The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1873-10-28
Travellers Register.
qheqnltetliig
MIR. Boutwell,, ON tho Currency.

From the N. 7. Tribune OF the Alh
II any intclligible idea can be derived
from Mr. Boutwell's remarks on financial
matters 1t Ia this: that il Is useless Tor Us
10 attempt the resumption OF specie pay
ments until the balance Of trade Is IN our
favor, Now upon the delusion OF MIR.
Boutwell,, Mr.. Spinner and other well
meaning gentlemen who have never
studied The principles by which the dis.
iribu,iUu OF the precious metals among
The nations OF the commercial world Is
regulated, we have a few remarks TO
make ,,.-
|. By universal consent, gold and silver
have been adopted as the money bases
Of all the commercial nations OF the globe.
Most Of these nations use paper money in
addition. This paper money Is Of three
kinds. Tho first kind Is represented by
the notes Of the Bank ofEngland and our
gold certificates. The holder OF q note
can at all times and under all circum-
stances get gold for it, because with q
slight modification In the case Of the Bank
Of Eugland) each dollar in paper Is mere.
" the representative OF q dollar In coin,
Eept in vault for tho express purpose OF
reieemirg the paper. Such paper Is the
only kind which should be made legal
tender. The second kind Of paper money
was used extensively in this country be-
fore the war. 1t pretended to BIO CONVEX.
tible into gold and silver, but no adequate
stock OF coin was Kept on hand for It's re.
demption. In consequence oil this insutli-
Gent basis, this second class OF paper
money caused ruinous losses to the COM
mupiIy IN times OF convulsion. Its cost
10 tho people who used II was infinitely
greater than the loss Of interest on guam
Iily Of gold and silver sufficient 10 make 1t
reieemable to the last dollar In actual
coin. The third kind Of paper money is
illustrated by the French asagnots, the
old Continental currency, the Confederate
notes, and the entire seven hundred and
fifty millions of greenbacks, national bank
notes, and fractional currency now circu-
Listing in this country. Its value depends
chiefly on the quantity which Is put In
circulation. II drives gold and silver out
OF circulation, cheats alternately, at short
intervals, the debtor and creditor classes,
yitiales oil time contracts, fosters specula'
ton and dishonesty, and lnluses the poi.
son Of gambling into all kinds of business.
II. Other things being equal, gold and
silver will accumulate in country In pro.
portion 10 the use which is made OF them
us money. Nations which use the finest
kind OF paper money or no paper money
At all, will need most gold and silver, and
they will have most. Nations which use
the second kind will, except In times OF
panic and distrust, need much less coin,
and they will have less. Nations which
use the third kind have no use at
all for gold and silver as money. Our
nation, at the beginning OF the war, passed
from the use Of paper money Of the sec
Ond class 10 that OF the third. Gold and
silver have been slipping out OF the coun-
try ever since In the six years ended
June 80, 1861, the exports OF gold and sill.
yer coin and bullion exceeded the i'm
ports by $239, 100000, which VIC may in
ierpret 10 mean that the mines produced
enough 10 enable US to maintain q paper
currency oil the second class for grow
Ing population, and export about forty
millions Of gold and silver year. 1nthe
twelve years ended June 80, 1873, the ex.
ports Of gold and silver exceeded the i'm
ports by $GS3 900 900, IN average OF fifty.
seven millions year. This shows, since
our mines have not increased In product
iveacss, that by passing from the partial
use Of gold and silver as money TO the use
Of paper only, We have, by an inevitable
law, been depleted oil most Of the gold and
silver that formerly circulated in the
country. As Mr.. Boutwell, would say,
The balance Of trade has been against US.
III. Let US now glance at Mr.. Bout
wells policy as Secretary Of the Treasury,
which appears to have been 10 maintain
the balance Of trade in our favor by keep.
ing about one hundred millions in gold
locked up in the Treasury-we refer 10
the gold orned by the Government, ex-
GLIDING that belonging to private deposit
Ors That policy failed because MIR. Bout
well and his successor supposed them
selves TO be under the necessity OF letting
the gold out from time to time 10 keep the
premium from advancing, 1t being assum.
ed that the price Of gold was the measure
Of the public confidence in the solvency
Of the Government The gold owned by
The United States has, therefore, steadily
decreased from ninety millions on the Isl
Of November, 1870, TO eighty-three mil
lions on the let Of November, 1871, to fifty.
seven millions on the 1st Of November
1879, TO fiity-two millions at the present
time. In the three years since the Let oil
November, 1870 the price OF gold, now al
the lowest point since the war, alter many
fluctuations, has fallen but three per cent
The truth Is that gold and silver have LEFT
this country because we have made then
useless as money. The only way to gel
them back Is to make q use for them By
providing for specie payments. BY issu-
Ing seven hundred and fifty million dol
lars Of irredemable paper money
We have driven the precious metali
out Of circulation and Invested them
Of their utility. Whenever we can con-
trive 10 make them serve the useful pur-
pose Tor which, apparently, they were
created, we shall have the balance OIL
trade In our favor. At the present mo.
ment, owing to an unhealthy condition o.
our credit system, gold Is imported from
England, 80 It was in 1867 and 1861
and In former panics, But we have NJ
more use Tor gold now than we had yea
ago, and II will speedily recross the At
lSntic. The only way to make 1t stay
with US Is 70 increase It's value, and tina
can only be done by making room for !
20 circulate as money In company will
paper Of equal value. MIR. Boutwell,, Mr.
spinner, and the other riders oil the bal
anee Of trade hobby reverse cause and ef
lect BY making our currency scsrcer ",
snail improve Its value, and by improving
Its value We shall turn the balance O
trade In our favor, The more valuSbl,
the currency ola country, the lower ar,
The prices OF It's commodities and III,
greater It's exports. Gold, instead 81 be.
Ing cheaper here than in any other coun
uY'mu be dearer than in any other be-