The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-10-02

nossible for il TO redeem tand consequently
h would become worthless. The paper dol
lar stripped Of its surety Of redemption In
coin Is worthless.
CONFEDERATE MONEY.
The Continental money Of the revo!n'
ton shows this conclusively, rs does inc
fat money OF the late southern Con
federacy. Confederate money began "a
depreciate almost from the time it was
irst Issued, and continued TO depreciate
until the Confederacy exploded. To show
what Is the effect OF an irredeemable paper
currency I will here show the prices Of
certain articles OF necessity in the city oil
RICHMOND in 1888 and 1864, Us quoted by
the Richmond papers:
On the LIST OF July, 1858, -four vas quo
ted at SIS per barrel. On the LIST OF Sep
tember. same year, it was SO; on the Isl
OF November 500; on the lst OF January,
1894. Sl2j: on the LIST OF March, same year,
500, Coffee on the LIST OF July, 1853, was
quoted at S per pound, and on the LIST OF
March. 1864, it had risen to SIS. Sugar on
the LIST of july, 1858, was 81 so per pound,
and hy the lst OF March, 1854, it had risen
10 S.. Molasses during that time went
from $40 to so per gallon; Irish potatoes
from Sl2 TO $90'per bushel; Onions from
S19 to $50. could extend these quota
tons, butthe above will suffice. Why any
BODY should advocate an inflated issue oil
papcr currency after the positive proof we
we have Of its certainty to degenerate into
utter worthlessneSs is inexplicable:
Let us cite another example early IN the
18th century. About l7l2 John Law de-
luded France with what was called his
Mississippi scheme" and finally induced
the French government to issue forty
thousand millions Of francs OF iat mon
ey TO the redemption Of which the govern
nent pledged It's faith, but it pledged its
faith 10 more than it could stand up to.
The fiat money soon became worthless
and Law had to hee the country for fear OF
pob violence.
HARD A REACHED.
believe that our people have reached
the bottom of "harl times" and II they
will be patient until the first OF January,
when resumption becomes an actually,
they will find that times will begin to i'm
prove. A little patience mingled with in
dustry and economy will bring things
right. .
But some OF the Greenbankcrs say that
the Indebtedness OF the people OF the
United States, including national, State,
county, municipal and individual tndebt.
edness amounts TO twelve thousand mil
lions OF dollars, and it will be Impossible
ever to pay that amount with q currency
based on coin, when we only have about
three hundred and forty millions Of coin.
Such as these are laboring under great
mistake, for money flows almost as rapid
" through the body polite as blood does
through the natural body. The dollar the
merchant pays the butcher at the morn
ing market is o paid by the
butcher to the baker, by the baker to the
miller, by the miller to the farmer, by the
farmer TO his labOrer and by the laborer
to the merchant for necessaries, and so 1t
continues, and in a short time n dollar
liOuidates a hundred dollars of indebted
ness. Again, u large portion OF the indi-
yidual Indebtedness will be paid in barter.
The farmer frequently pays his retail mer-
chant in wool or some other staple ON
modify, while tho retail merchant liqui-
dates the debt he owes his wholesale mer-
chant with the same barter which he has
collected from his customers. 1t must be
remembered that all the indebtedness OF
the country does not have to be paid I'M
mediately, neither must It necessarily be
paid in coin, though our currency. Is based
upon coin. Millions OF the Indebtedness
OF the country will be paid in wheat, corn,
cotton, wool, beef cattle, pork and other
products.
INDIRECT REPUTATION.
Rut Then someo ri our preenback friends
say that it is impossible to pay the Nation
al debt which Is now near two thousand
millions, unless it be paid in greenbacks;
that Is they would have the Government
issue two thousand millions Of greenbacks,
a off the bond-holders and then the
bond.holders would throw the greenbacks
into circulation. II the Government can
not pay its bonds, how is it to redeem
greenbacks to the same amount? 1t Is
only Reputation by On indirect route.
This Government with all its vast re-
sources can pay its Indebtedness according
to contract. Now this Is not an lila OF
taste or sentiment, neither Is 1t u matter Of
mere opinion, but 1t is q question Of
figures. We cannot be misled by figures.
They cannot deceive rs when they show q
solution OF the problem before US. Now
let us bring the figures TO our aid.
Within the last twelve years above seven
hundred millions Of dollars Of the debt has
been paid, considerably more than ne
fourth OF it, and the annual interest have
been diminished, by payments alone, fOrty-
two millions OF dollars, and another con-
siderable decrease in the Interest has been
made by funding . portion otthe bonds.
GREAT pRirAlN's DEBT.
Bat let US compare our debt with that Of
Great Britain. The debt OF the latter is
above four thousand millions OF dollars,
more than twice as much as that OF the
United States. The burden now sustained
by the United States is much less than that
OF the United Kingdom Of Great Britain.
The population OF each OF the two coun-
tries Is about the same. Compare their
resources. The United Kingdom has re
~latively m exceedingly limited territory
for it's population. The Federal Union
possesses an immense territory. The soil
OF the former has been exhausted by till
age from century To century, and has
nothing but an artificial fertility. The
| American soil, portions OF which are the
most fertile inthe world, Is but little ex-
hansted BIZ culture. The mineral wealth
Of England cannot sustain a comparison
with that OF the United States. The rem-
nant OF the teudal system which still pre-
walls In Great Britain paEalyzes toa con'
siderable eXtcnt its agricultural industry.
Here the liberty enjoyed by all the people
causes the powers Of the human mind to
be developed and gives the human ener'
gies full play.
l. fUE NATIONAL WEALTH.
The natural advantages ofths Americans
are evident anil they know how 70 place
a proper catimate upon things. Our ma
! tionaf wealth has increased In an unpre-
cedented manner. There has been a CON
slant progression in our national de
vnlopment. We learn from well authenti'