Rensselaer Republican, Volume 20, Number 32, Rensselaer, Jasper County, 12 April 1888 — THE FIFTIETH CONGRESS. [ARTICLE]

THE FIFTIETH CONGRESS.

In the Senate, on the 3d, Riddleberger attempted to get his resolution adopted providing for open sessions of the Senate on the consideration of the fisheries treaties, and after a lengthy debate it was referred to the committee on foreign {.relations. The bill providing for the purchase of bonds with the surplus was considered at great length. ' ■ . / The House considered the bill to refund the special war ta<to the States. Several bills from the committee on military affairs were passed. A bill was passed retiring Alfred Pieaaanton with . the rank of Colonel. The Senate, on the 4th, resumed consideration of the bond purchare bill. Teller denied that the b‘ll. if pasted, would put the country on a silver basis with gold at a premium, or that the relative value of coined silver or bullion would be altered. Sherman attributed the present situation to the failure to purchase bonds as allowed under the law questioned by the administration, and the refusal of the House to pass the Senate bill allowing the issue of National bank n tes to the full amount of the bonds deposited. Now a deposit of 8130 was required for an issue of 890. This was what caused the reduction of the circulation by 8170,09 ',OOO. In the course of this reduction $102,000,000 of U. 8. bonds had been placed in the reasury, thus causing double contraction, for which the Democratic party alone was to blame. Even now the entire circulation is 81,000,000,000, or more than the National debt. As for the gold flowing into the treasury, that was because the balance of trade has been in favor of the United States. Ever since the resumption of specie payment, gold has poured in, the result of a sound financial policy. He wished to defend the National banking system, which the Democrats were trying to overthrow. The coinage of silver cost 1% per cent., besides transportation, etc.; the National bank currency costs nothing; yet the Senate was asked to exchange the latter for the former in this hurried manner. It waa unwise. In the near future National banks would disappear, because there would be no Government bond-ion which to base circulation. Then the Government would have to find some form of dreulation, as silver certifieatee, ’gold certificates, etc. He was not opposed to {silver, and believed in its being kept on a par with gold. No one Government, however could bring silver and gold together, and the United States, if they tried it, jwould reach finally a silver basis, and all know what that would mean. Silver certificates should be based upon. bullion at its m arket value and those could circulate without change in ratio. Mr Reagan's proposition wou’d dissipate the gold and drive it abroad to be hoarded. Then, should a ‘‘Black Friday” come, there would be a gap between bullion would beat a premium. He was willing to help to maintain silver at par with gold until all nations of the world jointly fixed a ratio. Allison raid circulation was increasing by the use of silver certificates, and expansions and contractions of $2,000,000 a month were occurring without harm. Much of the surrender of national bank circulation was because now many banka could receive

government deposits of Hl# on * 4 per cent bond whoee market value ie 1125, while they could get but 190 circulation. This aot of the aecveiary of the treasury had eauaed much contraction, and he waa glad the policy had been atopped. He could not My what would should we so change our revenue laws as to mske tbe balance of trade against us, as we would then be a debtor Instead of aer editor nation. He did not believe the added eriatge proposed would have tbe slightest harmful effect. r . « In tue House alter the reading of theCJournal ah effort was made by the friends of the special order—the direct tax bill—to make an arrangement by which a final vote upon tbe meature would be injured to-day at 5 o'clock, but Mr. Breckinridge (Ark.) objected to the proposition. Mr. E. B. Taylor (O ) thereupon moved to limit general debate to one boar. The opponents of tfce bill then resorted to flllibusteriug tactics. The entine day waa eonaumed in voting upon dilatory motions submitted by opponents of tbe bill and it was not until 2:45 a. m., on th; sth that adjournment could be had. In the Senate, on tbe 6th. after several minor matters were disposed of, Mr. Wltoon (la.) proceeded to submit some remarks upon the President's annual message He quoted figures showing the total surplus of the last three years n be 178,000,000, or 169,000,000 a year. This latter amount was the one to be considered in reducing the revenues. He admitted that the amount collected should be reduced, but the present prosperous condition of the country was due to the efforts of the Republican party. True tbe railroad grant poliny was a bad one, but that was something in w hich tbe Republicans bad followed tbe Democratic footsteps without due consideration. He denied that the proper way to reduce the revenue was by cutting duties on imports, and then proceeded to argue in favor of the abolition of the tax on liquors. He also suggested the removal of the duty on sugar and molasses from countries not charging and export duty,and then tbe adoption oi the bounty plan as to sugar produced in the United States. He also discussed the wool question, charging that the reduction of tbe duty had already reduced production 48,000,100 lbs. in three years. In conclusion he announced himielf as specially and strongly in favor of the removal of the tax on liquor. The Senate then took tip the bill to provide for -a>bureau of ahimal industry, to facilitate the exportation of livestock and toexterminate contagions pleuro pneumonia ana othor diseases of domestic action. The bill was, after being read, la’a aside, .. ■ . ( ihe Hou«e filibustered. > The Senate, on the 6th, passed 128 private pension bills and adjourned until the 9th. The House filibustered on the direct tax pill. The Senate, ou the 9 th, adopted a Joint resolution accepting an invitation to participate in an international exhibition at Brussels, and appropriating 630,1 0 for the purpose. The bill to admit Dakota as a State was discussed. Twa unimportant bills were passed. The House filibustered.