The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-08-06

-, prmIun and the Remote
The COG 80 of resumption

p,.mIum and The Remote
Tie cold ar r't of Resumption.
hosilt' , rsla.t' quoted premium Of gold
dDes l.s sI 4 tiouched1l5t, The loves SsI
lrt, shen l,sse Jans, 1852, was 10 J a. y;
oaOlttion sI1 NM year, when Il touched
,ls l6s seen thstthG present nsG quo 70,
llf y az s nsr cent. above the January
pdon = Vt M highest quoted premium
,iaee , tss S when he national credit, !! q
Jaly lSs4I y I,S currency in the purchase
:: :15 CON- y T n.oef currency 70 buy ~, n
~ y TSScsS Who arc watching the nue. y.
nations in the currency pt ,ion n sSeeie
sign @n more or less remote as the 9
paym I;aus 4 XIII or low, will view IN ine
EseeDt advance Of god 10 ;, no 70 ~ es uS
...-., ,,ns, manifestation % -
eouIa .s 3, ns.,io5 of that desirable event TSn
Gop aStl ,Hsy ara no doubt correct. Inc
IL na, gp cois and currency are togeshet ~ ~
n S:I.s Ne lis difficult q resumption o.
PILE IIssi =, nssynenls-thAt Is 70 say, me easier
s IIif Il g 70 bring them entirely together
' wv isi / resumption In January last
VIZ oold and currency were within y
W We c.st Of the same value, resumption
~ sorrespondIngly easier than It IS now,
" W. s M difference Is ID per cent.
' HsIO Ia psper currency. It's held, IS
y sSioa, that the only basis Of a resump !.
~, n and maintenance Of specie payments
W. ,Ia ability 70 meet all demands
T. ~; snstie witch may DO made and that
Soseis PAYMENT, lbiallibly, becomes spo9 4
,sOsous Whenever that ability - atEal9ea,
I Ti-,fI 4 be sponlansous, resumption Is 0
S SI specie resumption by us, with
S torsIvu debt Of some two thousand NIL;
iioS. Hsble 10 be converted into q demand
III, Si.Im' d a transparent impossibililS
TaS1ipr BY the best experience aud Wis
Avn SoT Va reIer 10 Great Britain, when the
SDiliiop committee and others sought In
Ornament 10 force q resumption. The
ministers Pit and AddingtOn objected,
saving il vas obvious thst a, country
ISySsIy indebted 10 foreign parts had BOT
ana Jingle safe road TO resumption and
G irss tfsde-but one mode to reach a pros.
n nsrous rescue from foreign Indebtedness
r. holding gold and rendering i 30
.:.rce and hlSh that the foreign creditor
Topd fipd Il 10 his interest TO buy com.
mobiles for remittance instead Of gold,
lbIS demand would give employment to
ibe industry OIL the country; 1t would rem
d.r All the markets in the world familiar
Silh lie productions Of England; their
yTiem Of manufactures would be per-
acted; q most prosperous export trade
established, reducing annually the debt
% foreign parts, so that when the bal
,uoe Of trade should be turned in favor
d Great Britain and gold flowed back
10 IL specie payments would become a
HIsd fact without convulsion, while the
vigorous condition to which their man
uisctures would have attained would
render free trade desirable, Such was
The wise policy of these able statesmen {;
for q time this policy was pursued with
bCuehCent results; but there were parties
IN those days, as now, who believed that
"the way 10 resume was TO resume" and
consequently more than one disastrous
attempt was made, and finally 1t was pre-.
cipinied by crash which caused more
los than ten times all the gold that at
Iuy time was in the vaults Of the Bank Of
England. Had the resumption been dc.
hyed under the policy Of Pitt a few years,
The prosperous commerce which 80 rapid
lyEnd 50 steadily reduced the debt 10
iorelgu parts would have brought about
freedom from foreign debt and q conse.
Quent spontaneous resumption amid the
greatest prosperity. Why should We not
take counsel from past experience, adopt
The Pit policy, and allow resumption to
become spontaneous? 1t may be held as
Iainpfeguable fact that the volume OF a
gold or convertible currency is as unstable
IS the wind Is Of incessant and wide
variations. The record OF gold in the
vaults Of the Bank Of England, even
since she has become the great creditor
country Of the world, will show from
year to year, aye from week to week,
variations ranging at different periods
nom five per cent to five hundred. The
only sense In which gold has stability Is
u an International currency-in settling
ioteign balances; for this purpose It has
Aunilctm unyHrying value the world over
pure gold lSS standard, and the gold
coin Of every country Is measured by
pure gold; the adulteratiou ofthe respect.
I've coins relatively to pure gold deter.
mine their value. We owe the foreigner
Two thousand millions Of dollars, not one
cent o. which is for money received BY
Us We have contributed that much
more to bis Industry than he has to ours
besides and In addition we have sent him
some five hundred millions Of gold. I'm,
oet specie payments by a heavily debtor
country, every dollar Of specie belongs Il
we creditor country-a specie paying
asotof country does not and can not owl
AGCllAf Of It's gold; it Is simply, truly an(
sas!y, 3 loan on call by the creditor coun
W. All experience shows that creditol
Countries will make successive drains O
Sold nom ecie.paylng debtor countries,
causing aSetics Of disastrous conyulslonI
y Ne debtor country. While a discus
S Soao! lhe question Of an early resunp
uon o. specie payments Is but beating iii,
s su|sne thlng not being now seriously
.SSINmpA!ed-it is wise and well to CON
S S,ust me wholesome policy of cheap bro
AUCTION and wide market as a means q
yInS our foreign debts otherwise liar
Y ! continued shipment Of specie; ant
,uteign markets, be it remembered. ar
" IAue aud retained only by an exchange
q Commodities. We must agree 10 bn,
SWellas to sell. N' " O"'
GfeeleVIs EInn..,t,