The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-01-26

state Of the law and II he happened TO be
q little prosy he hoped the Senate would
pardon him. From 1892, when the first
coinage act was passed, 10 1874, the dou.
Bile standard existed in this country on
the theory Of exact equivalents. He
then referred TO the coinage act Of 1884,
and after quoting from the. debates in
Congress on that act, said that those were
hard times as we'll as these.
Mr.. Jones, Of Nevada, said he would
like Senator Edmunds TO point TO his.
tory showing that hard times existed in
1884 and 1885.
Mr.. Edmunds said II his freiend (Jones)
would turn 10 the records Of Congress for
that period he would find them. There was
a period Of four days about 1872 when We
went backward, and there was period
more recent when we went backward. He
argued that the simple declaration OF the
statute would not equalize the value Of
gold and silver; Congress might as well
say bushel Of potatoes should be equal
in value 10 bushel OF corn. The far!
mers OF the West would smile at such a
proposition, and the respective values OF
corn and potatoes would remain as they
were.
Mr.. Jones inquired II all the troubles
Of 1887 were not attributable to the re-
moyal Of the deposits by General Jackson
and were not petitions presented asking
for the restoration OF such deposits.
Mr.. Edmunds replied: OF course stump
orators and newspapers then as now
cried out 10 fasten the cause Of all dis
tress on this or that thing they did not
like. Continuing his argument, Mr.. Ed.
munds said the legislators in 1887 had
discovered that no amount OF law-making
would give any value to silver. He beg.
ged the Senate 10 bear In mind that the
laws Of the United States forty years
ago ceased TO impute valne TO either sill
yer or gold. The legislators then found
out that the word value related TO the
operations OF men, OF society and OF com.
merce, and statute could not add one
mite to the value OF anything.
He next spoke Of the act OF 1919, au-
thorizing the coinage Of the gold dollar,
and said there was necessity for the coin.
age OF that dollar because there we're no
silver dollars in circulation. He next
referred to the coinage act Of 1853, and
said that when the act Of 1884 was passed
there was but a trihing difference between
gold and silver; but that differ.
ence had continued till the gold coin
oyerruled the silver and drove it away
from the people. The House Of Repre-
sentatives then deliberately declared in
favor Of gold coinage and rejected silver
AZ measure Of value. Gold was the
only true standard in the United states,
and yet Senator's argued that il was pro-
per 10 90 back and upset history and leg.
isla,ion. Andrew johnson was a mem
Der Of the House in 1858, and he then ar.
gued that debasing silver coin would be
injurious 10 labOring men, and there was
good deal in what he said. Now, il the
workIugman be compelled to take two
half dollars for his days work, worth
about 81 or So cents, be would be injured.
The very men who were now urging the
RECOMMENDATION OF silver, should they stay
in the Senate ten years, wonld be among
the first to undo the proposed legisla-
ton Of to-day. When the cruel war be.
gan, and the tremendous initiation OF
paper currency took the place OF silver,
that coin had long aimee passed out oil
existence, and the statutes recognized the
fact.
lie then referred 10 the financial legis-
lation since 1861, and said that before the
passage Of the legal tender act, when
war loans were forced upon III, Thad.
dens Stevens, chairman Uf the Com
mittee Of Ways and Means in the House
OF Representatives, argued that people
who advanced their earnings were entitl.
ed to be paid in gold, because years
before that gold was recognized
as the only standard Of value. The
act Of go, under which the bonds were
issued, provided that they should be paid
in coin, but II was understood that such
coin should be gold. The word coin i'm
pu,ed not silver dollars, it imputed halt
dollars, quarters, and nickels, and II the
Nation was going 10 stand on the letter
Of the law why not give notice that il in.
tended to pay its bonds in copper, which
was a coin Of the United States.
Mr.. Matthews said no coin but gold
and silver was legal tender above five
dollars.
Mr.. Edmunds replied that this was not
legal tender act; ii was an act pledging
the good faith Of the Government. II he
should draw the act OF 1869 now, with
his present opinion, he would use the
terms, gold and silver, just as they were
used 10 that act. There was part Of the
debt OF the United States, according to
the letter OF the law, which could be paid
in silver, and every interest coupon, less
than FIVE dollars, might be paid in silver;
every dollar note would be redeemed in
silver, and that coin could be used for all
email debts.
Mr.. Blaine said that very large part
OF the public debt was held In one hun
dred dollar pieces OF scrip on which the
interest was two and half dollars, pay
able semi-annually. Did he understand
the Senator to say that this interest was
payable in silver half dollars, while the
man who held n registered bond Of 81 900
must have gold?
Mr.. Edmunds replied that the letter OF
law was one thing and the spirit Of 1t
another. A nation would be in sad
condition TO resort 10 aliteral construc-
ton Of its statute against which no one
could have redress except by All appeal
to the conscience OF such nation. The
honest import Of the pledge Of public
faith was that bonds were payable in gold.
II would be 10 violation Of the national
honor to pay the small bondholder IN
silver unless such silver be equal to gold.
Mr.. Matthews quoted from the speech
Of Mr.. EdmundS, made in the Senate, in
1867, 10 the effect that the bonds were
payable in gold and silver.
Mr. Edmunds said that no doubt he did
80 argue but the silver question then was
OF no possible moment. The question was
whether the debt should be paid In coin
or paper. There was party in this
country which claimed that the debt was
payable In greenbacks, and no doubt, in
reply 10 their arguments, he claimed that
the debt was payable in both gold and
silver.
Mr.. Blaine spoke Of the bOndholders Of
the country and said he still wanted II
made specific whether there was any
more color for paying the small coupons
in silver than for paying the large ones.
The people Of the country wanted to know
Il.
Mr.. Edmunds said he was not like the
distinuished Senator from Maine, talking
TO the country, he was talking to the