The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1866-01-29
THH FIYiIA5NCEss5 or TIE Icr.OIUNTRY. col


The StoppaEs of Che Iron works
the West Explained!
The following extract from private
letter, written by Z: NJ. Norton, Esq,
OF this city, to, Hon w. T. Wiley, we
are permitted to publish. wedeem the
views submitted therein a matter Of
general interest at this time: .sF
WHEELING, Jan. %, 1866. I
10 - .. s..;p...- You. will excuse
me in a letter like this for entering into
politics, but cannot refrain from re-
marking that the declaration Of the Sec
retary. of the Treasury, that he INTENDS
to retire the currency, is having dt-
rect Tendency to paralyze the indnsitry
of the country, to hinder consumption
and restrain enterprise, which necessa-
rilystops productionI the direct and IN
evitable consequence of which is to.
comparatively exiting ISL the subjects
of taxation. What, in my opinion, the
Government ought to do is to hold the
currency at what it is, [ declaring what
is the truth, viz: that specie payments
are impossible for five years, except
through the very jaws of death and the
destruction of the Government credit,
the complete overthrow Of the entire
banking system, and the &annthilation
ofall those who do the enterprise, or own
Nu1uG5 Va OAO
are away from specie payments, and tits
no difference so long as as, We are soj
whether; the distance is an inch or an
ell. and all or the best that can be done
is TO hold the currency level. Declare II
possible by a congressional act That Tor
one year the currency shall be neither
less nor more than at present, and per-
NIT the diffefent classes of prod ucers to
arrange their values as com pared with
each other. Give us time to discover
what ia the value of one thing as COM
pared with another, and the value OF
labor as compared with the whole. The
violent fluctuations now witnessed
sured whether in three months. six
months, or year, the currency will be
one hundred, two hundred, or three
hundred millions, less or more, than at
present. Those now int trade or Produ-
cling, simply'bet on their Judgment
Hence whence the opinion prevails that
it will be less each one hugs his green
backs and ceases to enter into the most
necessary enterprises. Ceases as fiir as
nossible to consume the most necessary
things in the belief that contraction
will produce a fall in values. II this
policy exists but for a month mil
lions will fail to be produced, and
the government will have lost the
necessary subjects of taxation. In
a short time those who hold the mer.
chandise become alarmed and dispose of
their yaluables at ruinous prices.
The sagacious man, he who has re7I
served his green backs, sees that his
time has come, being assured that the
Government. If it continues to pursue
such policy, must under the paraly7
sis created, either recede or else sell its
bonds at reduced rates, and in addition
and what is worse, run the risk of fail
ing to collect taxes sufficient to pay the
interest. Supposinga a crisis Ike this,
The Government will be compelled 10
again raise values, or at, all events to
desist from the policy Of contraction.
The speculator, comprehending fully
this dilemma, and being assured that
the tendency is now in this direction
seiZes the propitious moment, lays hold
upon the staples and valuables of the
country at their most depressed prices,
and after purchasing thus cheaply,
lends himself to an imitation, having
secured to himself the hard earnings of
hundreds of useful men, perhaps beg
CARING them, and makes himself, with
out merit on hisnpart and without hav-
ing produced anything for society, a
millionaire. To avoid these fiuctua7
lions and these catastrophes, let the
Secretary of the Treasury tell the peo-
ple truly how much money is now IN
circuIation. Let him declare that for
one year or five, tho volume OF 1t shall
bo no more, no less. Each man Will
then find an, enterprise into which he
will embark his capital, HOW'LL not wait
as now, upon the future, hoping, as at
present, for u. time when he can operate
with more security because ofa reduced
currency and reduced prices. The pres
ent uncertain condition of things tends
to excite men to ask prices such as Will
cover possible margins of loss either by
contraction orintiation ofthe curren-
cy. In many, cases men prefer to pay
the present high prices in the fear of
still higher rates. In other cases they
hold themselves aloof altogether from
Iall sorts of industry, preferring to take
no risks whatever, either for a rise or
fall. Giyens steadiness. We want no
more interest bearing debt. Why re-
tire the only portion of our debt upon
which we pay, no interest with bonds
upon which we pay seven and three
tenths per .annumf Or why create a
bank currency upon which the people
pay from ten. to twenty per cent. in the
shape OF profits to stock olders, when
the country prefers the greenbacks
which pay no interest? All this inter
est and all their profits must come; If
they come'at all, out of labor. Stimu-
late then this labor by an easy non-in-
terest bearing money market Make
money no more valuable nor reduce
prices belowawbat they We're when the
the currency, and a consequ uent decline
in prices, inuresi only to the stock or
bond holder. The laborers of the coun-
TRY are not of these. Why should they
they pay this debt or the interest
upon Il " at dearer rate than
that at which it was contracted2 2
Leave the currency as 1t isy 30
that when the tax: collector comes
along we can pay him easily, money
being cheap. Give us also an increase
in the tariff, equal to; the internal reve-i
nye levied on manufactured articles
Excite into activity every engine, crank,
screw, lever and wedge-alf muscles,
all nerves, all brains. Thus and thus
alone, can, we pay the debt. Paralyze
us by tnmpering with or retiring, the
circulation-fght gold-depress II fe-
titiously below its true vuIne-make it
so that the importer obtains it cheaply
alarm us a few times more-nulltfy
mestie manufactures and not equaliz-
ing it by imposing the same on imports
ed ones-itmpoEt neeIy-send out bal
ances in gold, bonds and credit-return
the legal tendersiby the issue of inter-
est bearing bohds-and soop,yery soon,
We shall come to specie payments with
n round turn, but as a ruined people,.
I As an evidence of what / say / viii i'm
form You that hfter Saturday next there
will not be rolling mill or nail fac-
tory in operation in this Western conn
try. How immense the loss TO the gov
ernment! How much more so to the
wealth of the nation The small con-
Germ Of which / have the honor to be the
President, pays directly to the govern
ment on its manufactured articles. when
inmotion, from thirty to forty thousand
dollars per annum, Think of6 hfty
such concerns stopped for one, two or
three or more months in this vicinity.
And aIan NJ tho ffft5y HAST furnaces de-