The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-12-14

ASSOCIATED PRESS REPORT.
TO THE DAILY LNTELLIGENCER
GENERAL NEWS:
More Fighting with the Turks.
Turkish Journals Urge Resistance
10 the Last.
Mcmahon Still Dlstrustsd by The
Republicans.
Important Railroad Conference at
Cleveland.
Almost a Panic Among the PhlIa-
delphla Savings Banks.
The Senate Still Discusses the
Silver Bill.
Senator Bayard FOreshadOWs His
Position.
CONGRESSIONAL.
SENATE.
WASHINGTON, December lS.

WASHINGTON, December 10.
Mr.. Cameron, OF Wis, presented pc
tition OF David T. Corbin, Of South Caro-,
lima, asking that his claims to a seat from
that State may be inquired into and de-
cided upon It's merits. He moved that
the petition bs laid on the table for the
present, and gave notice that he would
call it up hereafter aud give ia reference
10 the Committee on Privileges and EIec
tons. So ordered.
Mr.. Dawes introduced a bill to author.
iIe and equip an expedition to the Arctic
Seas. Referred.
Mr. Voorhees, submitted the following
resolution and gave notice that he would
call it up OH Tuesday, January 10, 1873,
for the purpose Of submitting SOME re.
marks thereon:
Rtsolred, That it ia Of the highest im.
portsnce that the financial credit Of the
government be maintained, and in order
to do SO the government itself, in all
itsdepartments, should in good faith keep
all its contractB and obligations entered
into with is own citizens.
Mr.. Ferry, from the Committee on
PostOliices aud Post Roads, reported the
annual post route bill with amendments
Placed on the calendar.
Mr.. Davis, Of West Virginia, called up
the resolution submitted by him yester.
day, calling on the Secretary Of War for
information in regard to the organizI.
tion, arming and eqnipping Of the militia
10 the several States, and il was agreed TO-
At the expiration Of the morning hour
consideration was resumed Of the resolu.
Iion Of Mr.. Matthews, TO pay bonds in
silver, and Mr.. Bayard spoke IN opposi.
ton.
Mr.. BIyard said it had been an unwise
financial course which made such reso.
luton as this possible. He reviewed ut
some length the financial acts Of the
United States and argued that it had al.
ways attempted 10 keep the two metals
equivalent and when the government, in
1873, took the silver dollar out OF ita
coinage it preserved for the creditors the
equivalent in gold. The government had
been dealing in equivalents and it
did not intend any arrangement Of
value between these two metals should
result in profit or loss either to the
government or TO those who purchased
bonds. He then referred 10 the pre-.
amble Of tho resolution OF Mr.. Matthews,
reciting the various insncial acts since
1869, and said it was not historically cor.
rect. 1t failed 10 recognize the act Of
February l2, 1873. which was just a.
binding a. any OF the acts mentioned.
The honorable Senator, Matthews, to
make his preamble binding, should have
also said in ii, and whereas, from and
alter the act Of Congress OF 1884 and I'M.
til February l2, 1873, the dollar Of 4l2I
grsius standard silver having been found
10 have a greater intrinsic value in the
public market than the gold dollar Of
25 and $40 grains, silver bullion
csSsedtobe brought to the mints for coin
age, and the silver dollar, already coined,
could not be retained in circulation:
and whereas silver dollars Of 4l24 grains
having become practically obsolete, the
government Of the United States, BY an act
otCOngress passed February IL, 1873, and
duly approved by the President, abolish.
ed from ils coinage silver dollars OF 4l2t
grains az unit ot value, 80 that for nearly
5 years the same has ceased to exist. He
would be most unwilling, and for causes
beyond his conlroI, that silver should cease
to be used H money OF the United
States, but that did not touch the Ques.
tiOn presented by the resolution before
the Senate, and he proposed to reserve
his views upon that subject until the sill
yer bill should be before the Senate, then
be would deal with it with all the gravity
its Importance demanded. lie argued
that change in standards OF value Of
silver had taken place, and that silver to.
day was worth in the markets Of the world
ia parts TO one Of gold, when by our law
oil 1884 standard it was Is 9S 100, or
nearly 10, parts Of silver TO one oi gold.
What was now proposed was that
COngesa should enact by law that
which nnder the pretext Of reg
ulating the value Of two metals
when coined would fulsify their true
value. WaS there any piece oi silver Of
Az! grains Of fihestandardo Of value OF the
United States worth 25 s 10 grains Of gold
oi the same standard OF vAlue2 No man
could say there Was; ii Wa4 not true. Did
power to coin and regulate mean power
to coin and fAlsify? Had Congress the
right 10 make this false declaration and
stamp il on metal, that the lie may be
better preseryed2 Could this Govern
ment Use its law making power to pro-
duce an advantage in its own iavOr2 No
Government on the face OF the earth
could do 40 without dishonor. lie might
safely appeal to the recollection OF dVery
one within SOuRdOi his voice who, unless
he had been connected with mint, could
ever remember having silver dollars in
his hands from 1881 10 1879. Were there
practically no silver dollars in circula.
tlon In this country OF 4l2I grains I?
From 1892 10 1877 there was coined at the
minH Of the United States $685., 1853, ,G95 In
gold. In the same tims there was coined
in silver $lSi, ,9009il. Who could say in
the face Of tina fact that the people Of
thiA country, during the specie payment
tlmeaTeyer lived under silver currency,
Even our silver half dollars would have
taken flight had II not been arrested by
Congress in 1853 by debAsing them, and
since then no two half dollars coined
were equal to u silver dollar. Since the
creation Of the funded debt by tho United
States not one cent Of silver has ever been
paid out either ior principal or inlerest.
Who could furnish quotation Of a
United States bond IN silver in any mar
ket2 In thoigreat events transpiring in
the great family Of nations, while tho In.
pOrtant problems Of single or double
standard were being considered by other
nations the United States Ind been kent
away from the council bOard, and this
nation was therefore 10 n position 10
profit by the experience Of otherS. In