Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1862-11-12

running paper currency sOlOW in the scale,
but it has played wilder pranks with goods
than gold. Every man who has any ar
tiele of trade or commerce wants to specu-
late on it He sees Others doing better
making bigger profits aud better hts and
greed becomes almost a frenzy with him.
This is all very well for those who get
through without mishap aud stop tu time
TO save the risk of the crash. For crash
is sure to come sooner or later. 1t always
does. People in the heat of speculative ex-
eitenent lose sight of the truth that they
are not making one another really richer,
bat only building up fictitious prosperity
that will one day come crashing about
their ears.
Nothing bar Ihe actual creation or devel-
opment of wealth produces enduring pros.
perity. No doubt the two Yankee boys
who shut themselves up in room aud ira
ded jackets all day were very shrewd boys
aud keen traders; and though each one
figured himself mp rich at night, yet there
were NO more Jackets when they quit than
when they began and the ones they had
were . little more worn. Suppose they
had gradually raised their prices till they
valued the jackets at one hundred dollars
apiece, no one imagines they would have
been really any the richer for it. Iii a
good deal that way with speculation gem
erallr. 1t creates no real wealth of auy
kind. 1t only produces initiation, gives
fictitious values to articles of trade and
commerce, and sooner or later either gradu.
ally or with crash they come back to the
old level aud makes as many bankrupts as
fortunes.
After all there is nothing so very alarm
ing in this depression of paper currency.
The same thing always happens in time of
war. The e1igencies of war always re-
quire the use Of great deal of money, aud
the bulk of that must be paper money. All
Epaper money is but ''promise to pay
a matter of confidence purely. 1t We have
entire confidence in mans ability to pay
as We should as soon have his note as his
gold. IfpeOpIe have perfect confidence 10
the ability of q banking institution to re.
deem its money whenever presented. its
notes are par. 1t is SO with the money is
sued by the Government. If the people
have entire confidence in its stability, itt
promises are as good as gold. The whole
system Of paper currency is founded
on confidence. as long as there i!
a dollar in gold TO redeem every dol
lar in paper presented all goes en- swim.
mingly: but there is always more pape
money than could be redeemed if presented
at once. Whenever it becomes necessary tt
issue SO much paper money as has beer
done in this country in the past two years
gold gets suspicious, then uneasy, and ther
takes the alarm and hides itself. All thes
, evils help one another along. whateye
impairs popular confidence reduces pape
currency, and that decline again affect
confidence, something like the ratio of
progression.
How much paper currency will decliu,
in any given case, no one can predict
There are few matters SO really abstrus
: and complicated as matters of currency
No man tan calculate on its laws with Ger
tainty and if one understood them ever 81
thoroughly, there are causes operating ev
cry hour and events liable to take plac,
every day, that would affect it beyond til
power of calculation to reach. For exam
pie one single overwhelming victory in tn
east to-day would knock gold aud stock
down in New York so that half the none.
spectators in the country would be ruined
, The best thing that can be done for tn
public good (and that is eTerybOdy's) is t,
discourage speculation of every kind an,
frown down all sorts OF panics. 1t is bet
ter to go straight along and do business ii
as regular aud legitimate a way as practi
cable. Prices are high enough, and there i
initiation enough at best. There will event
ually be a crash when we come to get dowr
on a coin basis again, and then there viii
; be just as much lost as will be made nowIb,
speculation. That is Just as certain aut
memorable as logic, and it would be wis
to prepare for it in time. People should
, buy moderately, pay promptly, and keel
clear of speculation. We shall all have t.
suffer more or less, but if we are cautiou
and prudent now it will be less rather thar
more.
l a