The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-09-27
THE FINANCIAL PROBLEM,

The following article from the Phlla-
delphia Times, will we'll repay perusal
In the main i. Is sound in principle, and
the views OF the writer are set forth with
marked clearness, and with much force:
We must reverse the most impressive
lessons of history If our present financial
policy shall stand the test OF govern
ment whose sovereignty is in the people,
aud whose wealth and prosperity, lndl-
vidual and national, must come from the
thrift of labor. The near approach of
the session OF Congress, in winch this
vital issue Is TO be considered and prObt-
bly, settled; the bountitu products Of the
soil in all sections of the country; tDe
almost nominal premium on gold under
the accidental weight of exchange
in our iayor when many of our
channels OF trade are sadly depressed;
the gradual but steady reduction OF
the limited volume OF currency, and the
widespread hopes of an early revival OF
our diversified productive industry, all
unite to compel the fancy theorists on
finance to come up squarely face TO lace
and solve the great problem that now
mCst veXes both statesmen and people.
We have ever regarded the basis OF
the financial policy OF the late and pres
ent administration rs inoefensible and
incapable OF being maintained; and 1t
| nas been us unmanly and dishonest rs 1t
must be destructive in It's embarrass
ment OF any revival of prosperity. 1t WAS
conceived In the interest OF the money
de- sler, and its deadly streams
nave coursed their way into
every centre of industry and
into every mart OF commerce. The en-
forced contraction OF the currency, for
Cne sake OF contraction, was simply sui.
c.dal, and has cost the people untold
| mil ions, which have been hurled wan.
tpulv into the yewning gulf OF bank
| ruplcy, and has Smitten the nation be
| yond measure In Its Thrift and progress.
rhe assumption that there was too much
money in the country; that 1t must be
arbitrarily reduced In volume, and that
| he work OF contraction must be cease
| less, without regard to the varying
| necessities of trade, has been bhndly
enforced until One-halt the cur
rercy of the nation has been
r,tired, and the path OF contraction
| Is strewn with financial wrecks which
appall our own and every other civlllza-
| ton. True, disaster was inevitable III
the return from the unhealthy stlmulant
of war to the substantial basis OF peace;
but the theory that four years OF war,
| with its marvellous development OF enter
prise ard its astounding progress, could
| leave a great people Just Us 1t found them,
with no new necessities and no imperlsh
| able lessons II advancement, Is but the
prattle Of the Bourbons of old-of those
who learn nothing, forget nothing. lie
industries, the trade, the commerce, the
progress of the American people, rs
uuickened and transformed by the most
s,upcndous war of modern history, can
no more be governed by the laws OF two
decades ago than can night rule aga nst
the refulgence Of the morning sun.
In the maze of financial theories pro-
posed and pressed by the widest range
of antsgonlstic convictions, we believe
that there are several fundamental prin-
clples which must yet be accepted by the
government before there shall be general
and stable confidence in business circles
and return TO national prosperity.
They are
!. The repea, of the resumption act.
II is to-day, AS it has been since It's
enactment, one OF the greatest OBJ
stacles to resumption. 1t was
shallow, political device, conceived and
consummated tor partisan ends, and has
not u single attribute that aids III Its own
pretended attainment. The government
Is now contracting by every possible
process, within or without the spirit or
etter of the law, to be ready tor color
able compliance with the act In 1879.
1t Is gathering in and slowing away cur
rency and scneming To capture and retire
gold, without regard 10 the business lI-
terests of the country, and means to
throw the lsboring oar OF resumption on
the banks. 1t wants as little currency rs
possible to redeem and as much specie as
possible TO redeem 1t with, and 1t Is stead
ily withdrawing both from the channels
OF trade. The banks are compelled to
protect themselves, also, tor an event that
they must pretend TO meet whether able
or not, and many of them are hssteE ing
| the contraction OF the currency by retlr-
! ing their Circulation and taking up their
| bonds. Between the two in this race tor
advantage in the foolish attempt TO do
the impossible, the whole business of the
country must pay tribute by continued
paraly sis and growing bankruptcy. And
when resumption time comes, if the pro-
ductive industry OF the nation is pros
trated as now, Jay Gould could make q
com bination in a DAY to close both the
| United States treasures and the banks
| by sending the premium on gold up to
| double what it is now. The country
will resume whenever 1t is able to re-
sumo, sll political platforms, financial
theories or laws to the contrary notwlth-
| standing.
2. The arbitrary limitation of the
volume of cUrrency by Congress, or any
other power, must be abandoned. 1t Is
the insanity of the suicide that would
enforce healthy financial condition by
enforced contraction. France has double
the amount OF currency per capita that
we have in the United States; her notes
are not redeemable in coin; her paper
is at par and received in preference to
specie, and her industries are among the
most prosperous in the world. 1t is