The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-11-07
OPEN letter
SENATOR )I3' PRICE
HON. w. L. HEARN.

| W. L. Hedrn, Esq, Member Elect to the
Legislature From Wheeling, Ohio
County, W. Va.
DEAR SIR:-My appointment by the
| Governor to seat in the Senate of the
United States, expires, as you know, with
the meeting OF the Legislature, when the
two Houses, by joint vote, will have to
fill the vacancy.
The Governor was kind enough in his
letter enclosing the commission to say,
that he believed my appointment would
give general satisfaction to the masses OF
| the people throughout the State. l have
accor dinghy accepted the appointment
with knowledge, however, that without
favorable action by the two Houses OF
the Legislature, my term in the Senate
will be a short one. Who Will be my op-
ponent, or on what grounds he will base
| bis opposition, | cannot tell. |, like other
candidates. nave some warm friends and
some bitter enemies, and must have, and
| do expect to have, all sorts of reports
circulated about me. l have been can
didate before many times, and have learn
ed IN the school of experience to submit
with Christian philosophy to these petty
vexations.
There are objections urged against me
which do not involve any turpitude OF
character, and perhaps they are worthy
Of an answer. One is that L am too old
to be a Senator-that the office ought TO
90 into Younger hands. But | believe |
have all my faculties about me, yet UNI
impaired, and | am sure that my exper-
fence, which has not heen incOnslderablc,
is worth something TO me, and will afford
me much assistance in dlscharying any
public duty which may be committed to
me. The two houses make but one Con-
gress, and whilst the lower house may be
filled with younger men, gentlemen OF
more limited experience, 1t is expected
that tie Senate will be filled with graver
and more reverend gentlemen. SO that
the energy of youth may be tempered
with the wisdom of age. Another objec
ton made is that | was appointed Sena-
tor By Governor Jacob, and that DEM
ocratic Legislature should not confirm
any appointment which he might make.
| think this objection is used against me
by but few persons. II Is too narrow and
ridiculous to merit notice, and 1t might
turn out that the gentlemen for whom
this argument is urged, were applicants
through their friends for the same office.
The great object, my dear sir, in writ
ing this letter is to express to you, a
member elect of the Legislature and Il
manufacturer, my views IN us few PLAIN
words as possible upon the question OF our
national currency Many business men
have fallen under the pressure OF the
times, aud fear many more are to tall.
Every branch OF trade seems to be par
alyzed, and the most experienced busl-
ness men seem not to know which way
to turn to avert impending ruin. Strong
men who owe but little and have their
business well in hand, may weather the
storm, but many good men may fall I'M
less they can have immediate or early re-
lief. | am not of that class of politicians
who think that "tRose who do business
on borrowed capital ought TO break Or
ten Young men starting in the world,
have little or no capital than their char
acter and energy to begin with; and they
turn out to be our most valuable citizens
and successful men. They are the pro-
Queer; they add wealth to the community.
But if they are in debt for property
bought or money borrowed year or two
ago will they not have in effect to psy
thirty, forty, or fifty per cent more than
they contracted to pay, or break?
| am not an infatlonist, nor AIN | a
contrsctionist. want to let the curren-
cy alone; it will regulate itself If uuwise
legislation is not applied to it. Let the
resumption law be repealed and the bus
mess Of the country will indicate the
time when the banks can safely to them
selves and the community, resume specie
pavment They cannot, as | think, do
It on the lst OF January, 1879. II they
undertake to prepare for it, they must
ruin the business men of the country IN
the effort. They have already called IN
some seventy-fve or eighty millions OF
their circulation, and they must continue
to call it in until the time arrives for
specie payment. Each bank will retain
! its notes as they come in, and they Will
! ali make arrangements among themselves
| to retain each others notes and exchange
them for their own. Thus a very large
amount must be withdrawn from circu-
tion to tie great detriment Of the debtor
class of the people
| 1t may be said that the resumption act
| has reference TO the treasury notes OF the
Covernmept-to the green backs and not
| to bank issues. Such Is the fact in lis
terms, but not IN its effect, The effect on
! the banks is Just the same as if they were
embraced in the terms of the law; they
have to pay in specie or greenhacks when
their notes are presented, and this will
make the grecnback currency equivsIen
to gold. II we were settling new COM
munitv without a currency, and could
have lust such currency as we wanted,
we no doubt would al say, let Us have a
specie basis for our currency. Such cur
rencv as could be converted into specie
on demand.
But this is not the case. We are in an
anomalous condition. We have but re-
Gently passed through desolating war.
which to sustain, the government had
to contract q large smount OF debt which
10 very large extent. remains To be
paid. So with the States with few ex-
cepticns. They are al, both North and
South heavily in debt; some so
heavily thst final payment, if ever
made. is far of inthe future.
So with counties and cities. Even
the rich city of New YcrK, the
great emporium of commerce, is said to
| Ia N Jaht fully tn the e1tent of her