Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-05-28
nrN SPINNER THE FINANCES


Treasurer. has written letter giving the
reasons why he resigned his office as
treasurer. After reeiting the fact OF the
Secretary having interfered with the
employees of hisofiee as minor element
in the move, ne dfscloses the further fact
that he was guilty OF having some hnan-
eial theories OF his own, with which the
Secretary was not in accord, and which
he. the Secretary, took the liberty OF
suppressing in the annual report OF the
Treasurer.
Itisanatter OF some interest to know
lust what the Treasurer ideas OF finance
were al that time, since his explanation
now seems To have been prompted by
what would seem to be a practical
adoption, to some extent, Ol the plan ne
then suggested. He says the Secretary
suppressed that part OF my annual re-
mort in which recommended the issue
of a currency convertible at the will OF
the holder into a bond bearing a low
rate of interest, which in like manner
being convertible into currency. Ithen
believed as | had for years before, and
as now do, that such a measure would
have made and kept the business OF the
country prosperous
Gen. SPINNER then goes on to say that
"NIy experience has been that about
once in generation, say in about
twenty years, q paper currency based on
promise to pay specie will fail, and
bring distress upon the country issuing
such a currency. In this country 1t was
so in 1916, in 1887, in 1857 and in 1873
the last time prematurely. As IL has
been i'm the past, so fear il will be in
the future. History in finance, rs well
As i'm other things, repeats itself The
same cause will bring the same result.
The country, if now let alone, will
soon enter upon a new career
of apparent prosperity, which will
last till the time comes for another re-
| lapse, a panic, and the suspension Il
specie payments. With an mtercon-
vertible currency, rs suggested, such
state Of things could not be brought
about. Such a currency would at all
times adjust itself to the exact business
wants of the country, and therefore a
commercial revulsion would be next to
impossible
The plan which Gen. SPINNER adyo-
Gated is, We suppose, TO some extent
represented by the reiunding certificates
now in the market II might be posi-
bic without taking even an additional
step toward Mr.. SPINNER'S plan, and
without further legislation, Tor the See
rotary of the Treasury gradually to re-
fund the entire debt OF the government
into these certificates, for, as We under
stand. the law does not limit the issue,
except that .hey cannot be sold in eN-
cess Of the amount OF four cents into
which they may be converted, and the
government can continue % put out
four per cents as longas it has any re-
. dpemablc bonds drawing Il higher rate
of interest. II is only a question OF
. time, therefore, until the whole debt be
refunded into four per cents, or bonds
bearing even a less rate OF interest
The distribution Of these securities
among the masses of the people would
give the many the privilege now con-
. fined To the few, of sharing whatever
I benefits are 20 De derived from the pub
I he debt The odium which now at
| lchc- To- the boudhollcr would be re-
moved. Exemption from taxation
would not work such harlShips when
the amount exempted in the hands OF
any one individual would be compara-
lively small. The privilege that the
capitalist now ENJOYS exclusively would
become that Of every citizen in proper
| ton to his means, were il but SO in eX-
cess of his liabilities. We would re-
guire in such case no military to make
I a 'stroug government, and no effort to
maintain the credit of the Government,
or ward of the danger Of reputation.