The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-01-16

over 81 5OO,OOO,OOO, were purchased from
the government by the bOndholders, and
paid for in this currency at par, when il
was quoted st from 40 to 60 per cent
below par in coin. Every one under.
stood the law TO be as l have stated it al
the time of its passage. In fact the
great struggle then was whether even
the interest on the bonds / have named
should be paid IN coin. No one in de,
bste made the slightest pretense or init.
nation that the principal of the bonds
was payable in coin. During the full
term of the seven eventful years that fol-
lowed, there was not platform of either
party, IN any State in the Union, that
made such an assertion.
Mr.. voorhees, alluded TO Secretary
Sherman's letter OF 1868, favoring the
payment OF the bonds in the same kind
of money that bought them, and his SUBJ
sequent action In procuring the passage
of an act for the payment of the bonds
IN coin, which, he said, was open
repudiaton of contract and fastened the
extortion OF not less than $500, O,OOO, 900 on
the staggering industries of the country,
rs speculative profits OF the operstion.
| In the whole financial history of the civil
lied world no parallel can be found to
! this audscious deed OF broken faith, de-
liberste treachery 10 the people and Ma
tional dishonesty. 1t stands ont by itself
towering high above common frauds
and dwsriing them in comparison with
its own vast proportions. 1t will bear
the names OF those who enacted II 10
distant generations amidst the grosns,
curses and lamentations of those who
toll on land and on sea, and
more deeply engrsven than any
other name will be forever found
that of the Secretary OF the Treasury as
the author of what he himself said con-
sstuted the two.fold crime oil repudia-
tiOn and extortion. Mr.. voorhees, in
support of his position quoted the Ian
gusge of Senator Morton in 1869 rs fol-
lows: "a combination OF stock jobbers
as destitute of conscience rs pirates and
inspired alone by greed for money sue
cessfully numbered 1T these doors, and
finally deceived this government into the
most stupendous act OF bad faith and
legalized robbery ever pIacticed on any
people since the dawn OF history"
He next took up the funding act Of
1870, charging that 1t wss the offspring
OF sn apprehension ths! the
work of repudisting the contract
for the payment Of the $40 bonds
might not be quite complete. Thus 1t
was provided 10 issue the new com
bonds in place of the original ones. The
amount saved Ia the interest is trihIng
when compared TO the loss by the whole
transaction. Mr.. Voorhees, then argued
that by the laws OF March 1869, aud July
1870 the bonds outstanding and alter
wards To be issued were payable in coin,
not in gold alone, nor in silver alone, but
in coin. He quoted Mr.. Sherman in
1869 exphcitely tsvoring this view.
He commented at some length on the
passage OF the law of February II, 1873
which be said doomed the dollar ol our
fathers, and its enactment wss NJ com
pletely unknown 70 The peO-
pie, and indeed 10 iour-fitbs
OF Congress itself, a. the presence OF r
burglar in House at midnight to its
sleeping inmates The silver dollar was
eliminated from our money system un-
der cover OF false pretense. Mr.. Noor-
hees proceeded TO show that OF the entire
trading and commercial populations Of
the earth more than four times Ms many
people have chosen silver as have chosen
gold, and more than five times rs many
nave chosen silver rs have chosen gold
and silver together. The lsboring
classes desire money 20 be plentiful,
while those who wish 10 issten their idle
wealth on the production OF labor, cismor
tor scarce and dear money. IL wss IN
the interest of the latter powerful
class thst silver was demonetlzed
He referred 10 the act Of January IA
1874, tor the resumption OF sPecls pay
ment, and said that the law OF February
1873. taking sway the silver morey Ut
the people, and the law Of January,
1878, fMug the day, now less than year
! IN advance, when green bscks shsll slsO
perlsh, are twin monsters, OF evil borne,
of the same psrentsge, and linked to-
gether tor the destruction OF al money
save gold. He yivldly portrayed the et-
feet OF such Legislation on business and
lsbor He spoke O; the impOsslbIlIty Of
resuming on January /, 1879 and A.
tributed the vast shrInksge in the value
OF property and unlyersal distress 10 the
policy OF contraction, and said that dur
ing the tour yesrs Tnen the volume
OF currency averaged Sl,OOO.OOUOOO, the
business failures OF the entire country
reached only 2,lG7 less m number Iuan
occurred 10 any three months OF the year
IusL closed. During the pe-l0d which is
uow stigmst zed ss ono o.! IrhailOns, the
windows OF business house. were not
dAr kened snd business men did no! 20 az
mourners about the streets; the lsborer
dId not 90 home without bresd 70 his
family; helpless millions aid not cover
and tremble a. tho approach OF TlUter
| for lack oi food ard shelter; the public
peace wss not broken b. riot 10 re-
[ sis.auce 20 starvation Wsges, the courts
were not principally occupied in enlorc
! ing collections. fCrec'Oslug uortgagos,
ordering sheriff sales, or W plni.HiDg
! the destitute and outcast. IBe -Iezker
next turned MS attention 70 .he
Natioual banks. and sa.I that the
system Of rational banking now 10
use Is tie mos; elaborate aud complete
scheme for making peop.s psy tribute 70
wealth 10 order r. ob:sin Circulating
medium ever known in the financial his
tory Of the world There il not dclisr
ID the hands Of ne people on which they
DO not pay tai for the privilege OF having
II put in circulation by the government. :.
Tls SstIons. bank is : middle man BE-
tween the government and the psople,
AZ is enormously paid for doing Whist
the government ought directly 20 DO
Its-... On October !. 1877, there were
1850 NAtiDnsl csaks, FIih resources Of
SI,7il. 10000, ard on these resources the
roteres; paid by the people EAs $4,000
Z 600 per ADnun. Mr. Voorkees sad be
! represented those who demanded:
I First-The restoration Of the SILVER
dollar exactly ~ il ,tood before
the sct gt Fsbrusry, 1873. Their
. 49, a.. -. Ill ksra ~ tr.4tfeH 20 .