Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-02-21

twice the whole amount Of the debt a
the time that this calculation eommenc'
ed. The people have paid In nteen
years twice over the whole debt, ano
vet we are in debt one billion SIX or sew
en- hundred million dollars. IL 10 hig1
time, brother Senators, that We snouio
call a halt and do something to ilghten
the burdens OF the people. :,
We are told that We must not experi'
ment that it is dangerous to experiment
think We had better experiment hI'
tie in favor OF the people. Why not e1'
pertinent? The inference is that We
might fail and thereby injure our credit
We had better take that chance, II ps
taking il We can lessen the burdens OF
the people. But our credit is not gong
to be injured by it il We should iaiL
Suppose YOU pass the bill and you can
not fund the debt, who is hurt! Inc
debt ia not due. We have not agreed
10 paw it this year or next year, nor ~
sny future time, as was said YESTERDAY
by the Senator from Vermont; and II
we cannot obtain this money ut s per
cent. what harm is done by the experi-
ment2 Let Us make an experiment Ia
favor Of the people for once at least.
undertake to cay that the surplus
money in this country will absorb the
whole of this $500, 0O0, 900 that We have
TO fund. | am not mistaken when L
saw that il is only little over fonr hum
dred million dollars that We have to iundd,
for il IS not that amount. less the cash
in the Treasury, rs shown by the last
statement OF the Secretary oil the lre@'
ury. As showed a moment ago, you
have over two hundred million dollars
in the Treasury. 49,.
The surplus money in this country
would seek these bonds as an invest
mept. For instance, here is man who
has $4,000. He does not know when
he is going to use it; he thinks he may
use il six months hence, ut he does
not wish il to lie idle. What would
sny successful business man do with 1t!
He would go and invest it IN these 5 per
cent. bonds. Why2 Because by the
time he would want to use the money,
in the near or far distant future, 1t Will
be bearing interest and hence he can
always sell il, and il he does not want
TO sell it he can go to any Shylock In
the country and pledge those 8 per
cent. bonds Of the Government as COL
lateral .seeurity and borrow his money
upon 1t. ia u,,.
What is the surplus capital? What
have We now as the money that Is IN
the United States? This same Comp
troller OF the Currency, Mr.. Knox,
when before the committee, said that
we had, November /, 1880, in round
numbers, S346, 100000 OF legal-tender
notes, S3i3, 100000 OF national bank
notes; Of gold coin, si5i, 100000; OF
silver coin, Sl5S, 900, 900; making, in the
aggregate OF money that we have in this
country to day, 81 ,302, 79S, $50. In ad-
dition to that, on a page Immediately
succeeding, he says We have from
eighteen to twenty millions OF silver
certificates; which gives US, as the
money in this country November i, ST.
800, O0O, 900, and that surplus money
must seek investment.
Mr.. President, this debt OF ours is
comparatively small one when We take
1 ito consideration the wonderful wealth
and population and tlre increasing
wealth and population OF our country.
Some years age when there was . great
debt imposed upon the city OF New
York that scared some OF the tax pay
ers there, one said to another, How
are YOU going to pay this enormous
debt? The other gentleman replied,
and that is my reply in this case, Sir,
We will grow out OF debt" The city OF
New York did and can grow out OF debt,
and that is the way the people OF the
United States will grow out OF this debt.
Have Senators ever thought OF one
thing, that when We commenced TO pay
this debt We only had q population Of
33, 100000 people? To-day, as shown
by the last census, We have population
OF over fifty nillion, and il we increase
in the same ratio in 1891 We will have
sc, 900, 900, and in 1901, only twenty
wears hence, we will have population
in this country Of 90,0O0,0O0. Your
business and the commerce OF the coun-
try will increase in the same proportion: ;
your banks and your bank capital will
increase in the same proportion; your
wealth will increase in the same proper
ton.
Then do you talk Of the inability OF
this government 10 float per cent.
bond? / have listened attentively to
all the arguments that have been offered
upon this subject, and no man yet has
shown that the government is unable to
do il. Gentlemen have simply given
us their ipse dirt and the ipse dirit OF the
Secretary OF the Treasury and the bank
ers and the bankers clerks who appeared
before the committee; and We have seen
in the past how they have failed in their
predictions. We have seen how, in the
past, these same men told us that We
could not float "a per cent bond. We
have seen in the past how the same men
told us that the passage OF the silver
bill would stop the resumption OF specie
payments, and would drive gold out OF
the country.
Mr.. President. said that / am in
favor OF paying the debt off as rapidly
as we can, without taxing the people
too high. Why? Take these l,700,-
900. 900 that are to-day invested in Gov
eminent bonds and pay them OF, and
let that 81, 00,000, 900 go into general
circulation. Let it 90 to buy your
farms. 10 buy your lands, your cattle,
your horses, your sheep, to build up
the manufacturing establishments OF the
country, and then you will see this
country take such a bound as we have
never seen in the past. | am against
perpetuating the debt OF this country.
why are your lands worth so little'
Why is everything that the peo-
pie have to sell worth so little?
Simply because capitalists can in
vest their money in Govern
ment bonds. Pay of the debt, wipe
out the bonds, and then this country
will move onward and upward in pros.
perity and happiness in an unparalleled
degree. Then the mighty West, the
giant West, will take step forward
greater than 1t has ever done in the
past. Then the down-trodden South
will bloom and blossom as it has never
done in the past. Then this money
will be sent all over this country to seek
investment.
For these reasons among others that
| might add. Mr.. President, il there is
any necessity for funding at all, am for
the 3 per cent. bonds and the very
shortest time that can he gotten.
-
A Harmless Sell.