The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-09-16
DAILY.
IsIpoRTAyr PAcrs.
a Breath of Fresh Air In the Demo
In t.nl Hs cratic Camp. f,i 1i.-

A Breath OF Fresh Air I'm the Demo
q t.I}ts cratic Camp. li.@
us. Senator Bayard, of Delaware, re
Gently made a speech at q Harvest Home
In that state. He said something relating
70 politics. which, coming as they do from
q leading Democrat in tho o. s., are very
important. We print an extract which
every man should read. Especially should
every man read 1t, who has believed the
lies disseminated by small democratic
sheets and stumpers, to the effect tha
Resumption has contracted the currency
He said: .ua.ulis /" ~ lW 7ri.a#
In considering what are the causes o.
our present distress, let me comment on
what istot a cause, although SO loudly
proclaimed to be. We hear and read
daily the allegation that the volume Of the
currency has been contracted and
that CONTRACTION" Ii the cause of mems
present poverty; that there Is actually q
scarcity Of these notes, less than the
reasonable demands Of business require.
I can not imagine how, in face OF the facts,
such charge can be gravely made.
If any man will look at any newspaper Of
to-day, or OF the past three years, any
paper containing the quotations OF the
money markets, in any OF the money CEN
tiers OF the Union, he will find the market
stagnant, and the rates OF interest running
somewhere about three, four or five per
cent per annum. Can this be because
there Is scarcity Of money? or does II
not show that there Is not scarcity but q
plethora? that II some men at least had
notso many notes they would demand
more for the use OF them? You can bor-
roS at low rates in oil these cities, upon
undoubled security, because there Is more
money lying idle than there is demand
for in business. j do not speak Of men
who have no credit that Is another ques-
ton. Print or coin ali the money you
please; ordain what rate OF interest you
will, how is a man TO get money unless no
has something to give, in exchange. for 1t?
or unless he works for it or gives security
FOR It's return? Some persons seem actual
" 10 believe that VIC can make every poor
man rich by setting printing presses IN
motion, or stamping base money. II q
man would have money he must have pro-
perty or service to give In exchange for It.
or be able to give satisfactory security II
he would borrow II.
But the tables Of the Treasury will show
you, so far from the fund for circulation
being lessened, since the passage OF tho
Resumption Act 1t has actually been In
creased. - a---
Thus, o. S. Treasury notes, National
bank notes, coin and coin certificates
amounted, on January j, 1876, to $685.
465, 0s4 and on May l, 1878, amounted to
$50, SAG, 93l an increase OF foyer $50, 0OO, 900.
Therefore am amazed when l hear the
cry that the contraction in tho volume OF
the currency is the4cause OF our present
business depression, because there has
been somuch contraction. / can not un-
derstand how men can so mislead them
selves as well as others. The only con-
traction took place under Secretary Nc
Culloch's policy, so warmly Endorsed BY
Congress, between 1866 and 1858; then 1t
,was arrested by spectators and men who
had embarked wildly in the purchase OF
property on spcculationfxed atwar prices,
bnying at the rates which were unreason-
ably high, andin q paper money not redeem
able. Gan they be maintained? Perman"
tly no; the wit.io Of man cannot do It.
Temporarily perhaps. 1ntuse into the
American people the sanguine spirit, Of
speculation, the wild excitement that
has been witnessed by many OF you; give
them to believe that prosperity Is coming
In some shape or form, and that their
lands will be worth double their present
prices. and their crops three times as much
as tEcy,are now, and they will trade in &c.