The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-08-25

l0WS huu AIhlSuGh SOLCly " Nutul llS DIlD-
lie creditors, This scheme would then
have met at the outset the unanimous
judgment of the Supreme Court as un.
constitutional, null and void.
Second. This scheme is an express
violation of our contract with the public
creditors. These laws provide that the
custom duties should be paid in gold, and
that in no event shall the amount OF
United States notes ever exceed four
hundred and fifty millions Of dollars, and
1t Is therefore an act Of open, palpable
reputation, and crime against Civiliza.
tion.
Third The only doubt that ever eX.
lstcd as 10 the payment Of the debt in
legal tenders was whether the notes al
ready issued under the acts creating
the public debt, could be rendered
In payment of the principal Of
the debt before they are par in gold
That 1t would be idle TO raise the question
even II Il was an open one, but 1t has been
settled by the act to strengthen the public
crcditI That no such question shall be
made until paper money shall be at, par
with gold. This settlement of a danger
ous question has been approved and &C.
quiesced in by nine-tenths of the Amer.
can people.
Fourth Aside from all questions of
public debt the further issue OF dGpreciat.
ed paper money, irredeemable in gold,
would be had policy. No proposition in
political economy Is clearer or has been cs.
tablished with more examples, than that
irrcdeemablc lpapCr money is the most
fruitful cause Of misery and misfortune,
especially to the labOring man, the most
ingenious way TO irrtili2G tho rich mans
field with the sweat of the poor mans
brow. The most important and difficult
problem III hand now il to
bring our present paper money,
the necessity Of war, up to the stanlard:0G
gold without distress or contraction. This
done, with proper provision against
paniCs, We have the best system Of cur.
rcnCy'in the world. TN
Finh. The allegation that this scheme
will lower the rate Of interest, IL without
the slightest foundation. All experience
proves that paper money increases the
rate Of interest, and sudden initiation
now would derango all values, diminish
the purchasing power Of labor, and drive
capital into fixed investments like real
estate. Capital would flee from such u
scheme Os from war or pestilencc,
Sixth. Tho idea Of maintaining u three
per cent currency bond at anything like
par Is absurd. Its market valuG would at
once be fixed at g0ldprlces by such Dem.
oCrats as Belmont and Tweed, and the
only effect OF the scheme would he TO
cheat the public creditors out of
the discount or difference, and tho
laborer would be cheated by re.
ceivlng nominally more wages but less
food and clothing The example OF Eng.
land Ia directly opposite Of what Is stated
by General Ewing. She never reduced
the interest Of her debt except by Offering
to pay in gold, and pursued tho very pol.
icy that the Republican party Is now plr.
suing TO reduce her rate of intOroat
Seventh. Atter the United States shall
have suffered all the evils of this wild
ut the end Of the whole stands |
the notes unpaid, the debt undiminished |
We would have the alternative then TO |
pay the notes In gold or to repudiato this
paper money, thus completing tho trium.
virate Of financial blots in modern times.
Continental money the French dSSigndiS
md this nameless issue now proposed |
The worst Is, that while our forefathers
and the French wero driven by their
dire necessity TO this form OF Reputation,
we would now enter upon It with the |
,rna1Ih onI not,1Ynnpon ~ n nnniinnt,H L., |
our keeping. Gen. Ewing glides over this |
by saying that after all this paper money
$ not debt. 1t Is q promise to pay
money II that Is not debt, what Is II?
might pursue this wild and visionary
'chemc f1Ether by citing historical
Examples OF their fatal effects. They are
III grouped by one writer under the name
If popular delusions, and have their pro.
Der place with witchcraft, sophistry,
econd sight and such hAllucinations
Before leaving Gen. Ewing, / must answer
,ne question he puts to me, and asks the
answer here. said that one Of the bene-
Its We derived from the national banking
Iystem was that they paid $9,00O000 In
AK 10 the States. lie asks me If they
we're driven out Of existence II
hey would not pay all these taxes
except that on circulation. ! answer not
If them. The national banks now keep
md arc required from ten 10 forty per
,ent moro Of their capital in circulation.
These bonds General Ewing admits are
1ot taxable at al. When they are made
he basis Of banking capital they are. The
very moment tho national banks are dc.
itr0yed, these bonds are the property Of
.he stockholders, and that which now
pays $1s,0O0,000 Of tax, will then not pay
lne dollar TO either State or nation.