The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-10-29
The National ouFre6ey.-yIews OF a
III lleaNew YORK RahkeE!lln

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Al a late meeting Of tho National Board
OF Trade resolutions were offered urging
tho government to contraction Of the
Legal tender currency Tor the purpose Of
bringing about specie payments by tho
Treasury and the banks. The resolutions
offered and tho remarks made on them
show with what extreme tenacity men
Cling 10 old notions, and were as absurd
In the light Of our experience for tho last
ten years as Il would be for q person at
tho Farmers Club to advocate tho 70.
sumption OF wooden plows. rE1r
In the last ten years our history has
proved that trade can be prosperous and
exchanges Of products satisfactorily made
with currency not redeemable In specie;
whereas the forty years previous, with
paper money purporting to be redeemable
In specie, the frequent panics, revulsiOns,
bankruptcy and ruin that occurred paye
satisfactory proof Of the yiclousness ofIthe
system, while our present state OF pros
perity Is convincing evidence of sanitary
progress In financial science.
No device for deluding q trading peo.
pie into bankruptcy can ever be more
eHectual than the issue OF promises to
pay In coin, when the very fact that they
are Issued Is because credit Is needed, A
merchant that would buy goods, and give
his notes for them payable on demand,
and sell the goods on time could DO made
bankrupt any day. The issuer,oi curren.
cy payable on demand In coin lnexchange
for business notes on time d alwaysIni
that unsafe condition the slightest
breath Of distrust ruins him at once.
II paper money is to be used all It
should have a real basis, which cannot
bpcoin, because II sufficient coin were
Kept il would be Improbable; but a free
banking Law that provided that the bills
must be- securedn1by. Understanding
bonds, which required that the currency
Issued should be redeemable In those
bonds or in lawful money, at the option OF
the bank, would give the nation medium
OF exchange elastic and safe.
At times when O large amount OF
money would be needed 1t would be
issued; when less amount would per
form tho business 1t would be retired, and
the bonds be held for the interest in
stead.
The government cannot do such work
by the issue Of greenbacks. The authori.
tyto do II would bea power that the men
who are entrusted to administer the gov.
eminent should not be tempted with;
neither can the government maintain
specie redemption Of greenback currency.
To do it would require offices all over the
land, with q multitude Of employees and a
great amount OF expenses; or II redeemed
in only a few places, the paper money
would be at discount at all the other
points. These difficulties, with the greater
one OF keeping deposits OF coin in various
places TO. redeem with, will forbid the
government from attempting it. The
province OF q government of q free people
Is to make and execute laws, but not to
engage In business.
The government in the transaction Of
It's own affairs has the means of furnish
ing certain amount Of currency 10 the
payment Of its debts for the public SER
vice in its own notes and receiving them
for taxes, but that amount being limited
the additional amount Of currency requir.
ed must be furnished some other way.
AS yet no better plan has been indicated
than the issue Of bills secured by bonds
made free to all who desire to doit. The
notes To- be redeemed at the option OF the
holder, with the bonds left to secure
them. Such notes would have positive
value, and should have no other compul-
sorry redemption.
Such medium Of exchange would not
be the producer of panics, because of It's
being promise that if suddenly required
could not bc performed, but would have
o fixed and certain value by being conver.
tible at the will OF the holder into an in
terest.bearing security.
A little amendment of the National
Banking act will accomplish all that is
required; and then let US alone should be
the desire OF all business men: anything is
better than continual change.