The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-01-17

out oar money he declared that the dis
covery OF gold in California and Australia
gave an impetus 10 the whole world and
every class rejoiced with one exception.
The creditor class looked on sulleniy,
and lsbored earnestly to demonetlze golu'
and Germany did demonetlze gold In q
Mad Effort to Keep Money Scarce.
The creditor class, he said, is net 30
much concerned as to what shall De
money, as 1t is that there shsll be no re-
duudancy after its demands are PAID. IL
appears then that gold-even gold, the
God now OF fierce idolatry in our midst
has committed the objectionable sin OF
initiation! 1t has been urged here that,
because silver was not plenty at the time
the bonds were issued, the bondholder
could not expect the bonds would be paid
in silver, although the law said explicitly
that they were; and for this reason they
desire now TO refuse payment IN silver.
This is the highest note OF reputation
which has ever been sounded. The law
for the decentralization OF silver,
and that which in less than year pro-
poses to destroy the greenback, ne de-
nounced as "twin monsters OF evil" a
shrinking volume OF money, he said,
transfers property unjustly. Statistics
show that there are now at least three
million people willing to work who are
idle because they cannot obtain employ
ment. This
Terrible Army OF Standing Men
is daily growing, and 1t wss terrible to
think of the result. He charged that the
demonetiZstion of silver was purposely
accomplished before the attempt was
undertaken to contract, burn and destroy
TIE outstanding legal tenders OF the
government, until it should compare
with the meager margin OF gold which
We are able To command; that the con-
traction OF the currency which has been
accomplished has almost ruined the coun.
try: but if the law Tor the resumption OF
specie payments is TO stand, a contraction
many times as great must be accom-
plished, and no man might predict the
result Then he touched on the revoiu.
ton in the financial condition OF the gov
ernment winch must take place before
resumytlon can be accomplished, since
the government has not 81 IN gold Tor
every $l4 IN paper; and If specie pay
ments are to be resumed, the govern
ment must destroy two-thlrds OF the
money OF the people. The American
people were furnished with one amount
ot mor ey TO contract debts, and 1t wa;
proposed 10 give them much smaller
amount OF money TO pay them. The
public debt was contracted on basis
of imitation, and it is now proposed
TO pay it on basis Of the narroweSt anC
most merciless contraction. Then ioi-
lowed pathetic picture OF the results,
which held the whole audience with
bated breath. Next he ridlcu:ed the
term cover production" When the pa
per circulation was over one thousand
millions, there were only q trltie over
twenty-one hundred failures throughout
the country-Iess than has occurred IN
any three months o. the year just c!osed.
Am | TO be met said he, with the as
sertion that the prosperity OF those years
WAS fctiuous2 Were the comforts OF
those years fictitious? There was plen-
ty and happiness until 1866. Then the
creditor Class began
The work of SpeliatiOn,
and they have made their ruin complete.
Those VINO deny the right OF Congress TO
regulate the volume OF money forget,
ne said, chat they have been exercising
lust that right, the only difference being
that they have invariably regulated II
downward instead Of upward The sys-
tenn OF National banks he characterized
as the most complete and intricate
scheLe tor making the people pay
tax to capital that ever was
devised, and the National bank rs
the middle man, whicn Is paid e1-
orbitantly for dong what the Govern
ment ought to do directly and freely.
The National banks, said he, are bank
ing on the interest. paying debt OF the
people; and, If the NstlC nal banks are q
blessing, the national debt is = blessing,
for the debt supports the banks. HIS
peroration was all eloquent warning to
The capital OF the country that, II II was
wise and had its own interests st heart,
.iL would stop, retrsce lis steps, and not
further exasperste II people who would
stand no more. AT the conclusion OF has
speech
There was "a Grand Rush
of all who were on the apor 10 shake
Senator VOORHEES, by the hand snd con-
gv,tuls!e him. HIS WAS the center OF an
ovation which was bounded by no party
lines. Business IN the Serste WAS sus-
pended, perforce, and after an inetectus
effort to preserve order sn adjournment
Was effected without attempting other
business OF the ability OF the speaker
and the greatness vi the speech there was
one opinion, but the comments upon 1t
were Coiored, of course, by the pre-.
dllectiOIs of the commentators. "A
Inc effort said Thurman, land
very picturesque" AT this thing
Keeps on We shall shortly accomplish
silver s.ampeie,' sad Hereford,
the enthusiastic silver man from West
Virginia, "A very fine orstion,' said
kerual; but II will not convince my
people Then he and Eaton aud Bay
ard formed themselves into al anti silver
assembly, and tried 10 convince each
other tnal aiter al there was not much
tact or force in what VOORHEES, hsi SAID,
beyoud the mere orsto-lCsl effort. l.
was evident, however, that they snd al
the snll silver mea dreaded tie effect oi
the speech on public opinion. The silver
men are, OF course, jublisnt, snd tonight
they count up f!:y-two votes-exsct!y
wc-tEirds-whom they believe will vote
for the Silver Bill vita Allison's amend.
ment limiting the smount OF silver which
shall De coined yearly.
Ohio Lcgist aturc.