Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-10-03
PENDLETON'S SPEECH.
[Cmiin,ed from First Page. ]
THE SILVER QUESTION.

The Democratic party in Ohio de-
mands ''the full restoration OF silver as
money metal, the same as gold, and OPP
poses "the perpetuation OF the present
National Banking system as a means OF
control over the currency OF the country,
and demands the gradual substitution OF
Treasury notes.
Silver has been from the beginning
one of our money metals. Debts, pub
lie and private, were contracted on
basis of silver as one OF the money met
ais. The Refunding Act OF 1870 declared
that the bonds issued under il should be
PAYABLE when due in the coin of the
United States of the date OF the law.
Silver was then our money metal, equal
" with gold. The mines OF our coun-
try produced more silver than those OF
any other country in the world.
England found her Indian possessions
and their Eastern neighbOrs-her Gus
tomers-using silver exclusively, and
she exacted tribute from them by re-
curing all their indebtedness to her to
be paid in gold alone. Germany, made
Imperial, and rejoicing in the payment
of her great war indemnity, commenced
to demonetize silver. The Latin Union,
influenced not only by their example,
but by the results OF their policy, limited
the coinage Of silver. II silver could be
demonetized in the United States, also,
half or more of the coin currency would
be destroyed. The value OF the gold
currency would be increased. The value
of the gold mines would be increased.
The prices of all products and property
would fall. Money would command
more labor, more Of the products OF
labor. Debts would be payable in gold.
The bonds of the United States would
be PAYABLE in gold. The value Of all
debts would be increased. The creditor
interest would be benefited. The bond
holders interest would be greatly adj
vanced. This was the secret motive.
OF public argument there was none.
Silver was secretly and surreptitiously
demonetized. l say secretly and sur
reptitiously because no member OF the
Congress which passed the law will
avow that he knew of the provision.
Nor did the President, who signed 1t.
The result was exactly that which
was sought. Silver fell in value as COM
pared with gold and other property,
and remains depressed. The great
mineral product OF our country was
shorn Of its function, and therefore OF
its lull value. Gold rose in value. 1t
commanded more labor and more pro-
ducts of labor. Private debts payable
in coin, even those payable in green
backs, which were TO be finally re-
deemed in coin, rose in value. 1t was
asserted that the bonds issued under the
law of 1870 were payable in gold only,
and they rose in value. All the creditor
interest was beniftted all
the debtor interest suffered. Shall
we restore silver as money metal?
Shall We DO what justice is still posi-
bic to the producers, the laborers, the
industries, the debtors Of the country?
Shall we do what justice We yet can do
TO the taxpayers of the country by hold
inc on TO the option of paying the pub
lie debt i'm either gold or silver coin-ac-
cording to the terms of our contract?
Decentralization depressed silver, as
compared with gold. RECOMMENDATION
will restore it. England and Germany
are suffering for their folly. They are
looking around to retrace their steps.
Shall we at once arrest the progress OF
our misfortunes, and be in advance ola
movement among the nations which is
surely on foot? We need not palter
about terms, or the details which may
hereafter become necessary or advisable.
The great question is, shall gold and sill
yer or gold alone constitute our metallic
currency? 1t is something new under
the sun for hard money men to assert
that we have too much hard money.
THE NATIONAL BANKS.
Concerning the National Banking
system, he said: | run no reckless tilt
against the system. ! will not deny It's
merits. | would not do injustice to
either its owners or customers. But |
object TO its perpetuation. l would
gradually abolish it. | object to it for
the reason that it is expensive. The
only advantage the people derive from
il is the existence and use of a currency.
But for this the people have to pay an
amount equal to the interest on the
bonds, less the small tax on circulation,
and this is quite too much when they
also paw interest for the loan OF this cur
rency, which at last is redeemable in the
notes of the people themselves. 1t Is
already, it will become more and more
a great political machine, the ally and
supporter and money-lender and
master OF the party which sus-
tains it. Two thousand banks,
the number capable of indefinite ex-
pansion-with a capital of more than
$4,000, 1000, with deposits OF more than
S7OO,OOO,OOO, with loans reaching $780,
600 900, with manifold interests depend
ING on each borrower, controlled by the
shrewdest men of the country, affiliated
bv common interest and an easy cor
respondence-form a combination which
must be powerful. If. they are made
repositories of public money; if by the
favor of Secretaries they can use hun
dreds of millions for months without in
terest; il they can be made the agents
for refunding at discounts and commits
sions; if in return they can contribute
10 electioneering funds and concentrate
influence bv loans and discounts on the
one hand and collecting their debts on
the Otner, IL requires HO plOPICN W 'Cll
us that the reciprocal good offices will
be performed and that the alliance will
be made. Official reports show that
the amount of public money with the
depositor banks was, on April l, 1879,
soc. 900, 900; on May !, 1879, S2600OO,-
600: on July l, 1879, S20l 100000. In
his speech in Cincinnati, at the Mer-
chants Exchange, the Secretary of the
Treasury said that the amount OF the
deposits with two National Banks, the
proceeds of bonds sold, was 1884
6l3 g." and that he had extended the
time for their Withdrawal The reason
he gave for this course is that lit would
not be advisable to continue to drain
the money market of legal tenders and
hoard them in the Treasury" make
no comment on this statement. 1t
speaks for itself. 1t is noticeable that
the great injury to business, caused by
contracting legal tenders and boarding
them in the Treasury, never struck the
Secretary until it was forcibly presented
bv the two banks.
The strict constructionists, the hard
money men, the Jackson Democrats,
have been called on TO resist the plan OF
sunnlanting the National Bank system.