The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-10-02
The Financial Condition Of the Iaited
states-Can educational Debt be Paid7


Editors IntelIigencer3.
Although, to use a saying of the late
Andrew Johnson, 81 am an humble indi'
vidual," 1 feel disposed to try to say some
thing concerning the financial condition
of the United States, as finances Just now
are the burden of the song, not only of
politicians, but almost every body else
whatever his condition in life.
Our friends of the National Greenback
party are representing that there is nota
suficiency otcurrency in the country to
meet the demands of trade, and they pro-
pose as a remedy that Congress shall re-
peal the United States banking law, and
that the government issue fiat money sui.
fcient to meet the wants Of the people. ]
have heard several over-zealous Green
hackers name TWO thousand millions asthe
amount demanded for this purpose. They
would have this amount of fiat money
issued and placed in the hands Of sub
treasurers to be located all over the Uni
ted States, and by these sub-treasurers
loaned to the people Mt a small per e
WORTHLESS rAPER.
Were it possible for these wild vagaries
IN I've realized, our whole country would
be flooded with worthless paper Our
credit abroad would be ruined, lor ulese
Greenbackers would have oil Government
obligations paid in fiat money. rrices
would soon become fabulous, recSiess
speculation would ensue. and IN q les
time than ten years four.htths OF the peo'
ple of the country anil the government
Itself would be bankrupt, for experience
has shown that when an over.isSle OF
currency has been set atioat 1t De
preciates in value. To prove THIS 1t Is only
Necessary to revert to the history OF the
isstie OF Greenbacks during the late war.
In 1885 Greenbacks were no worth nifty
cents on the dollar, but as soon as the war
closed, and there was no further neces-
sity al increasing the volume OF eireen-
bsck currency, it began to appreciate In
value, and BY contracting the volume OF
Il m some extent q Greenback dollar now
has the same purchasing. power as q goid
dollar.
currency based upon coin will not answer
the demands Of business. This Is certain
iy a fallSry, Asyou showed in the INTEL
IIGEycER q few days ago. there IS now hity
per cent per capita more currency IN CIR
rniation Than al the beginning OF the war,
there being now about fifteen dollars for
Zach man. m and child in the United
states. and only ten dollars 1t the COM
naarrsmart of the war. Our country I'M
mediately prior TO the commencement OF
the war was in apF0sperous condition n
wa heard no complaint OF 0 want Of cur
rency. and we then had to depend upon
State hanks. and when we wished to paya
debt outside OF the State in which We re-
sided, we had to call on . broker ana sun
n,it 10 a shaving process in order 70 get
proper funds. Now under our National
Bank Grecnhack system, the same r.
rency goes at par from one end oil the
Union to the other.
WANT OF c%oXViDEScI.
take the ground that there is q sui
1 6ciency OF currency in the United States
IN answer the demands o tbusinCss, but that
owiuVt TO the tampering with the crrren'
sv nv Congress a want of confidence has
heen encendered which has caused capt-
~tatists, in many instances, to mold hell
money instead Of investing it, and thereby
much business has been suspended and
many laboring men have been thrown out
If e;nnIoyment, and distress, 10 sone ex.
tent. prevails In our large cities The at
tempt OF Congress at the last session, to
repeal the resumption act, has had nluchto
do in bringing about whatever distress
thara Ia NOW in the country. :
Rnt the remedy offered by u Green
back friends would be worse than the dis.
case. They would have fiat money issued
tn nav everything. They would have II
" ~ 80 tLo f1ith of the Government: