The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-08-31

travel again the old and perilous path,
which ended In certain disaster.
w. REsuMPnoS.
General Garfield holds that the enc.
mics of resumption are cxuggetating the
difficulties Of the monetary situation BY
saying that resumption willdelay the re.
vival Of business. They raise the cry Of
contraction. They assume that under
the law Of 1875 all the greenbacks must
be retired and cancelled in 1870. That
this fear is grOundlesS Is shown, Gen.
Garfield holds, by the late speech BY Sec.
rotary Sherman. The resumption law
dcee not allow the reduction Of the green.
back currency below 800 millions
prior to that year. What Is
proposed Is that all our currency
should be made equal to coin. When
that is done the amount in circulation
will be governed by thelaw Of trade. In
many respects our present situation is
very favorable for continuing on in the
direction Of specie resumption. Coin Is
falling in premium and We arc receiving
for our exports to foreign countries about
Sl1OrOOO,OOO year more than we pur-
chase from abroad. This favorable bal.
ance and our favorable crops will greatly
aid resumption. On this whole question,
said Gen. Garfield,
81 know Of no better abatement Of the
case than that which was made by Gov.
Hayes in his letter addressed 10 me on
the 4th Of March, 1870, in which lie says |.
we are in such condition that iirmness
and adherence to principle are Of peculiar
value just now. / would consent 10 no
backward steps. Toyield or compromise
Is weakness, and will destroy us. II a
better resumption measure can be substi.
tuted for the present one, that may do;
but we can better afford to DO beaten than
to back out" rn. .....
THE SILVER QUESTION.
A considerable portion Of Gen. Gar.
fields remarks were devoted to an eluci-
dation ofthe silver question. He referred
to Congressional Investigations on the
subject years ago 10 show the difficulties
that surrouad-su adjustment Of the rela.
tive value Of gold and silver. The fact
is, said he, the United States has been I'm.
fortunate in its attempt TO keep the two
metals in circulation together, lie said
that there had been four periods Of ad.
justment Of the two metals in this coun-
try. Before the Revolutionary War Gus
tom fixed the ratio between silver and
gold at Is G.l0 TO |. In 1876 the Revolu.
tionary Congress fixed the ratio at about
l54 to |. BY the act OF l7G2 it was fixed
at 10 TO !. BY the act OF 1884 II was
changed to lGtol 1. For practical .pur.
poses the history Of our coinage may BE-
divided into two periods of AZ years each.
The FIRST extends from 1892 to 1884, dur
ing which gold was under value in refer.
enCe to silver. In France and the lead.
Ing countries Of Europe the rates stood
l54 TO !, while here it was lG TO /. The
result was that gold was driven from the
country. In the great debate in Congress
which commenced in 1878 and continued
from time to time until the Act Of 1884
was passed, ii was repeatedly stated that
gold coin could scarcely be said 10 form
any material part Of the circulation since
1903. The Act Of 1884 was intended to
remedy this evil and reintroduce gold
coin. The various committees reported
in favor of l54 to as the ratio, but the
Representatives from several States in
which gold was being mined, fearing that
gold would not come into circulation,
fixed the ratio at lG, thereby deranging
the balance in the other direction; and
from that time forward silver began to
disappear. Even the circulation Of frac.
tional silver could not be maintained.
To remedy this evil the act Of 1858 was
passed, reducing the amount OF silver in
all the fractional currency, and limiting
its legal tender 10 S.. This retained silver
change in the country until the green
backs and scrip expelled all our coin.
The silver dollar, being undervalued in
reference to gold by the act OF 1884, was
wholly driven from circulation. lnview
OF our unfortunate experiments with the
two metals, have been disposed to be-
lieve that bi.metallic currency was i'm
practicable. But there are very serious
objections 10 the single standard. II may
be doubted whether the annual supply
from the gold mines will DO sufficient to
maintain the single gold standard with.
out causing dangerous iluCtuation in its
price. 1t seems also probable that il
both metals can be so adjusted as TO con.
tinue in circulation together the stand.
ard OF value will be less variable than
with either alone, and am in favor OF
giving ii u fair trial. This is the great
point now in debate throughout the
world. II the two metals are not 80 ad.
justed as TO continue in circulation TO.
gether we shall practically have the sin.
gle standard, namely, that Of the cheaper
metal. l am unwilling to see any adjust
ment adopted which shall drive either OF
the metals ont OF circulation.
Gen. Garfield said that the Republicans
Of Ohio have declared for bi-metalic
money, but they have declared with
equal emphasis thatt they are not in favor
Of driving gold from the circulation Of
the country and leaving us with silver
alone. Nor are they in favor Of exclud-
ing silver from the country and leaving
us with gold alone. II is the business OF
Congress to make this adjustment wisely.
Silver can DO returned 10 our circulation
in one of three ways:
Firstly an international agreement
whereby the same ratio shall be main.
tanned between the metals in the several
bimetallic countries; this can DO done
either by changing the weight Of the gold
coin or the weight Of the silver coin, as
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