The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-01-07

vantage. lie likened 1t to an offer on th
part Of the government to take and kee
all the horses thrown out Of employmer
at the commencement OF winter, promis
Ing to return them sleek and fat in III
spring. He also secuted the propoSitio
Of Mr.. Ten Brock, that the duties on fol
eign goods may be hereafter paid in pa
per. This, he argued, was virtually re
peal oil the law Of 1862, containing tn
pledge OF the country that such dutie
shall be paid in gold and set apart to pa
the public debt. This is favored by feN
who are willing to wound, but not read,
to strike at the tariff, as well as by tho8
who have wholly cut loose from coin
| DETERMINED TO SINK Oh SWIM
with paper money alone, and also by 81:
or seven honest men, who really feel tha
II we show how much We despise gold AM
how little we care for it at the custom
houses that everybody will adopt tn
same opinion, and gold will then at ono
drop SO low in value chat all who hay
It will be in haste to exchange it 70
paper. With much gravity they evel
claim this as the swiftest mode Of return
ing to specie payments. By our Gatter
ing declaration
THAT BLACK IS WHITE
we are to make silly 'bullionists, follow
ing the example Of the crow in the fable
drop their gold, and then, like Esop'
fox, We are 10 stand ready to snatch |
up. Those honest men are not mistaken
Here is to be found real
REsuMPTIvE BOOMERANG,
which though sent off in an opposite di
rection is to whirl around and at las
smite the rock from which will pour tht
blood OF precious mortals. ! confess ar
entire want OF faith in the boomerang
movement. He ridiculed at considerable
length the idea that we must not keeE
and maintain ayolume OF currency equa
to the wants Of trade, but that it must bt
non.exportable currency, claiming that
that very doctrine sent our bonds abroad
He also ridiculed the argument tre
quently set up that our only remedy for
currency largely inflated and below par
is to wait and let the country grow up to
il. The philosopher who waited on the
bank for the river to run dry was hardly
more profound or patient, The bank OF
paper circulation with population oi
81, 100000 was S207, ,s02,0 Assuming
the standard Of 1860, and Of the years
prior thereto as equal to the fair re.
quirements OF financial health and
stability; with the country no larger,
unless made larger by the ice Of Alaska,
we have now such an excess OF currency
that il we wait until the country grows
up TO il We must
! POSTPONE SPECIE RESUMPTION
till our population rises TO l16,G4S,4Ol
with corresponding increase OF the
wants OF trade. 1t was great delusion
to suppose that contraction would benefit
the rich and fall heavily on the poor
and that initiation would operate in the op.
posite direction. 1t would be much near.
cr the truth to say that the effect would
be exactly the reverse. He spoke at
length against the injustice and badpolicy
Of initiation, and reviewed the arguments
Of iphaticlists, warmly praised the Ma
tional Banking System and said il the
banks were only. circulating n currency
convertible at par nearly all its de-
fects would vanish. What We most need
after specie resumption, to completely
remedy our, financial condition, is
more real and absolute capital. All the
financial tinkering in the world would
not SUPPLY il; all cheap expedients for
making Of money without earning it or
without giving anything in exchange for
it, would result in disreputable failure.
The sooner we learn that
MONEY CANNOT BE INVENTED
but must be earned, the better twill be for
the country. A debased currency, he
said in conclusion, was demoralizing; pub
lie and private expenditures are now too
largely based on initiation, and so long as
are made in the cheapest sub
stitute for money nothing in return but
cheap equivalents and cheap service can
be obtained; no restoration OF industrial
prosperity, no permanent employment OF
workingmen, no safety to working capi-
tai can be expected until the government
permits, by It's own n.practiees, tho labor Of
our people and the business enterprise OF
the country to be based on the solid foun-
dations represented by gold and paper at
par with gold, represented by restoration
Of peace and morality in accordance with
the experience OF the wise among nations,
and in harmony with the instructions OF
high spirited people ashamed OF explod.
ed devices Of paying debts bysrenewal OF
broken promisep, and ashamed Of q
vacillating standard of mercantile honor
worthy only Of a bankrupt people half
maniac and half knave. At the conclu-
sion Of his remarks he moved that the
bill be referred to the Committee on FL
nance. So ordered.
FURTHER DISCUSSION ON RESUMPTION.
Mr.. Bogy moved to reconsider the vote
by which Mr.. Morrills bill was referred.
He said that he desired to speak on the
subject, and if the vote by which the bill
was referred be reconsidered he would
move to postpone further consideration
Of the bill until the first Monday in Feb
ruary. He was not prepared to speak
now, but thought the bill presented the
subject in n wider scope than it had been
before. II would engage the
attention, not only Of the Seente, but OF
the whole country. The vote by which
the bill was referred was reconsidered.
Mr.. Bogy said that the bill proposed
by the Senator from Vermont was intend
ed to lead to specie payments, but in his
Judgment did not resume at all. Its ef.
fcct would be to cancel and destroy all
the legal tender notes now in existence
and substitute bonds for them. The bill
lid not provide for an accumulation
oi gold for a return to specie payments.
The President in his recent message
,aid that the resumption bill OF last .ses-
lion would not effect Its purpose unless it
10 modified. The Secretary OF the Treas.
Try said SO, and now the Senator from
Vermont says 80.
Mr.. Morrill, said he hoped the Senator
Bogy) would not misreresent him; he
MorrilD believed that the power given
" legislation last session was abundant,
,nt the passage OF the bill introduced by
lin would make resumption easier.
Bogy said he waS in favor Of specie re-
that he was not an infationiSt,
,ut would continue to oppose any attempt