The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-04-13
Senator Davis on Finance and Cur
Tenty.

Senator Davis On Finance and Cur
rency.
Editors OF the Register.
While l think there is a great deal
more to be said upon the subject OF
finance and currency than what is EN-.
braced in the speech Of Senator Davis,
the speech itself is a vindication of the
party which elected him. 1t is con-
cise. 1t is full of historical and finan.
cal history, aud it is much more than
respectable in the arrangement and
points of the argument. 1t is easy tor
objsc!ors to say that this could have
been prepared by some other person,
but that will not account for the
prom ptltude and precision of his replies
to the objections raised and the ques-
tons asked by. frequent interruptions OF
his speech There was an evident SELF
possession. q readiness and an invita-
ton for all questions and all Interrupt
tons which Senators might choose 10
make or indulge in, which showed that
toe Senator was sufficiently the master
of his position to hold his assailants in
respectful aud even defensive attitudes.
We would ike. for the honor OF the
State, to have the same showing OF in.
formation and ability from his colleague
ia the Senate chamber.
As to the general range Of the discus-
sion on finance aud currency, it would
be easy 10 show, for it is
only pslpable assumption oil
the credit or confidence system,
that if the govern nent emits bills Of
credit for million OF dollars that this
million OF bills is good, because the gov
ernmeut j. doubtlessIy good for mil
lion. In 1864 it would have been an
putriotic to say that the government
was not good for $1l9 100000, about
the amount oil currency then stloat. 1t
may be common sense to say now, that
paper money is only a representative
OF Indebtedness. Bat all these ques>
tons OF finance and currency must have
some relation to three other very i'm
portant facts. First, the gold basis;
second, the amount of taxation the peo-
ple can bear to keep such q volume Of
Indebtedness ahoat; and thirdly. the
effect upon the country at large by the
constant, uninterrupted drainage in the
shape of gold and other interest to the
few large commercial centres, where
the government bonds sre held and
the actual ownership Of this currency
is located On the first point, the esrl-
mate OF gold in the countrv in 1861
was from $250OOO 900 10 $275 100000
say S260,000,0O0 million; in 1873 the
estimate is 100000 In nine years
there is loss OF $l20, 900, 600 OF gold,
and during all this time the United
States was tne gold PRODUCING country.
Where has it gone? What effect does
this have on the questions OF finance
aud currency? How can this drainage be
stopped? And il not stopped, where is
the end? On the second question, ii is
folly to talk OF the people being able 10
bear taxation in proportion 10 the nom.
inal value Of their property as returned
by census-;akers, upless they have O.
foreign or export trade which
TO some, and to 3 certain degree, coun-
terbalauces in imports OF gold the for-
eign drainage Of gold, aud the
wear ami tear o. manufacturing
machinery and implements, and espe.
cialy Of husbsndry, the first source and
foundation OF all trade and commerce.
And how can there lie foreign expor-
ts;ion, unless upon the contingency OF
short crops in other countries, with
high prices occasional by inflated cur
rency and protective TARIFF, in this
country. On the third point, the drains
age OF gold from the country Is only
sample and illustration OF the constant
and universal drainage OF the currency
OF the country to the commercial cen
tres, and It's final rIsalt will be the des-
truction Of the currency itself, and that
s,rius ency which will make paper mon
ry WORTHLESS, aud gold unattaiuab!e and
property valueless as y mesns OF rais-
ins money or paying taxes. Jay
Gouli's little crisis Of eighteen millions
proves the principle and came near re-
slzing the 'ac'. There are cycles IN
which bietory repeats itself. l have
OILY made suggestions for the consider
alton OF others. W.
diseases Ofthc Blood.
u 10 /, m