The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-10-27
OF HON. B. ", BYRNE,
Extract on the Financial
Legislation Of Congress.
Personal Legislation for the
Benefit of the Few.
The Act Demonetlzlng
Silver.

Hon b. w. BYRNE delivered yesteT-
dsy, at Burton, speech in which he
presented the clesrest statement OF the
financial management of the GRANT adj
ministration, which we have heard or
seen this campaign. We have room to-
day to present only an extract OF his
closing remarks upon the legislation OF
Congress, which legislation added the
burden of many millions to the bowed
down laborer while 1t added to the grea
gains of the psmpered few:
must now pass to another subject,
which in my judgment is only second IN
importance to the all important question
of economizlng the expenses of the gov
eminent. | mean the question OF our
finances. This, like the other subjects
we have been considering, L know Is
very difficult one for the people to con
slider whose habits and tastes lead them
in different direction. But as 1t Is =
question on which your prosperity .
ponds as much on as almost anyother, all"
since it is question which must IN :
great measure be decided by you al
the ballot box, beg your further in-
diligence while l call your Affection to
some important facts connected with
the currency, out Of the bad Management
of which by the party in power, In
my Judgment. grows much OF the
distress that pervades every avenue OF
b Islness throughout the whole country.
| an sorry that an investigation OF this
subject of our currency has forced me to
the conclusion that the legislation in
Congress has been more OF the character
of
PERSONAL LEGISLATION
for the benefit of the few, than 1t has been
for the general benefit of all. Certain 1t
is to my mind, that the results OIL the
legislation on this subject for the last SIX
or seven wears have ali tended TO tha
advantage of the few large money hold
ers and bond holders, and to the dlSad q.
vantage OF the masses of the people ana
the business interests of the country. 10
nrove this l need but reclte
the legislation of Congress on the
subject during the period referred to-
The bond-holder seems to have been the
special favorite of Congress IN all It's leg
islstion on this subject, as II the success
and prosperity of all other avocations In
life depended upon the prosperity and
success of the bondholder and other
large money holders in the
great money centres of the country.
When our great bonded debt was con-
tr,cted its principal was, like all other
debts. public and private except duties
on imports), payable in the currency oil
the country. But the money holder, De-
ING ever watchful of his interest, and al
wsvs able to command the influence OF
the best talent in the country, seeing
that if he could secure favorable leglsls-
tion he could greatly enhance his fortune:
went vigorously to work to see what
could he done in his interest. 1t was
very easy for him to see where MS inter-
est was, but how to reach his OBJECT was
the question. The paper circulation OF
the country was greatly deprecated al
,bough il was also issud by the govern
ment with the promise of redemption by
the Government, and also declared a
iarsl tender for all debts public and
private except duties on imports. et
The bondholder claimed that his bond
was of higher dignity than the !ega'
tender greenb black, and said to the gov
ernment YOU ought to pay me IN
coin and not in the deprecated
Green back that you have provided Tor
other creditors. Finding sympathy IN
Congress, as large money holders gener'
slly can, he makes his proposition that
the government should pass law de
claring that his debt was of higher dig,
nltv than the debts Of other people ana
in 1869 Congress responded to his ,sp'
meals by passing lsw to strengthen
the nubIic credit, declaring that all the
government bonds should thereafter be
psyable in com. This was a
NICE LITTLE SPECULATION
Of about lS cents en- the dollar. This or
two billions which, l suppose, was then
about the amount of the Interest
having debt, added to the value o.
The bonds, and thus increased the
debt to be paid by the people, the sum O.
three hundred and fifty millions OF dol
lars | do not know that it has ever been
sn.pected that the bohdholder was Iavlst
Of his means in procuring votes Tor thi'
measure, but it is very easy 10 see that Il
this bill had cost him fifty millions thai
the speculation would still have oeen
GOOD one. Now it might reasonably
have been supposed that the bondholdel
! would have been content with his success
in inducing Congress to raise MS ooh'
from the deprecated standard OF green
backs to the par value OF coin, ou
not so. Emboldened by his success ~
his first effort to increase wv
value of his bonds to par with CON- he
then set to work to further increase III
value, by asking Congress to pass ano'he'
law to relieve him from the payment O
all taxes on his bonds, both State anc
National. So, without hesitation. il
1870, Congress passed bill declarlnG
that all government bonds should
thenceforth, and forever, be free from
all taxation, national, state, county an'
municipal, thus adding from enc to on
and half per cent. more to the valu
| Lls ~ in tho auureSata from