The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-12-09
Qhe1ttteuiQturtr
Tho Debate Opened.

oil Cross'litlng IN congress on the finances
this winter. Not that anything in par
ticular will come Of 1t, but simply that
tho members are bound 10 discuss this
question for buncombe's sake. II Is the
absorbing topic! Of interest before the
country, and hence every Congressman
who has an idea on tho subject, or thinks
he has, will seek an opportunity TO ven
tilate 1t. The debate opened yesterday
between BEN BUTLER and others, and
will no doubt be continued indefinitely
throughout the session. There are two
classes OF imprscticsbles on this question,
between whom there is q chasm as wide
as that between DIVES and LAZARUS. We
refer to those who think our Government
can resume specie payments at once, with.
out contracting the currency, and those
who think that no millions of currency
is not paper money enough. 1t is diff.
cult 10 say which experiment, that Of re.
suming or that of Initiating, is really the
more impracticsble at the pres ent time.
10 geometry things that are equal to the
same thing are equal 10 one another, and
Us both OF these schemes would produce
substantially the same result, viz-wide
spread ruin, they may be classified as
spar Noble frdtrum." 1t is an easy thing
to say that "the way TO resume is 10 re-.
sumo" which is the same thing as telling
man who has more paper out than ho
csn meet that the way TO pay his debts is
to pay them-A very tantsli2iDg and non.
sensical piece OF advice.
The Government Of the United States
has at it scommand, after deduCtiug coin
certificates and accrued interest on
the public debt, say, $95.0OO,0OO
OF gold, and against this there
are outstanding about $3.50 100000 Of
greenbacks, and some $340,OOO0OO Of
national currency that is convertible into
greenbacks, saying nothing Of about $47,.
100000 oI fractional currency, or a total
OF nearly $770.0OO.OOO of paper money.
Now whenever the msgican's trick Of
putting bushel measure into q peck
measure, can be really accomplished, then
can $77OOOO,OOO of paper be redeemed
on specie basis of $25 100000. Some
persons affect TO believe that mere dec.
laration Of resumption would be enough.
Their argument is that all that is wanted
is confidence, not coin, as II there could
be such taing as confidence under tho
circumstanCes-as il Wall street could he
fooled with anything go thin as wagon
load Of paper rcdeemaOle with u shotbsg
of coin.
II the country wants specie payments
at once we have got to come to it
by Immediately hauling in rope in no
stinted quantity-or, In other words, by
doing what Secretary MCCULLOUGH set
out 10 do when he was stopped by Con.
gress, viz, retire greenbacks. Retiring
grcenbacks at the rate Of so many millions
per month, means fresh turn downwards
of the screw every month-a fresh deprc.
citation Of all values except that Of paper
money-a painful process that people
generally are unwilling 10 see inauguratcd,
but which is nevertheless the only logical
way 10 specie resumption. ...
On the other hand, in opposition not
only to this process but to any policy
whatever that iavors specie payments,
are those who want more paper money.
This class is not so numerous as it was at
the last session of Congress. Time has
proved itselEan eye opener on this subject
The report Of the Comptroller of Curren-
cy, Just submitted to Congress, shows
that Notwithstanding the law passed at
the last session providing Tor the with
drawal Of currency from the East to the
West, no part OF tho $55,0OO,OOO thus
transferable has been called for. It shows
also that the 100000 of currency not
previously issued, added 10 tho amount
surrendered by banks going into liquida-
ton, has been more than sufficient to meet
the demand from all quarters for addi-
tional currency by new banks. 1t shows
also that in order to supply all the new
banks that have prepared to organize,
and that arc not yet in operation, would
require only tho addition of less than
$j,OOO,000. In other words, his report
shows that after all current demands are
fully met he will have at his disposal
under the law some $470OOOOO TO
supply the new banks. This does not
look like the country was hungcrlng and
thirsting for more currency. Here in
Wheeling two national banks have volun-
tsrily surrendered their national circula-
tion, and in other cities other banks have
done the same thing, Why do they per-
sist In doing this il more money is
wanted?
The great difficulty in coming to any
Satisfactory adjustment Of our national
finances lies mainly in the well under
stood autagonism between the debtor and
creditor classes. Those who have debts
to pay, and they are the majority Of peo'
pie, do not want the wherewithal by
which they expect to pay them dimin-
ished in value. II manufacturer has
bought iron at $95 per ton to make nails
out Of, he does not want to see the nails
he may thus. make shrink In value, while
his debt remains at $25 per ton for the
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