The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-08-05

our own mines. To amass the requisite
quantity by interrupting from the cur
rent flowing out Of the country, and &C
curing from stocks which exist abroad
without disturbing the equilibrium OF
foreign money markets, is result to be
easily worked out by practical knowledge
and judgment. With respect to what.
ever surplus of legal tenders the wants
of business may fail 10 keep in circuls-
ton, and which, in order TO
save the interest, will be returned for re-
demption, they can
Either be Paid or they can be Funded.
Whether they continue MS currency, or
be absorbed into vast mass Of securi-
ties, held rs Investments, is merely q
question OF the rate of interest they draw.
Even if they were TO remain in their
present form, and the government were
to agree TO pay on them rate of inter
est making them desirable rs invest
ments, they would cease TO regulate and
take their place with government, state,
municipal and other corporate and prl-
vate bonds, of which thousands Of mil
lions exist among the United States.
The amount of necessary currency at n
given time cannot be determined arbl-
trarily, and should not be assumed on
conjecture. That amount is subject to
both permanent and temporary changes.
An enlargement which seemed to be
durable happened at the beginning ofthe
civil war by substituted use of currenc! !!
in place of individual credits. ltvaries
with certain states Of business; il lluctu-
ates with considerable regularity at dit-
ferent seasons of the year. In
autumn, for instance, when buyers
of grain and other agricultural
products begin their operations, they
usually need TO borrow capital, or circu-
lating credits, by which to make their
purchases, and want these funds in cur
rency, capable of being
Distributed In Small Sums
among the numerous settlers. The addl-
t,onai use of currency nj such times is
five or more per cent. Of the whole vol
ume, and if surplus beyond what Is
REQUIRED for ordinary use does not hap
pen 10 uhNc uooh on h""e "s
the money centres, scarcity
OF currency ensues, and also n
stringency in the loan market. 1t was
in reference 10 such experiences that, In
discussion of this subject in my annual
message 10 the New York legislature OF
January 5, 1875, q suggestion was made
that the Federal Government Is bound u
redeem every portion of its ISSUES which
the public do not wish 10 use. Having
assumed TO monopolize the supply oi
currency, and enacted exclusions against
everybody else, 1t is bound To furnish all
which the wants of business requires.
The system should psssively allow the
volume of circulating credits to ebb and
flow according 10 the ever changing
want of business. 1t should initiate ss
closely as possible
The Natural LAWS Of Trade,
which it has superseded by artificial
contriyances and in a similar discussion
in nv message of January 4, 1876, it was
said that resumption should be effected
bv such measures as would keep an sggre-
gate amount of currency self adjusting
during all process without creating al
any time an artificial scarcity and with
out exciting public imagination with
alarm, which impair confidence,
contract the whole large ma
chinery of credit and disturb the
natural operations of business. Public
economies, official retrenchment and wise
finance are the means which the st.
Louis convention indicates rs n provision
for reserves and redemption. The best
resource is a reduction Of the expenses
of the government below its income, for
that imposes no new charge. on the peo.
ple. II. however, the improvi1ence and
waste which have conducted US to n
period of falling revenues, obIige us to
supplement results OF economies and re-
trenchment by ne resort 10 loans, we
should not hesitate. The government
ought not to
speculate I'm It's Own Dishonor
IN order 10 save interest on its broken
PROMISES which il shall compel private
dealers to accept at fictitious psr.
The highest national honor Is not only
right, but would prove profitable. Oi
the public debt nine hundred and eighty
five millions bear interest at SIX per
cent in gold, and seven and half mil
lions at five per cent in gold. In"
average interest is from 3 10 per
cent. A financial policy which should
secure the highest credit wisely svslled
of, ought gradually to obtain reduction
of one per cent in interest. In
most of the loans saving
of one per cent on the average
would be seventeen millions year III
gold. That saving regularly invested al
A per cent would, IN less than thirty
eight years, extinguish the principal
The whole funded debt might be paid by
this saving alone, without cost TO tbs
people. The proper time for resumption
!. when wise preparation shall have
ripened into . perfect ability " occon
piish the object with a certainty and eas'
that will cause
Spirit ofCop6deace aud Encourage
Revival Of Busi"e-s.
The exact time in which resumption
can be brought about, oven Nhep W.
preparations shall have been matured,
would have 70 be chosen with referenc'
70 the then existing state OF trade, anc
credit operations IN our own country
the course OF foreign com
uerce and the condition o
exchanges with other nations. The spe
ciec measures and actual date are mat
Ter, of detail having reference ~ ever
changing conditions. They belong v
domain and practical administrative
ststesmsnship. The captain Of 3 s'esrnel
about starting from New York 10 LiVer
pool does not assemble = council over hii
ocean chart and fnd IN angle by whict
70 lash the rudder for s whole voyage.
Humsu InseIItg~see NEST be n sh'
Helm
10 discern the betting force Of the water o.
wind. a human hand must be on the hein
20 feel the elements day by day and suid'
70 mastery over them. such P'epsra
tons are everything, without them a leg
i.ls,iye command fixing day of
Official promise, are shown the!
| ar. vorse than . snare and delusIon