The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-02-16

They should support and uphold each
other; they have equsl and the same
right to protection.
EFFECT OF REMoNETIzATIoN.
! Our subsidiary coin of 1858 grains to
the dollar is worth in market about
ninety.six cents, while 4l23 grains OF
silver bullion for 267 gralLs more) IS
worth four or five cents less. Let the
| 4l2l grains of silver be coined and made
a legal tender and it will become equal
IN value to the sold dollar Of 20 grams.
If YOU wish to remonetiZe silver to-day
aud then pass an act demonetizing gold,
| believe their relative values would soon
be reversed.
If we continue gold only as our stand.
ard of money, it reduces the amount OF
coin in circulation in this country and
the world, and may influence other
nations to follow the example. 1t we
remonetize silver the other countries
which have demonetized it may follow,
and the countries which now use the
double standard will be encouraged to
| maintain It.
GOLD AND SILVER
Mr.. President, no country has yet or
can, if 1t is on solid or specie basis,
carry on It's ordinary daily business trans.
actions without the use Of silver In some
form. 1t is used to-day IN England,
Germany, this country, and IN fact, in
all other countries, and we cannot get
along without it, while gold is not used
BY large majority of the people OF the
globe.
England, single-standsrd country,
has silver coin in circulation amounting
to S8,000,000, aud 1t is q legal tender tor
81 0r $40. Germany Is also gold
stsndsrd country, and has in circulation
silver coin amounting to 800. 100000.
France has in general use of silver coin
more than $200000,000. l believe the
United States can and ought to use 10
advantage silver coin amounting to fully
$500, 100000.
1t has been urged that the silver dol.
| lar should contain more than 4l23 grains.
but the advocates o. this theory are not
a,reed as TO the amount. Some want
| APO, some 430, and some even as much
as $50 grains. There are several ooJec-
tions to this position. II would change
the dollar named in the government
| bond for one of greater value. 1t would
| increase the value Of all State, county,
corporate and individual Indebtedness,
which would not only be violation OF
the contract, but add to the burdens OF
| the government and increase the hard
ship OF all debtors.
1t would make the silver Of greater
value than the gold dollar, and drive the
silver dollar from the country, deprive
US of its use as a circulating medium, and
leave us with the subsidiary coins OF
385 6 grains to the dollar and the green
back dollar, both of less value. Our
monetary commission have reported in
favor OF l54 to /, which would make d
dollar Of less than Az! grains. Again,
the silver dollar when demonetzed con-
tained 4l28 grains, and when restored 1t
should be the same. If after fair trla!
1t should prove to contain too much or
too little silver, it can be changed oy
Congress.
There is more silver used in the world
than gold, and if all the nations follow
the example set by US and demonetize
silver, more than one-half OF the money
of the world would at once disappear, and
this would bring financial ruin and great
distress on all lands and all people.
EFFECT OF PASSAGE OF BILL.
The principal point raised by the op-
poaents OF this bill which has weight, Is
In my opinion the assumption that Its
passage would tend to drive gold out OF
this country as q circulating medium. l
do not think it will. No one can with
certainty predict the effect it will have,
but think it will be productive of good,
and is at least worth fair trial. l be.
lieye if silver should be remone!lZed and
made legal tender as proposed IN this
bill, 1t will take its former and natural
place and become the peer OF gold as
heretofore and largely increase our coin
circulation.
Gold and paper currency are steadily
approaching each otheri the prospects
are a paper dollar will soon be worth
dollar in gold, and this in my opinion is
rcmonetized NJ an early date.
believe the passage OF this bill will
greatly aid IN resuming and continuing
specie payment, because 1t will largely
increase the amount OF coin with which
To resume, and may prevent violent and
unnecessary raids Oh the Treasury or the
banks by brokers or other dealers IN
money.
Mr.. President, some say ifsilver should
be restored TO its former vslIe, 1t will
food the country. Ny answer to this is,
that such thing has never occurred
here or elsewhere, and with the present
limited capacity OF our minis, estimated
at less than S30,000OO0 per annun, and
tie adoption OF the Senate amendment
TO the bill limiting the coinage OF silver
to less than $50,0O000 per annumi and
with the further tact that silver has
value the world over, il Is hardly prObs-
bic tina. there will be redundancy IN
the country.
In the discussion OF this bill, It's oppo-
rents have often, and with much en-
phssis, asked, fare you going to coin
4l3I Crains Of silver, call it dollar and
pay 1t to the laboring classes when it is
only worth ninety cents?' To my mind
there is o ready answer to this question.
believe that the dollar proposed by this
bill will, soon after its coinage, be equal
in value to q dollar in gold, and
therefore beneficial instead of
working an injury to the Ia
boring or any other classes.
Up to the late war silver coin, as pro-
posed by this bill, was the equal of gold
Tor all purposes, and 10 day our sub
sldiary coin OF 3s5 s grains, which IS OF
much less weight than the dollar suthor-
lied bv this bill, has the same purchas-
ing power as y dollsr in green backs. and
! is IN general use among the isbo-tng,
business. and all other classes, and no
objection is heard from them. This being
the csse certainly dollar OF 4l2! grsins,
| NTH tull la,al tenler power and there