The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-03-21

ffty-four millions Of additional circuls-
; ton Shall havs been taken up,"
"the Comptroller OF the Currency
shall. d additional circulation
may be fequired by the banks having
ness than their proportion, make q
reqnisition for snch an amount, conn
meucing With the banks having q cir-
culstion exceeding 81, 600, 900 in States
having On excess OF circulation, and
Withdrawing their circulation in excess
OF $1,000 900, and then proceeding pro
rata with other banks having . circula'
ton exceeding $500. 900 in States hav"
ing the largest excess OF circulation,
and reducing the circulation of such
banks in States having the greatest pro-
portion in excess, leaving undisturbed
any States having a smaller proportion
until those in greater excess shall have
been reduced to the same grade, and
continuing thus to make the reduction
provided for ty this act until the full
amount OF twenty FIVE millions provided
for shall be withdrawn; and the circu.
lation 20 Withdrawn shall be distributed
among the States and Territories having
less than thar proportion, as to equatise
the same"
Arguing against the Initiation Of cur.
rency Mr. DAVIS said that the more abun
Edart you make anything, the less. valua.
Bile it becomes. If gold were as plenty as
braas or iron, it would be worth no more
than these common metals. An indi-
vidual's credit IS measured by what he
owes, and if, when h,s promises 10 pay
are in the market and sre already below
par, he Issues more notes, he inevitably
depreciates the value OF those issued
before. The greenbacks and national
bank notes which are the United States
promises to pay. are now 10 or II per
cent below gold. The reason
TOR this discrepancy in val
ue j. beoause there is already
too much paper money ahoat. lie
asked the friends OF ipflation why
greenbacks ere to-day 10 or - per cen,
below par.
A running debate thea ensued be-
tween Senator FERRY, OF Michigan,
and Senators DAVE, SHERMAN, and
STEVENSON, Mr.. DAVIS insisting that il
the increase Of 100000 contsm-
plated by the bill were authorized
there was no assurance that in'
| f1stion would stop there. Values would
be unsettled ard business OF all kinds
would grope in the dark. lie said IN
conclusion
The question why greenbacks are at
10 to II per cent discount has not been
explained yet to my salts action. The
Senators have not said that it is be-
cause OF the quantity, the abundance OIL
the circulation; which they would
have 10 say il lhey would come square
10 the fact.
would not contract or expand the
currency, but would transfer from the
North and East to the South and West
the excess Of bank currency So fas. az
is provided Tor by the act OF July II
1870. ] admit you cannot legislate
money 10 this or that place. As surely
as water will find it's level, or that two
ana two are four, money will find the
trade and business centers. You might
as we'll try to legislate that water should
run up nil, &s try to legislate thai
money shall go into certain places and
remain there, The two are about alike
10 my opioion.
In conclusion, permit me sgain tc
, say that believe it to be our duty. q,
as early q day ss practicable, to fix and
settle plan, so that the business mer
OF The country may know what to de-
pend on. | am told many men are
waiting and holding large enterprises
in check to see what Congress will dc
concerning the currency. This keeps
many men out Of employ ment, and
leaves in an unsettled state much OF the
business OF the country. ] hope we
will amend the bill now pending so as
10 transfer forty or fifty millions, instead
Of twenty tive, and pass II at an early
day
| The bill was then laid over and made
the special order for the following day