The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-01-24

be paid in gold. The Secretary had dared
10 give unauthorized assurances 10
the bondholders, but he had not
dared to issue single bond
contrary TO the law. To claim
now that the United States must pay lis
bonds in gold on account Of the assurance
Of the Secretary OF the Treasury, was
scarcely less than 4 crime. The cry OF
repudiation, violating The national honor,
Iimpugning the faith Of the Government
and so on, had been heard far and wide,
from the eastern press and from the bond
holders, their allies and friends. Western
men in favor OF the remonetization OF sill
YER had been stigmatized us lunatics. He
(CockrelD was as firmly devoted 10 the
national honor as any Of these Pharisees,
and he hurled back with scorn and con-
tempt their imputations. He stood on
the floor Of this Senate as one OF the
Senators from the great State Of Missouri,
and demanded for the people the enforce.
ment OF the contract. Heboldly asserted
that 10 pay the bonds in gold and silver,
or in silver alone, was in perfect
compliance with the plain words
OF The law and with all the re-
cognised principles Of honesty and
national honor. lie charged these crimes
OF reputation on those who upheld the
bondholders. The people whom he rep.
resented, with the bayonets oi truth in
their hands, would drive them into de-
cent observance OF plain terms Of law.
The bondholders, by their false cries,
we're attempting TO iasten their high
crimes and misdemeanors on those who
desired to comply in good faith with the
letter and spirit OF the law. The taxpay.
era OF the country had their rights, one OF
which was 10 pay the bonds in silver.
They would never surrender that right.
The people could not and would not pay
gold alone. He heartily approved the
resolution Of the Senator from Ohio, and
| it was the imperative duty of Congress
to-day not only TO pass this resolution
but also to restore the free coinage Of sill
yer dollars by passing the silver bill.
Mr.. Randolph spoke in opposition TO
the resolution and in favor Of gold as the
single standard OF value. lie referred at
length to the various. government bonds
and argued that the government had the
right 10 pay the bonds, issued prior 10
1878, in gold or silver coin Mt its option.
while az 10 the remainder OF It's obliga-
tiou the payment must absolutely be made
| In gold. He would endeavor TO show that
where IL was our lawini right 10 pay In
either coin, our interests would not be
subserved by payments in silver. He
argued that it had been studied for the
pur pose OF the government 10 persuade
The mind Of capital that coin meant
gold. No resolutions OF Congress, no
opinions OF the Secretary could have had
or ever did have breath Of influence on
the minds Of the lenders, compared with
the long unbroken practice Of the Gov,
ernment itself. Aside from considera-
tiona OF interest or policy, we had never
at one time, nor all times put together,
within our history as Govt, used the
silver coin to make the payment with.
Counting all the silver coined sipee 1877
Il amounted to four million dollars-an
amount insufficient to pay the interest
alone Of the present bonded debt Of the
United States for fourteen days. When
we made our obligations we took no
thought OF payment in silver. Dreamed
Of. no chance like the one now sought for,
ana meant by coin that meatl which
the Government had ever before paid
TO lis creditors, that the Government
ever possessed in quantity sufficient to
Ray with, and the coin which the
whole commercial and financial world,
with whom,we have TO deal and were then
dealing, knew only .as our coin oil pay.
ment. Should we make law remonetiE:
ing silver, and that the coin oil 4l2fI
grains renain relatively as much cheap
er than gold, as il nowi is, Of what adyan-
tages will our reconciliation be to the
people beyond that given to those now IN
debt? it would possess none. As to all
new obligations, they would be made ex-
pressly payable in gold or so charged for
In higher rates Of interest or higher
charges for commodities, as to make the
cost 10 the borrower Of money or purcha-
ser Of merchandise, relatively the same as
II the transactions had occurred on a gold
bssis. lie argued that since the silver
bill had been under saVisement
large loans Of money have only been had
by inserting gold coin payment ia the
bond. The laws OF Congress, though they
be piled mountain high, cannot change
the higher andimmutable lawsiof supply
and demand, or the speedy exit OF capital
from the protection Of government that
menances either its honest value or its
righteous possession. He argued that
the remonitization Of silver would be
loss to the people and government and
would not lessen the public burden. II
silver is made legal tender and remains
the cheaper coin, and Is 10 DO paid out by
the government, then all will agree that
we may not longer refund our debt, now
being done at 4 per cent, ut the same rate
of interest or sell our bonds at the price
we get for them now. Just TO the extent,
therefore, that the government pays q
higher rate Of Interest or Hells its
bonds for a lower profit II Is the loser.
The public burden Is not lessened
but is increased for all practical purp oses
and substantially for those Of commercial
ones; also that silver, as the legal 70 n.ler
coin OF the people, passed out oil exist
ence more than twenty years before the
passage Of the celebrated demonstration
act Of 1878. It's usc by the people had
been confined long before the war to very
convenient and always 10 be circulated
subsidiary coin-the. half dimes and
dimes, the quarters and half dollars oi
every day use, the peoples money in
reality, money Of convenience TO them,
hut not money for their hard earned saw.
ings to be kept. In referring to the act
Of February, 1873, demonelizing silver,
he denied that II was Rmuggled through
Congress and said il was clearly under
stood. lie argued that the silver dollar
was demonetiEed because il was worth 81
cents more than the gold doilGr and would
not remain in the country. He believed
that double standard was not only
detrimental to the government but was in
itself substantially jmpracticable. The
nations Of the highest civilization oil
those with which our affairs are
the largest have either adopted q
single gold standard or restricted the
coinage Of silver so rs To amount TO about
the same thing. We could not take the
East Indians and Chinese for our guides
in finance.
iIe next discussed the power Of Con-
gress TO coin money and regulate its
value, and referring TO repudiauon, said
he believed there was no purpose on the
mart of the people at large 10 do aught