The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-08-17

| Wall street. The existing strain on ives
tern interests and western capital by III,
shrinkage of::values without shrinkape o
liabilities makes return to inter
convertibility through contraction alon,
simply suicidal.
Augmenting value by the sheer force o.
making money scarce would doubly in
tensify the strain, and would cause thC
final fracture. For these reasons II woulC
seem the dictate Of common sense that sta
bility Of volume, insensibIc appreciation
Of paper money, and the gradual APP
proach TO coin values are things to b
united, II possible, in any plan OF resump
lon, aud hence that either forced intlS-
tion or forced contraction OF the existing
volume by the exertion OF arbitrary row.
er Ia alike hazardous and unwise, The
existing volume Of currency embraces a
portion Of gold coin, the gradual replace
ment Of legal tender notes with coin money
other than that already in circulation
would maintain a constancy OF the vol.
ume, and inSensibly but surely bring
about interconvertibility without shock
or disaster. This might readily DO &C.
complished by the substitution Of nm ad.
ditional and sufficient amount Of gold
coinage il II was practicable to command
it, but now ii is not. Can It be done
through demonstration Of silver? He here
quoted from the Ohio Republican plat
form a resolution favoring gold and sill
yer as money and reconciliation OF
silver, and from the Democratic platform
resolution denOuncing tho enactment
Of the measure, demonetizing silver and
demanding the restoration to sill
yer OF its monetary power, show
ing that as both conventions having
declared for reconciliation any discus
sion Of its expediency was superlluous.
But the Cleveland Convention having
favored the restoring 10 silver It's full
legal tender power az money, the subject
deserved some:consideration. Tho value
OF the old dollar, recently dropped, was
as far below that Of the legal tender note
as tho latter was below the value OF gold.
II il had continued the legal coin Of the
country il might, thus deprecated, be
employed in discharging the public secu.
rites and private Indebtedness without
dishonor or breach Of contract. Further,
| think it would be no breach Of honor,
faith, or contract obligation to discharge
any debt contracted while the old silver
dollar existed, by payment in the re.
stored dollar Of like weight and fineness;
for although il may have been con-
tracted with immediate reference 10
payment in legal tender notes, yet
as they were redeemablc in The
old dollar it must have been contracted
with reference 10 possible payment fn
that coinage also; and as the value Of le.
gal tender could never rise above the
value OF the coin dollar, in which they
may be redeemed, however much L
should depreCiate, no substantial inins-
tlce can be wrought to such contracts by
diScharging them in the dollar conteni.
plated. But many millions Of existing
private Indebtedness has been contracted
during the four years elapsed since de-
monetization. This Indebtedness has
been entered into with reference 10 pay
ment in legal tenders, the value Of which
since then have Eeen regulated by that of
gold coin. One Of the evidences of this
is the decline in the value of the old
silver dollar below that OF legal.tender
notes, which could not have occurred IL
these had continued 10 be releemabIe in
that dollar; hence the compulsory pay
ment Of such recent Indebtedness in a
newly issued dollar Of less value and pur-
chasing power than the legal.tender shall
have at the time when the payment shall
be made, cannot fail to work Injustice.
whatever may be the legal right and
authority for the exSrtion OF such power.
Again, about seven hundred millions Of
legal.tenders and bank notes are
outstanding, which, being intercon-
vcrtible,. are Of equal value. Make
them redcemable in coin dollar of a
value and purchasing power less than
they pOssesS and they will at once drop
10 the same lower level. Consequently,
the effect Of re.issuing the old dollar, or
any other dollar the value Of which At
the time shall bC lesss than that Of the
legal tender, will have the effect TO ami
hiIate Il portion Of the existing wealth Of
the country equal 10 this per Centage Of
the difference in values. II that differ
enCe shall be ten per cent then ten Der
cent Of its value will be stricken frem the
legal tender or any other paper money
which every man may have and from the
accounts and credits which may be due
him, whether he DO laborer, mechanic,
farmer, merchant or millionaire. No
plan Of reconciliation can regard these
interests as insignificant or disregard
them with impunity. Far better that the
whole government and through it the
whole people bear ratably the loss than
that by compulsory legislation many mil.
lions, probably hundreds Of millions,
should be stricken from the wealth Of one
class for the exclusive benefit of the other
when no oxlgency Of the country demands
il, Whatever else be the Nations loss,
its justice and honor must be untarnished
upon the question Of resumption. He said
the reconciliation Of silver under Judi.
ciouS restrictions and limitations with
the restored dignity and power indica.
ted, can hardly fail to become an
efficient help to the resumption Of
specie payment. Cooperating with
gold in dischArging the customs and
public dues it will reduce that coin to
the rank OF commercial money and make
its existing volume available for pur.
poses Of resumption. Swelling this vol.
ume by keeping the balance steadily in
our favor, the desired point of intercon.
tibility cannot be far in the distance. 1t
can hardly be questioned that The first
coinage OF silver should be on govern.
ment account alone, and either this or its
equivalent in gold coin employed exClu.
sively in the redemption Of legal tender
notes and in enabling the banks to
prepare for making their paper inIer.
convertible at pleasure. The capacity Of
the Mint being limited to 90 or 30 mil.
lions year the coinage and reissue mus,
necessarily be gradual. The accumula.
tion can be disburSed from time to time in
redemption Of legal tenders and thus
gradually advance towards interconyer.
Iibility without arbitrary contraction or
disturbance Of the existing volume in
circulation. ReCuperation will keen
pace with changes, provide against
Shrinkages and repair possible Losses as
they arise, and full resumption be ulti,
malely reached by insensi6Ic approaches es
without financial revuIsion, a consumma.
tion devOutly 10 be wished for. Some
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