The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-10-21
speculat,onv in Regard to tho Car

IenCys
We understand from Mr.. EccLES, late
Cashier Of the City Bank here, that q
pamphlet has made its appearance In
New York that has attracted considerable
attention on the street, and Is supposed by
some to be the production Of Jay Gould.
We have not seen the document ourselves
but we learn from him that one Of its
main points Is 10 show that while We have
nominally q greenback currency OF say
three hundred and fiity-six millions, ex-
elusive Of the Treasury reserve, and .
National Bank circulation and Fractional
currency circulation Of four hundred
millions more, yet in reality we have not
anything like this aggregate ahoat among
the people, and that therefore while nom
inally and theoretically we have enough
money for the wants Of the country, yet,
as matter OF fact, we are largely short OF
not only the amount popularity supposed
to be in circulation but also Of the amount
actually necessary.
Some Of the reasons given for this dis
crepancy between the nominal and real
amount Of currency are that q certain per
cent Of the original issues have been lost
and destroyed in variety Of ways at sea
and on land, per cent not very large but
still something TO be recognized. Then
again that our population has vastly
increased within ten years, and
immense numbers of people have push
ed forward to the extreme iron.
tiers where they have no banks
and where money Is necessarily kept Sc
creted by those who have it, and thus
practically Withdrawn from the circulation
oil the country. Then again that the ne
erues Of the south are now paid for
their labor and 1t takes millions OF
money to pay the expenses OF raising even
one crop Of cotton. And Just here we
may say that aside from this pamphlet
the New York Times has advanced the
opinion that as much ss forty or fifty mil
lions Of greenbacks lie boarded in the ne
gro cabins Of the South. The Times says
that 1t does not believe that this Is an
exaggerated estimate Of the amount Of
unproductive currency in their hands.
SO that upon the whole, as is the object
Of the pamphlet to show, we are largely
short Of our supposed redundant cur
rency. This shortage has been accru'
ing for long time, and the question now
Is, where has all the money gone to
since It Is plain that it is not in the vaults
Of the Government treasury nor In those
OF the National Banks. The conclusion
Is that it has practically disappeared
from the volume Of circulation 10 reappear
or not according to circumstances during
these days OF active demand tor money.
Surprising that there ought to be ESQ
millions OF currency Of the various kinds
afoat in the country there is to be de-
Quoted from 1t tie following amounts:
The amount held by the banks as a re-
serve;
The amount that has been lost and de-
stroyed since 1851;
The amount that has been absorbed by
our large increase OF population and car
ried West and Is now held by persons
who have no access to banks and who dc
not understand anything about banks
and, lastly,
The amounts that have accumulated in
the hands Of the negroes Of the South since
the war.
After making these deductions it Ii
doubtful whether we have within two
hundred millions Of as much money In
circulation as we supposed all along that
we had. In other words, we have been
unconsciously TO ourselves retiring the
currency as 1t were until We have goi
down to a point where values have felt
the pressure and commenced shrinking.