The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1875-01-20
GhegnteLIiqet1ee
A KauaWha 9lan Who Wants
Ever So Much More Money.

tll9 SthtVi lluh MEtttcu lGhVcE WI SPSN'S
Payments" "to ]. L, Williams, Esq,
President Of the Metropolitan National
Bank, New York City" in answer to a
circular addressed by the latter to Sen
ator Sherman under the heading Of u
eshort Road to Specie Payment" We
are not posted as to Mr.. Laidley's finan'
cial antecedents, but his letter Is strictly
wild cat" in its character. lie thinks
that there ia u money famine now in the
country, and that this famine Is what ails
business. Here is On extract from his
letter Us published in the Charleston
JoumGl'
"Until the famished policy Of the gov,
eminent eliminated In the monetary
disasters OF September, 1873, labor was
abundantly and Justly rewarded, enter
prise was stimulated and manufactures
ilourished, II was an cru Of uncxamplcd
prosperity and hopefulness. Tho bur-
thens Of taxation, enormous ~ they were,
were cheerfully borne, for the means Of
payment were within the reach Of honest
merit, EmigrHnts from abroad tloCkeJ to
our shores by thousands. But during tho
following year the famishing process was
applied to the circulation, and the Legls'
latlve and Executive mind seemed to be
deluded with the idea that il the people
were depleted Of grecnhaGks they would
"wax and grow fat OF gold and silver
1t strikes us TINT man who writes in
the above style has considerable to learn
In regard to the history Of the Panic,
We think 1t would puzzle most people to
explain what Mr.. Laidley means by the
furnishing policy Of the government" that
eliminated in the disasters Of Sept 1873.
True we did not haycquite hs much money
in ncirculation a4 we had Immediately fol-
lowing the war, but We hNd fur more than
we could redeem, and our inability to re-
deem was punished by an initiation Of
prices. Mr. LAIDLEY is aware that no
small part Of the present debt Of the Uni
ted States represents nothing more than
the inability Of the country to pay good
money during the war Had We been
able to pay specie our debt ould not be
more than half its present size. And us
It Ia with the debt Of the government, 80
It is with The debts Of the people.
Had the government paid specie the
private Indebtedness Of the country would
not be anything like its present magni-
tude. Had the wNrgone OH q year or two
more both tho government and the people
would have been hoHlessly involved.
But, from Mn. LAtDkEY's stand paint,
thiS statement amounts to nothing. His
theory Is that II ls only when We contract
our paper money that we feel the effect
Of this immense pnblic and private in.
debtednesa. Therefore don't COntract,
but II fanything, expand. Keep ahead OF
all monetary pressure by keeping
moncys easy, and then We will
never know that anything ails us.
As the freshman said, il wasn't the fall
that hurt him, but the sudden stop. So
NIr. Laidley would say, it isn't imitation
that ails the country it is contraction.
Therefore lot US 60 OIL up, up and up,
and keep on bullooning and kite.Aying
world without end, and thus everything
will be lovely, and the goose will hang
very high indeed.
This Ia the essence Of Mr.. Laidlsys
long letter in the journal to Mr.. VIII.
Jams. II n protest against contraction
and an appeal In favor Of vast imitation.
lie intimateS that two thousand millions
OF dollars would not be too much Of an
initiation. lie has 10 idea history would
repeat itself In our cnse and that such a
crash as the world never saw would
finally overtuke lis. The thing for the
Government to do is to give over itS
"famiShing policy" and issue plenty Of
money. II was this tamlshing policy
that brought on the panic, according to
Mr.. LaidIcy 1t wasn't speculation and
oyerproduction Creating vast municipal,
corporate nhd private iIidebtelncss)
brought on by deprecated motley and a
loose system Of credits that resulted In a
panic. II was simply the want Of enough
money. And the way to cure tile panic Ia
to re.inaate. Send the balo6ntip again
and put new tails to ali the kites. Keep
all the bubbles inflated and never have a
fear of consequences. This Ia Mr.. Laid.
ley's logic when stript Of its Slecious
phruscology and reduced to it' la't an.
alysis.
There is nothing new In II. II is the
old, old story Of "lebasing the coin Of
the realm, 70 we'll known to every reader
Of history, with view Of making money
plenty, and thutbo in single instance
worked out anything but disaster.