The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-08-13
For the IntsllIEsDssr.
What Is the Matter?


ness industries Of the county are with
out silver lining. In our past expert
ence from two 10 three years have sufticet
to recover from the Effects Of q fnancia
panic, and restore the business OF th,
country to prosperous condition. Will
far greater resourees, largely developed
facilities, widely extended area Of pro
duetive territory, and grsndly improved
producing force, this crisis should hav,
Been shorter than any that preceded il
Why Is It then thus drawn out until th,
energies OF trade and the vital forces o
business are becoming parAyEed undel
its blightipg pressure? I.,-.
Every cross-road politician, ever
county seat lawyer, and, in fact, al.
most every man ia the country is ready
10 assign reason why this condition O.
things exists, and moot Of them are pre-
dared with an infallible remedy.
One ayers that il IL because the curreu
cy has been contracted, when, 10 fact, The
volume Of currency in the country 10 day
has purchasing, business doing capacity
far greater than the volume Of currency
ever had at any other period. Il i true
perhaps, that the gold volume Of ID.
currency Wss 8 lille greater In 1885 thar
It 10 in 1878, but the purchasing power o.
gold haa greatly increased since then al
over the world, and the present volume o.
currency will purchase more land, more
clothing and food, and more iron and
slass, more labor and material, and Dc
more Of all kinds Of productive business
than the volume Of currency in circula
tion at any other period OF the nation'c
history. 10 all previous revulsions o.
trade the circulating medium ilselt was
among the first things 10 depreciate, and
the paper currency shriyeled 10 worth
lessnesss in the pockets Of the people,
leaving them without any currency. IL
the five years since the crisis Of 1873 nc
man has lost dollar in failure or shrink.
age Of the currency, for il has constantly
and steadily improved in value, and Al
the same time there has been q constant
reduction IN the rate OF interest for the
useof money. In view Of these facts, The
contracting Of the currency Is certainly
not the cause Of the continued depres-
sion. ..... .t..
Another AYERS that the Resumption
Act is res ponsible, and should be repeal
ed. Ifthe character, quality and quanti'
~ Of the circulating medium, with which
the business Of the country Ia to be trans
acted, has any Influence upon the exten,
and character Of that business, then, Ger.
tainly, any act which gives TO that circu'
la,ipg medium 3 Fixed, determinate value
will render II more useful and reliable a.
an instrument in the transaction Of bust
mesa. The present greenoaek currency
In less than three years after It's Issue
auctu a,ed in purchasing power, as com
pared with gold, and about the came as
compared with clothing and food, from
100 cents on the dollar 10 less than 4S
c.nts on The dollar. This becAnse Of the
uncertainty Of its redemption or CONVEX
sion into coin. This same cnsrency la.
now comparatively frsd value. Why
Because Of the increased credit OF the
Government that isued Il? Certainly
not, for the very moment the war termi'
mated II must have been perfectly appar-
emf 10 everybody that that currency was
entirely secure, and that the Governmsn.
would certainly be able 10 redeem 1t. Yet
three years after the war closed that cur.
renew was " worthless than SO cents on the
dollar. and II has varied 10 its value from
8 per cent to "a per cent every year since,
until the adjournment Of the last pesth'
erous Coppiess, without repeating The
Resum ption Act which leave ii issson'
ably certain that Resumption Will take
place. Since then there has been little
variation In in value. The certainty Of
conyertibility, rather than the ability to
redeem, IL what gives fIedness OF value.
Others aver that the dsmonehzation oil
silver and the National Banking system
are responsible. 1t would hardly pay TO
reply at length to these transparently
Foolish suggestions. From the demone-
tixation OF Silver in 1878 until its remon-
e,iIation in ls7s'it formed nopart oil the
circulating medium, any more than did
cold. Its being u legal tender during
atperiod, when We had legal tender
far less valuable in circulation, would
moi have added one dollar Of coin TO the
circulation. Since It's demonstration 1t
has worked no revolution In business,
nor could II II . bundled millions Of
aroniEed esglea could be stamped upon
IL Ginning surface in = angle day, unless
a generous government should make =
free distribntion Of the coined dollars
among the needy furnace and factory
operators and operatives OF the country.
Til. currency given to the country BY
the banks has heretofore been just a.
saia. lust a. valuable, just as easIIy OBJ
taipSd BY those in need Of currency, IS
thatIissued BY the general government.
Therefore the business Of the country
would not, il must Be evident, be mater
rally affected by any change In that di-
tection, Il seems q little remarkable,
however, that this demand that the gov.
eminent shall become the great Fiscal
Agent OF the people, furnishing It's ciIcu'
Hating medium, determining its quantity
regulating itsS value, DC, should COME
from the party that heretofore has de-
MED that there was any constitutional
power in the government to do so. The
astrict constru ctionists" OF 1881 are The
latitudin arianA Of 1875 Then was IN,
eopstitulional TO issue 4 legal tendei
note, even 70 save the Nations life Nos
| Il IL not only constitutional bat exPedi,
emit and desirable 70 iisue pplimitee
quantities Of them Tor the mere purpos'
81 dsbasing the currency and cheating
The public creditor. ,..
It.Eas not the purpose Of this article e
shoW the fallacy oil the reasons assignee
| Ior The unusually prolonged depression
Of trade, 90 much as TO call attention t.
some conditions In the financial situation
mai seem 10 me TO be very largely re
sponsible for the sxi.tlnG situation. Their
Il Iess money needed row TO transact thu
business Of The country than there Wasi'
lS7S because material, labor, and every
ding else that enters into the productive
kibdustries are cheaper now than then
A business that required 81 600 per Weel
ihsn can Be and il now managed on les
Than $3.50. Why then has the busines
man 30 much more difficulty In gettlnl
ne money necessary 10 transact his bust
ness? he has the same seeurire.J tn!
same property, the same amount o. bust
meas, though perhaps less profitable, ihA
tnL.a Ne rOnid pRt all tn