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

made on the oath OF March 1874, Judg,
Thurman was brought out by al arraign
ment OF his cause in Congress, made b!
the Cincinnati Enquirer, and read iron
the EhgdnT the following extract:
"Last fall when the panic began, sena
tor Thurman Justly characterized 1t in hi
speech as the result Of an effort on thu
part OF the creditor East to force the deb
Tor ofthe South and West into violent re
sumption ofspeCie payment, by which
debt OF 500 would really cost the debto
$3.50. Senator Thurman went further ant
declared that II God would give hin
strength TO reach Washington his voic'
would be heard resisting this effort on thu
part OF Eastern capitollists, which II sue
cessful would end in widespread financia
ruin. This contest has now been going or
for over two months and ourdistinguisheC
friend has made no sign" To which
Judge Thurman replied:
"Mr. President, never uttered such at
idea in the world, never thought OF such
an idea us that the panic was the result
ofan attempt blythe creditor Eastto force
a resumption ofspecie payments. On the
contrary, in every speech ] made on this
subject, from the first one in the town Of
Kenton to the last one, and especially In
the elaborate speech delivered in Gin
cinnati, said that the panic was the re,
suit Of Overtrlding, excessive indebted
ness and Congressional legislation; that
It was ovcrtrading, running too much into
debt, enibarking in unremunerative on
terprises, and notably that Il was the
North Pacific Railroad enterprise that had
been stimulated by Congress, which
brought about the panic. Never did |
say that that panic was the result OF an
attempt to-resume specie payments, for
nobody could shy that or think it who
knew anything about the subject"
l believe myself that Judge Thurman
was right four years ago, when he declared
that the panic was attributable to other
causes than contraCtion. have met with
many arguments advanced by those who
favor what Is known rs the stint" or
absolute" money policy. Since ] have
been in Congress ] can say within the
bounds OF perfect safety that have re-
ceiyed hundreds, II not thousands, OF doe
uments bearing upon this subject, advo-
eating absolute money, the Issue Of money
directly by the Government, and making
it legal tender in payment Of all debts
and dues, public and private, schemes OF
all kinds and characters, but the question
that seems to trouble those who are hon
estly inquiring after the truth Is as to the
volume OF our currency. gsr-l....
There seems to be with many people a
generally accepted notion that the Repub-
lican party has been for the last few years
contracting the volume OF the currency,
lessening it from year to year, and that
this process OF contraction and lcssoning
OF the currency has brought about the
stringency OF the times.
TIE VOLUME OF CURRENCY.
The declaration Is freely made that the
money, the currency of the people, has
been reduced in volume land | speak Of
the face value now, rather than the actual
value, of the money from near two thou.
sand millions to seven hundred millions.
l discussed this proposition last year, and
1t becomes necessary to discuss it again,
for the declaration Is persistently made
in newspapers and publications intended
to be authority with the stat" money
men and others, who seek every occa-
sion to complain of the policy Of the Re-
publican party in regard to the currency.
/ find one statement in what is known us
american Finance" arccognizGd author
ity in the Greenback and DcmoCraticpar-
ties, that the currency on July ], 1886,
aggregated Sl,SlS,Sl7, l0l ~. In order to
arrive at these extraordinary figures they
take the amount OF the United States notes
and OF fractional currency outstanding at
four different given periods, commencing
with the 30th OF January 1894, and ending
with the LIST OF January 1866, and add these
sums together, thereby producing the
above amount. The process is simply q
multiplication OF the outstanding volume
OF United States notes and fractional cur.
rency by four. And yet these curious and
cXtrlvagant figures arc ~gravely put forth
as the basis OF charge againsttlic Repub.
lican party OF ruinous contraction. But
they chiefly rely upon another statement
published in many OF the greenback and
Democratic papers, and found in almost
every greenback and Democratic speech
in the west, which is that very large
amount OF the interest bearing public debt
of the United States should be. fairly
counted us part OF the money or cur
rcncy OF the people. For instance the
seven-thirty notes OF which $50 millions
were issued, arc taken into the account in
making up the two thousand millions OF
currency. The compound interest legal.
tender notes, the temporary loans, and
certificates OF debt, the five per cent legal.
tender notes, and many other forms OF
indebtedness are taken into account in
order TO swell the figures in this calcula-
ton. Now, sirs, Mr.. j. I. Fower, who is
chief OF the Warrant Division OF the
Treasury Department, in answer 10 IN ill.,
quiry made OF him in relation to the above
forms of Indebtedness last May, says:
"Thc compound interest notes and the
scven-thirtics OF 1864 and 1865 being in
tercst bearing never cntered into the clrcu-
lotion to any considerable extent" 1t is
well known fact that all OF these interest
bearing notes were gathered up by banks
and capitalists, and held for the interest,
and funded into six per cent or five per
cent gold bCslring bonds. | remember
very distinctly that the army with which,
was serving in 1852 was paid in these in
tercst bearing notes OF the Government;
and during the time the paymaster was in
our camp, and Just prior to the battle Of
Pittsburgh Landing, rccollect that one OF
the officers Of the command to which be:
longed suggested to me the propricty OF
not taking our pay Mt that time in these
compound interest bearing notes, and that
by the next pay day the legal tender
money would be issued by the Govern
ment, and 1t would be better currency
than the interest bearing notes, showing
that that officer, who was n very good
patriot, was not very good flnancier.
l also recollect welLthat while at home
in tile fall of that very year, and
after the legal tenders had been put into
circulation, l saw six dollars in legal ten
dcrs given for five dollar interest bearing
note Of the government, by a Spectator
for the purpose OF funding It into q six per
cent interest bearing bond. And so the
whole OF this interest bearing Indebtedness,
although portion Of it was made legal
tender, was gathered up, and by the first
Of the year 1865 every dollar OF 1t had pass
cd out OF the hands of the people as cur
rency, and had ceased entirely to perform
nnv III the functions OF money whatever.