Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-12-05
THE INPELLIGENCER's PLEA FOR
CONTRACTION.

]
rencv. the Iatslligencsr comedies the va
Hdity of our argument against such
policy, nv the statement that Nobody
demands redemption these times be-
cause specie is flowing to our shores to
nav for the necessaries OF life, and is ac-
cumulating."
Our argument was, that the initiation
of prices is not chargeable to either the
quantity on quality OF our currency, but
to 4 diminuton in the bulk OF the coun-
try's produces, brought about by large
expectations.
NOBODY has complainedOi our curren-
CIV, nobody has rejected it, and nobody
is suspicious OF it. The greenbacks
have maintained their standing, are
taken in preference to gold, and nobody
/ demands redemption, although, as the
LislligcHc,r states, "specie is flowing to
our shores, and is accumulating.'
II there were too much money, that
fact would soon be demonstrated by the
boarding OF coin and the depreciation OF
/ the paper. But il every dollar OF every
variety Of currency in circulation is
equally good and acceptable, it cannot,
with any show of reason, be maintained
that the advance in prices is due to the
character OF our currency.
lit is due to the roimS, then We
maintain that it is a good condition for
the country. Ii we had the same vol
ume Of currency rs now, all in gold, the
result would not be different. Does the
| Hisliigsucrr hold that IN advance in
prices under such conditions would be
a calamity? Must tine farmer whose
products have brought the country an
/ abundant increase Of wealth, be restrict
Ell by unnatural legislation to low
prices, when the laws Of trade have sent
them up? Shall the wave OF prosperity
be intercepted before it reaches and re-
munerates the sources from which it
was originally drawn. Shall those who
sowed, not be allowed to reap" Shdl!
the tillers of the soil be relegated TO
hard pam by an act of legislation, now
that the money changers have filled
their Golfers to overlooking?
Who is heartlcss enough to complain
OF an advance in prices rs long rs th'
producers by whom the country is
nourished are getting simply the return
which the laws of trade award them?
/ In our view there is no more conclusive
/ indication Of an Unprecedented degree
! of prosperity than the one fact in Which
| the IyisUigfucSr finds cause for alarm,
viz: that with country full OF good
money our products are advancing in
| price.
We have shown that the result is not
brought about by any fault in our cur
rencv, and it must, therefore, be re-
ferred TO the fact that We have found a
market for all the surplus products
Of the country that We care to
export at low prices. There is nothing
more natural than that when any COM
modify becomes scarce it will advance
in price. Ii there were but 4 single
barrel Of flour in Wheeling, with no I'M
mediate prospect for more, Il would be
held at a fabulous price; and ii the
neighboring markets were rating lower
than our own, that barrel Of flour would
be sold at home.
We have, perhaps, reached some
similar position rs regards the Euro
pean markets. We can sell what is left
of our years produce at home to as good
advantage rs abroad. Hence eNporta-
ton is checkcd-we close cur position
as an expOrtiugcountry.' And who will
not fndoccasion torejoice that we have?
Who will not be glad, that with the
country already enriched 10y eXporta-
tious, the price OF commodities abroad
will not deplete our own markets and
run the prices up at home?
II now, the other result follows, OF
which the Ig',lgs0cr' complains, that
we will soon become n heavy importer
from Europe, and will ship specie to
Europe" will not the laws OF trade ac-
complish for us just what the inig'Iiy"cr
thinks ought TO be reached boy Congress
siOnal action, that is, reduce the volume
Of our currency? And If our specie flows
out, and Congress in the meantime has
| gobblcd up the grccnbackS, what is the
| H.iellig,ursr going to do about it? Would
it not be disposed to reflect on the stu
| pidity Of a Democratic Congress which
undertook to interfere with the laws Of
trade, and brought the country down q
second time % where 4 forced rcsump-
/ fipu left ito