The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-09-12

ILY INTELLIGENCER,
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This bill became law by the Glmos
unanimous vote Of both hOnscs OF Con
gress, but one single democrat II
either house voting in the mega
alive. After that the law has
been in operation II months, and iorty
four millions OF the greenblcts had beer
retired, and the volume reduced by thu
amount, its further operation was suspend
ed, leaving the volume OF the legal tende
notes standing at about 35G millions IL
circulation. Now, there was no fnrthe
Legislation affecting the volume OF TIL
greenback currency until the 40 Con
gress. During the panic OF 1873 Prcsiden
Grant, in conference with the Cabinet AM
with other distinguished men from ditler
ent sections OF the country, directed thu
then Secretary to issue from the Treasury
portion OF the iorty-fOur millions held n
reserve, that had been retired by McCul
Tough. II was thought that this would re
lieve tho disasters OF the country, but ]
was found that II was consumed aimos
instantly. II was taken mp and disap
peared like cupfull OF water thrown upot
u parched street In August, and when the
Congress met in December, 1918, this cur
rency question, It's volume, its character
and everything connected with il came VI
for discussion. II was debated from tho
first day OF the session for three months
and finally 1t was determined rs TO thu
volume OF the currency that It should re-
| main Just where TINT Congress found 1t
They determined that they would not au'
thorize the putting out or issuing of the
remaining eighteen millions OF the forty
four millions that Ind been retired by Nc
Cullough, nor would they direct the retire.
ment Of the twenty-six millions that had
been put out by Secretary Richardson dur
ing the panic, or any portion OF 1t, and 80
the volume oithe grccnback currency stood
at 3S2 millions, or thereabouts, until the
passage OF what is known us the Resump'
ton Act, and the commencement Of tha
policy OF Secretary Sherman.
TIE RESUMPTION ACT.
Now, while upon this point, desire to
correct misrepresentation that many OIL
TO the contraction OF the currency under
the Resumption Act. l assert here that
there was no provision whatever for con-
traction OF the currency by that act.
On the contrary the Resumption Act pro-
vided rather for an increase in the volume
Of currency, for it provided for free bank
ing, matter that had been contcnded for
by the South and West during the proceed
ing session OF Congress, clamorusly, loudly,
earnestly. Free banking was conceded
by the Resumption Act, and the only con-
traction provided for wasi connection with
free banking. twas provided thatfor every
100 per cent OF National Bank currency is
sued under the law, eighty per cent Of
greenbacks should be retired, and by this
process the volume OF grcenbacks has been
gradually reduced to about $40 millions,
where by a law OF the last Congress il now
remains fixed.
The point | desire to make, however, is
that the aggregate volume OF our currency
is as great now, aye, is greater now in fact,
quent time. This proposition | shall come
to in u moment. Now, during all these
years, from 1867 to 1873, when VIC had
no more than $3.50 millions OF greenbacks,
never more than 354 millions OF National
bank notes, and about 10 millions Of fFar-
tional currency, making in round numbers
about 75Omillions OF dollars. with value rs
low rs $40 millions, the business OF the
country, Us our greenbaCk friends tell us,
was prosperous. We did business upon a
large scale, we were buying here and SELL
ing yonder, men were piling up what they
conceived to be fortunes, and everything
was going along on the high tide OF pros
perity.
There was currency enough then to do
the business OF the country, currency
enough then to engage in speculative en-
terprises OF the most visionary character;
there was no lack OF credit, no want OF con-
fidencc, and everything seemed 10 be pros
porous. And with this volume Of currency
practically unchanged all Mt once there
whole length and breadth ofthe land; bust.
ness was suspended, men who had money
lost confidence, men who were engaged In
building railroads, and in other enterprises
that gave employment to labor, stopped
short, and for five years we have been
struggling with that condition OF things.
1t was no stringency in the money market,
it was no want OF currency with which to
do business that brought about the trou-
blcs OF the lust five years. l believe with
the distinguished Senator from Ohio, the
leader OF the Democratic party, thatft was
overtrading, that it was indulgence and
extravaganza and speculative enterprises
that brought these things about and not
any want Of money.
The contraction OF the currency, how
ever, is made the scape.goat by almost
every man who fails in business by every
politician who desires to make personal
capital, or capital for his party, out OF the
distress OF the land. have in my mind ut
this time an instance, and refer TO 1t be-
cause II has been made public, and because
the chief actor in it has published n his
tory Of his business transactions during the
last twenty years, and charges his failure,
his bankruptcy, his own ruin and the ruin
he has brought upon others, TO the policy
OF the Republican party. \ Mr.. Peter
Hcidrick, OF Williamsport, in the State
of Pennsylvania, has published state
ment in the form OF an address to the pco-
pie Of that State and OF the country in
which he goes on to tell that some twenty
years ago he went into the town OF Will
Transport, poor and with no capital, and
that by engaging in various enterprise,
such rs numbering, merchandising, build
ing, and trading in every direction, he had
by 1873, in period OF twenty years,
amasscd fortune Of millions; that the
panic, occasiOned, as he charges, by con-
traction OF the currency, destroyed his
business, broke down his enterprises,
bankrupted him and his neiglbors, and
brought general ruin into the neishbor-
hood In which he lived.
FORTUNES on PAPER.
Now l want to appeal to the laboring
men before me, whether it is a possible
thing for n man without capital, in this
country, in the short period OF twenty
years, to build up by fair legitimate labor