The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-10-01

prevents and Furnishes counterfciting; II
regulates the banking system, so rs to
make II safe, and then il lets currency and
trade in their relations take care Of them.
selves, without assuming any arbitrary
control over volume and value. These
are the simple principles OF q sound money
system under which business tan regain
confidence in itself and prosperity will
revive. That is the end which we should
accomplish, and which is now within our
reach.
NATIONAL. BANKS.
|. The substitution Of grccnbacks for
National bank notes, Us ! have already
shown, would make the resumption OF
specie puyment impossible, not only ut
present but for an indefinite time. 1t
would launch out again upon the sea OF
irredeelnablc paper money, without rud-
der and compass.
.. Our National bank currency possesses
a quality very important to the business
Of the country, which the Government
paper currency does not possess-it Is the
duality OF elasticity. Have you not all
been demanding n currency elastic in vol
ume? We'll, the bank currency is. The
Government paper currency IL not. The
volume OF bank currency under n well
regulated system is determined by the re.
Quirements OF the business OF the country.
When more Is needed II will become pro-
Gtable to issue more, and it will be issued.
When less il needed, the excess flows back
to the banks and withdnws. 1t is q self
adjusting process. The volume OF Gov
Crnment paper currency is fixed by law,
and that law Is made by politicians.
Whatever the changing needs OF business
may be, that volume OF the Government
paper currency remains fixed until through
The slow and cumbersome machinery OF
legislation the law Is changed again by
politicians. And Of MI human agencies TO
determine the volume OF currency needed
by business, business itself Is the most
reliable and best, and q set OF politicians
Is the unsaiest and worst. The Govern
ment Is a bad banker, but II well administ-
cred il may be u good bank comptroller,
us it proved in this instance. In a very
important respect, then, National bank
currency, being equally safe as to value, Is
vastly superior TO %greenbacks, and every
thinking business man knows that 1t Is 10.
Az ISSUE TIA MAY NE SAFELY ADIouRSED.
What other objections are there to the
National banks2 That, as Democrats say,
the National hank currency being based
upon United States bonds, the maintcn-
aice OF tllat circulation will tend to per-
petuate the National debt. Well, the debt
outstanding is about eighteen hundred
millions. I would respectfully ask our
Democratic friends whether they are in
such u hurry to put their hands in their
pockets 10 pay of those uIghtepn hundred
millions this yoar or nQSt2 VIII 1t not,
even under favorable circumstances, take
ut least twenty-five OF thirty years to ac-
cOmplisll that task? But while We
haze the National debt, will il not be well
20 put it 70 the best use we can? When at
last, after twenty-five or thirty years w0
have paid il off until We come down to the
last four hundred millions, will it not
then be time enough to discuss whet-
her It may no hest 10 pay on that
little amount too, or TO keep it as
a basis for bank circulation? Sup
pOsp wD adjourn this debate until that
period. Let me suggest tiplt Is useless
TO borrow trouble about eggs to be laid a
quarter Of q century hence. Indeed this
dijeGtion shows tile extreme poverty OF
argument to which the opponents Of the
National bank question are reduced.
Their last point is that the National banks
are a ma4apqly and !hs %e,Hloqi,4ent q
the money power. Now, ! am rs firmly
opposed to oppressive monopolies as any
body, But ! nm equally opposed To, and
lGOla hearty contempt for that trick Of
demagoguery which brings the charge Of
monopoly or oppressive money power
against everything against which it is
thought expG4iept to QxFite the prpiplIGes
and hatred of unsophisticated people OF
small means, II that sort Of demNgoguery
no extensively and effectively INDUCED IN,
We may, rs . Nation, have to pay dearly
for IL,