The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-04-26
WEALTH AND PROSPERITY.

WEALTH AND PROSPERITY.
A gentleman of our city, one of our
prominent business men, few days ago,
in conversation with US on the financial
question made this truthful remark:
money does not make country wealthy,
money being merely the representative
or measure of value, but it is the soil and
labor that make up the wealth of a coun-
try" 1t would be we'll if those whose
business it Is to work out the financial
problem would keep this axiom well in
mind and perhaps the solution will be
more readily obtained. Bone and muscle
have great deal tc do with
nations wealth. If a country has a
soil suited to the production of ordinary
staples. and its labor actively employed
in developing the resources, there need
be no fear of bankruptcy; indeed there
need be no occasion for such distrcsscs as
this country is now suffering from The
trouble has been in the idea that money
ia wealth, and the tendency thus to divert
people from proper and legitimate
work to engage in speculaton. The
more money that is put into circulation
the more is this spirit encouraged,
and this is especially true
if the circulation is an
irredeemable paper currency, instead
of the worldwide recognized standard
of gold--a standard which has an intrn-
sic as we'll as representative value.
Money, it is true, is something that we
must have as measure of the value OF
articles in trade. 1t would be OF small
importance in country where there
was no credit, if such civilized country
there can be, whether there was money
or not-either cein or legal tender. But
- e. 80 - r 10 ~.
measure of the present value of articles
in trade, but its chief purpose is standard
easure of value, months and even
years hence. Hence it becomes necessary
to havea money OF fixed standard and
unhuctuating value. Money, even though
it be made so by the authority of govern
ment, which has fuctuating value, does
not meet the requirements OF trade.
There aremany who hold the idea that
whatever government designates as
honey and is made Il legal tender, fixes
it us such, and is all that is necessary for
the requirements of the business world.
and not the mandate of authority, which
designates the specific product that shall
pass for money exclusively, whether
coined pieces or other commodity what
ever. Custom has made gold the money
recognized by the world as such. Re-
cognizing this fact, the sooner we get
down to basis which will place us on
an equal footing with the rest of the
world the better it will be for US. The
only question now is, how soon shall We
resume specie payments. II must not
be done to the injury of the business in
terests of the country, yet it must be
done at as early a day DIS practicable. in
order to protect the same interests. The
great danger to be apprehended from the
transition from paper to specie was the
sudden withdrawal of capital and credit
from active use by contraction. II 1t be
true, as stated by some, that fourteen
thousand millions of dollars-capital and
credit-have already been withdrawn
then the crisis is over, the shrinkage
having already taken place. So that
now ii we can succeed IN accommodating
sufficient stock of gold and silver
sufficient for redemption, instead of con-
traction there will DO an expansion. For
allowing the national paper currency to
remain undisturbed, the addition to 1t
of at least three hundred millions
Of coin will release the greenbacks
and send them into active circulation.
1t may be that after resumption shall
have been fully established, gold will be
no more wanted for ordinary use than 1t
is in Scotland where the money is paper.
Public confidence in our national notes
is great enough TO authorize the hope of
such result But when our paper
money shall stand at par, there will be-
an end TO gold gambling. 1t is not so
much the actual coin that is wanted As
the gold value.
Now comes the question how are We to
prepare for resumption. As already
stated, we are rapidly preparing for i, by
the rapid contraction Or payment of
debts. There will, therefore, be so much
less trouble in making payments when
specie becomes the basis, because there
will be less to pay.
OF course it must be admitted there is |
difficulty in accommodating "a stock Of |
gold and silver; but it is no greater here |
than in European countries In fact we |
produce gold and silver while they do not
Yet France in two years reduced her
bank pote circulation upwards Of five
hundred millions of francs, and the stock
ofspseie we increased fourteen millions.
The NertA A,asrieaa i authority for
saying That the present foreign debt is
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