The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-12-04
Che Gnte4iqe1ter;
,oIc4, No.. rs aud n Fourtsenth strosi,


the Republican cry ol warning agRinS
SLat, 10 1t, appears tendency Of tn
country TO accumulate too much money
The argument Is, that great volume o
currency will have the effect ~ TO advance
prices, and (2l that we will thereby lost
1nr position as an exporting country.
Ne admit that both oi these results will
follow, and have already been mani
tested to degree, as the volume OF cur
reucy has been expanded by large Influx
Of coin from European countries.
Hat what OF III Are these eViIs, TO be
avoided, or natural and corrective con
,litious OF trade, 10 be welcomed?
Who will complain OF it as an eViL II the
prices OF his commodities have advanced,
80 long as the demand for them Is active
and purchasers have plenty OF good money
with which to pay? What more complete
Illustration OF high prosperity than such
acoulitiOn 2-Regtstcr Of yesterday.
The R1gister makes two omissions above
that are very important in regard to an in.
Aation Of prices and the loss Of our posi-.
tion as an exporting nation.
Let US be plain on this subject. We
hare nearly 100000, 900 Of paper money,
and nearly one half Of it is Government
paper redeemable on demand. Nobody
demands redemption these times because
specie is flowing to our shores to pay for
the necessaries ollie, and is accumulating.
The arrival Of this specie, added TO our
gold and silver Coinage, and our constant
increasing bank currency, is gradually, but
surely initiating prices, and we are daily
drawing the strings on our export trade.
What made the wheat glut the other day
in all the Atlantic port elevators? Simply
the fact that We had run the price above
the shipping point. Wheat for the time
being was relatively cheaper in Europe
than in this country.
Now suppose we go on, as We are doing,
running up the price Of everything beyond
the shipping point. What will iollowp
The same thing that obtained prior to the
panic. We will ship specie to Europe.
How long can specie payments be main
tanned when it comes to presenting our
demand proper at the Treasurer's Office to
be exchanged for paper to be sent 10
EnroPe? Not long; very short time in
deed
The exports Of England to this country
are increasing daily. As our prices go up
above hers so will her exports to our
shores increase. There is point at which
she will again market large amounts Of
her manufactured goods among us. The
greater the plethora Of money among US
the faster and the more certainly will We
agaiu be heavy importer from Europe.
The London Tmes has an abiding conf
dence that history will soon repeat itself
in this country. That paper made the
following remarks on this subject on Mon.
day last:
"Themoney that has flowed in such profu-
sion from Europe to the United States can
not always remain there. Its presence will
soon bo felt in lise OF prices throughout
the Union, and as soon as rise has been
established demand for European goods
will follow and the current OF money from
the Eastern to the Western shores OF the
Atlantic will be arrested II not reversed.
A process OF this kind cannot be complet-
ed within q week or month, but It's de-
velopment may be anticipated as con-
hdently as the movement OF the tide"
The New York Herald OF Tuesday puts
the danger to which we are exposed by
the existence OF large volume OF unre-
deemed government money very forcibly
before its readers. We quote from it as
follows:
AS soon as the prices rise high enough
y Hood OF foreign goods will come pour
ing into the country. The drain OF money
from Europe will lower prices there, in
ttation will enhance them here and Euro
pean commodities can be sold at high
profit 10 our market. Then the resump-
ton experiment will begin to be tested;
then the tide Of meney will begin to flow
back into Europe, and greenbacks will be
offered at the Treasury to procure gold for
expectation. II, alter the stream Is turn
ed, there should be prospect OF short
crops in America and IN abundant har-
vest in Europe, 1t will require all Mr..
Shernan's skill to weather the change.
The government Is trusting altogether too
much to luck and accident.
The most urgent duty incumbent on
Congress is to withdraw the greenbacks
with nearly the same swiftness with
which foreign gold is coming into the
country and thereby arrest imitation,
What the country needs is, to repeat the
Presidents expression, "a safe and stable
currency" A circulating medium which
mounts as ours is now mounting is not
stahle and therefore not safe. We had
money enough before, and the green.
backs ought TO be retired in about the
same proportion that gold flows in, one
process keeping, as nearly as practicable,
even step with the other.