The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-04-01
Rsd.mp.ioa no Iaaar.oa.

The IatHigeacer has solved, to its own
.,1sfsction at least, the question of
,,..pback redemption. Its conclusion
:, ,r,t 10 issue five hundred millions of
,r,,nbacks instead of that amount of
.h,rd, woud initiate prices, depreciate
The currency and damage the poorer
classes.
|, oy,rlooks the fact that a large pro-
,,rrion of oSe five hundred millions
wo,ld be substituted for National Bank
,.,,,. and that in that substitution not
,oI, would imitation be avoided, but
Sliocv. 900 gold interest would be saved
=, ,i,c taX.payvrs. 1t ovcrlooks another
,.rti,snt fact, that from the 3lst day
- ,ncust, 1865, to November lst, 1867 =,
,br currency of the United States has
,..,n contracted from 1854, LIS, $50 to
Stll u39. III, reduction of more than
S2iO.oJu.dVO, within little over two
wears.
This contraction has inmed largely
,o the benefit OF the bondholders, and
rreiudiccd the business of the country,
which now lags for want OF sufficient
circulating medium. We take it that
the public interest should have equal
consideration with that of the bond
orracv. and if 10y the redemption of
bords now due and payable In legal
,craers. the wants of trade and COM
merce can be relieved, such redemp-
.iop should not be defeated merely to
nleaSe the hnllers OF Federal securi ties.
The laboriug classes are not in dan
ger from greenback redemption. Suffer
ing among them in 1865 was not, as
now. general and severe. A return to
the currency basis of that year would
bear no more heavily upon thcm now
than it did then. Then they were en-
moved: now they are idle. Then there
W., currency sufficient to meet the
wants OF their employers; now there is
NOT. Contraction has thrown them out
of work, and we can see no evil in that
iudicious cxchaug of greenbacks for
bonds which would enable them to re-
>umr their avOCatiOns.
The assertion, for it is nothing more,
that the issue OF five hundred millions
of greenbacks would treble or quadru-
pie the price Of living, is without foun'
datiou. Ii there were no business uses
TO which that money cOuld be applied,
then change in values might be occa-
stoned by a surplus of currency. 1t hap
peus. however, that al increase of the
circulating medium to the exteHt of
prnbaLiy two hundred millions of dol
lars. would merely meet deficiency
aAd supply a necessity. The actual in.
crrISe wOuld he no greater than this
sun. for the larger portion of five
hundred million greenback issue would
he substituted for National Bank notes.
As business needs such issue and lagS
for want of it, We fail to fOresee the in
fltiop of prices which the IHfelligencer
paradts.
II will be well to remember also, that
e,rry bond redeemed saves gold interest
Ia the country. That interest must be
pad IN taxes. Those taxes must be met
by production. Labor now pays them,
Out TO redeem the bonds would be to
save the interest, Tighten the taxes, les
rsu the burdens of labor and enable the
woTkingman to lay mp what he now
pays out of his wages in the shape OF
tariff and tax on what he consumes.
Such All iutiiction the laboring man
could bear with moro ease than the dis
treSs consequent upOu contracted cur
rency, high taxes, idle ba DIS and empty
shops.