Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-07-25

rency will not be lett hall cOstlesS anu
half subsidized-h issued by the
government and half by private corpora,
tons. 1t should and VIII be issued
wholly by one power or the other,
Give the Republican party new en-
dorsement, dominated and controlled as
il is by the National banks, and you
will find that either through acontrlved
judicial decision, or directly by legls--
lation, your grecnbacks will be wiped
out, and the money power VIII give
You Just as much or as little paper money
Tor your business rs it pleases, and VIII
regulate the values of your labor ana
property TO suit itself.
Our experience has demonstrated that
no matter how plentiful may be the sup,
ply of gold and silve, the greater part oil
the money actually current will always
be paper. On the volume OF money ac-
tually current depends the prices OF Ia
Dor and commodities. AS that volume
rises prices 90 up, and as it falls they go
down. The whole volume OF money
current has rarely been over hitleth
part OF the aggregate value OF the prop
erty of the country; yet, when the
money in actual circulation Is reduced
one hundred millions, that reduction
shrinks the value OF labor and property
to fifty times the sum of the currency
reduction; and so, when the current
money is increased hundred millions,
it adds fifty times that sum to the az
gregate selling value OF other property.
SO. too, when the volume of currency
diminishes and prices consequently lall,
all business becomes unprosperOus;
while when the currency is being IN
creased, values rise and business De-
comes good again. The power to con-
troll the volume OF currency, affecting as
it does so profoundly the general pros
perity, is in its nature a sovereign
power. The welfare of the people de-
mand that this power to expand or con-
tract the currency, to raise and lower
values, TO give prosperity or intilct dis
tress, shall not be committed to the
hands of private individuals or corpor-
atoms, and least of all 10 corporations
representing the holders OF public and
private debts whose wealth is increased
bv every fall of prices and is diminish d
bv every rise. 1t should be exercised
by the government alone, in such man
ner as shall give to the debtors, tax
PAYERS, and industrial classes the assur-
ance of Justly established and stable
values. If two or three thousand prl-
vate corporations corporations acting, as
they always do, in the interest OF the
holders of money securities, are per-
mitted TO control the volume OF cur
rency at their pleasure, there is no limit
to the injury and loss they may inlet
upon the people, or to the wealth they
NAV themselves accumulate by hidden
and concerted measures OF expansion
and contratiOn of values. 1t was pre-
ciselv this danger which led Jefferson to
resist the corporation of the first bank
of the United States under Washington
administration, and TO oppose the re-
newal of its charter under Madison, and
which led Old Hickory to make his
great and successful fight against the re-
charter OF the bank.
Aside from this reason against giving
private corporations control over the
volume OF currency, it is TO be borne III
mind that the substitution of legal ten
der Treasury notes for bank notes Will,
even since reminding, save to the peo-
pie at least ten millions OF dollars per
annum. With the Treasury notes so
issued i'm place OF National Bank notes,
United States bonds can be bought in
the market and cancelled and the inter
est thereby stopped; while the govern
ment will lose nothing whatever IN taxes
bv such substitution, except only the
one per cent. tax on circulation, that be-
inc the only tax which National Banks
pay that is not paid by all other banks
of deposit. discount and exchange.
Had the Republican party desired to
diminish rs rapidly as possible the pub
lie debt, it would, when the war ended,
have prohibited the incorporation OF
any more banks OF issue, and gradually
substituted Treasury notes for bank
notes.-the power to make such SubStl-
tuition having been reserved in the Ma
tional Bank Law. II they had thus
promptly given the people an exclusive
government currency in place OF bank
notes, our bonded debt would now be at
least seven hundred millions less than
il is. No reason which will bear mo-
ment's consideration can be given why
this thing should not have been done.
Nobody prctends that the greenback
which redeems the National Bank note
is not better than the thing it redeems.
There is but one reason why it failed to
thus reduce the debt. And that It's his:
that these two thousand National Banks
were needed by the party rs a break
water against the people. Hence, since
the close of the war, the people nave
been practically robbed of about seven
hundred millions OF dollars to prevent
them exercising their free choice OF their
own servants.
Another bad feature of the National
Bank note system is that its perpetual
ton makes necessary the pcrpetuation
of the public debt, because bank notes
are secured only by the bonds OF the
United States. ANY reduction OF the
bonds outstanding trenches on the
means of eXpasiOn OF the system, while
the payment Of the whole debt would
destroy it. Hence the Republican party,
as the faithful servant OF the money
power. has shown no eagerness TO re-
duce the debt, but alaCrity to increase
il: while on the other hand the interest
OF the people demands, in the language
OF the Ohio Democratic platform, that
the further increase OF the bonded debt
in time of peace be stopped, and that 1t
be'put in process OF extinction
| have thus hurriedly discussed the
claims made by the Republican party in
behalf of its finance measures, and the
position taken by the Democracy OF Ohio
in its latest platform, respecting them. l
am quite willing to submit to the decl-
sion of the people on these issues. | am
sure that an overwhelming majority OF
the voters OF Ohio think that the Repub-
lican party should be expelled from
power; that justice and sound policy
demand the restoration OF silver TO It's
OH equality with gold as a money metal ;
that the general government should
issue all the currency, whether paper or
metallic; and that our great national
debt should not he increased, but rs soon
as practicable paid off according to the
letter and spirit OF the contract. The
Democratic party OF Ohio, and five
SiXths of that party throughout the
republic, stand united on these PROPOSE
tons; while the Republican party stands
solid against them.
Now why Shoull the men OF Ohio