The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-12-11

eAc COuuITy. 1uo IdCI IuaO % Va =
interest with capital aud surplus OF
Sl00, ,000, 900 can be, and has been repeat
edly placed at the mercy OF few
shrewd, though bold and inscriptions
men, is evidence of some inherent de-
feet in its management, and the forego-
ing statement may serve in some degree
to show where the error lies: First, in
demand of call loans TO brokers and
spectators on collateral security, by
which nearly one-half the active re-
sources of the banks are used to directly
foster and promote speculative opera
tions; secondly, certified checks or loans
of credit to the same class OF men,
whereby stocks are inflated and I'M
mense operations are carried on daily
upon fictitious capital; third, tie pay
ment of interest on bank balances,
which, being payable on demand, must
be loaned on call in order to avoid loss"
Under the head of specie payment the
Comptroller says:
"rhe subject of specie payments na;-
urally comes up whenever the curren-
cy question is discussed, and much in
genuity has been exercised in devislng
plans for an early resumption. The
principal obstacle to specie payments
may be found in the statement of the
public debt of the United States, for
the first of October, 1868, under the head
of debt bearing no interest, as follows:
United States notes, S356, ,O2l, ,Ol3; frac-
tional currency, S32, GA II, making
together $685., ,954, ,6S7 II of government
notes, circulating as money, and de-
signed to take the place of gold and sill
yer, by being made q legal-tender for
sil debts, public and private, except
duties on imports and interest on the
bonded debt. AS long as the people pre-
fer an inferior currency, inferior, be-
cause irredeemable, and inconvertlblo
except at heavy discount, they will
have it to the entire exclusion of the
precious metals.
whenever the people conclude that
it is more economical to conduct the
business of the country on specie ba-
sis, they can ordain specie payments by
making provision, through their repre-
sentatives in Congress, for the payment
or withdrawal of the present deprecia-
ted paper currency, issued and kept i'll
circulation by the government; and
whenever the people wish to restore the
credit of the nation, they can do it,
through their representatives in Con-
gress, by renewing the only embarrass-
ment that stands in the way, by direct
ing that provision shall be made for the
payment of floating indebtness,
amounting to $685., ,000, 900, consisting of
promises 10 pay that are never paid,
and so establish the fact that the United
States is a solvent debtor, able and
willing to pay every debt as it becomes
due. Specie payments and the restora-
ton OF the public credit are within the
reach, and depend upon the will of the
people of the United States"
The report closes with the following |
to free banking: Whenever
Congress shall inaugurate measures
looking to the appreciation of United
States notes to gold standard, the
effect of such measures will probably |
be to diminish tho volume of suoh notoo |
in circulation. To what extent the re-
duction would have to be carried in or
der to place them permanently on a
specie basis would at present be mere
matter of speculation. Doubtless a
large amount might be carried, with
profit, to the government and with
benefit to tho public, as soon
as the effect of such measures
becomes apparent, by the grad
ual approach of legal tender notes
to a par with gold. The restrictions
imposed upon the issue of circulating
notes by National Banks may be safely
removed, provided the establishment of
a central redeeming agency in tho city
of New York, at which all National
Bank notes are redeemable at par, shall
be required by law. Any Inconvenience
resulting from reduction of legal ten
dsrs may thus be remedied, and the
remedy will be in the hands of the only
competent Judge of the necessities of
the case. the business public of the Uni
ted States. Respectfully submitted.