The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-03-07

Cnnuuu OIL Mufbn, WltHeSA uBulHbt TUE
late Secretary OF War, but Sonthard de-
clined to yield and insisted on the motion
TO adjourn.
Mr.. Page complained that no member
on the Republican side was recognized or
had any chance TO offer a resolution. He
demanded the yeas and nays on the mo.
tion to adjourn.
The yeas and nays were taken and the
House by party vote adjourned.
SENATE.
BELKNAP's CASE.
Mr.. Edmunds, from the select commit
tee to which was referred the resolution
and message from the House Of Repre-
Bcntativcs in regard to the impeachment
Of WV. Belknap, late Secretary Of War,
reported u preamble and resolutions de-
claring that the Senate will take order in
the premises and according to It's stand
ing rule, and directing the Secretary to
notify the House Of Representatives.
Agreed to.
THE RESUMPTION ACT.
After the expiration OF the morning
hour, Mr.. Sherman called up the resolu.
tions of the New York Chamber OF Com
merce, presented last week, and spoke in
regard thereto.
Mr.. Sherman took strong grounds
against any repeal of the Resumption
Act OF 1875. He said: Passing from
the consideration Of public honor, there
are many reasons Of public policy which
forbid the repeal ol that act. i was
generally regarded as n settlement OF the
financial policy by which at least the
party in power is bound, and upon the
faith Of which business men have con.
Quoted their affairs and made their con-
tracts. Debts have been contracted and
paid with the expectation that at the
time fixed the gold standard would
cover all obligations, and repeal
Of the act would now reopen all the
wild and dangerous speculation schemes
that feed and fatten upon a deprecated
paper money. The influence that secures
this repeal will not stop here. II We can
recall our promise to pay our notes out
standing, why should we not issue more?
II We can disregard our promise to pay
these, why shall we regard our promise
not to issue more than S4OO,O000O0, as
stipulated for by the act OF 1874? If We
can reopen the question rs to the pay
ment OF our notes, why may we not reopen
the question as TO the payment OF our
bonds? Is the act Of 1869 any more
sacred than the act OF 1876? And II we
can reopen these questions, why not re.
open the laws requiring the payment OF
either interest or principal Of the public
debt? They rest upon acts Of Congress
which We have right to repeal. II pub
lie honor cannot protect our promise to
the bondholder, already do we see advo-
Gated in high places by numerous and for
midablc organizations, all forms Of re-
pudiation, which, il adopted, would re.
duce our nation to the credit OF n robber
chief, worse than the credit Of an Algerian
pirate, who at least would not plunder
his own countrymcn, and il the public
creditors had no safety what chance
would National banks, creations OF our
own, and subject to our will, have in
Congress. It has already been proposed
to confiscate these bonds, premiums and
all, as n mode Of paying these notes with
greenbacks. What expedient so easy, il
we would make money cheap and abund-
ant, or il so extreme measure could be
arrested what is to prevent q permanent
de,hronment Of gold as measure Of
value and the substitution OF an intcrcon.
vertible currency bond bearing S.G5 per
cent interest Us standard OF value, and
when it becomes too expensive to permit
the notes to pay interest, reduce the rate,
why not? Why pay 3.65 per cent when it
is easier to pay 8. It is but an act OF
Congress and when the process OF rcpu-
diation goes SO far that your notes will
not buy bread, why then declare against
all interest, and then, after passing
through the valley Of humiliation return
again to barter and honor gold again.
Speaking Of the need Of confidence Mr..
Sherman said it is credit that gives life
and competition to trade and credit is
destroyed by every scheme that impairs,
delays or even clouds an obligation. An
irredeemable and Auctuating currency
always raises the rate Of interest on mon
ey, while stable currency, or an improv-
ing currency, ALWAYS reduces the rate OF
interest. With deprecated currency
our great domestic productions are cut
off from foreign markets, for It is imposs-
ible that with such currency we can
compete on equal terms with rival ma
tions whose industries rest upon specie |
standard. Let us rest our industries on
that standard, and soon We could compete
in the markets OF the world in all the
articles produced from iron, wood leath-
er and cotton, the raw basis Of which are
our natural productions, and it must be
remembered that all the countries with
which we compete are specie paying
countries. A deprecated and fuctuating
currency is a premium and bounty TO the |
broker and money changer, and he gam
bles and speculates with all advantages
in his favor.
Mr.. Sherman held that the degree OF
contraction and the effects OF It arc
greatly exaggerated. The only cortrac.
tion OF the currency provided by the act
is in the substitution Of one form Of cur
rency for another, thus in place Of frac-
tional currency is issued silver currency,
and when National bank notes are issued
there is returned so per cent Of the
amount in U. S. notes. Various objec.
tions to resumption having been consid.
cred, Mr.. Sherman closed by saying that,
will cheerfully vote for moderate tax
on tea and coffee, because this will in
crease our revenue without adding to the |
cost Of the articles and bc the means OF
enabling us to repeal other taxes that are
both burden and an inconvenience, and
will also strengthen the treasury. will
gladly vote for voluntary conversion OF
limited amount OF U. s. notes into bonds |
each Of those measures will tend to pre-
pare us for specie standard, but Of these |
measures and others that may be proper |
are not in my judgment indispensable to |
a full and complete execution OF the law
ofls75, on or before the first day Of Jan,
1875.
At the conclusion Of Sherman's speech
Bogy called up the bills introduced by |
him early in the session, authorizing the
payment ofduties on imports, legal tender
and National bank notes.
on COTTON PRODUCT.