The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-10-25
THE SPEECH.

Fmlow.C CITIZENS: For the sake OF the
argument, 1 admit the truth OF the follow
ing figures, which the Democrats ore SO
fond OF rolling Ikea sweet morsel under
the tongues: -5..sa
Total currency Of ~ y, s,S
Total currency Of !sVS'
Total currency u .-"- ~.
Total currency Of 1s6Sr."....."....." siLIyy,Ms99
totHl currency Of 1852
Total currency Of iSo........-.....'. 'so'VSSi'v
In round numbers, this would make the
average ofthe currency In lS65.67, 81 ,6V0,-
100000, In 1858 this fell off to SSl7, COO
OO0,-a decline OF nearly so per cent. The
present paper circulation, tits agreed, is
SBSS, 100000. Add to this $50, 900, 900 OF
silver now in eyerybody's pockets, We have
s7lO, 000, 900, or nearly $40, 000, 600 less than
we had in 1860, and $50 100000 less than
we had in 1870. II shrinkage occurred
at all, the bulk Of IL took place In 1858,
when our paper was contracted with refer
ence 10 tho averages Of lS65-'6-'7, S7S3, 600.
900: and in 1869, whenit fell, as compared
with the same average, SS50,000 600. This
vast contraction is effected by tricky and
wholly dishonest juggle in figures easily
explained. The sixteen hundred million
dollars so charged as currency Is made up
nv adding TO the greenbacks State and
National bank bills OF 1867, which in
round numbers average t725, 900, 900, Sl75,-
| nm OO1 OF interest bearing bills, and $685.
900 GOO Of 7.30 bonds. The pretence for
This ciphering Is that tho interest bearing
bills and i. 80 bonds were legal.tenders.
So far as the bills were concerned this IS
disposed OF by the fact that the legal.tender.
quality was good only for the face value OF
he biil. After ninety days the accumulat..
cd interest made these bills too heavy and
valuable to circulate. They fell out OF tho
market and were boarded in the banks,
and Of course ceased to be currency That
Was the precise object ofthe interest clause.
and IL secured its object perfectly. 5
r. ia absurd to claim that 80 cumbrous n
thing us 7.3o bond, occupying nearly two
square feet OF paper, and bearing interes.
at tho rate Of two cents per Day, shouiu
circulate rs money. Whoever bought q
barrel OF flour or load OF wood or PAID q
DAVIS labor with such currency? As o
mctter Of fact, not abond OF less denomina'
ton than $50 was ever issued. Iheir
average size was 81 600! These bonds all
fell due in three years from their date;
They were issued In 1s84-'5, and matured
in lS67.'S. Uponth their face they contained q
provision that they were etofbey tunded ~
maturity in what is known, as the 5-so
bonds-a Q per cent gold interest bond.
A. maturity they were 30 funded. Tho
Democratic and National case against the
Government is only made out BY dlshoness-
tly suppressing this fact from their ignorant
dxnes. five arc charged up with The 7.3O
bonds. pray why not credit US with their
proceeds? II the one issue is currency,
20 is the other. The $50 bonds are used
for exactly the same purposes invest
ments and collateral securities, as their
parents, the 7.30 bonds. Such a system
Of bookkeeping would ostraciseany merch-
ant from the community, and yet o fn
enemies, in their eagerness to make out 2
case against the Republicans, do not
stickle at such dishonesty. Show both
sides OF tho. books, gentlemen, apd there
has been no such contraction as you claim.
r. onIy remains to add that the interest
notes were issued in 1S8+'65, and matir-
ed in one, two and three years and Mt
maturity we're promptly redeemed. There.
are several unanswerable INES Oh PROOF
| that give the lie to this wholesale charge
| OF shrinking tho currency ana conhtrin inc
foregoing statement. -.
II this slrinkage occurred, It TOOK pace
| in 1868. go, and hard times should nave
Immediately followed. It Is Impossible
Tor any man TO lose one-halt OF his money
ar means and not feel the consequences
Immediately. So witha nation Accord.
inc Il, the Democrats, vein lS6S-'69, lost
$500 000, 900 from currency, butthe effects
wore not visible for five years; The hard
times commenced in September. 1873,
with the failure of Jay Cooke and the col,
lanse Of the Northorn Pacific Railroad
bubbleI will some Democratic leader rise
and explain Why this delay In lsBS me
| Democratic party antagoniZed the kepuon1
cans with yirulcnt bitterness: Everything
tbat could be saidagainSttheir Admlnistra'
t;on was then said. Yetnoonein lSBS ever
draameI az this vast Bhrinkage oil currency
having occurred. II It were true, could y
possibiy have escaped tho vigilance ot the
democratic party, 80 keen and aeiye %
And cause ior political discomfort? Such
extraction would have furnished the
most effective plank In their national anai
State platforms. Io1 ~ 't..l. n.
The panic Of 1873 sot in upon 2 r,stn9
currency. Our currency reached its Low os
est point in 1869, and was then s695,ooV,Tl
900. LID. .l,n .li. ni
We had s1 ,s IT, over anu above s cur
We RGd 10 is7i over and abOrs the cur az an, ooo
rencY Of 1872 .'''s'..ss -'IN''yN4
We had - s' oreF haa a9o.s s 100000
W. ,.n s,d o.iss ~: c.St a"a a".s" OOOO
Of s''ssssdsst coSstSNS
Now. will some one please explain, II the
shrinkage ofthe currency caused tn n. .lIana
times, why this natural increase to9S ptace
from 1870 TO lS742 II there haa pee si,g.
sudden change, then there would 10 alnst
ground for charging the Government WIN
Unworthy manipulation for political eleSt
All over the world from 1873 70 lsIl me
same phenomena were observed, espec'al-
| " 20 In those nations Ehere there was no
suspicion Of tampering with tho currency.
England, pre.cminonilc the hard'money
nation OF The world, in these years suffer;
ed more than wc d.; BY hard timCst SO
win Germany and FRANCE. Thelaboror OF
The United States Is friday and has boon
fora lSstfcn Sdars, Sbettce pad, fed And
clothed, than tho English or German
iahorer', The great iron, coal, and cotton
Industries Of England have been for tho last
Ave YEAR completely stagnated. This can.
not be charged up us, iortha upRed
States Consamp tioa-o OF Eng land goods-tn'
1874 did substantially tait ef ff9pi
former years. - ~ ~ L. -
II hard times Is caused By the contrac-
finn OF the currency, why Is II that to-day.
between suuup and sunset tho United
sss,.s Loa hnrrawRd 81 .OC0. 600. Of It's poo