The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1865-10-31

arm about her waist, p TIT n =
HThere was no ais in fl, after qSdii.,s.
she sighed; But 4 whispered lid 5IlH q
yes, Grace, theEe is.F,.: GOD al8ne
guides gIdg s.i ute; and he has 1sdyus to meet
So the truth made no change in us.
and we We're Lnafrfed in aiMeek, and
before this All4Hall bw3 Eve Inns com to-
us Il shall see her under thejiruofi ofJthe.
Old farm house-:Rt Strattonl whence
mother writes that sheiis readyito kiss
her new daughter : E.,sitis
Further Imitation or Currency.
from The Cincinnati Gdselse9 i'.eliitA
1t is apparent that a powerful i'm
fuence Will be brought to bear on Gohe
gress thisiwinter to increase the limit OF
the National Bank circulation. 1t will
be put on the plausible reason it islre5
CURED to give new banks in the late
Confederate States their proportion of
tnaSmuch as thethree hum
dred millions, tolWhiCh the authorization
was limited by the law has been abSor-
ded IN the loyal States while these pro-
1lgals We're coming down from riotous
living to the husks of the rebellion; but
1t Will aPe backed by interests vastly
stronger than this, The inflhtion Of
Valueal by an increase of the currency
interests nearly NIL classes in fncfe6-
sing it! Spectators for n rise in 'prfcei
traders who have goods on hand to Be
oppfeciatedfbHth the increase of CURRENCY,
men VINO haYe future payments to make,
nndl almost an. business enterprises,
would have prices continue advancing
until they can complete the circuit OF
their !operations-R time that never
comes.ti The airy cqstles that are built
on expanded credit all require a conti-
n n imitation 70 enable them to realize.
30 one Will ever be ready for contfac-
ton except the small class of men who
hoard money or of money lenders ann
ply secured against a great fall of prices,
or persons of fixed Incomes, and all
these are too small to make their in
huence felt. Nearly every one is in
.terested in increasing the price of his
particular eomm9dity, and this int
rests the, great body IN further Imitation,
regardless Of. the elect on other things,
oriQt the future CONSEQUENCES. .7-t
Ihatithis mHau ion has got to be COM
pensated by a contraction that will In
general reverse all its effects. every in
telligent person knows, but each die
hopes 70 real1ze on his own venture and
70 shoNe the. consequences on the rest.
Every ono knows that the, Depression
caused by a contraction will be in exact
measure 70 the Stimulus caused by ex-
Pansion, and that further initiation
Will make the return to ~ sound basis
more difficult and disastrous. And
every addtdonto the currency. Will in
crease the demand for further Imitation.
If the way of ontraction is difficult NOW,
what Will it. be when an addition OF two
hundred millions more to the national,
bank currency shall have multiplied in
progression all the struc-
lures OF speeulatona and inflated credit?
And 1.-THE influences in favor, OF expan-s
SION are oEeTpOMeting now, Whit pro
babilit Will thsre be of a contraIition
when all these interests and iiifIuences
shall have been multiplied2 -, 4
But although private interests in in
ttatton may overcome tho conscfousness
oflits general evil, and lead mon to tacti-
ny encourage II, yet. the proposition
cannot tnoe public discussion. The
general conscience is against it, andlthfs
we nope Will create n public opinion
and arouse patriotic regard for the pub
lie welfare that will stop the increase of
this evil and support Secretary Met Gull
ioch IN ms policy of red pction. II two,
~ tisil ntiinoHs more shall be added
70 the clrculatlop, the rage of Specli1a-,
ton Will exceed an thing thai has gone,
before. 1t will defeat tho SecretarVls
plan of reducing the circulation. Z Tor
what reduction of the volume ofcur-
reney would it be to fund treasury notes
While increasing bank otes 3 And why,
should we change these treasury notes
into an interest bearing debt when no
beneficial effect on. tho circulation Will,
by, it9 go - y I :.
= II the owls of Imitation are MS every.
body declares, and the, danger such as
every one percteRes, there fsino consfde-
ftlLlon That should induce us to increase
MEM inc mutation SHOULD stop With
OUT regard 70 the equalizing tof.th cir
enlation OF the banks; or OF any bank
The bRnk'circulatio IL mot
required by public interest x tits. onlVI
for the profit of the bank, and this
shouldabi the timeiWhen the ctrculn-
ZION n can ne FURNISHED without detgiment]
70 the general welfare. II &C. d. essen
alto Justice, OF to prevent a Sectional
grievance, or to cement. the pni6nI that
the banks In the refotIned States shnli.
hayei their proportion of .circulntino
notes, let the requisite amount be With
drawn from the other banks, and q due
pPorn9nmentm made. This can be done
under the right reserved in, the law, to
amend, alter or repeal it, and spch, an
could mot be- resisted as
destructive of the interest created. Inv
the law, for ttwould be for the interest
ottha. banks as a whole! s,-.tJ y1fl,
.,nNNh11lel we have continual y \ deplored'
me disturbance ofvalues by the i1fln-
tlon OF the currency,, now that prices
have unprecedented to the. amoSnt of
currency welTg9e against rapid or im5
nedlate contraction, for we hold that 81
the limit of the currency shall be fixedss !
contracts and all business enterpriseS
can pc based upon it, and we argue that
We should pay OFF all tho public debt
Enat rs pa{Yqpl In currency, before we
c9nIEact the cnrrenCy, and that then it |
should be done mot by funding, but bY
paying 1t on. We hold that on, nd ac-
count should the present amount be In
creased, and thhtithe privileges sc the
G atil snoula abide this public eces-
slty. But 1.-TWO hundred millions more
shall be authorized for the |
natl0nal banks, we shall have no fixed |
Llleqlum OF exchange, and with contiki
pc drawn into the vortex ofspecuIation.
Even the agitation of such apropositfon
Will unsettle prices, and prevent efltefI |
prlSeS which require the perlnanent in1- |
vestment of capital. IiisV l.1ill ~
Secretary McCul loch has stated to his |
friends that he Intends 10 lay before |
con gress q policy for contracting the
Z currency Ihe evils of imitation no has
Senefalized IN 80 fprcible q nanneffhat
his steadfast opposition to any fnrtber
expansion Is settled. Further imitation |
must be stopped before we can enter
upon contraction. To this extent II !
seems to us the Secretary will 6fiva fIIa |
support ofla1 the intelligence of die
country, although all may not agree A |
@ the rate or way fthe ulteffor cofitrao-
ZION; Ihat may be left to subseuuentl
atton, while all Iinite with rim
% put a limit 10 further exbansion.
circulation Is not vital to the banks. It |
y only IN additional means of tf1rofit |
At this time 1t & not apnbliC an veni. |
ence, and Its increase would be a great
ftzfs s.5SAtFai,ist t.ui
or g. ". JOHNSON q son, I'll
3 81 II a.