The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-01-23


Mr.. Hubbard's speech In Congress.
The Congressional Globe of Monday
contains the speech delivered by Hon.
C. D. Hubbard, of this District, in the
House of Representatives last Satur-
day, on ''the National Debt"
Mr.. Hubbard favors, as our dis
patches of Monday stated, the payment
of what are known as the gold or $50
bonds, in coin, and the substitution OF
greenbacks in place of National Bank
notes. 1t is perhaps hardly justice to
his position on these questions to pub
lish any fragment of his remarks. 1t
is almost an abrupt and unfair thing
TO say of a man nowadays that he
favors the payment Of the debt in coin.
The expression is perverted in the
mouths and in the prints Of partisan
organs SO as to convey a meaning I'M
intended by the author. Mr.. Hubbard
isin favor of bringing the paper of the
Government up to the coin standard al
fast as possible and thus wiping ou
any distinction between gold ant
greenbacks. This he argues can never
be done by imitation, but by keeping
steadily in view return to specie pay
ments. To this end he does not thinl
further contraction of the currenc,
absolutely essential. He is rather O
the opinion that the country require
the present circulation: 500, 900 900. 81
would first substitute legal tenders 70
bank bills; next receive for certain du
ties non payable in gold, a certain
proportion of these legal tenders, ga
ten or twenty per cent. to begin with
to be increased by ten or twenty pc
cent annually, "until at the end OF fiv
or at most ten years, they would b
equal to gold in payment of duties"
Mr.. Hubbard favors the taxation {
the present bonds rather than the issu
of new bonds at the present time 70
that purpose. On this point he says
'I do not propose to tax them 70
State purposes, the law having give
the holders the assurance that the
shall not be taxed by or under Stat
authority, but to tax them for nationG
purposes, TO an amount equal to thG
borne by other property for State pul
poses, and to apply the tax thus co
lected TO the payment of bonds.
unless extended to all other securities
would be palpable violation OF pull
lie faith, any more than a tax on col
ton and not on.wheat has been ViolE
ton of the public faith, or tax on tC
bacco and not on corn, or tax o
whisky and not on cider"
Toward the close of his speech NJ
Hubbard repeats the substance of re-
olution offered by him some time ag,
to the effect that economy in the publ
expenditures is one OF the importar
preliminary conditions to specie pay
nents. And ait would be an assuranC
that Congress was in earnest in talkin
about retEenchment" lift would set IL
example of a voluntary reduction
the salaries of its members TO som
thing near the amount they were befol
the rebellion" Sure enough "the pc,
pie would hail it as the dawn of bett,
day and the public burdens would
more cheerrully borue."
In abiding to those who would pa
off the bonds of the Government
currency and flood tho country, as
were, with irredeemabIe paper, NJ
Hubbard says:
"Any further progress in this polit
of issuing United States notes for Il
nayment of bonds, or any other pu
pose, with view Of increasing the Gu
Tency, would only result still in fnrth
depreciating its value, until 1t wou
lose its purchasing power, and tn
which is now the tav o,d paper pep G1fse
3v them as unfit for the purposes
money. and these notes would find tht
Vav 70 the same pigeon-hole In t
escTitoire of history with Continent
money and French assiRnats, nn NE
the Government should gather the
up and aRaInEfuhh them IN lnter'
bearing bonds.