The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-08-09

| ing an utter adherence OF governmental
/ Interference in any matter OF trade, they
by Law raised the price of gold TO 10 Tor
i OF. silver, and so intent we're they upon
the accomplishment of their object that
/ myself heard an eminent Senator OF
the South Carolina delegation, assert
that should 1t prove to be required they
would proceed still further, giving TO
the golda legal-tender value as high as
II TO !.
OF all American writers whose atten-
tion was given to momentary questions
there was, as I think, none whose opinion
In relation thereto were held IN more
respect than were those Of my friend Mr..
Condy Racquet, from whose work, pub
llshed in 1886, l take the following pas
sage:
"Prior to the passage of the gold bill
above referred to, the metallic currency
of the United States has been virtually,
as above stated, a currency Of silver
since the establishment of the govern
ment, gold very rarely appearing, while
that of Great Britain was OF gold. The
consequence was that the currency OF
each was independent ofthe other. The
contraction in England, which preceded
the resumption OF specie payments, IN
1921, after long suspension of twenty
years, produced no convulsion on this
side OF The Atlantic; nor did our con.
traction, distressing and durable as 1t
was, after the removal of the public de-
posts from the Bank of the United
States, on the lst of October, 1888, which
brought down the prices OF stocks from
20 to so per cent, and led to the impor-
tation of So, 793, 293 in silverl from Eng.
land alone during the year ending on
the 3Oth of September 1884, produce
any CONFUSION whatever in that country
Such would have continued to be the
case had the mint regulations remained
without alteration; but no sooner was
gold, by change in its relative value to
silver rendered the more profitable OF
the two metals than we found the cur
rency of England disturbed to degree
that rendered necessary an immediate
reduction OF her paper issues, although
the amount of gold drawn from hor be-
tween the passage OF the law in June
1884, and the Both Of September, OF the
same year, was but $l,922,96O. To the
importations of gold in the years 1855
and 1886, instead of silver, may be as.
cribed that further contraction OF the
British currency which led to the crisis
of the latter year that was so fatal to
American credits and American cotton
BY which millions of dollars were lost to
the country.
"Now rs like causes will produce like
effects, it behoovesIus to examine well into
this matter, and If we find we have COM
mitted an error, it is our duty to rctrace
our steps. Thus far very little progress
has been made toward introducing
gold into actual circulation, notwith-
standing that large amount had been
imported; still long perseverance, in
the law will give us gold currency, but
it will be most dearly purchased 1t will
S closely Il ly ur fortunes with those
OF Great Britain that no CONFUSION can
take place IN the currency of that country
that will not act directly and powerfully
upon ours; while on the other hand, none
can take place on our side that will not
act directly upon hers, and in so doing
break down the prices of cotton and
tobacco and other American products in
the markets of Europe, to the great in.
jury of our planting interest"
The extreme importance OF the view
here presented, to wit, the necessity for
avoiding "entangling alliances IN ref
erence to matter 80 important as the
monetary machinery Of exchange, was
made clearly obvious when in 1866, like
clap of thunder in the clearest sky, the
great crisis OF that year, greater than
any by which il had been preceded,
brought ruin to hundreds of which had
been considered the strongest British
houses, and made demand on all the
world for aid if the Bank of England
itself were TO be enabled to avoid suspen-
sion. The crash was terrific, yet it new
or effected our domestic operations for
even single hour. Our monetary IN
dependence had been established. Our
machinery of exchange being non-ex-
portable one, we had no use for gold, and
it it were needed abroad we could say,
"why let it go!' Accordingly no less
than $40, 100000 were at once dispatched
the bank was saved, and injury was thus
avoided to an extent that would scarcely
be exaggerated were it counted by hun
dreds Of millions of pounds; ard thus
did Britin benefit by the fact that. the cur
rencies of the two countries were differ
ent.
Had we been using gold, where should
We tn, have found ourselves? In the
midst OF crisis greater than the coun-
try had ever known. Every golden dol
lar would have been withdrawn. Banks
after running their customers, would
themselves have ::been driven to sus-
pension. Mills aud mines would have
ceased to work, and the power to pay Tor
foreign merchandise would have disap-
peured, to the great loss Of Britain, whose
market in this country, owing to depress-
ion at home, became so greatly enlarged
Ms TO aid materially in the work OF ie-
cuperation.
ITO the two countries thousands OF
millions Of dollars were saved by the
simple fact that our currency was oil
character not liable TO be affected by the
financial movements of neighbor ma.
ton that seeks to control tho universal
monetary movement. and yet Is more
than any other liable to commissions by
means of which disturbance is produced
throughout the world at large.
"The more perfect the independence OF
individuals the greater is their power TO
aid each other in case of sudden or unfer-
seen trouble. So precisely is 1t with ma
tions; and vet, every step that has been,
or now is, urged upon us, has tended, and
Is now tending, to make us more and
more dependent on foreign money
markets; liable at any moment TO dis
,urbsnces like to those by which the year
1866 stands So much distinguished
also commend TO the gentleman from
Ohio Mr.. Garfield al extract from
speech made in thus House March Ii,
1876, BY the gentleman from Pennsylvs-
MIA, Mr. kelley:l
.Nr. Kslley-lt always received the