The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-01-17

Finally, on tne mOlOn OF III. 6AEuelu
the bill was laid on tho table by % TO As
Mr.. Perce from the Committee on Ed
ucation and Labor reported back the Sen
ate bill amending the Agricultural Act BY
extending the time for granting lands
Passed. .
The House adjourned.
SENATE.
A bill was introduced auth orIzing the
Secretary of War to contract for the
building of several light draft snag boats
for the Mississippi, Missouri and Arkan'
sas rivers.
Mr.. Chandler from the Committee on
Commerce reported an original bill &c
further regulate the transportation ol
merchandise in bond, allowing the sub
stiLution of an authenticated certificate
oI the receipt Of goods OF foreign ports
for the oath Of the master or mate OF the
vessel as one OF the proofs now required
to discharge the export bonds.
A bill was introduced by Dir. Logan
authorizing the Secretary OF War IL
erect monument at Salisbury, N. @, to
the memory Of the soldiers who died IN
prison and are buried there.
MIR. Patterson introduced two bills for
the improvement OF harbor and river
fronts.
On motion of NIr. Nye bills were pass
ed fixing the compensation and length Of
the sessions Of territorial legislatures and
committing the care oi penitentiar;es 10
the territorial authorities.
Mr. Schurz, from the Foreign RelG,
tiona Committee, reported the House bill
for the representation of the United States
at the Vienna Exposition, with an amend
ment increasing the appropriation from
one hundred to three hundred thousand
dollars.
Mr.. Chandler opposed any appropria.
tion because experience demonstrated
that Americans participating in such Elk
positions had their inventions appropriat'
ed by foreigners. .
Mi. Salisbury moved to mako the
amendment $4,000 instead Of $780,
900. Lost,
The amendment OF tho committee
making the amount $S00,000 was then
adopted.
Mr.. Carpenter SAID he had voted 10 in'
crease the amount to 100000 because y
the appropriation was TO be made at all
that was little enough; but so long Os the
Washington Monument stood in It's pres
ent unfinished and dilapidated condition,
q shame and reproach 10 every American
10 the eyes Of every foreigner visiting our
land, he would never vote $500 900, or
any sum, to be sunk In show 10 Europe,
He then offered an amendment appropri'
ating 100000 for the completion Of the
Washington Monument.
Mr.. Tfumbull predicted that before this
Vienna Exposition business ended II
would cost the United States 81 900, 900.
At the expiration Of the morning hour
the bill went over.
Mr.. Sherman called up SIr. Bucking'
hams bill providing for return to specie
payments, and addressed the Senate upon
it, He said that the resumption Of specie
payment was demanded by the public
faith, public policy and spirit Of our laws.
Individual hardship was not sufficient
reason for the violation Of the public taithr
or disregard Of the general interests or
policy Of the whole country. The eject
Of specie payments Is greatly exaggera'
ted as to the persons it will ipjure. Our
business men are not only debtors, but
they are creditors. Ifthey are Injured by
adding to the burden OF their debts, they
are benefited by tho increased value
of their credits. No Que engaged In
production merely, whether as tlnancier
or manufacturer, Q mechanic or laborer, Is
injured; Tor If the nominal value OF his
production Is diminished, the cost Of liv,
ing and all that enters into tho cost o
production Is diminished In the same dc;
gree. Experience has shown that depre
ciated money Is most injurious TO laboring
men. It produces q false standard value
the effect oI which Is not noticed BY
laboring man or by q trader or merchant
Even upon current debts and credits the
effects OF specie standard will merely be-
appreciable, for the nominal loss will be
discounted In advance or be divided dur
ing the gradual appreciation OF paper
money. The greater burden will fall upon
debts running a long period Of time, as
upon corporation bonds and mortgages
As to those in existence before the legal
tender act took effect It is but right they
should be paid in specie, while those con
Iacted since have been issued in expec
fancy Of specie payments before this
time, Still, while the effect Of q specie
standard upon debts Is greatly exaggerated
It cannot be denied that If 1t is followed
by contraction Of the currency It will
cause distress and embarrassment L
very many who have contracted debts on
o currency basis.
But this argument ot hardships will no.
apply forever. II we are controlled BY
| II We can never pay our pensions, tht
lSpse Of time will not make It easier. OuI
financial condition is now SO much strong
er that we can afford to do right, and ye
In such u way as not to ipjure IN the leas
possible degree those who contracted
debts on currency basis. Again, the et
feet Of specie standard in producing thr
construction OF currency Is not necessarl
| ly result OF specie payments. Undoubt'
edly contraction Of currency wouIt
produce specie payments. 1t Is the mos
direct road to specie payments, AM
II the paper money In circulation !
in excess Of the wants Of the communiE!
1t Is ouly[fl
We, In 1868 aud 1857, quietly contract
ed the currency by funding over tAre