The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-06-09

while this is the case GOLD
will necessarily be at . premium. But
would initiation OF the currency depreci.
ate its value? We have the benefit Of
experience. The Hon. II. 6. Davis
in his anti-inflation speech made 10 the
United States Senate, gives table
showing the want Of currency at differ
ent periods, and the premium on gold
He is arguing the depreciation OF the
currency, bat says in his table pre-
MUM on gold" and 10 this table evil
IDENTITY sddnced as an argument against
initiation. we find that on the 3lst oil
December, 1866. the currency reached
it's greatest volume-we remember the
good time when We all had plenty Of
money. and We sigh for that time to
come again-sl. ST., 7S7.7s0, and the
premium on gold on that day was only
"a cents, aud in that table the highest
premium on gold is l58 cents. which
was June 30th, 1864, when the cur
rency was only $755, 1862. 1873, not quite
halt as much as it was December 3lst,
1866. showing tina. as the quantity OF
currency increased, the premium on
gold steadily decreased, or the more the
currency was inflated its depreciation
decreased. Again, on the Both OF June,
1869, the currency amounted to six
hundred aud ninety.two millions Of
dollars, aud the premium on gold was
tbirty-six cents, while December lst,
1873, the currency had increased TO
seven hundred and sixty-fve millions.
aud the premium on gold was nine ceuts.
These sre facts and surely they
outweigh the most fine-spun thee
ries and speculations. The fact is
that the quantity o: currency has but
little il anything to do with the premi-
um on gold, and the talk about the de-
probation Of paper because gold is at q
premium is financial nonsense.
But the contrac,ioulst asks what
right has the government to issue her
promises to pay and compel the people
to take them without paying interest
thereon? 1t is easy TO ask questions,
so il may be asked what right has the
government to issue bonds bearing in-
terest and compel the people 10 take
them? The ethics OF both propositions
are the same. The government uses no
such compulsion. The bonds are issued,
put on the market aud freely taken. So
issue the government notes without
interest, aud they will be freely taken
bv the people. On the lat o. December,
1873. according 10 Senator Davis table,
the National bank currency was $34S,
544, 900, bank promises 10 pay without
interest, AMI this currency is acceptable
to the people; would they not prefer
their government promises to pay with
out interest 10 the bank promises to
pay without interest? But the people
would receive interest, though not d.
recly, on the government notes, for on
as much OF the debt as is made nom
interest bearing the interest is saved "a
the people, which otherwise they will
have to pay, and go in reality the peo'
pie would receive interest on the notes
So much for the government hnanc'a
policy.
Now what do the business wants o
the people require? There is no ties
that can be applied but will show
that there is a lack OF currency excep
in New York city aud the New Fog
land States. Why are our wild land
uuimproved Why are cur mountain
OF iron and coal undeveloped? VIII.
| is it that money is so hard TO borrow
and such heavy discount must be paid
Why is it that every man, woman an'
child in the West aud South says To
times are hard? Because money i
scarce. And yet the contractionls
says reduce the volume OF curreDcy
But there are few persons who vii
now admit that they are in favor O
further contraction The execuuv
branch OF the Government says lie
matters alone as they are. This suit
the bondholder, but does not meet 10
requirements Of the people. The pee
pie by their representatives in Congress
said we need more currency, but Ii
President who before had said that b
had 90 policy to enforce against th
people, said in his message that it Wa
| his policy not to increase the currency
and this policy is enforced against tn
people. The finance committee OF Ia
Senate, which belongs to the radios
school of financiers, recommends la'
10 increase the National bank currepc
and the retirement OF Governmer
notes, and why? and echo answer
whv? There is now more Nations
bank currency authorized by law tina
has been taken up, so why authoriz
more2 1t clearly appears that it take
nearly one hundred and twenty thou
sand dollars o. money to get nlnet
thousand of National bank notes; 6
it is hard to see how the requirement
of the people are to be met in th'
manner.
The effect OF increasing the currenc
aud decreasing the bonded debt will b
to make money plenty, and 1t will gee
profitable investment. This it will NJ
find in the business centres" where
is now kept, but it will be forced mi
the country for investment 10 real e.
tate Tor it's improvement, in iron fu'
naces for the production Of iron, In col
mines for the development OF coal,
railroads for the improvement! OF tn
country and the facilities OF trsde an
travel, and in manufactures general
which will benefit the whole country.
1t is said that an increase O. cuIrent
, will injure the credit OF the gover'
, nens. But how q DEBTOR can be II
jured by changing his debt from bea'
! ing interest to not bearing interest
unexplaided. Again. it is said 40 i,
, crease of currency will lead to wi
, speculation and financial disaster. B
how there can be financial disast
:. when money lie plenty is another anon