The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-06-10
el!Iiqfttrt'':;
The Probable Effects Of the PfeSl-
dents Programme II Carried Out. i

sS1A-
dents Programme II Carried outs
In his letter to Senator JONES the Preai
dent presented four distinct points, as fol-
lows. First, he would deprive the green
backa Of their legal tender quality from
and aiser the lit Of July 1875, by q 1epeRI
Of the law, enacted during the war, tha,
made them . legal tender for debts:
The probable effect Of such d repeal
would be 70 sngender wide spread appre-
hension and caution in regard to going ID
debt People would constantly look for
ward 10 the contingency OF paying in cotn
iorwhAtsyer they might buy. Its prob
able therefore that the volume ol business
would be decidedly restricted. y
The second point Of the President is Ia
: redeem greenbacks in coin on and after
July 1876, two years from now, and
provide for their cancellation as fast as re.
deelned. -1 E
Such an enactment would, Of course,
give greenbacks a greater value than they
now possess, and tend to get up a feeling
thRtthey were a safe and profitable thing
tohold; safer and more profitable perhaps
than to employ in business.
The third suggestion of the President
isio discard all small notes, either green.
backs or National bank notes, under the
denomination Of $40. This point he
would effect by cancelling the notes re-
ceiyed OF the Treasury under that amount,
andIby prohibiting National banks from
Issuing less notes than $5 for one year,
and after that Time anything less than
sios
Such law would tend to bring more
Of less coin in to immediate demand, 10
effect transactions under IS, and thereby
reduce the present premium on specie.
Like the second point IN the programme,
it would tend also 70 appreciate the pres
ent purchaSing power Of paper money
andmake people more conservative about
employing it in business.
The fourth feature Of tho Presidential
schedule Is in regard to free banking.
The President iaYors free banking on a
specie basis: he Is willing that banks
should issue rs many notes as they will
redeem in specie on demand.
1t is notvery likely as long as specie
remains OF premium that many persons
would 60 into the business Of free bank.
Ing under such law. But the passage
Of such law would Of course tend to
bring the whole banking business Of the
country towards specie basis. Other
wise we should have two kinds Of bank
notes in circulation, viz: those redeem
able on demand and those not so redeem
able. The latter would be the issues Of
the present national banks. :!asa
30 far asSwe can Judge Of this time, the
above effects would follow, moro or less
directly, the adoption by Con-
gress Of the Presidents recon-
mendadona. Bnt 1t is not likely
thstthey will be adopted. On the CON
trary, 1t isquite certain that they will not
be. Tho present Congress holds over un.
I'll March 4th, 1876, and knowing as We
do that . majority Of the members have
committed themselves tossa policy
very different from the points advocated
blythe President, there is no likelihood
that his views will be put into practice.
.e. Congress proposes to adjourn on the
2ed OF this month. With their adjourn
ment we shall not be surprised to sec q
reaction from the present depression in
values. All the paper money that was in
existence this time one year ago, and 25
millions in addition, Is still in existence.
The country Is richer by whatever
amount It received for last years crops
than It was in June, 1873. We cannot
sbe sAid to pe near specie payments when
We have . Congress holding over that Is
opposed to aspecie policy. It is therefore
not improbable that the element Of. con-
Hdence, nowiso much disturbed, viii
grow stronger after the coming harvests
ahall have added say . thousand millions
Of dollars 10 last years wealth, and made
the producers Of 1t that much more able
to pay their debts and buy atresh,
Ring Politics IN West virginia.
~ ~ - NJ, tlirH