The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-10-01
and that the sale OF bonds for the accumu.
lation OF a coin reserve shall cease"

luttOn oil q coin reserve bllull Gea7c'
TUE CONSEQUENCES OF REPEAL.
Now, need l tell any intelligent being
what the consequences will be II these
Democratic demands be enacted into lawsT
Not only to prevent the resumption 81 spe'
Gle payments now, but to render the re-
sumption OF specie payments utterly i'm
possible Us long as such laws exist.
II Is simply doubling the amount oil pa,
per money which the Government will
have TO redeem, and at the same time strip
ping the Government OF every means to
provide for that redemption. The sources
from which the Government derived It's
coin for the payment OF interest on the
public debt being stopped the coin reserve
now in the Treasury will have TO DO drawn
upon for such interest, and that reserve
will soon vanish into nothing, How the
Government il then TO get coin even Tor
the payment OF the interest on the public
debt, our Democratic friends fail to tell us.
Finding no employment us currency here,
gold will promptly 20 abroad where it is
In demand for such employment, and We
shall he further away from specie pay
ments than ever before.
/ repeat, therefore, that a thoroughbred
lnTuIlOulSt hlluuIu uihoSahe ~" Pr
gramme. 1t is ineligible; it serves his
purpose.
But when Il man, who ever again de-
sires 10 sec specie payments restored IN
this country, adopts such u platform, what
shall We think Of his understanding or his
conscience? The defeat OF resumption
will not be the only result. No sooner is
such a policy inaugurated than the premi'
mn on gold will again reappear, and raise
the value OF the %greenback now within u
hairs breadth OF gold, and gold will again
be Il subject OF speculation and gambling,
This Is inevitable, for everything will be
thrown back into ~tluctuatiOn and uncer-
tainty. The step back from specie pay
ments will put even the good faith 81 the
nation in question; confidence Will be
more shaken than ever. 4 black cloud
Of new doubt will hang w every bust
ness interest, for when policy 80 insane,
us TO run away from specie payments, can
be adopted. every imaginable nonsense
will thencefOrth appear possible. Then
good bye reviving prOsperity-we shall be
At sea again, the Lord only knows how
long.
lthelped our Democratic friends very
little to put forth the fantastic promise
"that the amount OF paper issues shall be
10 regulated by legislation, or by organic
law, as to give the people assurance oil
stability in the volume OF tho currency, as
the consequent stability OF the Value
The idea to establish by constitutional
amendment, to be aSSented to by three
iourtlIs OF the States, that IL, by twenty
eight State Legislatures, how much money
the country il to haye-and when the
amount no fixed is found too large or too
small, that II should NOT be found possible
to change It until the assent Of twenty.
eight State Legislatures be ayain oltaiHpd
for the change, that idea is ~ childishiy
proposterous that we must wonder how
serious men Qopld ever have entertained 1t.
AN AWFUL powER TO G,YE TO c0SGREss.
The other proposition that Congress, by
legislation, Is 10 Re The permanent authority to
regulate the volume OF the currency and
consequently the value, is scarcely less as
tonishing, coming rs il does from Demo
Gratis who pretend to be SO faithful TO their
tiiue-honored principles. HqYe you f9It:
sidered, my Democratic friends, What an
awful power you thus propose to pcrpet-
uats 10 tho Congress of the United States?
Yourselves admit that the value Of yaur
irredeemable paper currency will depend
UPON its volume. Congress is to fix that
volume, and by Increasing or diminishing
Il, Congress IL therefore to datRrlninb What
every dollar in the land shall DO worth.
The value OF every piece OF property, OF
every article OF merchandise, OF every prI-
yate fortune, OF every uilqnpp the cQntrac-
tor has In his contraGt, Of every dollar the
labonng man l,as i1 tho savings bank, or
the merchant on deposit, will ie at the
mercy OF the Congress OF tho unltol
States. No man can mako an Investment,
no merchant can buy or sell O lot OF goods
on time, no manufacturer can accept an
order, no Goptr4atar. can naSea contract Tor
a railroad or building, without Congress
having II In itl power to determine thOir
profit or their loss, by regulating the vol
lme, and consequently the value, OF the
currency, up or down. Can Congress, can
any body OF legislators DO depended upon
to exercise SO tremendous o power with
wisdom? Why, gentlemen, no assembly
OF human beings, even II you got together
the shrewiest ~financiers In tho world, has
ever been found wise enoughto determine
how much money the business OF u great
country needs in its multifarious ilnctua.
tons. But II so awful u power should fall
into the hands of such %iinanclcrs ms nglde
this Ohio platform-thcn let us devOutly
pray that the Lord preserve US.
Butt Is not the only question whether
such a power Is likely to be exercised or
not. The question is whether any Gov
eminent should he lntrusted with SC ire
mendous, 10 far.rcaching, so tyrannical
an authority ut all. Oh, my Democratic
friends, who pretend TO be 80 jealous OF
the power OF the General Government,
how are you fallen from tho high estate OF
your ancient principles, that you Should
now lie willing to give to that General
Government the power to dispose OF every
pltizen's private fortune! Oh, shades OF
Jefferson aud Jackson, where are you!
l repeat, It Is only q question OF Con-
~gressiOnal wisdom. Tho very fact that
Congress is 10 dispose OF 10 tremendous an
interest by mere legislative act can not tail
TO have o most disquieting and cnervatlng
influence upontho business Of tho country.
Are we not MI witnesses to the fact that
for years, during every session OF Congress,
the whole business community stood on
tip.toe with fear and t%repidatiOn, lest
some tInkoring genius In Congress should
got up aud push through onl measure
Interfering with all their business Galcula'
lions and arrangements! Have you not
all heard the heartfelt prayer Of business
mon ut the beginning Of every session,
that Congress might do its necessary work
quickly and then adjourn? Have you not
time and again hoard the gonenl, sigh Of
relief whom Congress ut last did really
wind up and go home? And now imagine
a Congress with n majority composed Of
suoh financial geniuscs rs advocate tho
GOhio iioa," every II OF whom has his
uniailing financial nostruln In his pocket,
and that Congress Intrustnd with thpp0w.
or to determine the value OF every mans
property and the chances for profit or loss
Of every mans enterprise. viii the bust.
ness community ever get out Ola state Of
lcvcrlSh uncertainty and apprehension?
Are fits to DO tho normal condition " our