The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-02-06

the dollar oil the Gons-a silver dollar
worth one hundred cents. There were
two classes in the Senate clamoring for
the restoration OF the silver dollar. One
was led by the Senator from Kentucky
(Beck), and the other was led by the SEN
ator from Ohio THURMAN. He insisted
that II would equalize the value Of the
gold and silver dollar and both would be
the standard OF value in the commercial
world. Both could not be right, but both
might be wrong. He did not object to
the coinage Of the silver dollar under the
proper restrictions, but there couldbe no
double standard. Such standard had
been claimed, but one metal always
drove the other out Of the country.
Mr.. Eaton referred TO the recent speech
Of the Senator from Indiana (Voorhees)
on the silver question, and said that he
did not attack or arraign the motive OF
any honorable Senator on this floor, but
OF the effects which the principles he
enunciates might cause he had right to
speak. Such remarks as those uttered
by that Senator would array class against
class, and labor against capital. He did
not say that this was the design of the
honorable Senator, but such would be
the effect OF his speech. Millions Of the
capital OF the country had been poured
into the lap Of the West, and the capi.
talists to-day did not ask interest in
greenbacks, gold, or silver. All they
asked was the payment Of interest, and a
commission recently appointed 10 make
inquiry concerning investments, &c, rec.
commended that capitalists having money
invested in the West reduce the rate OF
interest, so that the Western debtor
might continue in possession Of his prop
erty. The North, South, East and West
were bound together by the Constitution.
and the bond Of brotherhood could
not be broken. The Senator from
Indiana charged that capital was aggres.
sive and arrogant. He (Eaton) thought
il was always timid, quiet, and avoided
anything like revolution. To his South.
ern friends he would say that they were
broken down BY the ravages Of war.
Maryland, Pennsy ylvania, New York and
New Jersey and New England had CAPT
tai, and the natural advantages of the
South afforded good investment Tor 1t.
Let there be no more menace. Brave
men did not fear it and honorable men
would never indulge in 1t, He believed
that but for the unwise action OF Congress
the commercial men OF the country would
have resumed specie payments before the
frat day Of March next. There were
some things which Congress could do to
aid the people. II could reduce the ex-
penses OF the federal government, cut
down the army and navy, reduce the
number Of cadets at West Point and the
Naval Academy, open up new avenues OF
trade and commerce, let American capi-
tails purchase ships on the Clyde or else
where, and issue an American register TO
them. We could undersell our great
rival England everywhere.
Mr. Howe said only that sort OF cour-
age which was born OF conviction would
induce him to speak Immediately sue
ceeding the very able and eloquent speech
which the Senate had just listened TO.
He referred to the arguments heretofore
made in regard to the payment OF bonds
IN silver, and said the simple truth was
that the debt never would be paid in gold
or silver either, for the simple reason that
the coin did not exist with which to pay
it. The debt must be paid in commodi.
ties. He then spoke Of tho power OF Con-
gress to coin money and regulate the val.
ue thereof, and said Congress had better
exercise that power carefully and coin the
hest money. II the III metallic currency
was the best, as some authorities had said
il was, then the United States had better
adopt it, even though some other coun-
tries had other coinage. The pending
measure had been stigmatized as dishon.
eat finance, but he was not sure it was so.
There was difference Of opinion as TO
whether we had or had not promised to
pay our debt in gold and before he al
lowed himself to be placed in the ategory
of repudiators he must be allowed to give
his view OF the contract under which the
bonds were disposed Of. Mr., Howe then
reviewed at length the act Of 1869 TO
strengthen the public credit and that OF
1870 to refund the public debt, and ar.
gued that il the creditor insisted upon
payment OF the bond in gold he must rest
upon the equity OF his claim and not on
the law Of the land. Capitalists did not
exactly 1y TO the rescue OF the Govern
ment when it was in want Of means.
They consulted. their own interests in
making investments as they had perfect
right 10 do. He favored reconciliation
Of silver pecause il was an American
product and he could not legislate against
Il. lie spoke Of attempts to demonetize
silver as conspiracy and said large
part OF Europe Was already in the con-
spiracy. The practical question for Con.
gress was should the United States become
a party to the conspiracy? For one he
declined. It was deliberate effort TO
blast 3S per cent Of the means OF our
people to pay their debt. He then refer.
red 10 the needs Of the West, and said that
section had fewer millionaires than the
East and fewer paupers as a consequence.
This silver question was not an issue be
tween West and East; IL was an issue be.
tween the productive effort and fixed
capital. The simple truth was the people
Of the West believed that some of the
East were trying TO alter the contract
made by the Government in the sale oil
bonds and they objected to it. II they
we're in error they might be convinced,
but they could not be convinced by the
abuse from suborning newspapers to
misrepresent them, or bring caricaturists
10 make faces at them. They could no,
be convinced Of any error because they
we're right. In his opinion it
was the duty Of the U. s. to give notice
TO the world that II would not be party
to this enterprise TO shrivel one Of It's
products by clinging to single standard.
Il had been said that the President would
veto the bill. He Howe would not be.
lieve it unless he heard so from the Pres
ident himself. The commercial integrity
OF this country was not likely to suffer by
remonetizing silver, but the commercial
integrity Of the country never could sur
yiye that time when the government
undertook:to wrest from the pockets oi
the people more than they agreed to pay.
Mr.. Thurman then took the floor with