The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-02-08
Speech Of Hon. Samuel II. Carey,
(kcpJ Of Ohio, in riic House OF Rep
reseutniives-Thc Grecnback Issue
Discusscd-The Gold Bond Robbery
piuu ExDosed
From the Congressional Globe.l
Trouf;uue1 froD, Tesfsr61u I

From the Congressional Globe
Continued from Yesterddy.]
Legal. TENDERS 4 FINANCIAL NECESSITY.
If the present Congress shall author
ize (aud hope it wild the issue of
S5l5, ,O00, 900 of Treasury certificates, Ge-
ceivable at par for taxes and GOverh-
mert dues, and make lawful tender,
and issue them for the express purpose
of rcdeeming that amount of bonds,
now redeem1ble, or any other in the
future, not payable i'll gold, it will GER
tainly bo no great breach of faith, or to
any greater extent impair the obliga-
ten of contracts than what has already
been done. commend and defend the
action of former Congress in declar-
ing "greenbacks" money, and in making
them legal tender for the payment of
all debts, public and private. The pol
icy, Justice aud necessity of the meas
ure were then conceded. Congress has
the same right to issue u thousand,
fifteen hundred, or two thousand mil
lion legal tenders, as it had TO issue four
hundred millions. TO say il has no
such right now is to deny it then. But
our bondholding friends tell us we were
then at war, and it was justitiable as
a war measure. Granted. But what
made it then iustifable The exigency
of the times, the imperative necessities
of the Governm ut. Is not the Govern
ment therefore justified in seeking the
same remedy when its exigencies and
necessities demand ! Nay, is it not an
imperative duty to apply a thoroughly
tested and most eflicacious prescription
There is no bondholGer so Obtusc as
not to understand that il there was any
value in the paper he exchanged for his
bonds, it was given it by the act OF
Congress, and that Congress can now
Just as rightfully and lawfully author
ize whatever amouat of additional legal
tenders it believes the good of the couH-
try requires. Believing, as | do, that
the emergencies Of the hour demand u
repetition of rhis action, am ready to
demand the justice, equity and policy OF
new issue of legal teuders.
ARGUMENT OF THE CoNTRACTIoNIsTs.
Retired capitalists, by their represent.
atives, would have the people believe
that further increase of the currency
would be disastrous. 1t does not re-
quire q very thorough knowledge OF
finance to understand that the interest OF
the moReyed arstocracy lies in the dl.
rection of contraction-nOt \ contrac.
tion of their bonds, but of the peoples
means of paying them. If the volume
of currency is reduced, their securities
appreciate. while with their incomes
they can purchase much larger amount
of labor and its products. On the other
hand, while the price of labor and pro.
duction is diminished one half, the
taxes remain the same as before, and as
necessary consequence the burdens
upon the sons of toll are doubled. The
result is q system of vassalage for the
producers Of wealth scarcely less intol
ersble than slavery itself. II, with the
diminished wages of labor, the debt
could be reduced in proportion, no in
Justice woSld be done to the tax payer
If our interest bearing debt was 1000,
900 900, aud the difference between lega
tenders and gold was forty per cent. you
diminish the debt TO 81 ,20d.U00,O 600 (ol
forty per cent? no injustice wonld be
done. The proposition is, however, in
! erect 10 uldko luc utol SSiCVOfVOO,VvO
aud diminish in the same proportion
the peoples ability to pay it. You dou
ble the creditors claim, while you di
minish the debtors means of payment
one half, increasing the value of the rict
mans dollar. and making the poor man,
labor less valuable.
The enormous debt was incurred upoI
q paper coinage standard, and ii mus
and will be paid in the same coin il
which it was contracted; aud this con
forms in all respects to the terms of th,
original contract. This principle being
recognized aud affirmed by Us, and tn,
revenue laws being revised and so ad
justed that capital aud labor shall pa!
each its fair. proportion of taxes, aGC
you will hear no murmurinss or com
plainings by the loyal people of th,
weight of the load they bear. Great a
have been the sacrifices, the gains ar,
greater than the losses, aud the regener
stien of the republic is worth all it ha
cost IN treasure and blood.
When the interest bearing debt ha
been reduced, the people relieved of un
equal taxation, and the whole countr,
brought into nermal condition, W
may, with propriety and fairness, pro
pose reduction in the volume Of tn