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

from the Charleston Courier, In anOtheI
column, a letter addressed to the EDITOR
Of this paper by Mr.. James NJ. LailleY
Of that place. Those who read the re
marks to which this letter purPOrtS TO be
an answer can judge how far it discusses
the real issue between Mr.. LaidIey and
ourselves. They will notice that he real
lyayoids our chief point, which was 'hat
anything in the nature Of re'lniIa'ion OIL
the currency would be an unwi'e and ru'
inous policy. We did not dccry the pa
per money Of the Government, nor claim
that II should be discarded for gold
and silver. We do not argue in these
columns for any such policy as that Our
spcciaI point was that Mr.. Laidleys plea
for more money, on the ground that there
i. as he claims, "money famine" is
utterly fallacious and mischieyous. This
i, the plea that he itcrates and re-
iterates in all his articles. But he never
goes an inch below the surface 10 explain
how Il further issue Of the currency would
operate as a remedy for the ills he COM
plains Of. lie takes no note OF the fact
that We agree with him that more money
would start things going, just as
u drink of whisky will brace up
. shattered man for M hour or
two. lie omits all analysis OF our
existing ills. One would never know the
history Of the panic from anything he
writes. The supposition would be that
the financial wells Of the country had
suddenly and unaecountably gone dry,
and that somebody who had the power
Jupiter Pluvius, or somebody else--would
not touch the secret springs and fill them
again.
With all due respect to Mr.. Laidley,
there is something very childish in his
statement. Just as il there was not
enough intelligence in the world to have
long ago discovered SO simple and accessi-
bic remedy as paper money for business
depressions, il so be that it is or could be
remedy. The idea is SO near akin to
the candIe.stoye scene in the "Gilded
Age" play, us to be almost as laughable'
Col. Mulberry Sellers held that the ap-
pcarance Of heat is, after all, sufficient
for stove, and therefore candle in a
stove, creating glow on the outside, is
equal to genuine live Goals.
One would suppose from Mr.. Laidley's
statement that in order ito appreciate
the value Of money it is only necessary to
diminish its supply" that the supply re-
ally had been diminished since the close
Of the war, and that in this way the panic
had been brought on. Does Mr..
Laidley not know That the supply Of
money was not diminished, but inereased,
after the close Of the war; Does he not
know that there was far more currency
in circulation at the time Of the panic
than in 1862 The volume OF circulation
in 1879 was S72l, 100000, and it had a
purchasing power Of $500, 100000 in gold
whereas in 1865 the circulation was only
$5G5, 100000, with purchasing power Oi
only s3Sl,OOO,OOO.
The trouble with Mr., Laidley is that
lie ignores facts and depends too much or
his refrain about a money famine. Al
we said, he gives no analysis Of the con
ditiOn Of the country-no diagnosis OF the
discase-no exhibit Of swollen credit
no statistics Of debt and over
production. lie might have told us tha
the loans and discounts in the banks ii
1873 had risen to S044,2lO,1lG as agains
$iS7,l70,l3G in 1865, and that this wa
Indicative that the boilers were under {
heavy head OF steam when the explosion
took place. The country had gone int,
the borrowing business in order 10 built
useless railroads, unnecessary mills, fac
tories and furnaces, and was brougli
up with round turn when ahou
ten to twelve thousand millions in debt
Not from a lack of money, but from
lack OF ability to gather grapes Of thorn
or figs Of thistlcs. In other words, a lacl
OF ability TO make unremunerative il
vcStments earn interest money. Wecall
cd Mr.. Laidleys attention to the fact tha
although England had quadrupled he
business yet she had not increased he
bank circulation in thirty years. Indeed
as late as 1868 il was less by S2,00O,0Ot
than in 1874. And now that she, too, i
suffering from depression, consequent OF
ovCr-produclion, We do not hear Of al
agitation in favor Of "more money
Why does not England need NOR
money! II Is balm for our woes VIII!
not for hcr's2 lit is a specific for stag
nation and failures, commercial distress
unemployed labor, and 80 many nttendan
ills, why not apply 1t both there and here
In conclusion, We did not refer to tn
Kanawha Valley save to point our re
marks with an application that would b
readily understood. We hand in min
simply the speculative fever that prevail
ed in that region just before the panic, /
regard to the coal and iron lands, and til
fact that the panic had cut short almo'
all this sort OF speculation everywhere
There was therefore no necessity for MI
Laidley to introduce the Capital question
into his article, or to rehearse aires
the story Of spoliation.
Mr., John c. s. HARRISON" til
alphabetical banker OF indianapolis, VIII
was supposed to know something yer.
damaging to Mr.. Blaine, was before th
subcommittee Of investigation at Wash
ington yesterday. His testimony (pub
IishCd in our dispatchcs) did not amour
Ia anvthinV saye 10 help Mr.. Blaine