The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-01-05
RESUMPTIOH OF SPECIE Pay
MENTS.

Mr.. Greeley has printed in the TJi.
| GWmc IL replication to Mr.. Morton's re-
ply to his first letter. The following
from the New York EVemimg Common
1VeGHh states the points of difference
and present in the main, sensible
view ofthe subject:
The chief point of Importance on
which Mr.. Greeley differs from Mr.
Morton, is ms TO the feasibility of an
Immediate return TO coin payments.
Both gentlemen are agreed that any
attempt TO resume Immediately would
bring disaster upon the country, but
while Mr.. Greeley says, let us know
the worst, take leap in the dark, and
get the catastrophe over, Mr.. Morton is
for delerring the final explosion tor u
time, and he would prepare the way by
several preparatory movements similar
to those which were tried and failed in
England, in the first two decades Of
this century. "
For the rest, Mr.. Morton and Mr..
Greeley are probably much agreed, and
in some points both are equally hereti-
cal from the established creed in
finance. For example, they hold that
by the mere fiat of the Government our
deprecated greenbacks could be made
equal to coin, while financial science
less. Paper money issued by firm,
stable Government, has its own in
trinsic value, which is governed by its
own laws, and cannot suffer increase
or diminution from any act of the
Legislature.
Secondly, both these gentlemen hold
that the green back currency Is a false
balance-a shifting measure-a change
full standard of value. During the war
this was true, for reasons which have
ceased to operate. But either Mr.. Nor
ton or Mr.. Greeley would have some
difficulty in proving 1t to be true now.
Never, probably, In any country in the
world, has there been paper currency
so efficient, SO stable in value as ours
has been.
The third heresy common to the two
combatants is, that contraction is not
necessary to resumption. Now, all
history teaches, and all experience
that depreciation of paper money is due
to redundancy and can be corrected
only by what COrrectS redundancy
that is, by contraction. Ft-
Fourthty, both agree that contraction
of the currency has been tried, and has
proved Il failure. This is 80. Com
traction was a successful brilliant sue
cess, as long AS it was i0dicionsly man
aged. over two hundred millions or
currency have been taken in and can
ceIlGd since Mr.. McCullOch took Office.
And no mischief was done. q
On the contrary, during the period
when this contraction was going on,
business WAS prosperous, and 20 an nj
most unprecedented amount, govern
ment loans were negotiated on favor.
able terms. Contraction has been a
satisfactory success, and TO it alone we
are indebted for the fact that the green
back dollar Is not much further on
a SNFt toll
Contraction, like many other delicate
and difficult operations, is perfectly
safe when well-timed and skillfully
done. Congress did not stop contrac-
ton because contraction had failed,
but because it was badly managed.
The last error we have space to notice
as common to Mr.. Morton and Mr..
Greeley, is that ;he fiuctuating, amount
and price ofROvernnent bonds in the
market has the supreme control over
the value OF the Ereenback currency.
Hence, they suppose that II the hVe-
twenties rise or TALL i'll volume or price,
the standard paper dollar must rise or
fall in harmony. So far is this from
being true, that if the teachings of
monetary science are at all TO be relied
on, no mere manipulation of the bonds
can improve the currency. The amount
Of our outstanding government securi-
ties has been greatly enlarged and nj
IllOSl uOuDIeuI LllC lIC NSl
lar, instead OF falling, has risen. What
ever we do about our bonded debt, the
currency ii standing at its present vol
ume, would be OF about its present val-
ne.
AS no new manipulation of our
bonded debt can improve our currency,
how can Mr.. Greeley'a one hundred
year loan, or MIR. Morton's indefinite
proposal to negotiate bonds succeed,
without contraction, in curing the cur
rency OF its malady of redundancy,
with the attending depreciation.
The whole discussion as to specie
payments, however, is regarded by the
public with come weariness, and the
general belief seems to be, that the
greenback currency fultils so we'll most
OF the functions for which this delicate
instrument Of commerce is required
that until some safe, honest, practical
BILE, less rash and less disastrous meth
DDS can be devised for placing it on
specie basis, we had better let well
enough alone for 81 while.
In the case of George s. Twitchell,