The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-01-16

Tor the payment OF bonds IN coin, Whlcl
he said was an open reputation Of th'
contract, and fastened an extortion oil no
less than five hundred millions OF dollar
on the staggering industries Of the coun
try as the speculative profits Of the oper
alton. In the whole financial history o
the civilized world no parallel can b,
found 10 this audacious deed OF broker
faith, deliberate treachery to the people
and national dishonesty. II stands out
by itself, towering high above common
frauds and dwariing them in comparison
with It's own vast proper ions. Il viii
bear the names Of those who enacted 1t L
distant generations, amidst the groans
curses and lamentations OF those who
toll on land and on sea, and more deeply
engraved than any other name will be
found that OF the Secretary Of the Treas.
ury as the author Of what he himself
said constituted the two.fold crime OF re-
pudiation and extortion.
Mr.. Voorhees,, in support of his posi-
tion, quoted the language Of Senator
Morton in 1869, as follows:
"a combination OF stock jobbers, a,
destitute Of conscience "a pirates, and in
spired alone by greed for money, success.
fully thundered at these doors and
finally deceived this government into the
most stupendous act Of bad faith and
legalized robbery ever practiced on any
people since the dawn Of history"
He then took up the funding act oi
1871, charging that il was an offspring ol
the apprehension that the work Of re-
pudiating the contract for $40 bonds
might not be complete, aud thus II was
provided 10 issue new coin bonds In the
place Of the original ones. The amount
saved in interest is triiliDg when COM
pared to the loss by the whole transaction.
Mr. Voorhees, then argued that by
the laws OF March, 1859, and July,
1870, the bonds outstanding and
afterwards to be issued were payable in
coin-not in gold alone nor in silver, but
in coin. He quoted Sherman in 1869 as
fayoring this view, He com.
mented at some length on the passage Of
the law Of February IL, 1878, which he
said doomed the dollar OF our fathers, and
It's enactment was as completely unknown
to the people, and indeed 10 four.tifths Of
Congress itself, us the presence Of bur-
glar In q house at midnight TO its sleep
Ing inmates. The silver dollar was elm
mated from our money system under
cover Of a false pretense.
Mr.. Voorhees, proceeded to show that
Of the entire trading and commercial pop.
ulations OF the earth more than four times
as many people have chosen silver as
have chosen gold, and more than five
times as many have chosen silver as have
chosen gold and silver together. The
laboring classes desire money to be plen-
tiful, while those who wish to fasten their
idle wealth on the productions Of labor
clamor for scarce and dear money. It
was in the interest Of the latter powerful
class that silver was demonetized,
He referred to the act Of January Ia,
1874, for the resumption Of specie pay.
menis, and said that the law Of February,
1873, taking away silver money from the
people, and the law OF January, 1875,
liking the day now less than year in ad-
vance when greenbacks shall also perish,
are twin monsters Of evil born Of the same
parentage and linked together for the
OF all money save gold. He
vividly portrayed the effect Of such leg.
islation on business and labor. lie spoke
Of the impossibility OF resuming January
lat, 1879, and attributed vast shrinkage
in the value Of property and universal
distress to policy Of contraction, and said
that during the four years when the vol
ume Of currency averaged 81 ,000, 900, 600,
the business failures Of the entire coun.
try reached only 2,lG7, less in number
than occurred In any three months OF the
year just closed. During the period
which Is now stigmatized as one Of
mutations windows Of business houses
we're not darkened, and business men did
not 70 as mourners about the streets. The
laborer did not 60 home without bread to
his family; helpless millions did not
cover and tremble at the approach Of
winter for the lack Of food and shelter.
The public place was not broken by riots
in resistance to starvation wages. The
courts were not principally occupied in
enforcing collections, foreclosing mort
cages, ordering Sheriff's sales or in pun
ishing the destitute and outcast.
The Speaker next turned attention 10
national banks and said the system Of
national banking now in use Is a most
elaborate and complete scheme for max
ing people pay tribute to wealth in
order to obtain a cir culating medium,
ever known in the financial history
OF the world. There ia not dollar in the
hands Of the people on which they have
not paid tax for the privilege Of having
Il put in circulation by the Government.
The National bank Ia 4 middle man be-
tween the Government and the people and
is enormously paid for doing what the
Government ought directly to do itself,
On October lst, 1877, there were 2,0S0
National banks with resources OF 81, ,74l :
900, 900 and on these resources the inter
eat paid by the people was one hundred
and thirty million dollars.
Mr.. Voorhees, said he represented those
who demanded
|. The restoration Of the silver dollar
exactly as It stood before il was demone.
tized by the act Of Feb, 1873; they desire
that it shall have unlimited coinage, not
fearing that II will become too plenty for
their wants, and that II bs made full
legal tender, believing that it is as good
money now with which to pay all debts,
public and private as il was during 81
years ot American history.
2. The repeal Internationally Of the
act Of January 14th, 1876, compelling the
Resumption Of specie payments In Janua'
ry, 1879, holding that the question Of a
return to 4 specie basis for our currency
should be controlled entirely by the bus
iness interests oil the country; they do no;
believe the country should be dragged
through the depths OF ruin, wretchedness
and degradation In order to reach gold
standard for the benefit alone OF the in
come classes.
8. That the national banking system
be removed and circulating medium bs
provided by the Government for the peo-
pie, without taxing them for the privi'
lege OF obtaining 1t, and they ask that the
amount thus placed 10 circulation bear q
reasonable and judicious proportion tc
the business transactions and population
Of the United States.
4. That the currency authorized and
circulated on the authority of the Gov
ernment shall be made legal tender in al
debts, public and private, including al
dues to the Government, well knowing
that II will then be at par with gold, OIL