The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-10-17
QheanteLEilanl eli
-. YErYN,r r-rA CEAf-C
Andy Johnson's Views on the Finan-
claI Situation.

coming 10 hand wednesday contains
Washington dispatch detailing an inter
view with Elk. President JOHNSON upol
the Financial Situation. Mr.. JOHNSON
acknowledged In tho first place that ht
had lost about $4,000 by the failure OIL
the First National Bank. and that he had
but slender hopes OF recovering even
norton Of his loss. He was in Wash
iugton however to look after that and
other matters, among them the SURRAT1
business. He was asked what ho thought
Of the crash when 1t came and replied
that he had long since regarded it as
Inevitable, although no was somewhat
surprised that the COOKIES were the first
10 fall. he was further questioned as fol-
lows:
CONSEQUENTLY you think, Mr.,
johnson, that the crash was due to the
national financial policy, or TO tho over.
speculative spirit OF the financial circles
Of the country?
Mn. JoHNsoN-Both. As I said before
there has been too great an expansion oil
the financial business OF the country as
compared with even the large amount oil
currency In circulation, and business con.
Quoted upon imaginary bases must sooner
or later collapse. As TO our national sys.
TEN, II was not. intended for all time, but
only 10 meet the emergencles'o i the past;
and the sooner 1t can be changed, Think,
the better. We have now, believe,
S4GOOOO000 in currency in circulation,
and the greatest amount ever In circula-
ton before tho war was $4,000, 600.
During the war, when the circulation was
nearly $SO0,000000, VIC were astounded;
we knew the country could not stand 1t
even In such pressing emergencies, and
contraction with view to as speedy
RESUMPTION OF SPECIE PAYMENTS
IS possible was the rule adopted. Our
national bank currency Is secured by gov.
eminent bonds, and Il Is this alone that
has saved them from total and utter ruin
10 the late crisis. But even this does not
argue III favor of the national banking
system as superior TO any other. One
class, the note-holders, are safe, while tho
stockholders and depositors must lose In
such an event as has just transpired. The
system Is the same as tue old State bank
systems O. Tennessee and New York.
They proved failures, and why should not
this also? The only advantage It has Is
that national bank notes arc good through h.
out the length and breadth Of the land,
and, as a consequence, rates OF exchange
between all parts oil the country and the
great commercial centres are compare.
lively low. 1t has been urged on this &C.
count by the friends OF this scheme that
il makes national bank currency Uniform
10 value, Iclsim that 1t Is only uniform
10 depreciation. Its only dependence Is
the bonds OIL tho government, which de-
pendence, however stable, just now Is
As PICKLE AS THE WINDS.
10 old times q depreciation Of four or
five per cent on State securities was con-
sidcred as q gloomy toreboding for the re.
spective State banks, and depreciation
Of len per cent wiped them of the lace Of
creation. Now 1t Is just the same. Let
government securities depreciato a few
per cent, and you will see how gold will
rke, or, rather, how paper will so down.
| tell you, sir, we are financially upon
rather q shaky basis. The value Of gold
seems by universal custom and consent 10
beimmutable. Currency Is governed by
laws OF change and Of rise and fall Is in.
evltable as the laws which govern the
rise and fall Of the tides.
Corespondent-Then 1t appears, Mr..
Johnson. that you are in favor OF tho 70.
sumption ofspecie payment. How would
an immediate resumption affect usS
Mr. Johnson-And why not? We all
acknowledge that 1t must come sooner or
later, and why not begin at once? Gold
and silver have become Of late tho &C.
knowledged bases OF valuation through.
ont the known world, With Christian,
Pagan, heather or inldel II Is the selisame
gold and silver. | cannot explain why
this is, and can only conclude that II Is u
law Of nature, and that
THE TERM "vALUE" IN, ITS sTRICTEsT
CONSTRUCTION,
has become 10 mean gold and silver
Pat It In coin, put It in iewelry, OF
put It in ingots, lis value Is the same
II 10 Interchangeable. Now, the question
hG been asked, how can we resume
specie payment We have not golG
enough. From 1910 TO 1862, according L
official statements, We had gathered from
our gold fields and passed through oul
minis IN coin over $s00,0O0,O0O-au
amount greater than that ever issued II
currency during the darkest period o
our war. Now, where has all this golC
gone toy 1t Is mostly hidden In the datl
places Of the country; and that which
goes out OF 1t In trade will surely com
back. Now take the financial position o
our Government 10 day. Go and presen
st lie counter q ten dollar legal tender ant
@k gold for Il. They will give you gold
minus the discount And yet this cur
FIency Is called illegal tender" 1t Is re
Issued, or paid out as legal tender at par
To- old times such a transaction on thI
part Of an individual would have beef
accounted as disreputable, 10 say the leas
III Il certainly seems 10 me that
would be to the interest Of our Govern
'oplace its notes upon
APAR VALUE WITH GOLD,
and there would be no more speedy mod
o. doing this than by the prompt resumI
tion Of specie payment, for this w0ul
bring the gold out from Its hidden place
and give TO US the currency which III
world has adopted-the currency Of gol
and silver. It Is q sad commentary upc
our financial system that It Is q fact that
nVe dollar gold piece, with the constil,
uonal stamp and coat OF arms Of AmeFit
upon u, would bea curiosity to most
our American young people. liza ms
were TO go through the country now vii
bis pocket full OF i've dollar gold piece
% he used to go through our streets Il
people would look al him with wond