The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-12-11


were declared TO be redeemable in coin
Of the present standard value, and bear.
ing interest payable semi annually IN
such coin. There was no ambiguity
about those times; there was no dOub.
about what those words meant The
act was as free from auT possibility
OF doubt as words could mske i.
It referred 70 the standard coin then in
existence, and no matter how much coin
be deprecated or debased, appreciated
or increased in value by the exercise OF
the sovereign power Of the government,
still that should no. effect the rights of
the holders Of these bonds when they
matured, but the government would de-
liver 10 them so many pieces OF gold or
SO many pieces of silver as were known TO
tho law when the bonds were issued. He
argued that sll the bonds by their terms
by the plain and proper meaning OF
words on them-were redeemable 10 tho
coin known to the statutes Of the United
States at the time such bonds were az.
thorized. He then referred TO the specie
resumption act OF 1916, and stated that
prior to the passage of that act but
subsequent TO the act OF 1870, 10 VII,
by the act Of 1873 new coinage Wa
established, which dropped from the lis.
of the authorized coins Of the United
States what mad always been known 10
our law as the silver dollar. Now, in law
or III morals, what difference did that
make ? The United States, rs one party
IN tho Gould Of ~,
ton, change the contract; therefore, that
act did not affect the holders OF bonds
The recitsis Con.sised in his preamble
and resolution logically and legally jus
titled the conclusion that it was necessary
for the government 10 retraCe It's steps
and restore the law IS it was prior TO
1873, and put back the silver dollar rs il
stood, leg tender for the payment OF
ali bonds, sDd to do go would not be in
violation Of the public faith, nor in der
ogs.ion OF the rights of public creditors.
Tne government to keep Itself in
position to peoform is contract
according to the letter ard spirit, should
restore the silver dollar and keep it lust
as 1t was--a full and complete legal ten
themselves; they were no. dealing Tor
their private or individual interests they
were here rs the representatives OF q
great peoples interest; they were here a.
the trustees OF the natIoa-trusLees of its
holor as well us OF its pecuuisry inter
est, but bDuLd to &C! trustees &C.
cording to the universally acknowledged
principles Of right and law. What
right mad The Senators TO give away
one particle Of that great pubic domsju
of power which constitutes the pubic
right. They were the cOnservstor5 OF 1t.
The President of the United States could
only speak Tor the people in the limited
channels marked out for him by the
Constitution, and when he Matthew'S /
heard talk that il Wss the expectation OF
Lhc purchaser of the bonds that because
be paid gold for them he must receive
gold be asked who had given out such
expectation Where had the people 80
spollen2 Through what cham through
what agency Let the record be pro.
duCed. There were considerations of
another nature which invited discussion,
into winch perhaps the Senate ought to
20, into which, perhsp', some VINO would
lake par. il the discussion would neces-
ssrIly 20, but he would only briefly refer
TO them. 1t had boen said that -ilver
had deprecated H. value. How was the
los measurei2 By gold. Why not say
gold bad appreciated IN value.
Mr. Eaton Has not silver depre-
ciatad in the purchase o! every product.
Mr.. Matthew'S answer, that silver
can today buy more Of every known
prsduct OF labor, than il could in July
1870. Here, in Asis, nowhere in the
world has silver deprecia ed the bread Vi
of hair. Oa the contrary, it has main
tained its position; 1t can buy to day
more land, more houses, more anything,
than 1t could IL 1870
Mr.. E4ston said thst he agreed with
the Senator; II could in the United
States, but It could not abroad.
Mr.. Matthews what have we TO do
with abroad, and what have we to do
with the inquiry whether lands aud
houses abroad have appreciated IN
value or not2 Who is there, who does not
know from actual personal observation
that everything has gone down and gold
alone has gone up. Nothing could pre-
vent persons from seeing that but the
blindness OF those VINO had joined the
conspiracy to exslt gold as the King Of
money.
Mr. Edmuuds said, taking the re-
marks OF the Senator to bg true about
silver and gold why would nst his phi
losophy apply as well to copper and
goid2
MIR. Matthews-We did not agree to
pay in copper.
Mr., Eimunds then asked If the Sena-
tor from Ohio was qui.s sure gold hsd
appreciated. and if the price OF silks IN
France in gold was 50 nigh as FIVE years
sgo2
Mr.. Mathews, resuming his argument,
SAID he had the testimony of his own per-
sonal experience, the testimony o: the
lis, Of bankruptcies throughout the
country, and the testimony OF the !l't Of
sherihs sales 10 the effect that every
thlng bu. gold had decreased ia value.
What else meant all th,s cry of discOn-
tHLLt w lNb ''E' III suls IL ~ iIoA VI A4s-
,tisfactou? The distress Of the country
now WIS beyond all histories. coupsrI-
son. and it would take bu. few more
turns OF the wheei to throw The great
mass oCour people into bankruptcy.
In conclusion ne argued tins. if this
appreciation oi gold should continue the
best ilves.men. possible would be 70
lock it up and await lie appreciation.
MIR. Morrill, said II the Senator from
Ohio had introduced this resolution snd
ssked is reference TO the Committee on
the Judiciary, he MI ght have understood
MS purpose. The question raised by MS
resolution was iegs, one. Wheusyer
ths main question camc up 81 to the re.
mouetizatiOn @. silver, De horr,l,7
would be prepared TO express ms view
on il, sn5 be hoped to bs able 70 show
that il would b. cheaper AID better for
the United States TO pay It's deb. in god.
He moved the reference OF the resolution
to the Committee on the Judiciary
Mr.. ConEliHg said he wished TO sub.
M. 81 smeEdmeE: before iJs refer.
araa snd ,lst yss 10 -l-ikp on, tie