The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-05-16

beneficent contriyances within the
grounds.
An Open Letter 10 the Intelli.
ligencer by MIR. Lnidley, Of ha-
nuwhn.
Editors: w WheelIng Intelligencer:
/ infer from the general tenor Of your
review OF recent letter OF mine on the
money question, that you belong to that
class OF political economists that holds n
gold basis for currency to be absolutely
necessary for "honest money" and that
greenbacks are not sound currency. This
Is necessary deduction from the senti-
ment you utter that what we need is "bet.
ter money, not more it." II you intend
then, to take thepositIon that better mon
ey, or "a the bullionists generally have il,
"honest money" means that . greenback or
bank note protesting TO be payable in coin,
ought to be backed by coin, dollar for dol.
lar, there is no room for discussion be-
tween rs. But II you mean that no curren.
cy can be good, honest, sound, which does
not make such profession, or that "honest
money" protesting such basis, can be
issued, either by banks or by the General
Government itself, in sufficient volume,
10 meet the most limited wants of the
country, we will agree when space be.
tween the poles is annihilated and fiction
becomes fact.
All writer's on political economy agree
that money is but medium for efiecting
the transfer or exchange Of property.
They further agree that this medium or
representative Of values should exist or
abound to the extent OF the functions re-
quired OF it; and further, that there may
be wealth without money. They, gener-
ally, further agree that the precious met-
ais, gold and silver, have been adopted by
the most enlightened nations on the Garth
as a STANDARD" OF value, because least
liable to fluctuation. While these may
be assumed as axioms generally accepted,
no political economist has yet demon-
straled that more safe, wise and unya-
rying standard cannot be devised and
adopted by sovereignty.
Long acceptation OF gold as money
attaches no more sanctity to it rs such,
than the traditional divinity that doth
hedge king" United States Treasury
notes are recognized by the highest judi
cial authority OF the land rs money,
endowed with all the attributes Of gold
and silver, and as such gladly accepted by
people and States, although incapable by
unwise discrimination OF paying n
certain class OF National dues. They
were not declared by the sovereign power
full legal tender, not because OF want OF
constitutional authority, but from the ext
gency OF our national necessities, in order
10 make them more acceptable to those
at home and abroad who possessed means
TO invest in our national securities at n
crisis when II was doubtful whether those
means would be furnished to the Gov
ernment in the absence OF such provision.
Branded thus with a,badge Of inferiority
by the Government, the experience OF the
past eleven years shows that they arc
really more unchangeable in their pur-
chasing power than gold and silver;
There are many reasons why this is and
should be so, the chief Of which reasons
is, that they Treasury notes., together
with national bank notes, are the recog-
nized money OF the country, and hence
our standard Of paIue. II Is only
in California, and in the new Ter
ritories, secluded from commerce,
that gold and silver are treated as money.
In every other hole and corner OF this
broad land, paper, bearing a National
impress, Is money. Practically, gold and
silver are no longer money with us, but
commodities OF legitimate traffic. Then
why make this money OF the people and
Of the Government, even II the Govern
ment could command il, redeemablc in
any eommodiiyF II It be essential, upon
any principle OF financial morality or
political philosophy, that Government
currency should be redeemable in some.
thing more substantial than National
faith, will it not be more consistent with
good morals that il should be in a com.
modify known to be within the produc-
tive reach OF the people; say in black.
eyed peas, Of which every acre of our
land is known TO be prolific, when devo-
ted 10 their culture.
You say il is not more money that we
need, but "better money" and your "bet-
ter money" must infer, Is gold and sill
yer. Pray tell us in what respect they
constitute "beiter money! Laying aside
all considerations affecting the policy Of
augmenting national Indebtedness and the
consequent increase OF taxation Tor oh.
tanning this better money rs basis Of
currency, how will "betier money" i'm
prove the condition OF the country2 Will
"better money" induce increased immi-
grafton from abroad? Will il open new
avenues to enterprise, and give employ
ment 10 the many thousands OF our idle
population2 Will cheaper the rate at
which the landholder can procure the
use Of this "bettcr money" In order that
, he may make his lands more fruitful ot
the necessaries OF life? viii II enable
the taxpayer to discharge the assessment
government makes upon his property,
. when that property would command
from two 10 three times more than
il will now command in market,
in the bullionists so.called debased
money! Wilt give bread to the crowds
Of pauperiEed, able.bodied men and wo.
men now haunting town and country?
Will "better money" induce the few who
hold little Of the baser sort, now the
most precious OF all acquisitions, only be-
cause It is the scarcest, to part with 1t in
exchange for that formerly deemed de-
sirable property? And finally, will
money be boarded lesS when it becomes
better-in the estimation Of the INTELLI-
oENCER and It's friends?
To appreciate the value Of money il Is
only necessary to diminish its supply.
Since the close Of the late civil war, all
national legislation has tended to this re-
suit. Upon the mistaken hypothesis
that Il was debased in quality, because
too abundant In quantity, theorizing
bankers and selfish bondholders Of both
political parties, have devoted all their
energies 10 yitalizing old financial axi.
oms that the experience Of ten years has
shewn are inapplicable to our condition.
Granting the truth Of your assertion,
that the "actual amount OF money needed
in a solvent community is not large, sim.
ply enough TO serve rs medium
| tor the final discharge Of Indebtedness" l
Inquire what has given rise to the system
obtaining with bankers Of certifying
checks, il il Is NOT the known scarcity, de.
6Ciency, Of money! By this system,