The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-02-12
THE NATIONAL CAPITAL.
CONGRESSIONAL
PROCEEDINGS.
Speech OF Senator III. s.. Davis on the
silver Quesiion-The Case For.
eibly Presented.
WASHINGTON, FEBRUARY IL.
SENATE.

SENATE.
Mr.. Matthews presented petition of
the National and State banks and priv
ate bankers composing the Cincinnati
Clearing House Association urging
the repeal OF that portion of the Ma
tional bank act which imposes a tax
OF one-hslf Of one per cent. on deposits.
Referred.
A large number of petitions from sll
parts of the country in favor sixteenth
amendment to the Constitution prohibit
| ing States from disfranchisng persons
on account of sex, were presented and
referred.
In presenting a petition OF this charsc
ter, Mr.. Cockrell said he had been handed
petition purportlng to come from the
people of Missouri. He saw by the
names that many OF them were citizens
of that State. Among the signers were
| q large number of women, and in the list
appeared the name of George Francis
Tram. He protested that Mrs. George
| Francis Train was not citizen Of Mis-
souri,. Laughter.
Mr.. Conkling presented a petition
signed by 1913 persons doing business on
Broadway and other streets of New
York, embracing The names Of more than
three.fourths OF ali dong business there,
fsvoring the remonetlZ4tlon of the silver
dollar. In presenting the petition, he
| said he did SO without vouchlug tor the
accuracy thereof. 1t was laid on the
table, the bill now being before the
House.
At the conclusion of the morning
business, the Senate resumed the consid-
GRAFTON of the silver bill, and Mr.. Davis,
of West Virginia, spoke in favor thereof.
Synopsis o. Senator Davis Speech.
MIR. Davis argued that it was uncon-
sttutional to demonetize silver. The
Constitution recognized both gold and
silver rs the legal standard. II Congress
could demonetize silver, it could demon
etize gold, also, and then we would be
without coin. Who could tell what
evils might follow? He then referred TO
the arguments heretofore made in the
Senate against paying the bonds in sill
yer, and contended 1t would be VIOLA
ton Of the contract to pay the
bonds in gold alone or in sill
yer alone. Tne contract called TOR
their payment in coin, and Congress had
no right TO change the contract in favor
of the debtor or creditor. He believed
IN the remonetization of the silver dollar
and making it full legal tender would
soon cause it 70 equal the gold dollar in
value. The decentralization OF silver had
decreased It's value; demonetize gold and
the same result would follow. He op-
posed any amendment 10 change the
weight OF the silver dollar from 4l2t
grains, and SAID to do so would be
changing the value Of the dollar named
in the bonds; besides to increase
lie weight of the dollar would make
silver OF greater value than gold, and
drive the silver from the country. The
laburing classes were in favor OF the
passage OF this bill. 1t has been said
that the agitation OF this question was
even now causing the return OF our
bonds from Europe. In his opinion the
return of the bonds was due entirely 10 an
other cause Our exports exceeded our i'm
ports, the BALANCE OF the trade WAS in
our favor, and this excess had TO be paid
III the United States, some OF which was
paid in bonds. lie also favored the re-
nonetizstion Of silver because it WAS
one OF our chief products. Its remone-
tlzatlon would relieve financial dis
Lress and restore confidence and be
beginning Of that prosperity SO long as n
stranger to our people.
mi oh ba would
support 10 the bill, though he WAS not
sure it would give TO the country q
dollar equal in value TO the gold dollar.
Should It be found to be insufficient fur
iher legislation could be had. He be-
ieved the passage OF this bill would de-
crease the purchasing power OF gold and
would add TO the value of every species
OF property in the country. de did not
! believe its passage would impair the
rights o! any. lie considered it his duty
10 protect the rights OF the capitalist as
well Gs those OF the poor man. DC be-
heved the passage OF the bill would
relieve the distress now prevailing
throughout the country, and would coun.
teract, to some extent, tue contraction OF
currency, but it would not
give all the relief expected. Il
wo1ld aid in maintaining greater
stability and regularity in financial mat.
tiers AMI restore prosperity, and its pass
age was demanded BY large majority of
tie people OF the country.
Mr.. Coke ssId ne would vote for the
bill rs i. came from the House Of Repre-
.entsuves. He advocated at some length
the repeal Of the specie resumption act,
and argued that the government was in
no condition now to resume specie pay
ment, aLd that II was utterly imprscIi-
cable OF any basis, and especially oD 3
gold basis alone.
Mr.. Mcdonald then took the floor
with the understanding that he proceed
with his remarks tomorrow, and the
Senate adjourned.