The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1875-08-18


hollow scheme Of returning 70 specie
payments. Senator Sherman says that
the volume of the currency should be
reduced until the paper dollar is on
par with the gold dollar, but he does
not undertake to say what
amount of reduction that would
require. he does not fix the
amount, because he knows full well tina.
the paper money of the country can
never be on par with gold IN il paper
money is allowed to perform I'll the
functions Of money. And denounce
this so-called Resumption bill as
wicked scheme of robbery and plumber.
OUR PLATFORM.
Now, citizens, this is their plan. For
moment lets Us glance ut ours. We
propose that the bank note circulation
shall be withdrawn, aud that green
backs shall be substituted in their place.
We propose that the bonds owned BY
banks shall be paid off, and Sl7, 100000
of interest to be thus annually saved.
The National banker is the only man on
earth who draws interest ON his debts, on
what he owes, as well us what is owed
~ him. He draws interest on his bonds,
which is right, but he also draws interest
on his printed promi )ry notes, which is
wrong. If q banker holds your promis-
sorry note you are required to pay him
interest again. 1t is certainly bad
rule which won't work both ways.
Next, we are in favor ofan increase of
the volume of currency. We mean more
money and lower rate of interest. We
mean that the business OF the country
shall BE- revived. We say that money
is too scarce; that the high rate of inter
est proves it; that the want of public
confidence and the stagnation OF trade,
and that thousands of failures, MI prove
it,
As to the amount oil money, we say
that should be regulated by the demands
OF business. That 1t can be regulated
with exactness byitne issue Of intercon-
vertaole bonds bearing a low
rate OF interest, bond convertible
INTO greenbackS and green
backs into bonds. These propositions
are simple, and will be easily under
stood. The republicans are for less and
the democrats are for more money.
The republicans want bank notes, and
to pay the banks $l7,5OO,OOO for the use
OF the notes, over and above the inter
IS. paid on loans. The democrats want
the green back currency based on the
iaith of the government, and are Oppos-
ed to paving the bankers interest on
their debts. in 1863 the currency of the
country, including certificates OF indebted
ness, five per cent legal tender notes,
scvru-thirty notes. United States legal
teudars, or grrenbachs, fractional curren
cynational and State bank notes amount
cd to about S2.0OO,OOOO00i The men in
power, acting in the interest Of the banks
and bondholders, and against the inter-
est OF the people, have reduced tho vol
ume of the currency more than $1,000
100000, and by SO doing have prost'at-
ed the business of the country and ruined
thousands OF business men.
Money has become dear. AT what
rate can You borrow it here in Tuscara
Wa? In the countyo OF Knox, where
live, il cannot be had for less than ten
per cent and is difficult to procure. The
order Of things has been reversed.
Money, which ought To be
cheap, has become dear, while
YOUR products. your iron and coal and
wheat and wool. which ought to bring
a GOOD price have become 50 cheap rs To
bealmost unproductive; bonds have gone
up; bank stocks have gone up; gold bias
cone up; while wheat and wool and IN
dustrir, of all kinds have gone down.
Without labor millionaircs are created;
rich have been growing rich"r Whl!ethc
poor have been growing poorer until with
in the last year the spectacle, hitherto
without example, has been presented OF
thuu.audS OF men roaming abroad
through the land asking for labor and
bread. which before they had never fail
ed OF obtaining. There Is no on" who
does not know that an article IS cheap or
dear because Of its being plenty or
scarce. Tho failure of wheat crop
makes the price Of wheat 90 up, while
if it l.. bountiful one The price goes
down. We want money plenty and at n
low rate of interest.
Inc men oil wall street Ten Us th"Tc
i p.atLora Of money there. So there is.
But how does this happen. Law and
natur" combln"to make 1t 30. Inc gold
gambling created by IL" law
is done there. The inter
est upon the public debt and the customs
dues flow through that street, and a con
slant current Of money daily runs from
West to East. The railroad companies
which earn their money in the West
daily ship the profits to the east. And
when one ofyour farmers pays the freight
Oh your grain the money reaches New
York before tn" grain has gone one
half the distance. 50. too. with the IN
surance companies. W" annually pay
to eastern insurance companies 1--WE
millions more than they pay back to
the people of the State. Hence 1t Is,
unless We hay" an abundant supply OF
currency. we will ALWAYS be drained dry.