The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-12-18

PIC nave uuDOuQueu COuUutuCe IN Ou
paper money because they know its re
, sumption depends on their own credit
and they have determined, and are able 4
: pay Il In coin.
These petitioners wish to be able Il
, lend National bank notes TO the peopl,
and pay them for their crops in this cur
rency, but when the people pay theil
debts the capitalists demand description
J money, whose volume shall be entirely
within control Of the National banks. The
industrial classes are content TO receive
United States notes. They have conf.
dence In their own money.
IL there ever was q time when the legal
tender should have been abolished, il was
when the notes were below par. The
people had tried 10 maintain this cur.
rcncy through the war and calamity in the
face OF an oppressive law to keep 1t down,
and when they had been successful It was
attempted to be destroyed by men engaged
in the business OF manipulating money.
II would be raising unjust suspicious OF
the good faith OF the people tn take away
the legal tender quality, When the peo-
pie had actually begun resumption, Con-
gress had no more right TO destroy
the legal tender OF this money, and 50
vitiate contracts, than It had 10 do the
same with other money. II was his belief
that such measure would be great
breach OF public faith. The notes must
stand as legal tender or else be with
drawn. Perhaps 1t would be as well To
amend the Constitution by taking away
from Congress the power TO issue paper
money in time OF war. Possibly our in.
tiationists might plunge into war in order
to secure what they deemed essential to
lts financial prosperity, but the Supreme
Court had upheld the constitutionality Of
the present issue, and there wasno appeal
from that decision, which had been relied
upon IN all contracts made since it was
rendered. Greenbacks are now good as
gold, but they hamper the power Of gold |
over the industries OF tile country, and it is |
not surprising that gold and the National
banks are moving togetherto destroy their |
competition. 1t is true their destruction |
would break some oil the smaller banks,
but this would only add to the strength OF |
the great ones. Even at q moderate rate
OF interest on the public debt we will have
paid more than four times the amount of
debt before it is paid of. We are in the
meantime paying S40,0O0,0OO yearly for
the use OF SS31 100000 OF National bank
currency, when We might have the benefit
Of the United States notes without taxa.
ton.
Mr.. Morgan went on TO say that should
the balance OF trade turn against the
United States, and gold be drawn from
the country, greebacks would be indispen.
slble as our currency, and would be still
kept at par by the honesty Of faith OF the
people.
He would not advocate the abolition OF
National banks, but he would not consent
to the indefinite postponement OF the pay.
ment OF the public debt in order tS keep /
up their privileges; but he would advocate
the abolition Of themonopoly that enables
the National banks to draw interest on
funds deposited with the Government TO
secure their circulation, while holders of
gold and silver are not permitted to bank
upon 1t at all. He would remove all tax
on National bank circulation in order TO
remove q tax upon the people. The now
er ot the banks was dangerous. He would
not increase it by removing the currency,
which may keep them in check. He would
vote against any measure that would dis
turb the industries OF thecountry. There
was danger We might distroy the business
confidence under which we were return.
ing 10 prosperity.
The resolution was referred to the Com
mittee on Finance.
Mr. Johnston, from the Committee on
Agriculture, reported tavorably on the
joint resolution introduced at the last ses-
sion by Senator Davis, (W. Va, instruct
ing the Committee on Agriculture OF the
Two houses to consider the subject OF agri-
culture and report what can or ought To
oe done by the general Government to
oet!er advance, encourage, and foster the
agricultural interests. Laid on the table.
MIR. Thurman presented a memorial from
the citizens Of Ohio, largely interested in
stock raising, asking the appointment Of a
committee 10 investigate the subject of
contagious diseases OF domestic animals,
and to adopt and enforce, under the sane.
ton OF the Secretary OF the Treasury, rules
for the prevention of treatment Of such
diseases. Referred.
MIR. Pendleton, from the Committee on
Census, reported billtO amend the act
TO provide for taking the tenth and subse-
quent census. 1t provides for free trans
MISSION through the mails OF correspond
ence between census officers and the De-
partment ol the Interior. 1t also amends
said act by striking out OF the Seventeenth
Section, so much as provides for schedule
four containing the inquiry relating to
the ownership Of public debt Of the Unit
ell States. II also amends Section Seven.
teen, SO as TO allow the report obtained
from railroad corporations, express, tele-
graph and insurance companies 10 be
made for the fiscal year Of the incorporat-
ed company having its termination nearest
70 the first OF June, 1880. 1t amends Sec
ton Nineteen, so as to require enumerat-
ors TO commence June Ist, 1850, and 10 re-.
Quire the enumeration in cities having
over 10000 inhabitants to be taken within
two weeks from that date. Ordered print-
ed and laid on the table,
The Senate then held a short exerutive
session, and when the doors were reopen.
ed, passed, among others, bill to author.
ize the Tree entry OF competitive prizes
countries.
Adjourned.
HOUSE.
WASHINGTON, D. c., December l7.-Mr.
Ballou introduced u bill restoring legal
tender currency to constitutional re.
quirements. Referred.
The text OF the bill is as follows: Be it
enacted, that section 1888 of the re.
vised statues, making L. S. notes legal
tender on the payment Of all debts, public
or private, except for duties on exports
and interest on public debt, is hereby re.
pealed, and that hereafter gold and silver
coin only shall be rendered in the pay.
tax on bank checks. Referred.
Mr.. McCord, from the Committee on
Manufactures, reported a Joint resolution
proposing 4 constitutional amendment
giving Congress the power to grant, pro.
tect and regulate the exclusive right 10
adopt and use trade marks.
The yeas and nays were called on order