The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-10-09
VOLUME XXIV--NUMBER Al.

" reduced to 1851, SIC, ,2S3 francs, or
Si72, 400, 900, which point it reached Sep
tember Q, 1875. There was net reduc.
ton OF the paper currency in less than
two years Of Sl4l,SOO,0OO. This was
done 10 effect the full resumption OF spe.
Cio payments by banks on the first Of
January, 1878. In the meantime, the
French people, instead OF crying for more
money in the shape OF dishonOred prom
ises to pay, devoted themselves to the pro.
duction Of real values by sturdy work
and frugal industry. Thus they have en-
tered upon new period Of prosperity
under that very policy OF con-
traction, which Ellis Mr.. Phillips
with so much horror, and il Mr., Phillips
should propose to their National As
sembly to substitute for that policy his
system Of greenbacks and interconverti.
bic bonds, he would simply be laughed
out Of court. But II Mr., Phillips wants
the United States to follow the example
OF France, | say, amen. 1t is to be feared,
however, that Mr.. Phillips has given
good advice rather by ignorance than by
design. Such eruptions as this letter Of
Mr.. Wendell Phillips are, one should
think, rendered harmless by their absur-
dity, but especially when addressed to the
lRboring classes they are calculated to do
serious mischief. Reading such things
and listening 10 speeches Of the same sort,
they are apt to receive the impression
that they have no interest in common
with the rest OF society that there are
some artificial COntrivanCes by which
their special prosperity as class can be
promoted outside Of the ways produc'
i've Of industry, and that they may
expect more from financial tricks
than from the earnings Of honest
labor. How misCheviOus such teachings
appear from the fact that so many labog.
ing men have been seduced into the SIP
port Of the imitation policy, which their
own good sense should show them to have
been especially invented to Oppress the
poor labOring man himself by robbing
him Of the fruit Of his labor and the val. |
ue Of his savings by tho currency depre.
citation, and all this for the benefit Of
the gambler and speCulatOr. But still
greater mischief may be done by this
reckless agitation, II such doctrines
should prevail and imitation should be.
come the declared policy Of the govern.
ment. II Is not only possible but prOba'
bic that the world will see reputation be.
hind ii all and that the alarm of our
creditors will flood the market with the
bonds our government, and Of our pri.
vatG corporations, in such quantities as
to bring on another financial crash more
destructive and business paralysis more
deadly than any one has yet experienced.
At any rate II Mr.. Phillips or my Of his
pupils were to regulate our finances, sup.
port our banks, and bills, and notes, and
checks, with his system Of greenbucks and
interconvertablc bonds placing the
whole thing upon the real basis, that is
the country, the sovereignty Of the people
and the wealth Of our country, then ap.
prGhcnd our business men would quickly
have to shut up their shops, try to escape
from this grand bedlam, and look for
some other place where the people are
still Old.fashioned enough to believe that
two and two make four. Pardon the
length Of this letter. had no time to
cOndcnsc, aud should not have written at
all but for your dispatch,
Yours truly, G. ScnuRA.