Wheeling daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1852-1859, 1857-12-18
[For the In.elligeucer.I
cURRENcY, NO 2.


There does not appear to be any difference of
opinion between your correspondent,!M. Iison
and myself as regards the present paper cuTren-
cy OF our country not answering a circulat-
ing medium in times Of financial difficulties
like the present, and that a substitute of some
kind would be desirable As your correspond
ent advises, think, 1--WE all ought to examine,
think and reflect this subject, for 1t Is OF
great importance to the public" he appears to
be in favor of q metallic currency alone, and
saws lif there is q waste in using metal as
currency, is there not greater waste by using
paper?" | think not The cost of manutac-
turing a bank note is very small, so trihing in
deed, that regarded as an item of expenditure
it is so insignificant that the Bank of England
never issues its notes a second time! NJ. Will
son need not be informed that a country suS.
tains no loss by using paper money beyond the
cost of manufacturing it, and all individual los
ses may be regarded, in one view, as national
gains H. c. when the people become their own
bankers by using government noteS) whereas
with gold an individual loss is also, to certain
extent, national loss, for the reader will bear
in mind that paper money is only representa-
tie of value, whilst gold is really worth what
it represents, and OH this account it is more IN
public favor than any other kind of money
But the point at issue between your correspond
ent and myself, is, (which is the cheapest ma
terial to use, paper or gold 2"
He asks, "DOes any enc believe that $780,
900, 900 of paper money can be kept in circula-
ton; renewed from time to time, us it wears out,
for one twentieth per cent per annum ?" One
twentieth per cent per annum he regards as a
fair allowance to be made for thewear Of metal,
viz: that every dollar being kept in use one
hundred years, would depreciate in value
five cents; certainly very low estimate, nor
does he aIludc to other losses we sustain, as
named in my former article-"loss by the fraud
e 4 ,l,S noiV,
loss by casualties" which loss amount to sever
al millions of dollars annually. One twentieth
per cent per annum on SI95, 100000 is $4,000,
a sum, l believe, amply sufficient to keep $780,
000,00 of paper money Sin circulation and re-
new it from time to time, as itwears out" but
if the sum required, were ten times this amount
paper would still be the cheapest material to use
for currency. The loss by the ''wear and tear"
of gold is only triiling compared to the loss by
casualties aud fraud: the only frauds we
have to guard against with paper money are
counterfeitS and altering the denominations of
notes. The present paper currency is so diver
sified in character as to give ample scope for
both these kinds of frauds to be Practiced to an
alarming extent. l need only refer to the Bank
Of England to prove that a note may be manu-.
featured of such character as TO render a fraud
upon such note almost impossible, either by
counterfeiting or altering. The cost of bank
note, especially when a large number are struck
from one plate is so triiting that, as | before
observed, the Bank of England never issues
note a second time; probably some fractional
part of a cent covers the cost of each note.
The moneyOcracy both at home and in Eng
land, arc loud in their vociferations against all
money not resting on specie basis, condemning
it as being of no more real value than the rags
of which it is made This idea appears to be
so impregnated in the public mind, both here
and in England, that John Bull, like ourselves,
seems to derive great comfort from the encour-
aging words written, in large letters, across the
face of every bill: ave will pay on demand,
here or'-somewhere else; but in vain, just now,
does every holder of these treasures ask, where?
echo only answers, where!
At the period when Washington recommend
ed an increase of specie there was not enough
in the country, 4, sL-,..,v III ordinary retail
business transactions without the aid of "shin
plasters" of the lowest denominations Mr.. w.
may well recommend more specie to abate such
a nuisance. Sufficient specie should always be
keptn circulation for this purpose, but for lar
ger payments paper currency based on govern
ment security would, believe, be preferable to
a large issue of gold. V. y.