The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-11-24
.,d,mpriou Of Grcenbncks.

zeal caucus a. soon a. O""s'oso
r., Us have peace.
n,dsmpriou Of Groenbacks.
W,.hlugton dispatch states that
s.n,,or MORTON, of Indiana, will, ut the
..o,o,ebing session of Congress, offer a
NH providing for the redemption oi
,..,pbacks in specie. He proposes that
Il. nrocess shall be begun about Janu-
~ I,t, is;l: that the sale of gold by
m, Treasury Department shall cease,
,j,bat the present surplus, together
,.,b what may be gathered by the time
n.,toa,d shall be set apart 10 take
.p tic iegal tenders.
10 the meantime, he is opposed to
.r.cr.us the currency, but is of opin-
mr that the circulating medium should
,aad at IS present amount: the only
.ls9sc being the substitution of specie
.. ,n,I, ,f the greenbacks as shall be
rt,,nrd uudrr the bill. The dispatch
l-.ls,.r,rr.. Lat the Senator will not
isis. upon commencing the redemption
,,soou. na' may yield this point to the
.,,vs of those who desire to begin at q
u0yr dis;snt date.
This proposition will excite no little
interest throughout the country. There
.lr. doubtless, those vino will question
rarezprdieucy Of diminishing the non
l,cres, bearing debt aud allowing the
interest bearing debt to stand as 1t Is.
They will probably inquire whether the
scheme Is not simply to relieve the
.rzietirs Of those who hold 5-2Os by
taacellng the greenbacks, which are
Dos "a legal tender for all debts, pub
sal lprjyate." and in which those 5-20s
may be pTopelly redeemed.
Others will see in this bill measure
Of c01'rlction certain aud dangerous,
i1 spite of the Senator's disclaimer.
0ucr declare ,hat greenbacks are to be
speedily redeemed in gold, and they
will be driven out of circulation; bro
k-r, and sp-culaters will ny them,
boarding them up for redemption day,
and when that day comes, the few will
b, benefited at the expense Of the
many, a. seems to be usual under Our
financial system.
The idea that gold aud silver will
rome in to supply the place of such
!cga! tender notes as may be cancelled"
viii not commend itself for its correct
Tess. II is not possible that the amount
redeemed at first would be very large
10 comparison with the paper still in
,Hcuiatiou. The national bank notes,
some three hundred millions, will still
'r Idoat aud also whatever
amount otlegaI tenders the accumulated
,".d IN ils Treasury would fail to re-
.'rn The amount of gold put ont
''id not he likely to exceed one hun
lied millions (for the interest on the
''ada must still he provided in cOin)
'-l there would still be several
"'-''rd millions of paper in circula-
.'a' oT an amount sufficient TO drive
Tue drop u coin to the bottom of the
'''''I The greenbacks called in
"''.a be that much contracted, for gold
Would still be at a premium.
Tl4tOr NoETON insists that after the
r-,'Agc Of this bill greeubacks would
'a ytlut 50 that by 1871 "they
,'-'' be worth their lace in gold"
'o'.oIy SO, if thpi. redemption in gold
'-sa 10 begin. But in the meantime
'"4' becomes of the National Bank
-''''' VIII they, too, be worth their
'' gold' If so, then it is possible
's''ate all paper sfioat into hard
another form Of the feat of lifting
."'si over the fence by your suspend
" 'ae national currency does not
pace with the increased value of
"'7enOacks, then the latter will dis
.s.'N' Tor currency that is at premi.
vii not circulate side by side with
'"'y that is at a discount. Either
~ 'arn heavy and ruinous con
.''" >e"InS To be the certain result
" us redemption scheme.
"~''Aer view of the case, scarcely
'~potiant, is this. Greenbacks are
worth = cents on the dollar. The
\ POSED bill would at least make such
'-'m as are redeemed in Il, worth
~'"NFed cents on the dollar, beside
'a an increased value to such O.
a' iemaiu uncancelled at tha
,-. 4hls looks very well, until W,
Ire how this Increased value is {,
-. a'en them. Then We fnd that Il
o.,.. We value of greenback from 7.
s.rs ~ ioo cents, the taxpayers mus
,hs O'ef 70 cents, which sum goes int,
ovs rG'Net ~ Of the chap who happens t,
". '1e SFeenback when it is called in
H. r'e III favor of raising the credit G
bp, ,p'eFnment :. as rapidly as possibl,
,so ,u'' does not strike us as exactl
~pest aud most equitable mod,
in = man rOosted on The ton nf . man