The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-09-18
Henry y. walker and Imitation

Editorial In his papeF-tho CouIeT)
A leading Republican paper in this
State, in the gravest manner possible, ex-
presses fear that the imitation Of the cur.
FenCy, which the Republican party has
brought about, by adding gold and silver
to the circulating medium, may be follow
cd by an initiation in prices, and intimates
its belief that as oil has been done which
Republican Greenbackers desired, they
will one and all forthwith return
to the Republican party. In this,
as in many other matters, the Re.
publican press does not deal fairly with
Republican voters. Men cannot be won
back to party allegiance they have re.
nounced by insults to their intelligence.
The Greenbackers OF the country under
stand the farce Of resumption; they know
that ut but one place in the United States
can gold be had for GreenbaCks-that
gold and silver coin instead Of being ad-
ded to the circulation is boarded at the
Treasury or in private vaults. from the
continuing apprehension that the bubble
OF resumption may at any time be pierced,
and whether they be OF Democratic or Re-
publican antecedents they will have no
confidence in the party whose organs do
violence to the majesty OF fact, and
cry peace and prosperity when there Is
neither In existence. rr.
The paper referred to by Mr.. Walker is
the ISrELLIdEScER Of recent issue. We
endeavored to show the other day that
inasmuCh as the paper volume Of currency
had been reinforced by the whole amount
Of gold and silver in the country, the
grand total Of money now greatly ex-
ceeds the amount available prior to re-
sumption. We estimated the sum total
as high as a thousand millions at this
time. This immense volume Of paper and
specie is being increased every week, not
only by the rapidinaux ofgold from Europe,
and the new coinage Of silver constantly
going on, but by the increasing cirCula-
ton Of the National banks. AS the law
now stands any number of National banks
can be started, and there is no telling the
extent to which they can increase the
volume of paper money on the present
mixed coin basis. This we hold is an in
aation that ought to satisfy the Green
hackers. 1t gives them what they have
talked about 80 much-a flexible currency.
As more money Is wanted more National
banks will start up, and il less money
should be wanted the banks can surrender
their circulation and curtail It's volume.
Mr.. Walker contends that resumption is
farce, and that gold and silver are
not available to the people. The reason
why silver has not been fully available is
because the people did not wantit, but late
news from Washington shows that new
way has been discovered Of making it
available. We refer to the silver certif-
Gates that are now coming into use. We
call Mr.. Walkers attention to the follow
Ing Washington dispatch Of late date
WASHINGTON, September Alt is rapid
ly becoming apparent that within q short
time a new form Of currency will come in.
to general usel In all the commercial CEN
tres, and extend itself gradually through
out the country, il the coinage Of the ln-
wicdly silver dollar continues. Ten per
cent OF all checks now presented at the
Treasury here or at any sub.Treasury are
paid in the silver dollar. This OF course
rapidly increases the quantity OF that coin
which flows out Of the Treasury into circu-
ton. On account OF its unwieldy charac-
ter, the use otthis coin isavoided by every
one. Consequently the majority OF the
people when they receive $40 or upward
Of 1t go to the Treasury or sub Treasury
and have It converted into silver certih.
Gates; This conversion has become such
a rule here that Treasurer (iilfllan,
to save trouble, is now giving these certiE.
Gates In original Payments instead Of the
coin, where parties prefer them. Nearly
every one prefers the certificates; Conse.
quentIy they are rapidly taking tho place
Of silver, and, to certain extent, OF the
Sl0greenbacks. The banks show a great
Willingness TO pay out the certificates
which they have, but exhibit no remarka-
BILE alacrity in receiving them. ~
As for the other point made by MIR.
Walker, the availability Of the gold coin
in the Treasury Of the United States, we
beg to quote for his Information the, fol.
lowing additional Washington dispatch:
WAsulNoToN, September lG.-The aeon.
mutation Of gold aud silver coin ia pro.
crossing so rapidly that tho question OF
storage Is one that gives tho Treasury CON.
Siderable embarrassment. The SecretavV
regards the coin balance as so strong nov
tnAt he mas concluded 10 make aFrance!
mems 70 offer gold in exchange for green.
backs at all the Sub.rreasuries, instead nfl
connnlng such exchange, az herelnIoES al
New York. N' 's ~ S.t W
The great problem Of the Treasury now
IS not now TO maintain assumptions butl
now TO induce the people to take gold for
tnelr greenbacks and so relieve the pres.
sure on the Treasury vaults.
This looks as II Mr., Walker might be |
slightly mistaken when he says that re.
sumption is farce. 1t also looks as ifthe
coin was to be made available for clrcula.
ton. 1nasmuch as the paper circulation
Of the country is larger now than it was
when resumption took place, (by reason, Of
tho increase In National bank circulation
and 'nasmuch as the coinage Of silver is
being daily increased, and inasmuch as
gold coin is TO be offered to the people at
all the sub.treasuries, and inasmuchI as
the business Of tho country is 50 largely
doneby checks, and inasmuCh as prices
arefrom 80 to 50 per cent! less than when
the panic broke out, we really do not see
why the volume Of money should not now,
be considered quite equal to the demands
oftrade." !'i y -
Mr. Walker considers tho revival OF