The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-11-20
THE CURRENCY QUESTION.

The New York JOurmalCf Commerce Is
generally regarded as among the leading
business and financial Journals OF the
limited States. Its views on these qucs-
lions are looked upon as bearing with
them weight and consequence. 1t has,
naturally, been found on the Eastern
side of the currency question, VIZ: hard
ronev Yet it seems, not to advocate
this to an ultra extent; but Is rather IN
cIined to take conservative view OF
the whole matter, evidently thinking
that there is n point upon which
those entertaining different views, can
meet for mutual advantage.
1t has recently published an article
maintaining that this question is now the
leading one before the people AS 1t Will
be of interest to the community general
w. and the business portion of it particu-
lsrlv. we print it in the words Of that
paper, as follows:
at needs no profound wisdom to see
that resumption of specie payments
cannot be reached in this country by
snv direct method offorecasting and pro-
yiiing for it by law. If Congress upon
coming together should enact that, by
any process whatever, the greenback>
will be redeemed i'll gold on the 4th OF
.July next, all who can hold on to them
would do so, in anticipation OF their IN
creased value. Everybody would bc n
seller and no one Il buyer. a few weeks
ofthis experience would tie up all the
floating capital, the screws would tighten
upon borrowers everywhere and long be-
fore the 4th of July was reached
the cutlery would be SO great that
the project would be abandoned.
But, suppose that Congress enacts that
on the 4th of March the greenhackS shall
no longer be lcgal-tcndcr. Everybody
would be buyer. No one would care
TO hoard the money, and all kinds of
produce. merchandise, real estate, and
other securities, would become immcdi-
atcly saleable. All classes Of industries
would be stimulated to fresh activity.
I'm to and over the day when tn" cur
rcncv would lose its leSal-tcndcr Charac-
Ter. there would he such movement in
the market, and disposition To invest in
property of all kinds, that the change in
the legal relations of this currency would
hardly shock the prevalent prosperity
For all maturing indebtedn the paper,
or n check on Il bank representing II,
would be taken rs before. Precisely rs
the business of the country has often
been done during bank suspension, 50
would it be after the date was reached.
People would be dealing in adcprccia-
ted currency, but that never brings Il
panic or creates a depression in trade.
The crisis is always past when the banks
suspend, for the pressure is then relieved,
the screws are relaxed, and the struggle
is over.
The standard will then be specie, and
the circulating medium deprecated
currency. This first step towards re-
sumption will involve no pressure but,
on the contrary, will insure against it,
and the remaining steps, being wholly
voluntary, will be easy ard natural
Provision should, of course, be made 10
fund the greenbacks, when offered for
this purpose, in Government bond
bearing say 3.65 per cent interest. The
banks mig ht be permitted for awhile to
redeem their issues in either the green
backs or the bonds thus issued.
An extension of the banking system
wbould be natural consequence of this
change. Under proper restrictions We
would have this as free as the model sys
tenn of New York, the issues based only
ON Government bonds, and redcemable
at par in Boston, New York or Philadel-
phia, at the expense ofthe institution they
represent.
If government will lift its hand from
the industries of the country, and no
longer force its promises into circulation
at par, and will thus leave gold to be the
nominal as it is always the real standard
of payment, the people will soon, in their
own way, and the best way, find solu-
ton of the question presumption: They
have done itmany times heretofore, and
are longing for the day when they can
be left without coercion TO try 1t again.