The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-03-07

others that may be proper, are not, in my
judgment, indispensable ~ the full and
complete execution OF the law of 1875 on
or before the first day Of January, 1873.
At the conclusion OF Mr.. Sherman s
speech Mr. Bogy called up the bill in.
troduced by him early in the session, au-
thorizing the
Pay ment OF Duties on Imports in
Legal Tenders.
and national bank notes.
Mr.. Bogy said he believed the law
providing for resumption January lst
1879, to be founded in fraud from be-
gining to end. and that if not repealed it
will involve the countryir great distress.
He contended the way to resume is to
Give Value TO Paper Money,
which would be effected by receiving it
for the duties on importation. He re-
viewed the provisions of the resumption
act and argued that it was impossible to
carry them out. To gradually ac-
cumulate the coin and lock it up in vaults
If the sub-treasurer, would lead
TO the most serious and dis
astrous consequences The effect
indeed would be So embarrassing ss TO
render it entirely impossible that the
Senstor could. | take it as An accepted
fact that no one believes that the trade
and commerce of this country can be
done with fair degree OF prosperity
with less than S8,000,OOO, whether this
this amount be coin or paper. 1t is said
there are $4,000 900 Of CON in this
country. My own belief is that we have
not my many millions this amount. But
let that be 8. it may, will concede that
VT have. The question Is again squarely
presented
How CouId National Banks Sustain
Themselves?
Their notes would not bs received in
the payment of dutie, nor be legal tend
ers and vet the resumption day having
como and past, banks would necessarily
be required to redeem their notes in coin
or be deprecated to ruinous degree.
Under these circumstances would We be
carer specie payment than We are now?
According to nay view Of the mode Of
bringing about specie payment, to At
tempt il would no! only be =
failure but would involve the
country in distress and ruin and specie
payment would be postponed indefinite
ly. Mr. Bogy next referred to our for.
eign commerce and our Indebtedness
abroad and said that last year our export,
Of domestic goods decreased so 100000
while the exports Of specie increased
S25, 100000.
Tho Condition of Our Foreign Trade,
he said, is deporable, and here lies the
lion in the path of resumption. This has
TO change before you can. under the
present law, resume. For if there Is no
change the coin will not remain here in
sutfi tient quantities, unless you appreci-
ate your paper money in the way have
already stated. But If you do sppreci-
ate it, resumption is possible, rs it will
take but very little com, with good credit
to sustain it. We must begin to realize
the fact that we are the only nation on
earth which offers Is market for all other
nations. We must export more and i'm
port less, and until We do it resumption
IS impossible.
Mr. Bogy opposed an increase OF the
bun0ed deb, abroad. lie said the
Interest on all new bonds should DC made
payable al home. While the tendency
among the principal nations
is unmi,takabiy 10 the adoption
of gold a. the measure and standard
OF value, vet am impressed with the
conviction that a. our mines produce
annuallya very large amount of silver,
we might very wisely return TO the
double standard Of gold and silver 10
limited amendment, and this will cOnsti-
tutes he mears b. which we will be
enabled to resume specie resumption
Tie Senator then gave his views US 70
How Resumption Might be Brought
About.
He said | would let 1t be understood
tha: the present laws in relation 10 legal
tenders and national bank notes should
remain permanent and under Eo circum-
stances shonld there be any contraction
of the former and increase of the latter.
As business wants might call for them
! would receive in payment OF dutiei on
i'm mporlations legal tender notes Although
my bill provides for the taking Of both,
my object beng at the time ! intro
duced it TO elicit the views OF
others in the proposition. 1t may be
thought that If We take one kind ot pa
per and not the other, the one not taken
will depreciate. This | answer would
not be the ca.s, a. the one not taken Is by
law convertible in other ways, and there
being about the same amount OF both
outstanding, this conversion would not
be dltf1cult to make. If desired, would
then take As security for the circulation
of the National banks bond OF
four and half per cent, and in that way
release the bonds now deposited,
worth from sixty 10 eighty million. The
premium on that amount ls more than
their face. | would then increase the
LEGAL te..Aer character Of silver 10 the
sum O, one thousand dollars in one paw
mcnt, thereby giving to this metal which
we are producing IN our mines in such
large ouautltI--, the largest capacity
Of usefulness without, at the same time,
driving out OF the country gold. coin. |
would then require the National banks
to set aside as part Of their reserve the
guG interest received IN these bonds,
which would emanclpste an equal
amount OF paper now ne.d rs reserve.
One year after the passage Of the act !
would require banks TO redeem in silver
their not%, presented in sums no! exceed
ing ore hundred dollars, AID after Two
wears TO redeem in gold sums OF ike
amount by dong away with the large
demand for gold TO pay duties amount
ing annually 10 between $4,000 900
and Sl6OOCO,OOO and creating demand
for precisely like amount for legal
tenders and the difference between the
two would soon dsappesr. That being
so gold not being worth premium,
It wo4.c be easy to procu sj0OOO.000
needed TO pay the home due interest
o. coupars. As the coupon. due abroad
are provided for by purchase OF AK.
change Us Is always done, and not by