The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-03-30

Letter from Charles Francis Adams
TO tho New York Meeting OF Tues
day in Regard TO the Currency OF
The Country.
have never entertained doubt that
Congress trVnscCnded its authority when
il assumed the right TO issue promises to
pay money which it did not at the same
time provide any means TO psy-and then
undertook TO force the people 10 take them
NJ q rate higher than they were really
worth. Credit in trade depends upon the
strict and punctual performance OF agree.
ments. Credit in general is the offspring
OF integrity. Nobody can make it pleas.
ure. To expect then that q prOmlssory
note, known TO carry lie on its face, Is
going to be received as on an equal value
with coin Is simply FOLLY. Not all the
laws that were ever made by the most
absolute Of military chieftains, nor oil the
force which could be applied to their exc.
Cution could ever make any sane man be-
lieve that piece Of paper promising to
pay gold without performance OF the
promise is OF as much value as the gold
ITSELF 1t follows, then, that the Congress.
sional illumination Of legal tenders was no
more than q rank absurdily. Everybody
knows that this paper is not and cannot
be worth tho money which 1t promises
but does not pay. Everybody knows, too,
that its actual value In the market de-
ponds upon the shifting accidents OF trade
In point Of fact, It Is seldom worth ex.
sctly the same sum for any two days
together.
EFFRCTs OF UNSTABLE CURRENCY.
And what has been the consequence
DO We not sec it In the devclopm ent Of
the passion for gambling, which has been
nowhere carried 10 o greater extent than
In your great city. The appreciation Of
this truth has been, In measure, obsCur.
ed TO common observation by the mode
in which the operations have been des.
cribed. Many people, doubtless, suppose
that men are specializing on the value of
gold, because 1t Is go designated in the
newspapers; whereas, tho fact Is undeni-
able that Of all the precious metals, gold
Is that which holds nearest the same
value all over the globe. The gambling
with US ~ springs from the frequent
changes i the value OF the paper prom.
ises with which gold Is paid Tor. Some.
times It approaches to ninety cents on
the dollar, 81 others It falls to eighty. four.
Hence, the temptation to take the chance
OF the rise or fall. Rouge ct noir Is not
more seductive. This may all BIO play to
the gamcsler, but, unfortunately, It Is
death 10 all honest dealers in trade.
Yet multitudes Of the best people are
really afraid that they would lose a great
deal If any attempt were 10 be made 10
get rid OF this unstable paper currency and
TO go back 10 the only foundations prov
ed by long experience to DO solid-s basis
Of coin. So far from II, l will venture 10
affirm that the losses experienced from
year to year, and every day throughout
the year, by the necessity Of guarding
against the recurring fluctuations In the
estimate oil irredeemable paper promises
to pay, which nobody can be sure will
ever be paid, lar exceed In their gross
smount those which would for a limited
time follow the adoption Of firm but ju.
uIclous policy OF return 10 q payment In
coin, or In paper at once redeemable In
coin. II ii could be distinctly understood
that a system Of action 10 this effect
would be steadily carried out by any per.
manent measures, however cautious, and
my word for 1t, business would soon 3D.
gin to assume steadiness OF support
which 1t has not known for wears, and
which CqulVocating or false .promises
never can supply.