The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-11-05
The Paper Money Inaa,ion.

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There were rumors q month AFRO tina
the Treasury Department at WASHINGTON
In the absence Of Mr.. Boutwell,, had take
the responsibility Of Issuing four or Az
millions Of greenbacks for the purpose, |
was assumed, Of easing the money mar
ket. The monthly statement ofthe Treas
uty confirms these rumors, as the amoun
otlegal.tender notes In circulation Is re
ported 70 be $500 852, $40 90, whereas tht
amount regularly reported under tha
head, for tho last four years, has beer
$500, 900 900, thus showing an increase O
the public debt and an Initiation Of thC
paper currency Of the country 10 tht
amount Of more than four millions and a
half Of dollars. That this was done In
Mr.. Boutwelrs absence from Washington
Is certain; that It Is contrary to his finan.
cial policy as Secretary OF the Treasury
Is equally well known, and there Is much
reason for supposing that It was done, moi
only without his authority, but contrary
70 his wishes and without his appreciation
fact.
We do not know, though we can con-
lecture, the ground Of argument relied
upon to defend this act Of the Treasury
Department. Whatever authority for Il
can be found in law, whether doubtful or
otherwise, we presume Congress will at
tend 10 on It's reasSembling. No possible
pretenCe Of authority Tor an initiation Of
the currency and flooding the country
with irredeemable paper dollars should
be allowed to exist upon the statute book.
II the Secretary Of the Treasury can issue
five millions under the assumed authority
OF law, he can, by the same law, issue
forty millions more. The exercise Of such
a power, we think, would be disastrous;
but we want some better safeguard
against It than arguments, however co.
gent, against enGusting any one man with
power so enormous, or that may prove,
however conclusively, that the exercise OF
such power will be to the last degree dis.
astrous TO the best interests Of the country.
How dangerous q power It Is we see
already In the issue merely Of this four
and half millions. The public was not
advised OF any such proposed action,
though there is good reason to suppose
that individuals WERE These fortunate
persons were enabled to prepare, to their
own gain, for the inevitable change Of
values which such an addition 10 the
currency Of the country would instanta.
neously bring about, which the general
commercial public, without the knowl.
edge, must Just as inevitably suffer from
the change. Whatever authority OF law
there may be, or assumed authority for
the increase Of legal tenders TO 100000.
600, there certainly Is none which author
ICES the Secretary to use this power Sc
cretcly To tho immense benefit OF few,
and to the injury and possible ruin Of
many. A "tidal wave" Of paper money
to be paid lor by injury to our credit
abroad in depression of the price of all
American securities in other countries,
and by the enhancement Of the price of
everything in our own, is bad enough at
best but, 10 permit 1t 10 come upon US
announced and unexpected, Is wrong
that amounts to absolute cruelty. This
feature of the case, in the new issue Of
legal tenders, Is utterly indeienslble and
even alarming, and 1t is SO fortunate that
we arc so near the reopenlng of Congress,
when, We have no doubt, the subject will
command immediate attention.