The Weston Democrat. [volume] (Weston, W. Va.) 1875-current, 1876-08-21

n,nruut 10 tnore money than tue Whole
worlds ANNUAL production Ct gold I
Yet such is :bc flct. Upon this sub
jsGt / quote isopi tue spessh G. Hon.
Johu T. jcnes, delivered in tho Uni.
ted States Senate April 81 1876:
IalludO TO the interest on tho public debt,
which debt is very largely held abroad.
This interest now amounts to nearly
Sl0o, 0o0, 900 per auuum. By selling bonds
10 tue extent Of $3.50, 900, 900, say Al 10 per
tent--fos 1t Is Feshsp1 hopeless to expect TO
do 1t ut y lesser sacsihee-you will add
SCI, 0eO, 900 year 10 your gold interest
debt, ard thoGe S35, 900, 0UO to the portion
held abroad. Where are these S95, 6e0, 900
to conc from7 Whcre arc the whole
Sl3J, COO, 900 to come trem?' Your annual
Interest charge will alone anouutto more
than the whole worlds product Of gold.
Is it not insane to talk or even think
of paying tho vas. Indebtedness Of this
country. public and private, 10 gold or
upon a currency foated upon gold
basis ? 1t is simply physical and f.
nancial imp0ssitility. II that is the
fixed purpose Of this national Legisla.
ture, the destruction OF tho hundreds Of
thousands Of the debtor class will be
complete. The ciroumlocution Of re-
sorting to specie resumption might as
we'll DO avoided. for the result could DO
more directly but aot more Effectively
reached by simple statute transferring
tho lands and tenements, goods aud
chat,els, OF tho debtor Glass to the
told holder, tho broker, the banker,
aud the moncy-chaugsr ! repeat, that
il you would stay the baud Of financial
destruction aud avert the cries Of sor.
row and woe that would otherwise fall
upon our ears, you mus. remouetizs sill :
yer and postpone the Jay of re'ump.
ton. Resumption may DO possible and
within the grasp Of the psople it may
be accomplished witbou. Iatriment to
any class; but this will require time
and rigid economy, that economy which
has been inaugurated in this House at
this session, and which will save
$40, 900, 900 annually to the people.
Resumption must come, when it does
come, through prosperity and not
through contraction, distress and ad-
versity. Our bonds were bought, or a
large portion Of them weae bought, at
forty cents on the dollar 10 gold, aud
since then they have been legislated up
to par and oven beyond par. The 10.
tarest is paid 10 coin and tho bond is
exempt from taxation. Therefore the
bondholdcr is in condition to resume,
but the mass Of tho people are not.
Rsmonetize silver, infuss confidence
among the people, aud 10 few years
the financial affairs Of tho country
will be in a healthy condition. We
may thus be able to tide over the
,hreatning trouble. But why not re.
mouetize silver? have heard with
pain and regret from two members Of
Of this Congress, one from Pennsylva-
MIA [SIr. Townsend and the other from
Ohio, [Mr. Garfield, j that they oppose
the RECOMMENDATION Of silver for the
reason, among others, that the great
supply Of Amcrican mines has tended
10 reduce its Market value. Why, sir,
the British dominious arc the largest
gold producing sections Of the world,
aud hence tho Englishman, true to
his interest, true to bis government,
aud ever ready to add to its strength
and material wealth and to add to The
purchasing p'Yer Of gold, has demon.
etized silver and reduce its market
value ; but why an American should
join in the crusade against Americas
production, his own coun.ry's coin, /
cannot understand. 1t is q high con
sti,u.ional duty that this Congress
owes to tho country to provide for the
coinage Of silver Us Of its former pu.
rity aud to make it 4 legal tcuder for
all debts, public and private. This
will 90 far 10 enhance its purchasing
power both iu Europe and America.
European capitalists hold large
amounts Of our bonds, and will be in.
duced BY thar interest to give silver
its proper place and standard in value
10 the coinage Of the world.
It is safe to assume that our fathers,
the trainers Of the Constitution OF the
United States, we're as patriotic and as
far. seeing rs We are. By tho eighth
section Of tho first article Of that Con.
StitutlOu they conferred upon Congress
tue power ITO coin money aad to regu.
late the value thereof; : and BY Che
tenth section Of the same article they
conferred upon tho States respectively
the power to make gold and silver a To-
gal tender for tho payment Of all debts.
Under this power so conferred upon
Congress gold and silver were made and
continued legal tender for three.quar-
ters Of q century, during which time
with silver as legal tender our area
was more than doubled; our increasc in
population and wealth and progress in
tho arts and aceaces stand upriyaled 10
tho history Of til I, world. II Congress
shall deny to the people tho relief to
which under the Constitution they are
clearly eltitled, and shape legislation
for the benefit Of the favored and
wealthy few. it will dcvolvc upon the
States, each speaking and acting for it.
self, to resort to the power quoted above
and declare gold aud silver 4 legal ten.
der for contracts between man and man
and for all dues to tho State.