The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-03-07
OBSERVATION-DISCLOSURES.
WARRINGTON, March 8.
SENATE.
BeIknap's I'm peachment.

Senator Edmunds from the select
Committee which was referred the reso-
luton and message from the House OF
Representatives in regard to the impeach-
lnent of w. w. Belknap, late Secretary
of War reported preamble and resou-
tion declaring that the Senate will take
the order in the premises according to its
standing rule and directing the secretary
to notify the House of Representatives.
Agreed to.
Cultivation OF Sea Island Cotton.
Mr.. Jones submitted resolution in
structing the Commissioner of Agricul
ture to furnish the Senate from such data
rs is now in possession of his department
the following information: What are
the geographical limits and area within
tie United States, the soil and climate
Of which is well adapted 10 the cultiva.
tion and growth of stalk and fibre ofthe
sea island or long staple cotton on which
tho said cotton natures to 4 perfect
growth, also the geographical limits and.
area in each of the several
states and the soil and climate
which is adapted to the cultivation
and growth of said cotton, and In which
said cotton mature, to perfect growth
of fibre and stock. Agreed to.
Mr.. Maxey, Of Texas, submitted a
resolution directing the Secretary Of the
Interior to furnish for the information Of
the Senate, if not incompatible with the
public interest, a statement showing the
annual expenditures of the Indian Bu-
rean since its organization to the present
time. and also the number OF Indians
provided for atthe expense OF the Gov
ernment each year since the organization
of said bureau. Agreed to.
Discussion orthe Specie Resumption
Bill.
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, aud spoke in
regard thereto.
Mr.. Sherman in his speech took strong
grounds against any repeal of the re-
sumption act Of 1875, he said passing
from the consideration OF public honor,
there are many reasons Of public policy
which forbid the repeal of that act, and
was generally regarded as The settlement
OF the financial policy, by which at least
the party i'll power Is bound, and upon
the faith of which, business men have
conducted their affairs and made their
contracts. Debts have been contracted and
paid with the expectation that nj the time,
fixed the gold standard would
be adopted in ull obligations, and re-
peal OF the act would now reopen all the
wild and dangerous speculation schemes
that feed and iatten upon deprecated
paper money. The influence that secures
this repeal will not stop him. II we can
recall our promise to pay our notes out
standing, why should We not issue morg
If We can disregard our promise to psy
them, why should we regard our promise
not 10 issue more than S400 600 00J, as
stipulated by the act of 1864. If We csT
reopen the question Of tbspsymsnt OH
our notes, why may we not reopen the
question as to the payment Of our bonds?
/, the act Of 1869 any moro sacred than
the act OF 1875, and if we can reopen
these questions. why not repeal the
laws requiring the payment of either the
interes. or principal of the public debt?
They rest upon acts OF Congress which
we have the power to repeal. III the
public honor cannot protect our prom
i.es to the note holders shall it protect
our promise to the bcndholder? Alr'aty
do we see advocated in high places by
numerous and formidable organizations
all forms of reputation, which, If adopt
ed wonld reduce our nation TO the credit
of a robber chief, or worse than the credit
OF ia Algerian pirate, who at least would
not plunder his own countrymen, and II
the public creditor had no safety, what
chance would National banks, creations
of our own and subject to our will, have
i'll Congress? 1t has already been
proposed to confiscate their bonds, pre-
MUM and all as mode %. paying tnelr
note. with green backs. WHAT exPedlent
so easy, If we could make money cheap
and abundant; or if SO extreme meas
ure could he arrested, what is - proven.
the permanent dethronement OF gold IA
n measure ot value and the substitution OF
an incontrovertible currency bond bear
ing 800 per cent interest as a
standard Of value, and when 1t
becomes too expensive to print
the notes to pay the interest,
reduce the note. Why not! Why pay
8 65 per cent when i, is easier to print
8 90. i. i. but an act of Congress and
when the process OF reputation goes so
far that your notes will not buy bread,
why then declare against al interest and
then after passing through the valley OF
humiliation return, again TO barter away
honor and gold. Again speaking OF the
need Of confidence Mr.. Sherman said 1t
is credit that gives life and competitor 10
trade, and credit ia destroyed by every
scheme that impairs, delays or even
clouds an obligation. An iTredecmabIe
aud fuctua.ing currency always
raises the rate "t interest
on money, while staple currency or an
improving currency always rrGuces the
rate OF interest With a depreclated cur
rency great domestic prOdurtien> are cut
of from foreign markets. Tor II ls lmPos-
sible that with suCn currency We can
compete on equal terms with rival Ia
tion. whose industry rests upon specie
standard Let u rest our industries on
that standard and soon We can COM
pste in the markets of the world in all
the articles produced from iron, wood
leather aud cotton, the raw basis Of which
are our natural productions
and it must be remembered
that all countries with which
we compete are specie paying
countries, and deprecated and fLc:uat-
ing currency is premium and bounty to
the booker aud money changers, and he
ssmbled and specu!ated with a.! the
sdvautsges in his isyor. Mr.. Sherman
held the degree OF contraction, and the
effects of It are greatly exaggerated.
The only contraction OF currency pro-
videe by the act Il in the substitution OF
our form Of carrency for; another thus
in place OF the lrscti pnaI currency
is issuod silver currency. and when
national bank notes are issued
there is retired eighty per cen.. OF the
amount on United States notes.
Various objections to resumption hsv-