The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1875-08-11
Az ANTI-CONTRACTION MOVE
WENT TIN NEW YORK.

Even ir that paraii-D If houduoIders
and money hoarders, New York, there is
cropping pu: very decided feeling ad-
verse :, the anticipated too rapid con-
Traction of the currency, and the forcing
OF >pecie payment a, all hazards upon
the people. And more than this, the
movement is not Cotton up or encouraged
b. ,imple astator-, DESTROYS Of making a
utt. political rapital, but by men
otwealth, and financial reputation. This !,
evidenced by the tact that j claims among
IL leaders such m"n a. Hon. RICHARD
S,uELL, capitalist and We believe n
banker, AMI who was Il Democratic mem
Der Of the 43d Congress. \ preliminary
meeting OF these gentlemen WAS held last
week and the following card WAS issued
To- the pubic:
Whereas, the people Of the East, e.-
prcia,,y Of the city OF New York, are
nearly quite unanimously IN favor Of
the doctrines on the subject of the cur
rru,y advocated without distinction OF
party hv the leading statesmen of the
" est, namely, That the contraction of
the currency heretofore made aud the
further contraction proposed with II
view 10 the forced resumption of specie
payments have already brought disaster
L. .the CountrS md threaten
scucral bal, kr,lp v. that such polly
ought to he abandoned, and the volume
or currency be made and kept equal to
the wants Of trade leaving the re,,ora-
tiou of legal tenders To par IN gold to be-
brought aUoIt by promising the indus
,ljr, of the people, and notify destroying
them: the extinction of the present ma
tIuua banks, and one psper currency
such ~ may he issued directly, and upon
the faith and credit OF the people and
government of the tpltc Estates. There
fore. we invite all Who agree with Us in
opinion to unite with Us III call for
public meeting to be held ut Cooper In
stjutr, 10 give expression to our views.
After this meeting had adjourned Mr.
ScHELL gave his views As to the object OF
the prSauIZa.Ion Ne follows:
we desire said he, 'to stop the pay
lucnt of S22 100000 interest TO the ma
uuual banks. In tact, there should he
no money issued by the national banks
but greenhackS; legal tender >houid be
sSuoi hy the government. The govern
meut should be prepared to take AL the
bonds belonging to the banks, give them
legal tender therefore, aud repeal their
charters. The banks are always borrow
ing. and they are always absorbing the
>rtals Of the people. ID As 20 the value OF
legal tender, wou'i mako it equal T.
the number of bonds now outstanding,
and pay the market prjo, for them
IN legal tender. We DO not
call ourselves 'inhationisis, only 'eN-
pausiuui,ts.' As to tho present abund
uucc OF money in this market, this is
simply caused by the fact that all banks
and bankers throughout the country,
send their funds To- New York, 81 as 10
make q quarter per cent on the drafts
tncv sell. But the abundance Of money
here is no evidence Of abundance OF
money everywhere. On the contrary,
the country needs more money, and no
contraction. Prices Of everything will
20 up then, and even II labor should
again 20 up, that only would be another
evidence OF prosperous times, as 1t has 7
always been high during such periods
Such movement in such place IN
der the leadership of such men, is Of it.
self. sufficient TO show that there is some
sense in the ground taken in the
West, and that the hsrd-money-at-auy-
price, people will not have at al their
an way in the National Campaign of &c