The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-02-09
TnE PRRsRNT FINANCIAL CRISIS,

THE PRESENT FINANCIAL CRISIS.
beg leave briefly 10 refer to- another
phase Of this question which some gentle.
man on the other side has seen proper 70
refer 10 in order 10 strengthen, his posi-
ton, yiz--the present financial crisis.
Now Mr.. President do not think
that the question Of establishing a rate oil
interest has anything TO do With, bringing
about this deplofable state soi things
In our country, beyond the tact
that interest like the capital OF which
II Is the profit, Is subject to the
same laws Of supply and demand as any
other commodity or article 81 trade, and
In this way only has bearing on the pres!
ent crisis. How does It happen that ir
New York City the price Of money tiuct
tuates more than IN any other place, when
the State ofNeW York has upon her stat,
ute books laws limiting the rate 7of inter,
est, and prescribing severe penalties and
forleitures for their violation2 One day
we see money quoted plenty OF from three
10 six per cent per annum, and few days
alterwsrd we see It quoted scarce at the
same rates per month; 80 that no laws
limiting the rate Of interest can make
money uniformly plentiful, but, on the
contrary, have tendencY,to drive capital
into those States where no such restric-
tions exist
THE CAUsE OF OUR FINANCIAL TROUBLES
1nasmuch as some gentlemen have
seen proper TO indulge their fancy in spec.
ulating upon the course OF our present
financial troubles, hope il will not be
thought vanity on my part 10 express an
opinion as to the proper explanation OF
them. My Judgment is that there is not d
sufficient volume Of currency in circula-
ton wherewith TO transact the ordinary
business of the country. While our coun-
try has Increased in population nearly ten
millions in the last thirteen years, and
our commerce foreign and domestic nearly
doubled, and while values Of all kinds
have increased from one.third 10 one.half
so that II requires double the amount Of
money to transact the same amount Of
business it did before the war: and while
gold and silver have been driven from the
country for want of use as medium OF
exchange, and public debt created to
the amount Of two billions and a half Of
dollars: and while the State, municipal,
and other indebtedness all over the counr
try has increased in like proportion, so
that it requires five hundred millions Of
dollars every year to pay the taxes Of the
country, and while three billions Of capital
at the least calculation was destroyed
during tho war, and one third
OF the population Of our country LETT in a
state OF bankruptcy, yet we are told by
certain wise people that three hundred
and sixty millions Of green backs and
about the same amount Of bank notes are
amply sufficient 10 satisfy the legitimate
wants Of trade. And because the people
want more money, the subsidized press,
along with the banks and money.lenders,
raise the hue and cry OF initiation! Before
the war, with nearly one, fourth less popu,
la,lon, aud with comparatively no public
debt, National or State; when values
were comparatively low, and trade and
commerce in d measure limited as COM
pared with the present times, we had q
circulating medium amounting to nearly
six hundred millions Of money issued
upon gold aRd silver as q basis Of circu-
lation. Is our Government so1blind that
It cannot sec, or our lawmakers so com.
pletely under the influence Of the monied
Shylocks that they dare not legislate for
the true interests Of the people? We want
at least one thousand millions OF money
TO transact the business Of the country
and the sooner our, flnanciers and those il
authority are made 10 teel the weight OF
this fact and realize that the people are
in earnest and alive to their interests,
the sooner we will be relieved from
the financial burdens that now weigh
upon us so heavily. This amount would
only be about twenty-five dollars per
capita. have not the tables before me,
but II my memory Is not at fault, this Il
less per capita than many Of the principal
governments Of Europe, Notwithstanding
the business oil this country is spread
over a territory larger than the whole
of that country,
THE ORIGIN OF MoNRY.
But, Mr.. President, let us cease this
depression and come TO the main question
at issue. In all ages Of the world It has
been found absolutely necessary 10
employ some intermediate instrument
of exchange. And whatever it is that
performs this office Is called a circulating
medium or money. In Africa sea shells
OF different colors are used. In pastoral
countries sheep and cattle have been used
as mediums OF exchange. In ancient
times We are told that the armor OF Dio!
mede cost nine oxen. So in different ma
tons different metals have been used. The
Greeks and Romans used the baser metals,
and in the time Of Lycurgus the Lscedei
monians used iron. But Il was found that
some substance should be adopted as d
circulating medium that was an object Of
universal desire. Il was agreed that It
must be substance Of the same Uniform
lily Of value all over the world. II must
be substance not subject to fuctuatio1
in value and susceptible Of easy division
without loss or corruption. II could not
be vegetable production, because
the variations In the productiyeness Of
labor so employed Is very great, while
on the contrary, the amount Of labor nee.
essAFV IN lie yNNndnnNtnY, s,,ank h. t,.,to -