Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-07-17

/ I'm decimal ratio
That was the first action taken by
the American Congress.
They first fixed the unit, that is, the
name of the thing that should be used
as the measure of value, deciding that
il should be called one dollar, and that
I The smallest division of that should be
/ q half-cent piece. that it should be cOp4
per. and that it should take 200 Of them
to- make the unit That was the first
+ effort of the new government to estab-
/ fsh q monetary system. Now, every
one win say they had not yet stated at
am what the dollar should consist Of
/ except that the 200 half-cents should be
one of Them and that was
THE FIRST UNIT OF EMASURE
( that Congress established. That is all
| the law there has ever been made on
| the subject, and all that has ever been
said about it anywhere. (Applause)
I So we had first the money OF the dad
I dies of copper. no doubt about it.
EIr Harvey-AS TO what Mr.. HOrr
saws about. copper used as money dur
/ ing the continental days preceding the
adoption of the Constitution is trivial
\ lN NN nrNA IN kAAAo ttA . tAtAANAANs ~ NAtN
time our Constitution was framed, the
| details covering the concurrent coin
age of the two metals in our financial
system was under discussion in COM
I mittees and between statesmen of that
period. So while these details were left
/ to Congress after the adoption of the
Constitution. a bimetallic system was
| provided for i'm that Constitution. Ar
| ticle 1. Section s. says: Congress shall
have power TO coin money. regulate the
value thereof. and of foreign coins. -
/ Section 10 says: mo State shall coin
I money or make anything but gold and
silver coin a tender in payment OF
| debts" 1t says gold and silver zap
/ plause) not gold or silver. (Applause)
\ This is the situation.
The men who framed this constitution
/ then proceeded TO give YOU the cOnstruc-
| tion intended. They gave to both met
ais equal dignity. equal rights. except
TO make the dollar of silver and it the
unit of value, i'm which the value OF
gold would be measured.
Daniel Webster said:
See Congressional globe appendix,
| pages "a TO 5S. oath Congress, second
I session. December q, 1886:
Gold and silver Is the money Of the
constitution" applause.
The constitutional standard of value
/ is established and cannot be over
/ turned. To overturn it would shake
I the whole system. Gold and silver at
rates fixed by Congress constitute the
legal standard of value in this country,
Z and neither Congress nor any State
/ has authority 70 establish any other
I standard or dispose Of this UOng
. and continued applause). l now hand
. Daniel Webster's speech to Mr.. Horr.
Alr. Horr- The difficulty with my
. friend. Harvey, arises largely from the
fact that he seems TO think that every
| thing lis trivial that he does not know
anything about He thinks the govern
ment or the United States originated in
/ 1892. I had supposed this government
commenced on the Fourth day of July,
17T6.
Mr.. Harvey-The straits to which tho
colonies were put between 1915 and
| 1880. when we, as a government known
as the United States went into opera
ton. were those of expediency, but no
permanent system was adopted, await
ing the Constitution of the regular
| United States Congress; and 1t is to
the action of that Constitution and the
/ Congress that met in pursuance Of 1t,
that we should as educators upon this
question. direct our attention. Alex
ander Hamilton recommended two
units. one to- be made from gold and
one to be made from silver.
Mr.. Jefferson at one time came very
near yielding to the arguments OF Mr..
Hamilton. but the whole matter went
into the American Congress at its sec
Ond session and of the recommended
tions and discussions that had been
I made. the result was the enactment OF
The law of 1892, and section nine OF
I that act is the one that settles TINS
ouestion. What jefferson recommend
Cd for the unit was adopted and the
statute so reads and the gold coins are
valued i'm that silver unit and Hamll-
I ton's suggestion for two units, goid
uuit and silver unit. was not accept
od Inv Congress- and only a silver unit
was Dr0vided for in the act OF lt92.
Orr Horr-Now. all this talk OF Mr..
r1arvev's is of very little Importance so
FAR as I am concerned. What | say is
|+bat when they passed that law they IN
tended 10 establish bi-metallism in the
] T-nited States. They did fix the silver
dollar as a unit of value, there Is no
foubt about il. And they also liked oil
what The gold coins consist, and there
were a number of units and there they
defined the ratio between the two metals
consequently when they fixed the ratlo
m 15 silver TO of gold there were TWO
s-aDdards. "a gold standard and silver
Standard We did not use the gold SJai'
dard at am up to 1884 You can pass
law MS ro q standard and the people can
ennuI II i'm spite Of all the statutes IN
tbe world. The people adopt the cur
rsncv they wish to use and you cannon
leoislare them out OF the habit either
reesllv man could pay any DEBT 10y
rendering the ten units OF value IN Vne
sold coin. but people did not tender II
bscause the silver dollar was the cheap-
est tbev could get ten silver dollars ior
less labor. less everything than 1heE
could for gold. consequently the gold
/ left the country.
ORDERED A DIVIDEND PAID.
Special to- the Register.
Steubenviue. O., July 16.-Judge
nna# d