The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-11-12
1t'heelina &eoi5ter.
,HENONETARY SITUATION.
ofspecie Resumption

the LOI don EconcmiG reaches the fol-
loving conclusions: American re.
,umplion would argument our difficult
zee. America would compete with US
or the store OF specie in the world the
rresen: panic would have caused infn-
;.,,v greater demands on US il the cur
-,ncy had teen metallic, all other things
being as they now are. The gold
would not then have been an article O:
merchandise, but means OF payment.
When the American standard again
consists OF gold we shall be always La
ole to have cur supply OF goll inter-
rlpted by her wants, and even TO have
gold taken from London to supply them.
We may expect France to help US in
keeping the gold store Of the world; it
,suitaLle 10 her character as a quiet,
.:cumulatipg nation; but we cannot
expect America to do so. She is the
country which aurpasses all others in
the means OF employing money, and in
the hardihood, not TO say the reckless
aess, which che uses them
COMPARISON.
It is worth while in this connection
to draw attention to the fact that in
France, with but a nominal premium
on gold, the Bank Of France is unable
to resume specie payments for the mere
want Of gold, while in this country, not
wi:hstauding the steady and rapid &C
cumulation Of specie, on the part OF the
government through custom receipts,
the government is also unable to resume
while the premium, in the face Of the
recent receipts OF coin from England, is
sill considerable and hunCtuating. The
reason in each case is simple one, and
presents the great difficulty in the way
presumption which those people who
measure the question wholly by the in-
iicator in the Gold Room fail to under
sand. The Bank Of France has no
means OF compelling gold into its cot-
ters. With q premium Of only seven or
eight mills on gold, notwithstanding its
suspension OF specie payments, because
o. the favorable exhibit of France az
nation in her debit and credit account
With the rest OF the world, the bank IL
ye, unable to exchange lis paper for
god. This country, compelled to ex-
a., tie payment OF custom duties in
coin 10 meet the payment Of interest on
the public debt, largely held abroad,
ives coin thus an exceptional value
over and above all other forms OF cur
.eucv, which is still further enhanced
t7 3 similar necessity on the part Of
co.p1rat.ons for its use in the settle
me1t Of the balance OF trade usually
asainst us at the end Of every year, it
being Only exceptionally in our favor at
this time. 1t viii readily be seen from
this exhibit Of the contrasting difficult
;.es in the way of
EEsUNPTIoN N TUR Two COUNTRIES.
How futile it is for US to zit idly watch.
ing the gold Indicator in The expecta-
ton that the present flow OF British
gold vii cause the index hand to retire
10 . snI the resumption be thereby
reached Even if this result, so un.
likely, shouIi Larpen, resumption
would not follow, nor will it ever occur
until such time as the exceptional g
maui for coi is 50 reduced, either by
The Increase ot our other exports or the
decrease Of imports, tia; the balance
Of lrs ie, Including the interest due on
bond, held abroad, Is ia cur 'avor, that
- inherent value over paper il but
nominal AMI merely matter OF credit,
no, Of Use The question .; cary re-
sumption being thus disposed OF the
next important question We have to con-
-.irr ia
THE CURRENCY QUESTION.
What will constitute the / est medium
o' domestic exchanges while coin is
v!'hdrsvn from circulation 2 And even
lere our English xemplars are djspos-
ci to help US to q solution OF this Irob-
en- by preseating US with the following
i'usm, not uttered here. however 'or
the first time: Conducting 6 larger
t'ale with an Identical currency is the
same as conducting an equal trade with
diminishing currency. In both cases
there IS dear money-thst Ia, a high
'ate OF interest and lower scale OF
H'ces. People have TO pay more for
Ena, tley borrow and receive less for
what they sell, and the consequent eut-
,,eHrC 10 trade Is always consldera-
BE"
This IS the argument already go
':ong,y urged upon Congress in favor
OF an elastic currency. There are very
lev who dispute the necessity OF this
'''o'm, the only argument being upon
me manner Of reaching it. The sub
.ect !s one involving too many relations
io' any single opinion TO prevail, but
,le general thought on the subject ap-
pears to have agreed upon the main
Po'nis that il should have for its con-
g9mNants free banking system, and
,ne same or equally good security that
..e l-esent circulation has.
FOREIGN.
ENGLAND.