218 CONGRESS, UNITED STATES. (BANK CIRCULATION AND COINAGE.) 



NATS Bowen, Coke, Garland, George, Jones of 

 Nevada, Kenna, Maxey, Plumb, Slater, Vest, Voor- 

 hees, Walkcr-12. 



ABSENT Anthony. Cameron of Pennsylvania, 

 Cameron of Wisconsin, Cockrell, Edmunds, Fair, 

 Farlcv, Frye, Gorman, Hill, Hoar, Ingalls, Jonas, 

 Lapham. McMillan, Manderson, Mitchell, Saulsbury, 

 Scwell, Sherman, Vance 21. 



Following is the text of the measure: 

 Be it enacted, etc., That upon any deposit already 

 or hereafter made of any United Suites bonds bearing 

 interest, in the manner "required by law, any national 

 banking association making the same shall be entitled 

 to receive from the Comptroller of the Currency cir- 

 culating notes of different denominations, in blank, 

 rcLfi.<tered and countersigned as provided by law, not 

 exceeding in the whole amount the par value of the 

 bonds deposited : Provided, That at no time shall the 

 total amount of such notes issued to any such associ- 

 ation exceed the amount at such time actually paid in 

 of its capital stock. And that all laws and parts of 

 laws inconsistent with the provisions of this act be 

 and the same are hereby repealed. 



SEO. 2. That associations organized for the purpose 

 of issuing notes payable in gold under the provisions 

 of section 5185 of the Revised Statutes of the United 

 States, upon the deposit of any United States bonds 

 bearing interest with the Treasurer of the United 

 States, shall be entitled to receive circulating notes 

 to the amount and in the manner prescribed in this 

 act for other national banking associations. 



The House took no action on the measure. 



Bills for the improvement of the coinage, for 

 the removal of restrictions upon the coinage of 

 silver dollars, to suspend the coinage of silver 

 dollars, to limit the coinage of silver dollars, 

 were introduced, but came to naught. The 

 measure which took up the greatest share of 

 the attention of Congress was that for the re- 

 tirement and the recoinage of the trade-dollars, 

 which, as brought before the House, Feb. 18, 

 1884, read as follows : 



Be it enacted, etc., That until Jan. 1, 1886, United 

 States trade-dollars shall be received at their face 

 value in payment of all dues to the United States, 

 and shall not be again paid out or in any other man- 

 ner issued. 



SEC. 2. That the holder of any United States trade- 

 dollars, on presentation of the same at the office of 

 the Treasurer or any assistant treasurer of the United 

 States, may receive in exchange therefor a like amount 

 and value, dollar for dollar, in standard silver dollars 

 of the United States. 



SEC. 3. That the trade-dollars received by, paid to, 

 or deposited with the Treasurer or any assistant treas- 

 urer or national depository of the United States shall 

 not be paid out or in any other manner issued, but, 

 at the expense of the United States ? shall be trans- 

 mitted to the coinage mints and recomed into stand- 

 ard silver dollars. 



SEO. 4. That the trade-dollars so received at the 

 coinage mints shall be regarded and treated as silver 

 bullion, and, at their bullion value, shall be deducted 

 from the amount of bullion required to be purchased 

 and coined by the act of Feb. 28, 1878. 



SEC. 5. That all laws and parts of laws authorizing 

 the coinage and issuance of United States trade-dollars 

 are hereby repealed. 



In opening the discussion, Mr. Dowd, of 

 North Carolina, s;iid : 



"It will bo contended, no doubt, that as the 

 Government did not originally issue this coin 

 upon its own account, but only acted as agent 

 of the owners of the bullion, it did not incur 



any legal obligation, and is not bound now to 

 redeem it, especially in the hands of specula- 

 tors, at a price greater than they paid for it, 

 or greater than the market price. Although 

 this proposition would at first view seem plau- 

 sible, a little reflection, I am sure, will be suffi- 

 cient to show that such action on the part of 

 the Government now would be not only im- 

 moral, but impracticable. It is true the Gov- 

 ernment did not purchase the bullion, and 

 manufacture and issue this coin as it now is- 

 sues the standard dollar and fractional silver, 

 but it did place upon it its great seal and stamp, 

 with the legends, devices, and emblems of na- 

 tional honor and good faith, declaring not only 

 that it was worth a hundred cents in the dol- 

 lar, but also that it should be a legal tender 

 within a certain limit ; and then afterward by 

 its own act first by a joint resolution of the 

 two houses, and then by a law duly enacted 

 it stripped this coin of the legal-tender quality 

 and degraded it to the condition of bullion 

 while it was in the hands and pockets of the 

 people, and that, too, without any sort of no- 

 tice. So, whatever may have been the obli- 

 gation of the Government originally, the fact 

 can not be disputed that the Government is 

 alone responsible for the degradation of this 

 coin, and it can not now with honor, in my 

 judgment, refuse to redeem it at its face value, 

 whether it be in the hands of speculators or 

 of innocent and injured owners. It is not the 

 fault of the holder of this coin, whether he be 

 farmer or merchant, mechanic or banker, thi 

 it has lost its value as money. The Govei 

 ment itself is to blame ; and whatever wronj 

 it has done, it is bound by the plainest dictate 

 of common justice to cause speedily to be 

 paired." 



The debate drifted into a discussion of tl 

 whole question of silver coinage, and the ad- 

 vocates of a double standard and free coim 

 of silver dollars, as well as those in favor of 

 the limits established in the act of Feb. 18, 

 1878, attacked the fourth section of the meas- 

 ure, fiercely arguing that its operation would 

 for a time suspend the purchase of the silver 

 bullion which is the direct output of our 

 mines. The test-vote came on a motion to 

 strike out the fourth section, which was car- 

 ried as follows: 



YEAS Aiken, Alexander,Arnot, Ballentine, Barks- 

 dale, Belfprd, Blanchard, Bland, BJount. Breckin- 

 ridge, Breitung, Broadhead, Brumrn, Buud, Cabcll, 

 Caldwell, Carl'cton, Cassidy, Clardy,Clay, Clements, 

 Cosgrove, S. 8. Cox, Crisp, D. B. Culbcrtson, Curtin, 

 Dibrell, Dockery, Dunn, Eldredge, Ellwood, Ferrell, 

 Finerty, Follctt, Forney, Fyan George, Glascock, 

 Graves, Halsell, Hammond, Hardeman, W. II. Hatch, 

 "D. B. Henderson, Henley, Hepburn, Herbert, Hill, 

 Hoblitzell, Holman, Holmes, Hopkins, Houseman, 

 Jeffords, J. H. Jones. J. K. Jones, J. T. Jones, Jor- 

 dan, Keifer, King, Kleiner, Laird, Lamb, Lanham, 

 Le Fevre, Levering, Lowry, McCoid, McMillin, Mat- 

 son, Mayburv, J. F. Miller, Mills, Money, Morgan, 

 Muldrow, M*urray, Neece, Nicholls, J. J. O'Neill, 

 Paige, Patton, Payson, Pierce, S. W. Peel, Peters, 

 Post, Price. Pryor, Eeagan, Eeese, Biggs, Robertson, 

 W. E. Robinson, J. H. Eogers, \V. F. Rogers, Rose- 



