The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1878-01-07
atheeliae &egister.
pesumption-Prodt and Loss.

Reconsideration and Loss.
The Hon. Thos. Ewing, OF Ohio, in his
speech in the House the other day, on the
repeal OF the resumption law, illustrated
his ideas of consequences as follows:
"What are We TO gain BY this resump-
lion scheme to compensate tor the enor-
NOUS calsmIties il has inflicted and will
vet inhict2 The answer is, we will get
a better and more stable currency re-
deemable in gold and silver, and shall
then have sound and lasting prosper.
n.y. Sir l deny it, and confidently rs.
sert that we will get no currency At all
comparable TO that we have had for ten
years past.
"rhe- most that can be said OF it is that
il will be in some respects better and
in others worse currency than we had
before the war. 1t Will be better than
then, because the State bank money had
not uniform security or value. L. viii
DO IA worse currency In this, that before
the war we were comparatively out OF
debt abroad, and had more coin in the
country and greater power to hold 1t than
W. can have for many years to come;
and because the enormous aggregation OF
money and of money securities since then
has created money kings and wreckers,
who own and control the great banks
and can contract and expand bank ISSUES
make hard times and good times at
pleasure, and rob the people a. every
cDRnge of values.
Imagine US back 10 an exclusive bank
paper redeemable in coin. Let US view
the inverted Pyramid We see So OF
bank paper built GA each dollar OF coin
in the vaults and 50 of deposits on top OF
each dollar of paper, making Sl2 OF
paper and deposits largely payable on
demand, resting only on 81 OF CON.
Then ,uppose any year an abundant
crop OF cereals in Europe, and conse.
qucp. diminished export OF grain from
the United States, necessarily followed
by increased coin shipments. The with
drawal OF twenty-five millions o! coin
from the banks would Involve contrac-
ton o. seventy i've millions OF paper, TAX
irg the foundation from under two hun.
bred AID twenty-five millions of deposits
bringing on inevitably general panic,
1851 Of seven millions of com for snip.
ment abroad caused the crash OF that
year. A war between any two great
nations; a commercial crisis IN any one
of them; n com bInstIo OF hall dozen
OF our largest creditors IN London, or the
Netherlands: .. combination of two or
three great spectators At home; any one
q. dozen incidents may occur IN any
month after resumption causing the
withdrawal from the banks for shipment
abroad, or for for making corner At
home, of coin enough 10 cause disas-
trous panic.
The British have something approach
ing honest coin redemption, Tor there can
only be SO 100000 of bank paper 10 eX.
cess o. cola in the vaults OF the bank OF
England; yet, there, with near seven
hundred millions OF coin III the country,
the export of ten TO fifteen millions OF
coin, says Mr. Patterson IN his Science
ot Finance, will produce serious COM
megClal Crisis
"In the United States we have never
haG, and tor many years cannot nave.
sufficient coin atLaiHable by the banks to
establish an honest redemption OF one
third OF the paper money which the
necessities of business imperatlyely de.
mand. Before the war the deposits but
little exceeded the bank paper, while
now they are three times the sum OF our
whole volume OF paper currency, being
near two thousand millions; yet then We
ii d redemption only when coin was not
generally wanted, but when the bsnks
were called on for 1t the fact that 81 OF
coin will not redeem S. of paper and 80
OF deposits always threw them into lnsoi-
vency. The system would have been
jueg!o II 1t were not n transparent lie"