The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-01-28
Wastlffgt0El.

/ CHANCES FOk PETERSBURG Ihb LATE SFNA-
! TOR CHANDLER-THE RICHMOND AND WEST
/ POINT CUSTOMS DlsTRICT-THE YORKTOWN
! CENTENNIAL, &C.
From our Regular Correspondent
| WASHINGTON, January 21.-The speech Of
Senator Bayard o-day was the event OF the
session, and IN spite of bad weather the
galleries were well filed. and senators ac-
: corded him the closest attention, for even
those who differ widely from him give him
credit for honesty and exalted patriotism.
The speech was prepared with the creates,
care, and will be the platform OF the hard
money men OF the country. As one OF his
admirers remarked, in lromeSpun way, he
not only gave senators something 10 think
Of. but "to chaw on" for many a day
to come. The Delaware Senator never
looked haudSomcr nor more like a states
man than lie did to-day when giving TO the
country financial utterances that would not
meet the approval OF the majority OF his
party. Ordinary men as prominently spo-
ken OF in connection with the presidency as
he is would have bestated long before max
ing a speech they knew would not be en-
dorsed in the s,rongholds OF their party.
He commenced by saying that the object Of
his resolution was TO bring about an actual
resumption Of specie payment, and he did
not believe what is at pre-ent called resump-
ton is real or reliable, because it Is neutral
lied by the reissue OF greenback,. His re-
solution was intended to secure
n
based upon value and not upon mere credit.
1t was not its intention TO destroy the con-
yenience OF the present paper currency,
but by letting men feel that stable stand
ard is ultimately to measure all OF their
contracts they will feel safer to enter into
contracts. lie here alluded to the fact that
there is a confusion OF thought in dealing
with the subject OF money. 1t is unfortu-
nate. be declared, that notes are cqlled mo-
ney, for they are but a promise, and until
that promise is paid in money it is upper
; formed. The issue OF notes by the Govern
, ment WAS confession that it had no money
p and did not want TO Tax the people TO raise it.
To make notes legal tender does not obliSe
any man to sell his property for them, but
, only compols him to take them for debts
due. I'm other words, the legal tender is
= debt-payng power. Here the S0fl-mOney
I men and those who are regarded as Green
c hackers seemed to groan at the adamantin c
doctrines Of the Senator from Delaware.
He gave Lord Lyerpoo's definition in or
, der TO define the difference between money
and its substitute, and quoted from Penn.
sylyanian, who says that the stamp Of a
State is mere certificate OF fineness and
weight. He asked why Tbe statutes about
coins and the niceties observed in regard to
their weight il the stamp gives them theiI
value. Every piece Of money represents
the value OF the labor which it cost to pro-
, duce it, and the experience OF mankind
from the earliest ages has accorded
VALUE TO SILVER AND GOLD.
, A thousand years before the Christian
era, he said, coins were manufactured. lie
\ quoted from decisions Of the Supreme Cour,
. to show that it has recently given an au
= thOrilatiye definition to the idea he was en-
= deavoring to impress upon the Senate
After defining capital az the child OF labor
and born OF its eXertions-that by the very
y law Of It's birth cannot be useful without
E the employment OF labOr-he said that in
no civilized country can all OF the eX
9 changes of property be carried on by
r the agency OF coin alone Paper note;
}. are an auxiliary to coin, but never, saC
e Mr.. Bayard, with emphasis, let it be forgot
"a Al. on;, 81 l,,,
: are substitutes for it, Governor Coke look eC
j. as if he was listening to rank heresy, anC
{ Mr.. VOORHEES, as if he wanted TO say, YOu
: cannot run in Indiana on your doctrine
The accumulation OF wealth is encouraged
! by the laws OF the Government, and it il
: wrong, in his opinion, to discriminate
| against those who have been more success
full than their fellows in accumuating pro.
perry. Is it not
! THE MONEY-POwER,
| he asked, that gives 10 a labOrer the means
) BY which he pursues his calling, and that
enables him to educate his children and
crowns his old age with comfort and re-
, specability. lie accounted for the unequal
distribution Of wealth and the success Of
? miIionaires by the declaration OF Thomas
Jefferson "tbat the abuses Of paper money
are inveterlte by breaking up the measure
OF value that it makes lottery OF all pri-
vate property" Mr.. Bayard next argued
against the power OF Congress TO create
its paper notes lawful money and
legal tender for all debts, public anC
private, and declared that the is
sue of these United States notes was
until these later greenback days always
stated to be war measure, growing out Of
the eXigencieS OF the times, and to be ended
Just so soon as peace was restored. lie
said the present condition OF things is eX'
ceptional, and prosperity may soon be re-
yersed-crops may fail. The Withdrawal OF
legal-tender power from United States notes
can, he cOntended, do no injustice to any
man; nor can it lessen, he cODtended, the
value of them in the hands Of a holder. lie
read from Chief-Justice Chase and David
Ramsey TO show that
THE LEGAI~rENDER QUALITY NEVER ADDED re
4 THEIR VALUE.
He noted the fact that the commercial ana
manufacturing centres have endorsed his
resolution and declared that it il too great q
question to be dwarfed by party politics
For ten years he had contended for 1t la
private and in public. The Senate might
I NIL i'm, Itttf EA lime