The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-06-13
Gheqntelligetrter.
Thc west virginia Delegation TO
~. Louis.


form, but in so doing could not avoid
putting their foot in It. They professed
to want the whole subject left to the Con-
gressional districts. That is what they
say in their third resolution. And yet
they go on to express themselves in iaVoF
Of repeating the resumption act, in favor
Of abolishing the present banking 'yStem,
and in favor Of taxing Government
bonds. This was rs far as they dare 60
After this they began to hedE'' and 10
talk about remitting financial matter"
to the Congressional districts. For a
nnr,v Of great pTinciples-!he par
~ Of Jefferson and Jack'on-whose
nrincip!es are 40 time honored-this
looks like u pretty sorry dodge. And
what makes the whole thing look Sorrier
still il that after the Convention had voted
down Walker and initiation they selected
seven inAationiSts rs delegates TO St.
I,ouis, These bank men 1.-TWO Of them
National bank OrIicers) were selected to
help their seven inilationist colleagues
kill of the banks at ST. Louis. This is
rather hybrid mess, il ii not? And
what makes it more hybrid still ia that
a majority Of tho delegation declare
themselves for Thurman. Now every
body knows that Thurman is not an
inhalionist. Al the time the Resumption
Act was before tho Senate he opposed it
on the ground that it was not adequate
to the work contemplated, viz: the re-
sumption Of specie payments. His be-
lief was that il would not contract the
currency fast enough; or, to use his own
words, that "the retiring Of greenbacks
under il would not amount TO more than
SS,0OO,O0O" in the four years from Jan.
nary, 1875, to January, 1879. In his
speech on that occasion he explained his
views on the business situation OF the
country, and for the benefit Of his West
Virginia friends, who seem to need good
deal Of light on this subject, wO append
herewith what he said on the subject:
"You will have no increased banking
under this bill, il you pass ii, until bnsi-
ness begins to revive; and when will bus
ness revive? All that is necessary ia for
man to open his eyes and read the his.
tory OF his country to know when it will
revive. Al intervals OF about twenty
years we have one OF those things called
u panic, followed by stagnation in bnsi'
ness, the result OF over.trading, Over-prO.
duction, OF extravaganza Of all sorts and
observation-disclosures in invlduaIS,
extravaganza in corporations, extrava.
vancc in governments large and small
until at last the bubble bursts, and then
comes season Of retrenchmcnt and
economy. And how long does that last ?
How long is it before debts are liquida-
ted and surplus is accumulated, 80 that
there begins to he an upward tide in the
business OF The country? Never has it
been less than four years in the United
States.
zone Of the IirsL things that can
recollect when ] was Il very small boy,
not higher than this desk, was the C0ndi-
ton OF monetary affairs in 1919. How
long did that stagnation last? 1t lasted
until 1923. Then business began 10 re-
vive throughout the country, and a peri
cd Of great prosperity followed. Their
came the panic and suspension Of 1887,
and the great stagnation in business that
followed. How long did that last before
business revived and the country began
10 be prosperous again? Five years.
Then came 1857, at an interval OF twenty
years, and business had not revived when
the war broke out and changed the whole
face Of affairs. And now comes the
stagnation OF 1873, and nothing but time
economy, honesty and rctrenchment will
liouidate Indebtedness and accumulate a
surplus which will set business in motion
again and make the country prosper
once more"
Now il these views Of Mr.. Thurman
are correct, viz: That the panic OF
1873, the effects Of which are still upon
us, must gradually run its course, how
can his admirers in tho West Virginia
delegation go to 81. Louis and clamoF for
more currency. What good will it do TO
give more food TO the patient until his
stomach is restored to anormal condi-
tion2
Another thing We would like to ask tht
members Of the delegation to look into Ii
this: Their platform declares in favor
Of taxing government bonds. Is this
Democratic doctrine? What is Demo
cratic doctrine on this subject anyway
The New York World denies that Demo-
crats are in favor Of taxing government
bonds. Here is its language, published
long ago, on this subject.
"Taerc ia something that the Demo-
cratic party does not ask, and which
would amount 10 nothing il adopted
The Democratic party advocates now, "a
it has always advocated, honest fidelity tC
engagements, and the sanctity Of public
faith. 1t demands nothing in relation tc
the public debt, hnt such equalization O.
the public burdens as will enable the
people to pay without sense Of injus
lice. The Government has engaged its homo
forth exemption Of is bonds from State anc
municipal idrdtion, and il cannot ri'hoat dis
Vraee repudiaie its contract. \ repeal o
that part Of the loan law might unSettl'
public confidence, but in other respects i
would amount to nothing.-That clauS'
Of the law Is, asrcgards It's enacting force
mere subterfuge. 1t merely served e
advertise an advantageous portion'oi ih'
loan. The Federal aOckS rould Be just a
much exempt from Slate taratioa trithO4 ha
clause as they are rrithh."
In addition to this extract from th'
Word-a Democratic ncwspapeF-w'
may refer to the decisions Of the us. Sn
premc Court on this subject, declaring th'
inviolability OF government bonds as re
CARDS State or municipal taxation OF any
kind whatever. We commend these de
cisions to our honorable and distinguish
cd friend, Judge Camden and his kins
man ]. N, together with Mr.. wills