The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-01-03

The Cincinnati Gazette says that IN.
less Congress can succeed in counter,
acting Mr.. McCulloch's policy, we shall
have in 1865 what We had in 1857
''sweeping commercial dlsasterz.p II
shows that iu 1861 our circulation. colr
and paper, was $S25 .OOO, OO,-aIter thi
war 1t reached 81 900, ,OOO, ,OOO, Lit is nov
say, $3.50, 200, 900, or 25 per cent. lIG
than Its highest potent. Upon rearsi
ing a specie basis, permanently s,
shall probably have total cireuiltli.f1
paper and coin, of Si5o, OK, 90, o. Z
SS8O0, ,OOO, 600 less than the preyeit
volume Of paper money"
"Compariug the prices current, for
Leading articles, at various times frOm
the elimination of Imitation to die
present date, it will be observed tlAi
the shrinkage in values has been mIich
greater in proportion than the contfke.
tion of the currency. In order 70 ~
would be necessary to reduce the vbl-
ume of paper money to $3.50, ,OOO, 600.
Add to this 500, ,OOO, 600 in coin, and We
would have II currency of $3.50, ,OOO, 90.
We have progressed. therefore, S2O,
OO0. 600 toward specie; aud in reaching
It $500, 600 600 more would be taken on
the circulating medium. In our move.
ments, thus far. the shrinkags in vallss
OF general merchandise aud manuhc-
lures has been, on an average, ahOut
fifty per cent, while, as seen, the reduc-
ton in the volume of currency from
the highest point, has been only tWen-
ty-hve per cent. The purchasing pow
er OF the paper dollar has been thus
Increased in much greater proportion
than IhR FaHnnffnn In hn ~
paper money. Thus the evils q
contraction have been greatly
aggravated, by the manner Ii
which the financial affairs of the
country have been managed. We have
suffered ssventy-hVe per cent of the
shrinkage to be expected rs a result Of
full return to specie payment, while,
measured by the volume of currency,
onr progress in that direction has been
only twenty-five per cent. Fifty per
cent OF the depression of the past year
is, therefore, fairly Chargeable TO the
laundering of the Secretary of the
Treasury, who, unfortunately for the
country, was clothed by Congress with
full discretionary power over the cur
rency, and consequently over the busi-
ness interests OF the people. Industry
was thus unnecessarily depressed;
trade was parRlyzsd, and throughout
the year there has been, for the most
part, general stagnation. This served,
too, to diminish the revenues, and
while taxes proved oppressive by rsn-
son OF the depression of business, the
aggregate receipts into the Treasury
were comparatively light. In fine, we
have had theevils of contraction much
greater in proportion than the actual
contraction, The people have suffered
with only partial compensating results.
6nlS 6llis t5 thez s1tntutHE up Of haF, Nc
Cnilooh's dnancial policy.
10 Iiess, ssS ~ e tas he's l.san
try In state OF uncertainty and conse,
quent dread-In this he snccseded. /.
and the result is before US, in the alb.
sencs OF confidence, the stagnation of
business, and a general footing up of
heavy losses. A wise man would have
prescribed careful nursing for the
financial patient. Mr.. McCulIoch pre-
sorlbed a perpetual course of emelics.
Inc patient has consequently been
growing steadily weaker, until 1t Is
now in decidedly critical condition.
Congress Is expected to provide a
change OF treatment. Failing in this,
we shall have in 1868 what we have not
had In lS67-swseping commercial Cis-
asters.