of speculation and inflation did not com­ down 60 per cent., ours have gone up, because gold which was atone mence until subsequently to th:J.t. time 2RO is to-day 102f. Mr. KELLEY. I beg leave to say to the gentleman that I am by Do not compare this country with any other. There is no other no means mistaken; that if he will CQnsult Doubleday's history, if 'country to compare with this. There is no other place to make· a he will consult the volumes of Sir Ar~hibald Alison, if he will go country out of fit to compare with this. Why, sir, in that country to a small book, Greville's Memoirs, a diary kept by George Ore­ which the gentleman bas just mentioned, if you take a railroad-car ville, clerk of the privy council of England, he will find that the act in the morning and run in a straight line you will run off the other of 1817 to which he refers was repealed or annulled by an order in edge before the son sets. council, and that the privy council believed the throne to be in Mr. KELLEY rose. danger by reason of the discontent of the people, and he will find, Mr. PRICE. I am answering the gentleman's question. I say he sir, that the resumption act, after having wrought the ruin of all must not compare this country with any other. You cannot compare industries, was ameliorated-! cannot say repealed. mole-hills with mountains; you may contrast them. Why, sir, if It provided that all notes for less than £5 should be withdrawn ; you step out yonder on our eastern coast you may see the king of day and he will find, I think, that, at the instance of the privy council, iift himself from his ocean bed, and shaking the waves from his a bill passed both houses of Parliament on the same day, without a locks take his course westward, not six hundred miles only, not one word of debate, authorizing the issue. of one-pound notes to enable thousand miles, not two thousand miles, not three thousand miles, the banks to relieve the stress upon the business community. And but after entering upon the last of four thousand miles, sink to rest he will find, further, this curious fact, that it was then discovered beneath the golden gates of the Pacific. Or, if you choose, you may the Bank of England, the business of which is done with such pre­ pass down the degrees of latitude ~m the frozen north until you cision that it is said to have carried on its books a balance of a half reach the ]and of the orange and the palm. You have traversed a penny it could not account for, for scores of years, disco-vered it bad country that for cliversity of soil, climate, and productions has no managed its busidess· so loosely that a. package containing a million rqua.lonthis~lobe; and, as I said, you cannot make acountry·tocom­ one-pound notes, which had been lost sight of, was found in the vaults pare with tins, for there is no p1a.ce to make it out of. [Laught-er.] of the bank. So history writes it; but when Walpole was asked This is our country, and we are legislatiog for the people of our by the kind friend who visited him, on what provetl to be his dying country. It has one Constitution, thank God, one flag, and one des­ bed: "What shall I read you, Sir Horace-history t 'No, my friend;'­ tiny ; and so far as I and my people are concerned, we propose to said he-' I know that to be a. lie. Read me fiction, by which I may keep it in the pathway of duty until it shaH arrive at the goal and see something of human nature.'" tho capstone shall be placed upon its completed greatness. [Ap­ And history is less veracious than fiction when it tells us that a plause.] million one-pound notes had been overlooked iu the adjustment of the Mr. KELLEY. I want to sa.y to the gentleman, before asking him cunent accounts of the Bank of England. When you remember that a, question, that, vast as your country is, the American eagle can flap every note when receivell is never re-issued, but destroyed, you will its wings over every acre and scream defiance to all creation. [Laugh­ accept this statement. The bank itself had discovered that revolu­ ter.] The American eagle is a great bird! But, as the gentleman tion or modification of the resumption act, one or the other, was says we have raised values, I want to ask him how much the price of inevitable, and while the council and Parliament were debating and Iowa wheat has gone up in the last three years. passing relieving provisions, the bank had the package of notes so Mr. PRICE. It is worth more than it was three years ago, I am opportunely discovered prepared, and Alison and Doubleday and happy to ~ay. We have a better crop and it is worth a good deal half a dozen other as distinguished writers will tell you that when more money. · the announcement went forth that the odious and oppressive act had Mr. KELLEY. Worth more measured by what standardT been thus modified the hope and confidence of the country and gov­ Mr. PRICE. By the silver dollar we remonetized here the other ernment were rest.ored. day. [Laughter.] ])lt'. BLAIR. The point is this period of inflation-- :Mr. KELLEY. Is it worth more measured by cotton, by wool, by The SPEAKER. The gentleman from Dlinois [Mr. HARRISON] is iron, or by any other product of industry than the precious metals t entitleu to the floor; does he yield f Mr. PRICE. I will let my friends from the South answer as to the Mr. BLAIR. I ask him to excuse me a moment. All this ha.ppened cott.on and my friend zyorn Pennsylvania can answer the iron ques­ subsequent to the resumption of specie payment ancl was the result tion himself. of causes with which that resumption had no connection whatever. 1877. CONGRESSIONAL RECORD-HOUSE. 279

That parli:llmentary investigation did not take place until subse-1 to his friend, the bondholder. He sees not the army of begging quently to the disasters which occurred in 1826. The inflation did menalreadyindistl'ess. not occur until subsequent to 1822. That investigation showed that Sir, look again at France; five hundred and sixty-one millions of the speculation or inflation originated in the fact that the Bank of paper the same as coin; four hundred millions in the vaults of England had reduced its rate of interest so that investments sought the Bank of France; eight hundred millions among the people; another direction, in South America and elsewhere. There were a making seventeen hundred and sixty-one millions of money in great variety of corporations of a speculative nature. That period France, that little country. And yet France does not resume, and of inflation was succeeded finally by a state of distress such as we France prospers as no other nation on earth does prosper. ourselves have passed through. The resumption of specie payment Now go to England, and you will find there are two hundred and had no connection with the disasters to which he has referred. twenty-five millions of paper one hundred and eight millions of coin Mr. KELLEY. I beg the gentleman-- in the vaults of the Bank of England, between five hundred and six Mr. HARRISON. I wish now to make a few remarks myself. hundred millions circulating among the people in coin, in that little Mr. KELLEY. I ask leave of the gentleman to produce a work country where you can start from London and gO' to Inverness and which will not take three minutes. back again in less than forty-eight hours. , Mr. HARRISON. I will yield for that purpose. Mr. PRICE. Will the gentleman yield to me for a question f Mr. KELLEY. I happened to have gone, while my friend from Mr. HARRISON. Yes, sir. Iowa [Mr. PRICE] wa-s speaking, to the library, and I have in my Mr. PRICE. I wish to ask the gentleman whether I have misstated hands Tallis's Illustrated Atlas of Modern History of the World, edited the amounts per capita in England and in this country. by R. Montgomery Martin, esq.; published for John Tallis & Co., Lon- Mr. HARRISON. Yes, sir, I will show you how. In England they don and New York, 1851. I read from it the pertinent portion of a have two hundred and twenty-five millions of paper, one hundred table showing the year, the volume of bank paper in circulation, and and eight millions in the vaults of the Bank of England, five bun­ the effects. I find myself sustained by these figures and statements, dred and twenty-five millions circulating among the people. And which are as follows: that, sir, is considered as a very moderate estimate. You can divide that amonnt by the population of England and find the circulation per capita far greater than here. In this country we have six hun­ ______Y_oo __ r_·------~-B-~---~-a_pe_r_.j ______E_m_oo_~ __ • ______dred and seventy-one millions of circulation, for our coin cannot count in this country. Our gold is not money; it is simply a com­ 1818 ...•.• ·-·····--··· ········---····· $47, 727, 000 Prosperity. modity. It is held by banks and bullionists as a reserve. Ay, like 1819 . ....•••••. - -· ··--...... - ••••.. 41, 35a, 948 Distress. skillful commanders, they hold this reserve in hand, ready for that 1820 ...... ·--···· .. ·····-····· 35,129,405 Distress. fatal day in January, 187!'1, when it can be thrown with headlong fury 00 ~ 1821. •• - ...... ·····-·-····-·• • 28,699,500 Great distress ; connty 182-l ..... ·-···· ••••..••.••.. ••••••••• 26,743,260 5meetings calling for r~lief. upon t,he ranks of the terror-stricken debtor-upon the people; when 182:L ...... -·············-···· 29, 50~. 42-J mortgages can be foreclosed and the mortgagee alone can buy; when 1824 .••. ·--· -- ...... -· ...... ·-·.--. 33,124,658 ~ Great prosperity and spec. sheriffs and marshals can sell and judgment creditors alone can pur­ 1825 ...... - ...... ·---· ·-.. -. 34, 2-20, 738 S nla.tion. 18-26 .•• - ...... - •.••••• _ .. ___ - ...... 30,911,323 chase. .When the bondholder and the bullionist will be taken upon a high mount and will be told that all this grand country shall be his. And this time the devil will be able to deliver, and he will de­ Mr. BLAIR. I wish to ask the gentleman when specie payments liver. He will deliver t-o the men.who for years have been bending were resumed in England. the knee to the demon gold, the demon resumption, and the debtors. Mr. KELLEY. In 1823. The act passed in 1819 but went into effect The people will have no redress. in 1823. M:r. HAZELTON. Will the gentleman allow me to ask him where Mr. BLAIR. Mr. Speaker-- he gets those figures f I simply want to know for my own satisfac­ .Mr. HARRISON. I really cannot yield further. tion. Mr. BLAIR. It went into effect in 182'2 by its terms, but the bank :Mr. HARRISON. I acknowledge I am now taking them from mem­ resuqte(l May 17 1821. Prosperity and then inflation followed until ory. [Laughter.] I believe, however, they will be fouud to be ac­ 1825 and 1826. Prosperity followed resumption, and the collapse five curate. Not having Rtatistics before me I must trust to memory, and years later grew wholly out of causes arising subsequent to resump­ it is accurate enough to enable me to approximate to the exact fig· tion. urea-accurate enough for my argument. Mr. HARRISON. I did not intend to make a speech, but after the Now, to go to Germany. There they have two hundred and two speech to which we have list-ened from the gentleman from Iowa millions of paper, one hundred and fifty-four millions of coin in the [Mr. PRICEl I feel constrained to answer some of his arguments. The vaults, five hundred and twenty-five millions of coin circulating gentleman fet his eagle fly from the Atlantie to the Pacific, and takes among the people-eight hundred and eighty-one millions in all. the position that this country is not to be measured by other lands. And yet the gentleman from Iowa says that ours is the second gov­ Mr. Speaker, that is the misfortune in this country. We have been ernment in the world in respect to amount of circulation I Sir, I am constantly putting ourselves upon high places, and thanking God we speaking extempore. I had no idea of speaking on this question are not as other .men; that we, the great American people, are not to until a few moments since. But the gentleman from Iowa forces be governed by the rules that govern the people of other lands. We me to attempt to refute his arguments, and if he will·take his pencil imagine that we are a different people from other people, and that he can easily find, by comparing the acttial circulation in this land the system of finance which is proper in other lands is not proper in and in other countries with the respective populatiQn of the different .this. He tells us our land could hold any one of these foreign lands countries, that we have the smallest circulation of any of them, and and not miss the space it occupies; that a railroad train can rnn vastly the smallest; and yet, owing to our vast distances, owing to from one end of one of these lands to the other in a day, while here it the huge distances which must be traversed by bills of exchange­ would take ten days to perform the same feat. to say nothiug of the eagle the gentleman let fly-we require a pro­ Sir, France, with an area so small that n. locomotive can run from portionably larger per capita circulation. one end of it to the other between sunrise and sunset, yet has a bank Mr. PRICE. I do not want to controvert any position the gentleman circulation of five hundred and sixty-one millions, a paper never may assume, but. I p1ake this a-ssertion: I assert from figures obtained dishonored by the government that issued it; a paper that has been from authentic sources that Germany has a circulation of only 20 receivable from the first for every due that the government demanded per capita, that England has 21.45, and th~t we have $21.99. from the people; not a paper that a debtor may pay to his creditor Mr. HARRISON. I have not reduced the figures which are in my outside, but is refused by the government for ita own dues; a paper memory and are firmly fastened there-1 have not reduced them to that the government took and takes for its own debts, a paperil show the amount per capita; but if the gentleman will figure it out which, honored by the government that put it afloat, has been a according to the number of population in this country he will find I t.he time nearly at par with coin, and bas for two years been abso­ am correct. If he will drop his golden pencil and use a _poor man's lutely at par. There is in the Bank of France to-day two thousand Faber he will find I am correct. and odd millions of francs in coin, over $400,000,000; and circulating Mr. PRICE. You make your figures; I have got mine from au- among the people in coin between five hundred and eight hundred thentic sources. . millions of dollars, making in all between one thousand and twelve :Mr. HARRISON. This is in Germany; a country where you can hundred millions of coin and five hundred and sixty-one millions of by the postal service draw a bill of exchange by lightning that will paper; a grand total of from fourteen hundred and sixty-one mil­ be answered from one end of the country to the other; where tho lions to seventeen hundred and sixty-one millions of circulation in telegraph is a part of the postal service; where every village, ay, that little country of }..,ranee, where you can go from one end of every railway station bas its telegraph office; and· where twenty it to another with your bill of exchange in one day's time. And cents carry twenty words to any point in the German Empire. By yet we are asked here in America to resume specie payments, with the way, in England and France the same fact exists; where light­ six hundred and seventy-one millions of paper to be redeemed and ning is but little dearer than pen, paper, and ink. In Germany, a one hundred and fifty-one millions of coin among the people to redeem country you can reach every part of by going from the center through it with; with the acknowledgment by the Secretary of the Treasury either of its provinces in a single day; yet they hav.e eight hundred f,hat we may have-ay, may have! He thinks we will have by 1879 and twenty-two millions of currency in paper and coin, and we have two hundred and twenty-five millions of coin we are going to redeem six hundred and seventy-one millions. Six hundred and seventy-one in this countrf, this vast country over which the gentleman's eagle millions of money; six hundred aml seventy-one millions of the took as long a flight, so wearisome a flight, from the Atlantic to the people's money. The bullionist's gold, the _poor man, the debtor, the Pacific; and he says it will bring no distress! Ah, not No distress great toiling millions know only by traditton. Gold is the denizen 280 CONGRESSIONAL RECORD-HOUSE. NOVEMBER 7, of that to the millions of toilers terra incognita., the strong box of Mr. HARRISON. But you and the bulk of your party did not vote the Wall street bullionist. Six hundred and seventy-one millions for the silver bill. divided by forty-five millions of men inhabiting thirty-eight States, Mr. PRICE. I did. many «'f them as 1.'\rge as all England; many of them ·as large a.s all Mr. HARRISON. Then there is one step the gentleman has taken France, as large as all the states of the realm of Kaiser Wilhelm. on the right road. Go on, .and there will be hope that you may get Divide six hundred and seventy-one millions by forty-five millions, all right. and you have less than $15 per capita. And yet we are told we Mr. PRICE. We want plenty of silver dollars; that is what we can contract one-half, to seven and one-half dollars per capita, and want. we are told it will bring no distress. Great God I is bankruptcy Mr. HARRISON. Ay 1 Plenty of silver dollars. Bnt all the mints no distress f Is ruin, beggary, homelessness, rags, and famine no in all America cannot coin, before 1b79,·over $50,000,000. The silver distress f bill will do great good. It will be food for the imagination; and Now, s:r, let us look a little further and see what will be the e-ffect statesmen should legislate for the imagination as well as the juclg­ of the resumption of specie payments. ·we propose to redeem in ment. The silver biU will be such food. It is a step in the right 1879 six hundred and seventy-one millions of paper with one hundred direction. The laborer, the debtor, sees in it a glimmer oi hope that and fifty-one millions of coin to-dav in the country, and with the Congress is not body and soul the tool of the bondholder. hope expressed by Mr. Sherman and by the gentleman from Ohio [Mr. Sir, the gentleman says paper is to-day almost at par. That gold GARFIELD] that we will have two hundred and twenty-five millions. is only worth 1.0"2i; that we have almost reached hard-pan. Hard­ Sir, what will this country, ext-ending over such a vast area, do with pan I n.y, hard-pan to the idle millions of willing t.oilers. Hard-pau I fc25,000,000 for that purpose f Two hundred and twenty-five mill­ ay, hanl-pan to millions of hopeful men who are willing to work; ions to base a currency upon, when it is known that no country on who stalk about the country begging for leave to toil. Hard-pan! earth ever sustained specie payments of paper unless the value of its a.y, to the millions who crave bot to earn their bread, as God com­ currency was equal to the value of it.s coin. We did, before the war, mands, by the sweat of their brows; but in want of work are the re­ attempt to keep afloat paper, when the coin in the bank-vaults was cipients of charity or niggardly credit. Hard-pan to the millions of one-third of their circulation. And yet during the whole decade be­ hopeful men who have put their all into enterprises based npon prices fore the war there was as much coin in the United States as paper. which were the result of the inflation ; which ruled from 1S66 to 1869. One-third of that coin was in the bank-vaults, but outside, among Millions; ay, Mr. Speaker, millions of farmers, mechanics, house-build­ the people, there was coin enough, together with that in the bank­ ers, forest-cutters, and prairie-breakers, entered upon enterprises vaults, to make an amount greater than the paper in circulation. Be­ based upon those plethoric times. They have extended their notes. fore·the war there were two hundred and twenty-five millions paper They have hoped and hoped for better times. It is hard-pan indeed and two hundred and sixty-five millions of coin in bank-vaults and for these millions. . in circulation. And yet, every ten years we had panics which forced But the fat bullionist leans upon his strong box, and blandly tells suspension of specie payments. .And now, with all this knowledge, 118 these men ought not to hs.ve gone in debt. They deserve to suffer. it is proposed that we shall go on and resume, and the Secretary He pats his rounded vest, locks his box, and with a. gentle '' tra-la­ of the Treasury sa.ys that be will be able to resume in 1879, when he la" saunters off to Delmonico's to dine on terrapin and reed-birds, has the history of the world before him, showing that it will bring and washes from his mind all thought of the starving, suffering mill­ destruction to every man who owes a dollar in this land. ions in Burgundy at 10 a bottle. In 1!:169, as a Senator from Ohio, he drew a -picture of what was to Sir, they tell 118 gold is only 2i above paper. Yes sir; and gold follow the terrible catastrophe of declaring a day for specie resump­ was only 5 per cent. above paper in 1818 in England, and Ricardo tion. He pictured what would follow in the wake of that act. He said that 5 per cent. was the measure of the contr'lction necessary to showed that every man who owed a hundred dollar8 would have to bring resumption. That 5 per cent. eliminated not only all the paper pay $125 and that every man who owed a hundred bushels of wheat but nearly all the gold from trade. That 5 per cent. banished confi­ would have to pay one hundred and twenty-five bushels. Every man dence from the British Isles, and but for orders in council would who had bought a farm and had paid one-fourth of the debt would probably have.driven the king from his throne. lose the whole. And yet that man who had so read history and under­ Sir, before the war we had in the Northwest a paper circulation stood what must be the effect of fixing an arbitrary day for resump­ which was generally less than 1 per cent. under par. Yet not one of tion is to-day relentlessly and remorselessly urging specie resumption, the banks which issued that paper considered it safe to issue a five­ when he knows that the very bone and sinew of the land, that class dollar bill. They issued ones and twos; so that when the broker that builds our railroads and sets in motion our machinery, the hop~? came to the counter for gold the teller could spend a day in paying ful, ener~etic class, «W"er with .something in view, ever struggling to out .a hundred or so dollars. When a depositor took his money to his n.dd to tue world's wealtli, the men who move the material world, bank the teller sorted it as a huckster sorts his apples, so that he who set its furnaces afire and discharge all the most important duties could put in one pigeon-hole the notes of banks worth par, in an­ of labor, will be ruined by such an act. • other the notes worth a quarter less than par, and so on. '!'hose The gentleman from Pennsylvania has spoken of the history of which were 1 per cent. below par be sent off for gold, or eastern ex­ England from 1819 to 1825, nnd he has already taken away from me the change, which was the same thing. point I desired to make, for he read what I intended to quote from Now, sir, in 1879 Mr. Sherman resumes. The banker will sort his memory. In 1818 there were nearly fifty millions in the Bank of money. His greenbacks he will put in one drawer, his national bank­ England; in 1819 there were forty millions, and the reduction went notes, of banks near by, in another, those of far-off banks in another. on st-ep by step until in 1821 the amount had been red need to twenty­ He will send his greenbacks and get gold. If gold is worth 1 per eight millions. Sir, what was the result of this fearful contraction f cent. premium, he can send his notes from Cinncinati, Saint Louis, :Mr. Allison tens 118 that ruin spread abroad in England. The Bank and Chicago to New York and ~et gold, sell it and get his return in of England discounts fell from one hundred and three millions in five days. In thirty days he w1ll make 6 per cent. If gold is t per 1815 to twenty-three millions in 1820, and then sank in 1821 to thir­ cent. premium, he will make in thirty days 3 percent. If it is worth teen millions. The small farms were sold, so that to-day 36,000 Eng­ t per cent. he will make lt per cent. Sir, what legitimate business, lish landholders own the 1.'\nds which fell into their hands in that even in good times, can compete with such interest 7 disastrous era. We are to be driven on to this stllte of things in thls The national banks will have to redeem in greenbacks, so that <'.ountry, because we are now told we must not vtolate the plighted national-oank notes will be worth but little under greenbacks. One­ faith of the Government._ Ay, it is plighted faith to the bondhold­ half per cent. premium, when the United States shall be the payer­ ers. Bot there is implied always an obligation on the part of tbe payer of large notes-will be difference euou~h between gold and Government to protect the interests of t.he laborer. There is a paper to drive out of existence nearly all the circulation. And then plighted faith to him. The rich can protect themselves. The Gov­ we will reach hard-pan indeed. And then one wail will be heard from ernment alone .can protect the poor. But here every obligation one end of the land to the other. A wail, not from railroad employ~s, appears t.o be upon the poor mali and running to the rich man. Sir, but from every class of laborers. A wail which will soon be turned England had its strike, and a large addition had to be made to its to curses. Curses deep, long, bitter! volunteer force to keep the peace. We bad a strike here this year, Sir, I plead to the East not to press this people too far. The pulpy and I tell gentlemen, if this thing is not stopped-! inake no threat, worm will turn upon the foot which presses it. Bewo.re of a people but I make a prophecy-that the people of the West will never sob­ crushed too far! a people who have the power, a people who a.re tho mit to the people of the East in robbing them for the benefit of the governors of this land: the holders of the ballots. The West plends bondholders. to the East. The people plead. They tell you they aro patient, but Mr. PRICE. I desire to ask t.he gentleman a plain question. I think not that Delilah h::IB shorn them of all their locks. Their locks want to know whether the laboring-man will not feel a.~ good when a.re upon brawny shoulders. Your temple may be upon solid rock, he gets a dollar worth one hundred cents as when he gets .one worth but its pillars are neither so strong nor so far apart that they cannot ninety-seven cents f reach them. Beware lest you laugh not too loud at their eyeless Mr. HARRISON. Ay I But I call to mind the fact that the gen­ agony, for in their hungry famine they may reach out their arms and tleman did not vote for the silver bill. He Mys to the laboring-man, cr118h yon and your golden fabric. Take your dollar for your hard day's work in two half-dollars, worth Georgia lately repudiated a debt fastened upon her by fraud. The ninety-one Cf'

tocracy. Let them remember that republics tum not to empires, Mr. CONGER. Let that resolution lie over. except through a baptism of blood. Mr. GIBSON. If it is objected to, I will ask that it be referred to Mr. KELLEY. I move that the Honse do now adjourn. the Committee on Rnles. PAY OF THE LATE CHAPLAL.~. Mr. CONGER. Let it be rea-d again; I do not know that I under- stood it. Mr. TUCKER. I ask the gentleman to withdraw that motion. The resolution was again read. Mr. KELLEY. I withdraw it. Mr. CONGER. I have no objection to it. Mr. TUCKER. Then by unanimous consent I introduce a joint The resolution was adopted. resolution (H. R. No. 38) authorizing the payment of Rev. JohnPoisal, Mr. GIBSON moved to reconsider the vote by which the resolution D. D., late Chaplain of the House of Representatives, for the time was adopted ; and also moved that the motion to reconsider be laid on of bis service as such, without taking the oaths prescribed by law. the table. The joint resolution was read a first and second time. It provides that the Clerk of the Honse of Representatives be authorized to The latter motion was agreed to. pay out of the fund appropriated for that purpose to Rev. John MARY D. DUNCAN. Poisal, D. D.,· late Chaplain of the Honse, of Representatives, the Mr. WILLIS, of Kentucky, by unanimous consent, introduced a bill salary provided for Chaplain of the House, by law, from the 15th day (H. R. No. 1223) for the benefit of Mary D. Duncan, of Louisville, of October, 1877, the date of his election, to the 7th day of November, Kentucky; which was read a first and second time, referred to the 1877, the date of his resignation; it appearing by the Journal that Committee on War Claims, and ordered to be printed. be has, without taking the oaths required by law, entered upon and discharged the duties of said office during that period. WILL R. HERVEY. The joint resolution was ordered to be engrossed and read a third Mr. WILLIS, of Kentucky, also, by unanimous consent, introduced time ; and it was accordingly read the third time and passed. a bill (H. R. No.1224) for the relief of Will R. Hervey; which waa Mr. TUCKER moved to reconsider the vote by which the joint read a first and second time, referred to the Committee of Claims, and resolution was passed; and also moved that the motion to reconsider ordered to be printed. be laid on the table. ROSA VERTNOR JEFFREY. The latter motion was agreed to. Mr. BLACKBURN, by unanimous consent, introduced a bill(H.R. CUSTOM-ROUSE COl\11\fiSSIONS. No. 1225) for the relief of Rosa Vertnor Jeffrey, of Kentucky; which The SPEAKER, by unanimous consent, laid before the House a was read a first and second time, referred to the Committ-ee on War letter from the Secretary of the Treasury in reference to the compen­ Claims, and ordered to be printed. sation of the commissions to examine the custom-houses of the prin­ A. S. BLOOM. cipal ports of the United States; which was referred to the Commit­ Mr. BLACKBURN also, by unanimous consent, introduced a bill (H. tee on Appropriations. R. No. 1226) for the relief of A. S. Bloom, late a major in the Seventh DEFICmNCY IN EXECUTIVE OFFICE. Kentucky Volunteer Cavalry; which waa read a. first and second time, The SPEAKER also laid before the House a letter from the Secre­ referred to the Committee on Military Affairs, and ordered to be tary of the Treasury, transmitting an estimate of appropriation for printed. · deficiencies in salaries aml contingent expenses in the Execut.ive W. H. GRAY. Office for the fiscal year ending J nne 30, 1878; which was referred to Mr. BLACKBURN also, by unanimous consent, introduced a bill the Committee on Appropriations. (H. R. No. 12"27) for the relief of William H. Gray, of Kentucky; LEAVE OF ABSENCE. which was read a first anct·second time, referred to the Committee of Mr. CHALMERS was granted a leave of absence for one week. Claims, and ordered to be printed. WITHDRAWAL OF PAPERS. D. W. PRICE AND THOMAS· AKERS. 1\Ir. TOWNSEND, of New York. I ask consent to have the papers Mr. BLACKBURN also, by unanimous consent, introduced a bill relatino- to the claim of William A. Mann withdrawn from the files (H. R. No. 1228) for the relief of D. W. Price and Thomas Akers; of the House and referred to the Committee of Claims. There has which was read a first and second time, referred to the Committee of been no adverse report. Claims, and ordered to be printed. The SPEAKER. That can be done, under the rule, without action PAY OF PAGES OF THE HOUSE. of the House. Mr. DAVIS, of North Carolina, by unanimous consent, submitted NAVAL DEFICIENCY APPROPRIATION BILL. the following resolution ; which was read, conside:J:ed, and referred ·Mr. BLOUNT, from the Committee on Appropriations, reported :l. to the Committee of Accounts: bill (H. R. No. 1220) to provide for certain deficiencies in the pay of .Re8olved, That the Clerk of the House of Representatives be, and be is hereby, authorized to pay out of the contingent fund of the Ho1186, to the following-named the Navy and the pay of the Ma.rine Corps, and for other purposes; pages, for services rendered from October 15, 18i7, to November, 1, 1877: F. A. which was read a first and second time, and ordered to be printed. Wright, B. Whitley; and to G .. H. Weber for five days. Mr. COX, of New York. I desire to reserve all points of order on the bill. ~IARCUS DE MOSS. The SPEAKER. They will be reserved. Mr. FINLEY, by unanimous consent~ introduced a bill (H. R. No. Mr. BLOUNT. I move that the bill be referred to the Committee 1229) granting a pension to Marcus De Moss, of Ohio; which was of the Whole on the state of the Union; and I give notice that I will read a first and second time, referred to the Committee on Invalid Pen­ ask its consideration as soon as the Army appropriation bill has been sions, and ordered to be printed. disposed of. SETTLERS ON RAILROAD LANDS. The bill was accordingly referred to the Committee of the Whole Mr. BLAIR, by unanimous consent, introduced a bill (H. R. No. on the State of the Union. · 1230) to facilitate the sale and settlement of the public lands granted JOHN M. WARD. to aid in the construction of railroads and lines of telegraph; which 1\Ir. HARRIS, of Georgia, by unanimous consent, introduced a bill was rend a first and second timo, referred to the Committee on the (H. R. No. 1221) for the relief of John M. 'Vard, late postmaster at Pacific Railroad, and ordered to be printed. West Point, in Georgia; which was read a first and second time, re­ ROBERT SCOTT. ferred to the Committee on the Pos~O.fficeand Post-Roads, and ordered to be printed. Mr. NEAL, by unanimous consent, introduced a joint resolution (H. R. No. 40) instructing the Secretary of War to correct the enroll­ CLAIMS BEFORE MEXICAN MIXED COMMISSION. ment of Robert Scott, Compa,ny F, Twenty-seventh Regiment Ohio Mr. FORNEY, by unanimous consent, introduced a joint resolution Volunteer Infantry; which was read a first and second time, referred (H. R. No. 39) in relation to suspending payment of the claims of Ben­ to the Committee on Military Affairs, and ordered to be printed. jamin Weil, No. 447, and the La Abra Silver Mining Company, No. 489, in the American docket of the late joint commission of the United LEGAL-TENDER NOTES REDEEl\I.AlJLE IN COIN, States and Mexico; which was read a first and second time, referred Mr. BAKER, of Indiana, by unanimous consent, int.roduced a bill t;o the Commrt.tee on Foreign Affairs, and ordered to be printed. (H. R. No. 1231) to authorize the issue of legal-tender notes, redeema­ ASSISTANT JUDGE-ADVOCATE. ble in coin on demand, in payment for golil or silver bullion deposited at the mints of the United States, and for other pnr.poses; which was Mr. COX, of Ohio, by request and by unanimous consent, introduced read a. first and second time, referred to the Committee on Banl."ing a bill (H. R. No. 122"2) to authorize the appointment of an assistant and Currency, and ordered to be printed. judge-advocate in tho United States Army; which was read a first and second time, referred to the Committee on Military Affairs, and JOHN WHITTAKER. ordered to be printed. Mr. WILLIAMS, of 'Visconsin, by unanimous consent, introduced a bill (H. R. No. 1232) authorizing the Secretary of t-l1e Treasury to COMMITTEE ON MISSISSIPPI LEVEES. adjust the claim of John Whittaker against the United Stat-es; whieh Mr. GIBSON. I ask unanimous consent to introdnco, for considera­ was read a first and second time, referred to the Committee on Com­ tion at this time, the resolution which I send to the Clerk's desk. merce, and ordered to be printed. The resolution was read, as follows: . CHL.~SE IMMIGRATION. Resolved, That the Committee on Levees shall be styled Committee on Levees nnd Impro'>ement of tho Mississippi Rh·er. Mr. PAGE, by unanimous consent, presented an address to tho peo- 282 CONGRESSIONAL RECORD-HOUSE. NOVEMBER 7,

ple of the United States, prepared by the senate of California, with MEDICAL ~"D SURGICAL HISTORY OF THE WAR. reference to the social, moral, and political effect of Chinese immi­ • Mr. BLACKBURN, by unanimous consent, submitted the following gration; which was referred to the Committee on Education and resolution; which was referred, under the law, to the Committee on Labor, and ordered to be printed. Printing: liER.\LL.""i E. DAVIDSO!'i AND OTHERS. Jleaolved, That 4,500 additional copies of the Medict\l a.nd Surgical History of the Mr. DANKS, by unanimous consent, introduced a bill (H. R. No. War be printed for the use of the members of this House. 1233) for the reUef of Herman E. Davidson and heirs of Charles H. Mr. KELLEY. I move that the Honse adjourn. D::widson; which was read a first and second time, referred to the The motion was agreed to; and accordingly (at four o'clock and Committee on Patents, and ordered to be printed. five minutes p.m.) the House adjourned. JOHN H. M'COR~flCK.. :Mr. BANKS also, by unanimous consent, submitted the following PETITIONS, ETC. resolution; which was referred to the Committee of Accounts: The following petitions, &c., were presented at the Clerk's desk, under the rule, :md referred as stated: Resolved, That there be paid out of the contingent fund of the House to John II. McCormick, for services as deputy in the office of the Sergeant-at-Arms the sum By the SPEAKER : The petition of Huldah Palmer, for a pension­ of $.)10, one buntlred and· two days' services, at $5 per day, from the 5th day of to the Committee on Revolutionary Pensions. March until the 14th day of June, 1877, inclusive. Also, the petition of Augustine Hennessey, for a pension--to the Com­ mittee on Invalid Pensions. STATEl\1E~ OF A VOTE. By Mr. BANNING: The petition of P~ter F. Bacon and other citi­ Mr. HANNA. The other day when the "sihrer bill," as it is called, zens of the District of Columbia, for the appointment of a commis­ was voted upon I was absent l>y direction of the Honse as one of the sion to report a plan for the improvement of the system of drainage committee to attend the obsequies of the late Senator Morton. I and sewerage for the ci1iy of Washington-to the Committee for the desire to say that if I had been here I should have voted "ay" District of Colombia. upon that bill. By Mr. CABELL: Papers relating to the claim of Abram H. Herr JAMES 1\I. JOHNS. for the use and occupation of his property by United States authori­ Mr. BLACKBURN, by unanimous consent, submitted the following ties-to the Committee on 'Var Claims. resolution ; which was referred to the Committee of Accounts: By Mr. CALDWELL, of Kentucky: Papers relating to the claim Jleaolved, That the .Clerk of the Honse of Represent..'l.tives be, and be is hereby, of George D. Blakey, to be reimbursed for funds taken from his dep­ authorized and directed to pay to James M. Johns t·he sum of e50, for services as uties by confederate .soldiers-to the samo committee. meBSenger on the floor of the Honse from October 15 to November 1, 1877. By Mr. DAVIS, of California: Two petitions of California laborers l'offiDICAL OFFICERS OF THE .AIUIY. and mechanics, for the enforcement of the eight-hour law-to the Mr. WOOD, by unanimous consent, sobmit.ted the following reso­ Committee on Education and Labor. lution; which was referred to the Committee on Expenditures in the By Mr. DUNNELL: The petition of H. K. Belding, for compensa­ War Department: tion for carrying United States mn.ils bet\veen the years 18iB and Jleaol'Oed, That the Secretary of War be requested to furnish the House of Rep· 1862--to the Committee of Claims. resentatives at the earliest practicable moment the following information: By Mr. FINLEY: The petition of :Marcus De :Mass, for a. pension­ The number of commissioned medical officers of the United States Army now to the Committee on Invaliu Pensions. on duty in the District of Colombia; the name, ran.k. and pay, rations and emoln· menta (in kind or commuted) of each; the gros.'l commutation, value of all emolu­ By Mr. FRYE: The petition of John Holland, for a pension-to ments of each, the cost to the Government pf such rations or emolument.s as are the Committee on Revolutionary Pensions. not commuted; the duty to which each officer is assigned, and the time he has Dy Mr. GIBSON: Memorial of citizens of Louisiana, and of the been assigned thereto; aml the difference in pay, rations, or omolnments (in kind city government of New Orleans, and of ·the incorporated institu­ or commuted) in each case between the present station of each officer, and of the same officer if stationed on the frontier. tions of that city, for the grant of certain lands to the New Orleans The number of contract surgeons now employed in the District of Columbia; the and Pacific Railway Company-to the Committee on Railways and name, rank, pay, rations, and emoluments (whether in kind or commuted} of each, Canals. · the dnty to which each is assipted, and the times he has been assigned thereto; By Mr. GIDDINGS: Papers relating to the claim of Marcos Red­ whether any, and, if so, whicn of said contract surgeons are engaged in private practice, and, if so, to what extent. . ick, a subject of Montenegro-to the Committee on Foreign Affairs. The number of contract surgeons employed by the Sorgeon·General of the Also, papers relating to the claim of. the legal representa.ti ves of Army who are not graduates in medicine, giving the same information in each David G. Burnet for timber taken by United States troops in the case as is requested in the preceding paragraph, and in addition thereto the rea­ year 1849-to the Committee of Claims. son for the employment and assignment in each case. By Mr. HENKLE: Papers relating to tbe claim of George and John PAY OF SOUTHER!'i MAIL CONTRACTORS. W. Railey for property taken by the United States authorities-to Mr. MONEY, by unanimous consent, introduced a bill (H. R. No. the Committee on War Claims. 1234) to amend so much of an act entitled "An act making appropri­ By: Mr. HOOKER: The petition of Victoria L. Brewster, for a. ation for sundry civil expenses of the Government for the fiscal year pension-to the Committee on Invalid Pensions. ending June :30, 1878," as provides for paying certain ma.il contract­ By Mr. HUNTON: Papers relating to the claim of Joseph Mark­ ors of the Southern States for services prior to the late war; which ham for property taken by the United States Army-to the Com­ was read a ftrst and second time. • mittee on War Claims. Mr. MONEY. I ask the reference of this bill to the Committee on By :Mr. JONES, of New Hampshire: Papers relating to the peti­ the Post-Office and Post-Roads. tion of Rebecca Remick for arrears of pension-to the Committee on The SPEAKER. This bill relates to the transfer of an appropria­ Revolutionary Pensions. tion made in the &undry civil appropriation act of last session, and By 1\.lr. KIDDER: A paper relating to the esbblishment of a. post­ according to the ordinary course it should go to the Committee on route from Sioux Falls to Fort Thompson, Dakota. Territory-to the Appropx;ations. ' Committee on the Post-Office and Post-Roads. ' Mr. :MONEY. Other bills on the same subject have been referred By Mr. KNAPP: The petition of citizens of IHinois, for the repeal of to the Committee on the Post-Office and Post-Roads. the resompt.ion act--to the Committee on Bankin~ and Currency. The SPEAKER. If there be no objection, the reference suggested By Mr. LANDERS: Papers relating to the petition of S.M. Norton, by the gentleman will be made. postmaster at Bristol, Connecticut, to be reimbursed moneys paid on There being no objection, the bill was referred to the Committee money-orders of the Post-Office Department which were burned-to on the Post-Office and Post-Roads, a.ntl ordered to be printed. the Committee of Claims. • By 1\.lr. LORING: The petition of Mary Jane Marston and other PAY OF TEMPORARY PAGES. heirs of Nicholas Fouquet and M!llk Fonquet, to be paid the amount Mr. SPRINGER. I ask unanimous consent to offer for reference to due th~m for services rendered during the revolutionary war-to the the Committee of Accounts the resolution which I 86nd to the desk. Committee on Revolutionary Pensions. . The Clerk read as follows: By .Mr. MAGINNIS: Papers relating to th~ petition of United Jleaolved, That the Clerk of the Honse of Representatives be, and he is, authorized States Marshal William Wheeler for relief-to the Committee of and directed to pay, out of t.he contingent fnncl of the Honse, the following-named pages for serv1ces from October 15 to October 31, inclusive: James W. Friend, Claims. Frank Duncan, Arthur May, Frank Sebrin"', Frank Ailgercr, H. Schultes, T. G. Also, papers relating to the claim of Paul..!IcCormick:_to the sa.mo Bryan. Edward Yost, Harry Blacklock. E'award Donogbue, Graham L. Gordon, committee. Edward Finley, Charles Waller, F1'llllk Donnelly. By 1\.lr. McMAHON: The petitions of John Danlon and George W. 1\.lr. SAYLER. I unrlerstand that there is some contention among Stiles, for pensions-to the Committee on Invalid Pensions. the boys as to this matter; that others besides those named in this Also, the petition of soldiers of the National Military Home at Day­ resolution are as much entitled to pay as those speciftcally mentioned. ton, Ohio, tha.t D. M. Herron be granted a. pension-to the same com­ I understand too that there are other instances of the same kind with mittee. regard to employ~ about the Honse. 'It seems to me the entire By :Mr. MORSE: Memorial of E. H. Stevens and Thomas S. Rhett, matter should be referred to the Comniittee of Accounts for investi­ administrators of W. H. Stevens, to be reimbursed certain losses gation, without designating :my particular persons t9 be paid. incurred by the action of the Republic of Mexico-to the·Committee Mr. SPRINGER. J ask, then, that the resolution be referred to the of Claims. Committee of Accounts with instructions to consider any other caees By Mr. PAGE: Papers relating to the claim of Christopher Green of similar kincl. and Hugh C. Trainor for reimbursement for loss on Army beef con­ There being no objection, it was ordered accordingly. tract-to the same committee. 1877. CONGRESSIONAL RECORD-SENATE~ 283

By Mr. STEPHENS, of Georgia: Papers relating to the claim of Mr. COCKRELL, from the Committee on Claims, to whom was Edward Gallaher for compensation for use of buildings by the United referred the bill (S. No. 99) for the relief of the estate of Amos Ire­ States Army-to the Committee on War Claims. lal;ld, deceased, reported it without amendment, and submitted a Also, papers relating to the claim of Elizabeth D. and Ann Frobel report thereon; which was ordered to be printed. for pay for supplies taken by the United States Army-to the same Mr. HAMLIN, from the Committee on Post-Offices and Post-Roads, commit.tee. to whom was referred the bill (S." No. 83) for the relief of Edwin By Mr. THROCKMORTON: Papers relating to t~e claim of Joseph Rogers, reported it without amendment, and submitted a report Clymer for amount doe on a contract for transportmg Army stores­ thereon; which was ordered to be printed. . to the Committee of Claims. lli. HOWE, from the Committee on Foreign Relations, to whom By Mr. VANCE: A paper relating to the establishment of a post­ was referred the bill (S. No. 24) for the relief of Michael Fenten­ route from Burnsville to Green Mountain, Nort.h Carolina-to the beime, a citizen of Fran.ce, asked to be discharged !rom its fm:ther Committee on the Post-Office and Post-Roads. consideration, and that It be referred to the Committee on Claims; By Mr. WALKER: Papers relating to the claim of P. G. Coglau which was agreed to. · for pay for property seized by United States authorities-to the Com­ BILLS INTRODUCED. mittee on War Claims. Mr. GARLAND asked, and by unanimous consent obtained, leave By Mr. WILLIAMS, of Wisconsin: Papers rebting to the claim .of to introduce a bill (S. No. 218) to create a circuit court for the dis­ E. T. Pilkinton for pay for revenue-stamps burned-to the Comnut­ tricts of Arkansas, and for other purposes; which was read twice by tee of Claims. its title, and referred to the Committee on the Judiciary. Also papers relating to the petition of the Brothertown Indians He also asked, and by unanimous consent obtained, leave to intro­ that they be granted patents to certain lands-to the Committee on duce a bill (S. No. 219) to establish the judicial district of Okla.hom:J.; Indian Affairs. which was read twice by its title. Also, papers relating to the petition of James H. Cook for a pen­ Mr. GARLAND. I suggest that this bill be referred to the Com­ sion-to the Committee on Invalid Pensions. mittee on the Judiciary. Also, papers relating to the petition of Dabney 'Valker for com­ Mr. INGALLS. A similar bill has been referred to the Committee pensation for services as a scout ancl guide in the army of the Poto­ on Indian Affairs. Both bills ought to go to the same committee, mac-to the Committee on War Claims. either to the Committee on the Judiciary or the Committee on Indian Also, papers relating to the pet.ition of pbarles W: ~ood for!' cor­ Affairs. rection of his Army record-to the Commtttee on Mthtary Affa.trs. Mr. GARLAND. This is not ex~\ctly the same bill as the one to Also, papers .relating to the claim of J o~~ L. ~iliiams for compen­ which the Senator refers; but I have no objection to its reference to sation for semces rendered by Eleazer Williams rn the war of 1812- the Committee on Indian Affairs. to the Committee on Indian Affairs. . The VICE-PRESIDENT. The bill will be referred to the Commit­ Also, papers relating to the petition -for relief of Mathew Hulzer­ tee on Indian Atfairs, as suggested by the Senator from Kansas, if to the Committee on Military Affairs. there be no objection. Also, the petitions of .Matilda Shields and Mary Jane Vel'l.zie, for Mr. ANTHONY asked, and by unanimous consent obtained, leave compensation for the rent, or,cupation, and destruction of property to introduce a bill (S. No. 220) to authorize the Secretary of the Treas­ by the United States-to the Committee on War Claims. ury to purchase a lot of land fur the nse of the Government, in Prov­ By Mr. 'VILLIS, of Kentucky: The petitions of Sarah Woodall idence, Rhode Island; which was read twice by its title, and referred and Nancy Hughes, for pensions-to the Committee on Invalid Pen­ to the Committee on Public Buildings and Grounds. sions. :Mr. EDMUNDS asked, and by unanimous consent obtained, loavo Also, the petition of Blu.nton Duncan, trustee, for compensation for to introduce a bill (S. No. 221) granting a pension of .)()a mouth to the nse and destruction of certain property in Columbia, South Caro­ Mary Kirby Smith Eaton, during her widowhood; which was read lina, by the United States Army-to the Committee on War Claims. twice by its title, and ·referred to the Cotn.miiitee on Pe~ions. Also, the petition of William Cornwall, for the passage of the bill :Mr. ?!IAXEY asked, and by unanimous consent obtamed, leave to (H. R.No. 354) to regulate commerce among the States-to the Com­ introduce a bill (S. No. 222) for the relief of Henry Warren; which mittee on Commerce. was read twice by its title, and referred to the Committee on Claims. Mr. WITHERS asked, and by unanimous consent obtained, leave to introduce a bill (S. No. 2'.J3) granting a pension to Janet Scott West; which was read twice by its title, and, with the accompany­ ing letter, referred to the Committee on Pensions. IN SENATE. Mr. CAMERON, of Wisconsin asked, and by unanimous consent obtained, leave to introduce a bill1 (S. No. 224) to aid the Winnebago THuRSDAY, November 8,1877. Indians of Wisconsin to obtain subsistence by agricnltnral pursuits, Prayer by the Chaplain, Rev. BYRON SUNDERLAND, D. D. and to promote their civilization; which was read twice by its title, The Journal of the proceedings of Tuesday last was read and and referred to the Committee on Indian Affairs. approved. :Mr. INGALLS asked, and by unanimous consent obtaiued, leave to PETITIONS AND MEMORIALS. introduce a bill (S. No. 225) to repeal an act entitled " An act for the relief of Nancy S. Ledford," approved March 3, 1871; which was Mr. INGALLS presented the petition of Hiram M. Howard, of Shaw­ read twice by its title, and referred to the Committee on Pensions. nee County, Kansas, praying for a pension; which was referred to He also asked, and by unanimous consent obtained, leave to intro­ the Committee on Pensions. duce a bill (S. No. 226) to repeal an act entitled "An act to incorpo­ Mr. WITHERS presentedar Keys, Florida, during the to introduce a bill (S. No. 229) for the relief of the Deposit Savings late war; which was referred to the Committee on Claims. Association of Mobile, AJaba.ma; which was read twice by its title, Mr. MORGAN presented the petition of R. Cunningham and others, and referred to the Committee on Claims. of Monroe County, Alabama, praying for an appropriation by Con­ Mr. MERRUION asked, and by unanimous consent obtained, leave gress for the improvement of the navigation of Mobile Bay; which to introduce a bill (S. No. 230) to authorize and enable the eastern was referred to the Committee on Commerce. Mr. HOAR presented the petition of Herman E. Davidson, of Glou­ l:mnd of the Cherokee Indians to institute and prosecute a suit in the cester Massachusetts, praying for the extension of a patent for a cer­ Court of Claims acrainst the Cherokee Nation; which was read twice tain ehema syringe; which was referred to the Committee on Patents. by its title, and r~erred to the Committee on Indian Affairs. Mr. HOAR asked, and by unanimous consent obtained, le~ve to REPORTS OF COMMITTEES. ' introduce a bill (S. No. 231) for the relief of Herman E. Dav1dson, Mr. CAMERON, of Wisconsin, from the Committee on Claims, to and the heirs of Charles Ii. Da.viuaon; which was read twice by its whom was referred the petition of Christian C. Bowers, widow of title, aml referred to the Committee on Patent~. Giles Bowers, deceased, praying compensation for property taken and Mr. GORDON asked, anrl by unanimous consent obtained, ]c(tve to appropriated by United States forces during the late war, submitted introduce a bill (S.No. 2:32) for the relief of Samuel Noble; which was an adverse report thereon; which was ordered to be printed, and the read twice by its title~ and referred to the Committee on Claims. committee were disch:tTged from the further consilleration of the .Mr. ANTHONY a.sked, and by unanimous consent obtained, leave petition. to introduce a joint resolution (S. R. No. 3) authoriz~g Commander