The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-02-07
TO THE DAILY LNTELLIGENcER
GENERAL NEWS.
Russia Wants No Vienna or Other
Great Capital in Hers.
The Key Of the East in the Hands
Of the Gar.
Archbishop Wood Don't Take In
the Mauoh Chunk Fraud.
The Sacramento Flood Destroys
Million Of Property.
CONGRESSIONAL.

WASHINGTON, February G.

give an expression 10 the opinion on thI
silver bill. Upwards Of 5000 people at.
tended the meeting, and every sentiment
uttered favoring the provision Of the
bill now before the Senate met with en-
thusiastic response. By.some oversight the
proceedings OF the meeting, which were
intended for presentation to Congress
were not sent here until now. He then
quoted from the preamble and resolu
tons adopted which favor the remone,i'
Zation OF silver, and declare that the gov
ernment can't waive its right TO pay
bonds in silver or gold. Laid on the
table.
The bill now being before the Senate
Mr.. Davis said the accompanying proceed.
ings were extracts from the speech oi
Mr.. Sherman in the Senate January 81
1869, and also from the speeches Of Web
ster and Clay, which the petitioners de-
sired him TO have read at the Clerks
desk, but az he understood such course
would be violation OF the rules, he
would not ask for the reading Of the ex.
tracts.
The Senate bill to remit taxes on insol.
vent savings banks was called up by Mr.,
Davis, Of illinois, and discussed until the
expiration OF the morning hour, when
the consideration OF the Silver bill was
resumed and Mr.. Thurman spoke in IA
vor thereof.
Mr.. Ferry presented petition Of the
wool growers OF Michigan demonstrating
against any change in the duty on foreign
wool. Referred.
Mr.. Bruce presented the joint resolu'
tions Of the Mississippi Legislature in
favor Of the passage Of bill remIluera.
ting certain citizens Of Mississippi, mill
owners and logmen, for damages sns'
tanned by them on account Of the seizure
Of certain lumber and loga in the lumber
district by the agents OF the United States
Referred.
THURMAN ON THE SILVER BILL.
Mr.. Thurman argued that silver and
gold had been the metallic money Of the
world for thousands OF years. They we're
aIso the money OF the constitution. They
were the metallic money OF the colonies
and atterward OF the United States from
the Declaration Of Independence till sll.
yer was demonetized by mistake and with.
out the knowledge Of the people, by en-
aclment OF the revised statutes in 1874.
Both metals are suited TO perform the
functions Of money and does perform it.
Among large msjori,y Of the human
race silver il especially suited for
small transactions anil may therefore be
properly the money OF people in humble
circumsiancea. 1t follows that the bur-
den OF proof rests on those who insist
that silver should be demonetized. 1t is
argued that TO Tehabilitate the dollar oil
4l2l grains would defraud the public
creditor. This cannot be true, for the
contract Is to pay in either gold or
silver Of standard value in the
United States on July 18th, 1870,
when the silver dollar OF 4l2! grains
was full legal tender, with the right
OF unlimited coinage, and it Is simply
impossible. The party performing his
contract (entered into by both parties
but with full knowledge OF its terms and
effect cannot thereby be guilty offraud or
dishonor. Both houses OF Congress have
by overwhelming maiorities decided that
no such fraud would be perpetrated by
paying public creditors in silver dollars
Of 4l2I grains. II remonetizing silver
will bring it to par with gold the public
creditor can not lose. II il said that TO
coin the silver dollar Of il2l grains, and
make il full legal tender, would defraud
individual creditors who loaned money
or sold property TO other persons since
silver was demOnetized, that ia since June
90, 1874. This a great mistake. Every
creditor OF foregoing description Is com.
PEELED By law TO receive greenbNcks in
pay unless his contract expressly pro-
vides for payment in metallic money,
and these exceptional cases are not
affected by the bill under consid-
Grafton now. No one, ! think, doubts
that II the coinage Of the dollar Of 4l2!
grains be restored, and il be made full
legal tender, iu value will be at least
equal TO that OF the greenbsck; hence, no
possible injury 10 an individual creditor,
such Us that above supposed, can occur.
II, as has been asserted, the average du.
ration Of individual debts in the United
States Is about two years think it is
less), then il is easy to sec that the pass
age OF this bill cannot injure any conSid'
cradle number Of creditors, il, indeed, 1t
should irjure any, for it ia certain that
in the next two years not over fifty mil.
lion silver dollars colrld be coined, and
nearly every such dollar would be ab.
,orbed by the payment Of customs duties,
and would be used for nothing else. It ia
argued that il this bill passed silver will
be less valuable a. currency than gold,
and will expel the gold from the country,
In accordance with what il called Gres'
hams law. namely, the least valuable
currency drives out the most valuable,
and hence several amendments have been
offered to increase the number Of grains
in the silver dollar 10 as to make II an
equivalent, 30 il is aaid, OF the gold dol.
lar. This objection to The bill rests on
the assumption that the silver dollar oi
4l2l grains, il made q full legal tender,
will ba OF less value than the gold dollar,
Mr.. Thurman argued that this assump'
tion was incorrect, and il the greenback,
which has no intrinsic value, no circulA,
ton outside the U. S. and is but limited
legal tender even here, is yet within less
than 9 per cent OF par with gold, why
should not silver money, which has in.
trinsic value and which circulaies over
the greater portion Of the globe? II en-
dorsed with the full legal tender faculty
1t would rise to par with gold, especially
II we rate metals at Is SO TO one,
while most other nations using both give
but I5i for one. One reason why green.
backs have been and are deprecated Is the
fact that they have not been receivable in
payment Of customs duties or OF interest
on the public debt, but make the silver
dollar 4l2i grains a full legal tender, and
Il will be receivable for both these pnr.
poses, and II must closely approximate II
Il does not reach par with gold. believe
Il will reach Il. But suppose II does not
and suppose GreahAm's law to have la
effect, 10 what extent would gold be ex-
PEELED from the country by silverS Only