The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-02-04
dricks on the silver Question.

New YORK, February 2.-hon. Ihos.
A. Hendricks has telegraphed the Rerntd
a reply to August Belmonts letter pub.
lishsd In that paper on January goth.
Mr.. Hendricks says that the purpose Of
his (Belmonts) was to show that the
views attributed to me on the silver
question are inconsistent with opinions
heretofore expressed, and, therefore, that
| cannot be correctly reported. The re.
port in the Cincinnati Commercial was
correct. l do not know how 1t appears
in Eastern papers. | very much desire
to be considered consistent, but l would
rather be certain am right than consis'
tent upon this question.
REFERENCE TO THE RECORD.
Mr., Belmont quotes me as holding that
since the act Of March IS, 1859, the
bonded debt must be paid IN gold as con-
tradistipguished from paper OF silver.
In that hc Is not correct. The bill 10
strengthen the peoples credit was pend:
ing in the Senate in February, 1863.
made an argument agaiust the section
which pledged the faith Of the, govern
ment to the payment OF the bonds In coin.
I opposed ii because l thought the con.
tract allowed the payment oil the princl'
pal Of the fve-tWenty bonds to be maue
In Treasury notes. Mr.. Belmont takes
one sentence to show that held that the
effect Of the measure would be 10 pay in
gold us follows. -
In opposing the passage Of the act in
the Senate, February q, 1869, he had de-
scribed the issue then joined as "fhe quess-
tion whether the holders OF tho bonds
have an equitable claim upon US now,
while the difference between paper and
gold is go great as it is, to declare that
the bonds shall be payable in gold"
Had Mr.. Belmont read more carefully
he would have Eeen that l read the sec.
lion containing these words, "That the
faith of the United States is solemnly
pledged 10 the payment in coin or its
equivalent" and that then said:
at will cause the removal OF doubts
and make the law TO read that the
debt shall be paid in coin. That is the
effect OF this section.
Upon that construction made my ar
gument against the lsection, not as in a
controversy whether the payment should
be in silver as against gold, but whether
1t might be in paper as against coin. It
was not questioned in that debate that sill
yer was coin, and that the debt would be
payable in silver whether that section
passed or did not pass. The section sub
stantialIy, as / read il in the Senate, be-
came law nineteen days aterward.
IN THE STATE CANVASS
Its force and effect did not become a
question OF political controversy in this
State in 1879, when Twas elected Cover
nor, as Mr.. Belmont seems 10 suppose, but
Iitdid enter into the discussion OF 1874. In
the Democratic Convention OF that year
resolution was passed declaring the $40
bonds payable in greenbacks. l presided
over that Convention, and, as could not
give that resolution my support took
occasion at the first public meeting
which addressed in this city to say 80
and TO give my reasons. l thought then,
as I believe now, that after the faith Of
the nation was pledged to payment in
coin we could not pay in Treasury notes;
that the purchasers Of the bonds after
that date took them relying upon that
pledge, and that we are bound by it. That
was my argument before the people.
Neither my hearers nor I thought Of the
question whether payment could be made
in silver. 1t was not then doubted. II
was not then known to myself, and sup
pose not to one Of the audience, that the
silver dollar had been discarded" Mr..
Belmont refers TO that address and to the
use Of the word "gold" in it instead Of the
word "coin," as committing me to pay
meut Of the debt in gold and not in sill;
yer. The only question then discussed
was the right TO pay in greenbacks. The
right 10 ppy in silver was not then ques-
TONED or considered in this State. In the
address which made as President OF the
Convention, two months before, my opin'
ions upon the currency were somewhat
fully expressed. then said:
We cannot too strongly express the
importance Of the policy that shall re-
store uniformity Of value to all the mon.
ey OF the country, so that it shall be
always and readily converted. That gold
and silver are the real standard OF value
ia cherished democratic sentiment not
now nor hereafter to be abandoned.
certainly could not have used that
language in the campaign OF 1872 had ]
then known that silver was no longer
money.