The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-01-01
offered to it, accep.Awith the exception
of gold torscu:tOms-nothing but gov

offered TO il. accept-with the exception
of gold torscu:t0ms--nothing but gov
ernment green backs tno national oanR
notes any longer) and silver or gold In
pavmeDt OF internal revenue taxes and
other dues. cancel and destroy all gov
eminent greenbacks received mot SIN,
gle one ought to be Issued again ana
make. after 1t will have disbursed Oil
national bank notes on hand, all Its own
p.yments, that must not already be made
in colo, permanently in specie, that IS
in silver or in gold, il it has any OF the
latter to spare. According to existing
laws the payment of United States bonds,
Ut maturity OF interest on our
public debt and OF the salaries
OF our representatives abroad
will have then " be made, as heretofore
excluslvcly-in gold. =.
But shall We have no paper money AZ
sll any more, in this tree country, wheh
the government greenbacks Will nave
been redeemed and abolished? All the
above remarks speak only OF government
currency and do not refer NJ al! 10 the
circulating notes of the national banks.
After the American Nation Will nave
reached per anent specie. payments
again on the part OF our National uoV-
eminent, the national banks Will, by Inc
laws, under which they have been estao-
lished, and by the necessities OF trade, DC
compelled, to treat 10 all their business
transactions their circulating notes ana
silver, or specie generally, as be-
i'm at par with each other. The
silver issued by our National Gov.
eminent will 90 in ditfereit chan.
nels to the national banks, which Will
have to give j: back again, at par, be.
causeHhen no ernmentgreenbscks Will
exist any morel with and tor their circu'
lating notes TO parties: that Will nave 10
make payments to the government, other
than for customs. the national bank
notes, it is true. are atso only certificates
OF debt and no real money. But lnese
| circulating notes must be redeemed by
| The national banks, alter the total dis
appearance OF the government green
backs, in specie, that is at least In silver
and aIe completely backed and covered
not by the mere credit OF the debtors
the national banks, but by the best securl'
t;es-United States bonds. After the per-
msnent resumption of specIe payments
bv our National Government the clrcu
! lating notes of the national banks viii.
be the best paper money, currency, ioi
trade, and their volume will be madt
and kept equal to the wants OF trade
By such financial policy rs suggested
above, the value of silver may fail below
DIR, compared with that of gold, Bu
the discount silver will then have to pay
on buying gold, cannot become large, be
cause silver, like gold itself, Is rea
money.
But are no pan.cs to be feared, on &C
count of strlngency Of silver, IN the pos
session of national banks or IN the hand
of individuals, wherewith Government
dues, not pay able in gold (other thar
customs,) are to be paid? No such cris.
may take place, unless the American
Peopl. send their silver for foreign mer-
chan disc abroad The American Nation
however, seems 10 b. fully on the road
to sociai, financial and industrial indie
pendence and emancipation from Europe
Very respectfully yours,
JoHN GEORGE HERTwIG.
Wheeling, December 80 1916.