The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-11-11

now prepared to believe. There are two
periods In each year. when there 70 but
smaIlsuseTf)r money, and bank credits,
IduriEg which merchants Of good slanding
have large balance Of unemployed CAPT.
tai, and when farmers and tradesmen Oh
the interior districts have greater or less
sums fer which they can find no profta-
Bile employment. yl'his moneytsis now
loaned, subject 10 cAllSto banhaS Blankets,
and brokers, at q low rate oil interest, and
| It finds It's way TO Wall street, where Il Is
employed In making corners In gold,
greenbacks and stocks. By these sppli.
ances the industry and trade Of the coun.
try are embsrrassed5 the people are swim
died and robbed, and crises like that which
Weare now experiencing and thas OF The
famous Black Friday are brought about.
Take as an illustration the case Of the
farmers OF Missouri, Wisconsin and ILL
nois, who may have one thousand or few
hundred dollars for whiehitheyl have no
employment. They depQeit' their money
with bankers n their neighbofhood, ct o
low rate oil interest. 1nasmuch as this
money Is deposited on call, these bankers
cannot loan 1t on mortgages or long notes
to their customers, but they can and do
send tito Chicago, st. Louis, or Milwap-
kee at an increased rate Of interest. Spec.
ulation "a not, strong in. those Western
cities, and the banks there send their
money! To- New 7 ork, where II is again
loaned on call OF still higher rates. Being
on call, the banks cannot invest itperf1a.
nently, and they, In turn, loan It on call
At q still higher rate Of interest tobankers
and brokers, such as Fisk & Hatch and
Henry Clews q CO., who again1end II 'at
from one.quarter 10, two and Q half per
cent q day 10 what isScalled she street"
or the parties who get mp corners In gold
and stocks. Now here we have the tfa-
ditional row ofbricks. The time comes
when nnanyof the original depositors 81.
mul,aneously want, Their, money, They
Gallon lie bankers VIII whom they dc.
posted, They in turn call upon Chicago,
Sc Louis, and Milwaukee,; The. latter
make o demand, upon New York banks,
ind 50 on to the end oi 'the line; On, on the
other hand, one great failure ,occufaain
New York Or PhiladeIphia, as HAPPENED
on the, 18Th Of September, and behold,
every depositor and every bank with
whom balances were fdeposited' sail
the money standing To their credit with
any other bank orbanker. Now, theissue
Or such bonds as I have spoken Of would
Ieftectually put Q stop,to thislWh9le vicious
system. The bonds should be is
sued z in small { amounts, sItWentySfiye
and fifty dollars, with those Of larger de.
nominations. aThe smallest Balance Of o.
farmer put into such bond would earn
him,a higher rate oflinterest than heisin
the habit Of getting from his local banker.
The security would be absolute, and he
would know that the money would be
forthcoming in greenbacks on demand.
30 much for thecountry. Our merchants
would adopt these bonds as the proper
means Of employing their capital during
the dull months Of the year, and capital.
lists having large sums; q, money with
which they do not wish to speculate, but
hold for investment when opportunity
offers, would place them in such bonds,
and while the country would thus be pro.
tected against the gold and stock gam!
bling Of Wall street its capital would be
employed. Any bill providing for the
issue Of such bonds should require the
Secretary Of the Treasury to invest the
money thus ,obtainedsas closely as pru.
dence would permit In the purchase Of
fye-twenty gold.bearing bonds, and to
hold any surplus OF gold Thai might aciI
crue for heexpress purpose Of calling In
and extinguishing overdue gold-bearing
bonds. In this way the American people
would soon become owners Of large
share Of the Indebtedness OF the country.
The interest account against the Govern.
ment would be greatly reduced, and the
amount Of gold to be paid annually be 70.
.duced still moro largely, asl these bonds
would carry interest Unlawful money,
We would then be on the. highway to-
wards o resumption Of specie payments,
the lionin the path being, as Thave said
before, the annual payment to foreigners
Of hundred millions Of gold.