Martinsburg weekly independent. [volume] (Martinsburg, W. Va.) 1873-1875, 1874-03-28
SENATOR DAVIS ON THE FINAN-
OES.

lhS Spcpcn on unaHCe uetiNeIeu
ny Senator Davis, of this State, in
the Senate, stands in favorable con-
trast with the utterances Of some
gentlemen In that body, of more
expansive fame and erudition.
Our Senator has evidently studied
finances to some purpose; and in
general there Is n wholesome
sound1ess in his views, as express
ed in this speech, that might be
emulated in the Senate to the
public advantage. Mr.. Davis ev-
identity believes that the first duty
is to look TO the earliest practicable
return toa currency with gold ba-
sis. "What is needed in our pres
ent currency" he says, sis stahili-
ty, fixed value, and that meas
ured by a standard recognized by
the world" In harmony with this
sentiment he oughtto have said in
connection with his concluding
declaration that the greenhacks
were ten or twelve per cent. below
par because they were too abundant
that another reason for the depre-
citation is found in the fact that they
are not redeemable in gold, al
though declared to be so--that
they are dishonored promises to
pay years overdue. having no cir
culation as money beyond our own
territory
Mr.. Davis does not believe that.
initiation is the remedy for exist
ing troubles. He understands
that mere printed paper promis-
ing TO pay money is not money,
and that the increase of this pa
per instead of making more wealth
is merely a delusion of the circu-
lating medium. He argues that
there is already an abundance of
this kind of a medium for the bus
mess wants of the country, and
he adduces elaborate statistics to
prove this. He shows that there
is now more than twice as much
currency per capita as there was
i'm 1862, when the bank circulation
was greater than it had ever been
before. There was no complaint,
he says, about any lack of curren-
cy before the September panic of
last year. That panic itself re-
suited from the failure of specula-
lations stimulated by too much
currency. There are, he re-
minded the Senate, SIG, 900, 600 to
$27, 900, 900 more currency for bus
mess uses is not so great as i'm
former times; because now in
the money centers where the
great bulk of the country's BUSH
ness is done, it is estimated that
not more than five per cent. of it
is done in currency or coin, 1t be-
ing affected by the system or
checks, exchanges between banks
and clearing house facilities.
What is now wanted Mr.. Davis
argues, as the most practicable
remedy, is redistribution of the
existing national bank note cur
rency. If there is to be initiation
he would have it made in green
backs and q corresponding amount
of five-twenties returned and cam
celled. He does not explain
whether he would have the treas
ury redeem greenbacks in gold
the only lawful way they can be
redeemed-but we infer he would
have them redeemed by this adj
ditional issue of greenbacks. This
is an idea so subversive Of sound
political morality that if this is
what the Senator means, we think
he has not given it sufficient con-
sideration. But the Senator ex-
pressly says he thinks no more
currency is needed; and the cen
tral argument of this speech is i'm
favor of taking IL large amount of
bank circulation from the. and
giving it to the South and West.
Fifty-four millions additional
bank currency was authorized by
the act of July 1870. Twenty-four
millions of this were taken the
first sixteen months after the pas
sage Of the act, sixteen millions i'm
the next year, and in the third
year ending last November, seven
and a half millions were yet un-
taken, bat this is all promised to
States which have not yet their
legal proportion.
This currency has been taken at
the rate Of about fourteen millions
a year. He states that the New
England and Middle States have
over eighty millions in excess of
their proportion, that fourteen
Southern and South western States
have fifty-one millions less than
they are entitled to, while nine
Western States including Ohio,
have twenty-One millions less than
the Act OF July 1870 contemplated.
What Senator Davis thinks ought
to be done, is to take fifty millions
from Northern and Eastern States
q nd ri 90 - 10 Gnllthnrra and w..