The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-12-28

unQef the law. Il les Ine IePheu,f lun.
less there Is . quicker way TO bring 1t
about And TO this view he has steadily
adhered through all the varying phases ot
Ipublic opinion on the subiect Nor does
he now regret his course or believe that
the country would have been better of
had he held opposite views and given
them official expression.
Referring to the disappearance Of the
gold premium, the President said that he
understood that the f.precious metal" was
coming into general circulation in all the
large trade centers. He thought II would
circulate first, In stbe cities, and presently
Il would come out OF dark, corners and old
stockings in the rural districts. This was
to..inhate the currency" in true money,
about which imitation nobody could com:
lpiSin. Indeed, he thoughta d majority OF
ali classes were now Of the opinionthat
gold initiation was u good thing. Theditii:
Guilty was that so many nyintelligentmen did
not believe 1t could be brought about. But
here II was upon US, which was pretty
good evidence that e-so!called' '"experi-
ment" was success. ......,,, -,
He did not, however, anticipate that
gold would come into, circulation. with q
rush 2 II Zone may use athe terms He
thought that at first the tendency with the
majority would be to squeeze the gold q
little tighter than paperTthat Is, 4. farmer
with q $50 bill'would pay outthebill first.
But this would only be for q time: As
soon as the novelty wore of the President
thought that legal:tender paper would be
at q slight premium, beginning in the
large commercial centerst and gradually
extending TO the rural regions This pre-.
MUM would OF course be very slight, but
the President thought 1t would certainly
exist as between the two currencies. He
based this conclusion upon the fact that
the gold premium would be kept off by
the large coin reserve oithe Government,
backed by the plighted faith OF the Nation
that resumption should not only be q sue
cess, but q permanent success. Now, con-
tinued the President, We have been used
to paper money for sixteen years. As q
currency we have had little or nothing
else. Our people are used to it. The new
generation has grown into 1t, and know
little, from experiences, OF any other
quality OF money. All agree that it Is the
best paper currency we have ever had.
y I suppose, said the President, that no.
body will dispute that, be he int1ationist
or contractionist or what not. Counter
felt detectors and all publications for dis
coyery OF spurious money have been done
away with. A man does not have to sub
scribe to q counterfeit detector pubfca-
ton, with q long roll OF States and long.
err roll OF banks, to tell whether the money
he happens TO have Is good, bad or indif.
ferent. So far from looking at adetector
or consulting q neighbor, he hardly looks
at the money. He knowsit is good from
one end Of the land to the other, that
counterfeits are extremely rare, and thata
National broken bank bill Is Just as good
as though the bank was not broken. The
holder Is absolutely secured against loss.
Having become accustomed to this cur
rency, the President thought people would
be slow. 10 part with II for gold, merelyfor
the pleasure OF exchange, when the gold
was much more bulky and ineonvenient.
For these reasons, and to facilitate COM
mercial transactions, and for the conve.
nience to travellers, the President thought
paper would soon be at slight premium
over gold. y sTl l'' - ..l.-r3
Referring to the contemplated combined
assault OF the Greenbaekers and portion
OF the Democracy upon the National
banks, the President said he did not think
Il would succeed. We haveto have banks.
All would acknowledge that. They were
necessary to a condition oil high civiliza-
ton. While the National banking system
had its defects, what banking system did
not? Suppose We sweep It taway, and sub
stitute State banks, chartered by the thir;.
ty-odd Legislatures OF the different States,
,,,a,,1l tbot Ga I'm nrnynnant on mir
present system? In many OF the States
would'not the lobby dictate the banks
through the Legislatures? In some States
there Is constant complaint about weak
and easily Influenced Legislatures, TAX
ing the States as whole, wlthiour knowl!
edge that Legislatures afeS continually
shifting and changing from one party 70
another, and from one influence to an
other, could we hope for a better
system than we now have? This question
the President thought would soon be be!
fore the people tor settlement, and he
hoped for full and exhaustive legislation,
not only Of this, but Of all financial mat.
ters. 1.' NJ 'ylF.s ~ 'H-
Neutrality-suspicious., the President said, |,
would be the questions Of thesfnture-
least he hoped they would. He thought
this better for all concerned than 30 much
sectionalism in politics, The sectional
issue, so calledy he thought pretty well
dead. He referred TO the trouble in get
ting up, the, Blaine committee as evidence
ofthisl And the refusal OF the House to
take up the debatew was another evidence.
Sectional questions called for arguments
addressed TO passion. while financial ques-
tions called out reason. The President
thought OF the two that financial questions
would, now take, precedence, ,'and he was
glad to see that Indication. In England
three-fourths OF the great public questions
referred directly OF. Indirectly to finances.
In The historyo of our own Government the
most important questions engaging the
attention Of Washington and his Cabinet
related 10 the finances and revenue. a = ,
Referring TO the Blaine Committee, the
President thought itwonld notaecomplish
substantial results. There were. already
indications that II would end where the
Potter Committee ended-in nothing. The
President thought the sentiment OF the
country was that the Potter Committee
was failure. Indeed, some OF the earlier
| friends Of the movement were now begin.
ming to apologize for It's existence. Being
informed that many prominent Democrats
spoke OF the Investigation as an elephant
which was now burdensome, and that the
disposal OF the animal was their greatest
concern, the President loosely observed
that the best way to treat that elephant
was to let him alone, and he would soon
die natural death and be forgotten. i'
A'f.-l
swindllng Stoek Brokers. nv,
CINCINNATI, December 27.-R. @. Wheel