The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-08-21

" ~ az kAltAAI tuAAAN ONGA u AuEdklg
{ already settled and acquiesced In! VII.
/ elect General Ewing, who was mistakei
: In oil his prophecies, and still cannot cor
7 ceal his hostility TO that policy? Til
Democrats Of Pennsylvania and OF Mary
land have, In their platforms, declared
their acquiescence In resumption. Eyei
MIR. Pendleton, In a recent speech In Gin
cinnati, said:
"'Specie payments arc resumed the,
! tell us . l admit 1t. am glad .
!, It ] hope II may not be disturbed.
would do nothing To impair H."
II this be so, and the resumption ques
ton Is settled already, ought not tho partS
\, Whose ideas prevailed and happily settled
this most difficult question 10 succeed al
the elections, rather than the party who
opposed and cried against resump
tion2 Resumption has come to stay.
II you want 1t to stay, you must moi
put in high position those whose
interests, pride and ambition would lead
them TO overthrow 1t, but rather those
who will use all necessary means to main,
tain and preserve the specie standard, and
complete the work by oil measures tina,
experience may show to be necessary.
NECkSSITl FOR COlN REsERVR, I
OF what do our GreenbaCk friends now
complaint They say there Is a large re.
serve Of gold kept idle in the Treasury,
So there Ia. One hundred and thirty.
eight millions OF coin In the Treasury
awaiting any demands that may be made
upon IL In the redemption OF United States
notes. But, why Is this? Because expe.
rience has shown that sufficient coin must
be held In order to produce the necessary
confidence to maintain resumption. This
Is an established axiom In all systems OF
banking since any existed.
1t Is said that we lose interest on the
amount OF money invested in this coin.
SO We do; but a part OF the fund would
be necessary, at all events, TO carry on the
ordinary operations OF the Government,
Ninety million dollars OF II was created by
the sale Of bonds on which we are now
paying interest to the amount Of $S,025 900.
This is the c u OF resumption, and the
only cost. But, in return, we have already
secured an annual saving by our refund.
ing operations OF $l4, 297, III. We have
also secured a large reduction OF interest
on private and public debts and the debts
OF cities and corporations.
You say that this reserve is too large.
The answe is, that it is better to have
enough. With enough there will be no
demand for redemption, while a doubt
would create a demand. Experience has
shown that 10 per cent is sufficient, and
therefore that amount has been accumula.
ted. Those who would attack this reserve
are opposed to resumption. Sometimes u
man visiting one Of our great workshops,
and seeing revolving in It's course the i'm.
mense iy-wheel OF an engine, might think
that much iron was wasted in It's Construc.
ton but the practical machinist knows
that the weight and momentum Of the
wheel givei steadiness to the whole ma.
chine. An ample reserve is the only
means yet devised to maintain specie pay.
ments. Though l formerly commended,
and still believe, that u less amount in
coin, with the free privilege Of the issue Of
United States bonds, would be sufficient
to maintain resumption, and hope at SOM
future timei it will be adopted; still, until
then, this reserve ought not to BIO dimin.
ished to any considerable degree.
Another thing, my G~reenbaCk friends:
Resumption has produced every re.
suit which you in former times
demanded, and has met every
complaint which YOU then made. You
complained that the i~ve.twenty bonds
were not paid in greenbaCks; but it SO
turned out that all these bonds paid since
resumption, amounted to S372, 205, 1900, have
been paid in greenbacks, and not only the
t%iue.twenty bonds. but the one hundred
and ninety.four million ~ten-iorty bonds;
and the interest OF all the bonds is now he.
ing daily paid in United States notes.
You have also complained that certain
taxes were collected in coin, and a dis.
elimination was kept up between the note
holder and the bond-holder; but now all
taxes are paid in United States notes, and
they are freely received for all taxes and
on all demands, and no discrimination
whatever is now made in any payment
between United States notes and coin.
no CONTRACTION UNDER RESUMPTION.
You complain that the resumption act
reduced the volume OF paper currency.
Instead OF that, the volume OF currency
outstanding is still $1,000 ,96S, and is in.
~cseasing, and gold and silver coin, in VA.
rious forms, Is in circulation, or is held,
in reserve in lieu OF circulation, to the
amount OF $685., 443,9i7, thus showing an
aggregate circulation Of Sl,0i2, $50, OILS, or
$2l II per inha6itant, and provision is
made by existing law for increasing the
currency by the issue Of national bank
notes whenever the business OF the Coun-
try will justify and demand their issue.
Gold is now flowing freely into the coun-
try from Europe, and our W production
is kept at home. What more do You want?
RgFuNDlNG OPERATIONS.
And now l wish to call your attention
10 a paragraph in General Ewing's speech
at Lancaster, which, l respectfully submit,
conveys more error OF fact and Inference
than any equal number OF words recently
uttered. lie says:
"Mr. Sherman claims great credit for
having successfully funded SSH, 900, 900 OF
the public debt into five, four and a hall,
and four per cent bonds since March 1,
1877; reducing the interest paid by the
Government about Sl0,000,0O0 year. 1t
appears, however, by tho finance reports,
that the interest on the public debt paid in
1877, was SOL, l24, 1000, and last year $l02,-
100000, and this year SOS. 100000. In
other words, in 1878 and 1870 over thir-
teen million more of interest on the debt
has been paid than when Mr., Sherman
took charge Of the funding operation. That
large sum is what the operation cost. It's
made upoi bonuses in the shape Of double
interest and OF commissions paid to syndi-
Gates. Meantime Mr.. Sherman has in.
creased the principal OF the bonded debt
$50, 100000. 1t will take the savings OF in
terest by refunding for eight or ten years
to pay of this increased bonded debt and
the bonuses and double interest, and get
even on the entire operation"
In this statement General Ewing mixes
together in quite a "Pinafore' way, the
process Of refunding and Of resumption,
and tries to leave the impression that the
two, taken together, have increased the
public debt and the public burdens. Now
let US see how a plain statement Of Official
facts will put this down:
Since the LIST Of March, 1877, the Treas.
my nnnnrkmnnk hns cold for rninndinr