The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-02-12

Mr.. LaidIcy, Of KanaWha, ON the
Finances,

addressed through the newspapers to Mr'
Williams, the President Of the Metropol'
itan National Bank OF New York Mr.
Laidley, as we have previously explained
Is an inilationist, He wants more green
backs, and thinks the country issutleFin9
from a dcarlh Of deprecated currency.
lie speaks Of Whoslins as being In a
more enviable condition financially than
other communities throughout the State,
aud seems to be of the opinion that We
do not appreciate the necessities OF the
Kanawha and other like regions Of the
Commonwealth, Speaking Of Wheeling,
he says:
Wheeling il deservedly prosperous,
md that prosperity was earned by the
enterprise, industry and prudence Of her
citizens. Her manufactures have caused
an inflow Of money greater in amount
than she Is entitled too, II measured
either by the quantity in circulation, by
her values or by her population, so that
seemingly she may have "enough;" but at
what rate Of INTEREST," I answer from .
to l2 per cent on short paper, On long
paper, secured by mortgage, "enongh' at
such rate as the necessities Of the bor-
rover, and the demands Of tho money!
holder may impose. appeal to the In
TELLIaEScER 10 say II this Is not the ex-
isting state Of things in his the most
favored community In the State ~ to
money; and then to tell US what Is the
condition OF things in other communities
that are obliged to resort to loans.
We have no idea that my arguments
Of ours will have much weight with Mr.
Laidley. Heis OF the opinion that money
can be made plenty and that prosperity
can be assured by the issuing Of large
quantities OF paper money. In this Orin-
ion We esteem him to be fundamentally
and totally wrong, lilo contends that the
true measure Of the currency limit Is the
solvency Of the country, and that as long
Us We have lands. and mines and other
resources Of an nndoubtel character we
need not concern ourselves about the fact
that our paper money isnot convertible
into gold and silver.
This idea Is not new one, and
to many people looks well on paper.
But as matter Of experiment 1t
has never YET answered expectations.
Our own experience shows the fallacy Of
such theory. The United States Is u
rich country. Nobody doubts the wat
mesa Of ita wealth. Nobody doubts the
growing material prosperity Of the
people. And yet our money will not
buy Us much as either French money or
English money, both Of which countries
have larger debts and less natural re.
sources than ours. A note Of the Bank
Of England or Of the Bank Of France
is at par anywhere in the world,
and on our own soil will com.
mand premium, while one OF our
greenbacks would not be received ut
even ltS depreciased lIo'ne N"Iie III "hy
country Of Europe. This was mol always
the case. The time was when United
States bank note was eagerly sought ior
In Europe Whyf Because IL hau a"
established value, Us measured Oy 'ne
recognized money oil the worIo' N'H' goiu
and silver Now our paper mas no e.
tablished value. IL Is worm less 'n''
morning In gold lhah II was worm some
days "go, as Is SHOWN Dy our market quo,
ta'lonS ior specie al So'cn'le" i'O"ey
that tluctnatoS III 'h's way " unuer O"I'
In countries where the currency I'A u
fixed and certain Value.
Now II Is as pam III "n "Hlc" ~
geometry, 'hat IL we cannot ma'"'a''' !"e
value ol our currency on u" issue Vi 'e''''
hundred and tiIty millions oil p"per'eVeh
though our taxable wealth. as people "
counted by the billions, We are Do"hd 10
sink still lower In the scale oil uoprecia-
tlon II we add to this volume ol paper
The very moment 1t Is known that
we propose to add to the volume oil our
present discredited currency other mil
lions Of like irrcdeemaole str paper 'ha'
moment will the gold premium commence
TO rise higher, provided i'he h"'ur"i laws
Of finances are allowed 40 assert IN, !nem'
selves" And that very moment Will We
commence to become a good country lOf
foreigners to sell 'heir cneop'y prVul"seu 81
good. In, and the poorest one IN T. 'n0 y,
world for them to pny our prOdue'S ~ .a.o IN 70
take back III OSen""se' , iI,.,''., IN o."et
words, our grauual impoVet'I""''"'
commences when we 50 enhance sne cOss
olOur products, thas we cannot compete ;"
their sale with olhSF nations m,,, IN Tue Inar
kelS oi 'n' wor'u; i"'' , ~ I" I''s - ~
things that seems always, anu most ., si"su. 9
latly 700, 70 escape 'ne ,ss,, "ue"vo" ,to oi ~.
school Oh hhAhc'etS :" N"''' WV ''"'s'''