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

Irhfily, anu enOulQ not Uo ooouAitoA W.
conjecture. That amount is subject to
both permanent and temporary changes.
An enlargement of it which seemed to be
durable happened at the beginning ofthe
civil war by substituted use OF currencJ
in place of individual credits. 1t varies
with certain states of business; it auctu-
ates with considerable regularity at diff.
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 addi-
tlonal use of currency at such times is
five or more per cent. of the whole vol
ume, and il q surplus beyonds what Is
required for ordinary use does not hap
pen to have been Oh hand at
the money centres, scarcity
OF currency ensues, and also
strlngencv in the loan market. 1t was
in reference TO such experiences that, 10 |
discussion of this subject in my annual
message 10 the New York legislature OF
January 5. 1875, suggestion was made
that the Federal Government is bound to
redeem every portion Of its issues which
the public do not wish TO use. Having |
assumed TO monopolize tho supply OF
currency, and enacted exclusions against
everybody else, 1t is bound to furnish all
which the wants of business requires.
The system should passively allow the
volume of circulating credits to ebb and
flow according to the ever changing |
want of business. 1t should initiate ss
closely as possible
The Natural Laws Of Trade,
which it has superseded by artific al
contriyances and in a similar discussion
in my message of January 4, 1876, it was
said that resumption should be erected :
by such mea .ures as would keep an aggre-
gate amount of currency self adjusting |
during all the process without creatlngat
any time All artificial scarcity and with
out exciting the public imagination with
alarm, which impair the confidence,
contracts 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 as provision
for reserves and redemption. The Dest
resource is reduction OF the expenses
of the government below its income, 1or
tina, imposes no new charge on the peo-
pie. Ii, however, the improvidence ana
waste which have conducted us 10
period of falling revenues, oblige us TO
supplement the results OF economies anu
retrenchment by some resort to loans, we
should not hesitate. The government
ought not to
Speculate ON It's Own DishOnOr
in order to save interest on its broken |
PROMISES which it still! compels private
dealers to accept at a fictitious par.
The highest national honor IS not only |
right, but would prove profitable. vi
the public debt nine hundred and eighty
five millions bear interest ut Six per |
cent in gold, and seven hundred and |
twelve millions at five per cent in gold.
The average interest is from 8 to per |
cent. A financial policy which should
secure the highest credit wisely awaited
of, ought gradually to obtain a reduction
of one per cent in the interest IN
most of the loans. A saving |
of one per ceHt on the average |
would be seventeen millions year In |
gold. That saving regularly invested at
Al 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 the
people. The proper time for resumption
is when wise preparation shall nave
ripened into perfect ability 10 accom-
piish the object with certainty ana case
that will
Inspire Confidence and Encouraged
Revival Of Business.
The earliest time in which resumption |
can be brought about, even when the
nrepsrations shall have been matured, |
tho exact date would have to be chosen |
with reference TO the then existing state
of trade and credit operations in our own
country; the course OF ioreign CON-
,ueree and the condition Oh
exchanges with other nations. These spe
ci6c measures and actual date are mat
tiers of detail having reference to ever.
changing conditions. They belong W
domain and practical administrative
ststesmanship. The captain of II steamer
about starting from New 1ork To Liver
pool does not assemble councii over MS
ocean chart and find IA angle by which
IN lash the rudder for whole voyage.
.,c,Itpeuce must be az the |
Helm
10 discern the shifting torceo of the water or
wind. n human hand must be on the helm
to feel the elements day by day and guide
to mastery over them. Such prcpara-
tious are everything, without them leg
isls,iye command fixing day, an
official promise fixing day arc shams;
thew are worse, they are snare and
delusion to all who trust them. Ihey
DESTROY all confidence among thoughtful
men, whose Judgment will 1T last sway
nubic apinion. An attempt to act on
such a command and such promise
without preparation would
End In ~ New Suspension.
Il would be n fresh calamity, prolific of |
confusion, distrust and distress. The act
of Congress OF the l4th of January, 1873
enacted that on and after the LIST OF JAN
uary, 1879, the Secretary OF the Treasury
sbould redeem in coin the lega! tender
notes of the United States on presenta-
ton NJ the office Of the assistant treasurer
in the cl,v of New York. 1t authorizes
the secretary to prepare and provide Tor
such resumption OF specie pay
ments by the use of any surplus
revenues not otherwise appropriated,
and by issuing At his discretion certain
classes of bonds. More than one and a
half of the tour years have passed, Land Con
press and the President have continued
ever since IL unite in acts which have !
ieoi.lsled out of existence every possible |
IL, 4 Ibis Tor The nIlr. |