The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-16

IN HE ONllED oLN-
ATE, FRIDAY. JANUARY IS.
The senate having under coasldera-
ton the resolution submitted by Mr..
Teller, and reported from the committee
on finance by Mr.. Vest, declaring that
all the bonds OF the United States, Is.
sued or authorized to be issued under
certain acts OF Congress are payable.
principal and interest, ut the option of
the government. In silver dollars Of the
coinage OF the United States containing
four hundred and twelve and one-halt
grains each OF standard silver.
Mr.. Elkins said:
Mr.. Presidential admit at oncc that
under acts OF Congress passed twenty
years ago the government had the OPP
ton at that time to pay its bonds, prin-
clpal and interest. in standard silver
dollars containing four hundred and
twelve and one-half grains OF silver,
and would have that right now, were
the conditions the same as then and had
there been no subsequent legislation on
the subject. But since the passage OF
those acts there has been other legisla-
tlon affecting the contract OF the gov
ernment with its bondholders, which Is
In full force.
The act OF Congress OF July Il, 1890,
declared 1t 10 be the established policy
OF the United States to maintain gold
and silver at Il parity, and the act of
November /. 1893. reiterated with en-
phasis this declaration. As, long as this
Is done. 1t does not matter to the bond
holder. nor any other creditor OF the
government. whether payment is made
In silver or gold. Very few. II any.
holders Of government bonds demand
gold in payment OF interest. The In
terest on the public debt is paid by
draft on the United States treasury, and
this draft Is paid when presented in the
ordinary currency OF the United States.
In addition to this. since the passage or
the resolution twenty years ago, a great
change has taken place, one that has
affected the entire commercial world
silver has declined until 1t is now.
worth only forty-four cents on the
dollar. The; government of the United
States should not pay It's creditors in
deprecated money, even II the law
should permit, by taking advantage OF
a technically. A person who Is will
Ing to loan money 10 tile government
when 1t is in need Is entitled 10 be paid
In the best money the government has.
~ HEaaH~ .e-#a
II there had been added to the reso-
luton under consideration the words,
Provided always that gold and silver
are of equal value" then there could
be no objection to the resolution. Then
asaln-t the resolution ssumes that gold
and silver are now the same III relative
value as in 1890 and before, which is not
true.
The purpose Of this resolution, how
ever, as I believe, is not TO assert any
right Of the United States touching its
contract with Its bondholders, 1t Is
simply introduced for, political purposes
and 10 create division in party lines
the first skirmish for position In the APP
preaching congressional election. In
fortunately, It's tendency is to cause dis
trust, and shake confidence in the cred
1t OF the government, although this
may not have been the intention OF the
senator who introduced the resolution.
The resolution can do no good. 1t can
not accomplish anything, even II 1t
passes. II would not have the force OF
law.
The Republican party Is willing to
do nd IN. Tsshn q Dar,,I1,, - - q. ~, , -.
adopted ut,St. Louis declaring for sound
money, international bimetallIsm, main
tenance of the existing gold standard
and OF the public credit, protection to
property, and the upholding of law and
order. II the Democratic party wishes
10 try the Issues OF the campaignlo OF 1896
again in 1900, the Republican party, con-
hding In the intelligence and patriot
ism of the people, stands ready and will
welcome the contest. >
Suppose war should be declared to-
morrow against the United States. The
government has no money with whIcn
to carry on q war. Its receipts and eX-
penditurcs are about equal. in suc:i
an untoward event. the United States
would be obliged Immediately TO bor-
row money.
Now. / WISH to ASK the senator from
Colorado (mr. Teller Il In the event OF
n war the. government should desire TO
raise a thousand million dollars, would
he or would any other Democratic SEN
.utor rise In his place and Introduce
such a resolution as the n under
consideration? Or would he support a
bill authorizing the government Tin or
der TO borrow O thousand million dol
lars) 10 issue bonds. payable atEthe OPP
ton OF the government In GOLD
or in silver dollars containing
four hundred and twelve and
onc-haif grains. ask the sup
porters Of this resolution IL any one OF
them would have the courage 10 In
tfoduce such q measure In Congress?
III q law authorizing the Issuance OF 4
thousand millions OF bonds should be
enacted does any senator supporting
this resolution believe for one moment
thatone dollar Of these bonds could be
sold at forty-four cents on The dollar or
for any other price? We all know that
not one OF the bonds would be taken
anywhere in the United States or In the
money markets OF the world. Such an
act OF Congrcss woald Immediately de-
A Neyer-die.
a Tho ltl;fo ,i,pnDo r nr p,1l,, Co,oL