The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-08-09

tenders will amount 10 more money than
the whole worlds annual production o'
gold? Yet such is the fact. Upon THU
subject I quote from the speech OF Hon
John T. Jones, delivered IN the United
States Senate April "a, 1875;
81 allude to the interest on the pub.
lie debt, which debt is very largely held
abroad. This interest now amounts tc
nearly 500, 900 600, per annum. By sell
ing bonds to the extent of $3.50, 600, 900
say at 10 per cent.-for it is perhaps
hopeless to expect to do it at a'lesser sac.
rifce-you will add SIS, 100000 a year 70
your gold. interest debt, and those $780,
100000 to the portion held abroad
Where are these $S5, 100000 10 como
from? Where are the whole $l35,OOO
600 TO come from? Your annual interest
charge will alone amount to moro
than the whole worlds product of gold
II is not insane to talk or even think
of paying the vast Indebtedness OF this
country, public and private, in gold or
upon n gold basis? 1t is simply physi-
cal and financial impossibility. If that
is the fixed purpose of this national Leg
stature, the destruction OF the hundreds
of thousands of the debtor class will be
complete. The circumlocution of resort
ing TO specie resumption might as well
be avoided, Tor the result could be more
directly but not more effectively reached
by simple statute transferring the lands
and tenements, goods and chattels, ofthe
debtor class to the bond-holder, the bro
ker, the banker, and the money-chsnger.
| repeat, that If you would stay the hand
of financial destruction and avert the
cries of sorrow and woe that would other
wise fall upon our ears, you must remon-
etize silver and postpone the day OF re-
sumption. Resumption may be possible
and within the grasp of the people; 1t
may be accomplished without detriment
TO any class; but this will require time
and rigid economy, that economy which
has been inaugursted in this House At
this session, and which will save O,OOO,-
900 annually to the people. Resumption
must come, when it does come, through
prosperity and not through contraction,
distress, and adversely. Our bonds were
bought, or large portion OF them were
bought, at forty cents on the dollar in
GOLD, and since then they have been leg.
islated up to par and even beyoLd par
The inter est is paid IN coin and the bond
is exempt from taxation. Therefore the
bondholder is in condition to resume,
out the mass of the people are not.
Remonetize silver, infuse confidence
among the people, and in few years the
financial affairs of the country will be in
healthy condition. We may thus be
able TO tide over the threatened trouble.
But why not remonetize silver? have
heard with pain and regret from two
members of this Congress, one from
Pennsylvania Mr.. Townsend and the
other from Ohio, Mr.. Garfield that they
oppose the reconciliation of silver for
the reason, among others, that the great
supply of American mines has tended to
reduce its market value Why, sir, the
British dominions are the largest gold.
producing sections of the world, and
hence the Englishmsn, true to his inter-
est, true to his government, and ever
ready to add to its purchasiLs power OF
gold, has demonetized silver and reduced
its market value; but why an American
should join in the crusade against Amer
ica's production, his own countrys coin,
| cannot understand. 1t is high con-
stitutional duty that this Congress owes
to the country to provide for the coinage
o. silver as OF its former purity and 10
make it legal tender for all debts, public
and rrivate. This will go far to enhance
ITS purchasing power both in Europe and
America. European capitalists hold
large amounts Of our bonds, and will be
induced by their interest to give silver its
proper place and standard IN value in the
coinage of the world.
1t is safe to assume that our fathers,
the trainers of the Constitution OF the
United STATES, were as patriotic and as
far seeing as we are. By the eighth sec
ton of the first article of that Constitu-
ton they conferred upon Cor gress the
power ITO com money and to regulate the
value thereof" and by the tenth section
of the same article they conferred upon
the states respectively the power to make
gold and silver legal tender for the
payment of all debts. Under this power
so conferred upon Congress gold and sill
yer were made and continued legal ten
der for three quarters OF a century, during
which time silver rs u legal tender our
area was more than doubled; our increase
in population and wealth and progress IN
the art and sciences stand unrivaled IN
the history Of the world. Ii Con gress
shall DENY to the people the relief TO
" bach under the Constitution they are
clearly entitled, and shape legislation for
tho benefit of the favored and wealthy
few, it will devolve upon the States, each
speaking and acting for Itself, to resort to
the powers On oted above and declare gold
and silver legal tender for contracts be-
tween man and man and for all dues to
the State.
But it Is to be hoped that this Con-
rress will not adjourn without providing
by Appropriate Legislation for the issue OF
silver coin and to restore it and gold TO
their former relative values, whatever
the present value OF either may be.
Give il the weight and hneness to make
i, equal and il will soon return to the old
standard.
The gentleman from Ohio Mr.. Gar
field 1.aIppantly faunts..the question II
the face OF this House and demands to
know whether, since the passage OF the
act OF 1869 to strength the public credit,
any man dare say We can pay the PUB
lie debt in silver2 dare 10 say we can,
and | further dare to say and feel it my
duty to say that the act of 1869 was u
fragrant outrage, was wrong, that us
practical etitc. was to swlndle, and Is
did swindle, the people of this govern
meut out of millions of money, and ele-
vste the basis OF the payment oil the
bonds referred TO a much higher and
more costly standard than was contem-
plated upon the passage of the act an-
their issue. w hy, sir, it is
known that the very language OF the law
the issue Of some OF those
bonds only required the interest to be
paid in coin; that the principal was pay
able in currency. Need l remind the
Al nj