The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-12-08
WASHINGTON.
The Financial Problem The President
Plainly Expresses Hls Views on The
Sltuatlun-The Negro Ex.
Odus From North
Carolina. ..
FINANCIAL rorics.


, from what majority OF Republicans ex
pected. 1t probable, however, that how
ever much talk there may be there will bt
, no action.
General Garfield, in conversation OF
this subject, said: ~ was good deal sur
? prised TO see Sherman and the Presiden
come out so tlat-footed. While any ont
who knows anything whatever Of me il
aware that my views on finance, which
have uttered time and again, in and out o
Congpess, are in favor of getting rid OF the
greenbaCks as soon as possible, but air
not prepared 10 say that 1t ought 10 bC
done now. think the better plan would
he to let things adjust themselves to re,
sumption, and then feel our way carefully
along"
A Western Senator, who Is member OIL
the Finance Committee, said: AZ don't
believe there are more than two members
OF the Finance Committee who believe in
the expediency OF attacking the greenbacll
as 1t stands at present, in any particular
Perhaps Bayard and Morrill, may think II
a good thing to retire the greenbacks, but
I'm quite sure that Bayarl, with his Pres
idential asperations, dare not come out
openly on that platform. ltwould be the
most unpopular thing man could do"
THE PRESIDENT EXPLAINS Ills ATTITUDE.
In conversation to-day President HAYES
expressed himself quite freely as to the
pending financial questions. His attention
was called to proposition for currency
OF $500, 900. 900 without coin reserve, and
acoin reserve of dollar for dollar for all
issued above that, this system to replace
the present legal.tenders and bank notes
He replied: "As thesis for discussion,
that is quite interesting. have not con.
sidered it, but to those who regard our
Constitution as plastic and easily to be
changed, such q scheme might present
merits. Such currency could not, OF
course, be issued without change in the
Constitution. am not an idolnter OF the
instrument. There are some changes
should like to see made in it, but at present
it is all we have, and itisthe view, think,
Of the sound men Of all parties that the
only money contemplated by the Consti.
tuition Is gold and silver.
There is no doubt that the Constitution
was made by hard money men, who had
just come out OF a period Of irredeemable
paper currency, and who were determined
TO guard against such money in the Con-
stttution. Taking the Constitution as 1t
| is, my position is that We should get back
into harmony with 1t as soon as possible,
The greenbacks are debt, nothing else.
When you are prosperous, pay your debts.
The greenbacks are at par in coin to-day,
bat the time will surely come, II they are
kept in circulation, when this will not be.
Suppose the balance of trade should be
against US for continuous period, and
our gold should be drained away from us
to Europe. We should have to suspend
payments, and then the people would be-
gin to refuse to take the deprecated pa.
per as legal tender. The case would be
taken to the Supreme Court, and the de-
cision in that case would very probably be
against econstitutionality OF such cur
rency. What are you going to do then?
The true way is TO treat it as debt, and
pay it while we can. Any currency, 10
have stable value, must be constitutional,
and it must not be in the control of Con.
gress as to its bulk.
ut is tho opinion Of all thoughtful men,
believe that Congress makes very poor
board of bank directors. Suppose Con.
gress had been in session on Black Friday,
and they had come down here from New
York, and said: 'We are In this terrible
fix, We must have relief Congress would
have passed bill increasing the green.
back currency to $500 900 600. The trouble
with Congress is that we must carry ali
our districts. Then there is always marty
in Congress that want large expenditures.
How easy when times arc hard to vote an
extra hundred millions ot currency and
give the people work. Such a power would
be fatal TO all economy in the management
OF the Government
"Then 1t is conceded that we must have
q banking system OF some kind, better or
worse. believe 1t Is generally admitted
that we have at present got the best bank
ing system the world has ever seen, Take
the case OF the failure of the Glasgow Bank,
There was lost by that failure many times
more than all our National banks have lost
to the public since they were established.
There never was such system. The
trouble with our baEkinR systems before
has been that they became monopolies.
"Here VIC havea banking system that Is
absolutely safe. Why should wo put any.
thing else in place OF Il? Other systems
Of banking and currency may have sue.
ceeded in other countries, but YOU will
probably find that they did not have such
a body as our Congress for bank directors,
"Now, some Of our Republican friends
come up here and ask me il We arc going
to have split in the party on this legal
tender question. say, split in the par
ty? No;why should there be any split In
the party We are all pretty much agreed
about the matter. Only am ready to be.
gin now and the others would like to wait
a while longer. There can't be any split
in the party. These men will ali come
around to my view. The Republicans in
Congress aud the Administration have
been thousand times further apart be.
fore than we arc on this question. and
there are forty things that We differ on
more than we do on this. Why they pass.
ed q bill over one Of my vetoes, and only
ten Republican Senators voted to sustain
the velo My position Is this, that we
must at all events keep the end in view,
that the greehbacks are 10 be retired, and
il there is any changing Of my views in
what l'haye said on the subject, can moi
: sseit. The greenbacks are debt; pay It
Thatis my view, and | am going to stick
to It."
eARriELD'sPurURE,
WASHINGTON. December G.-There ia
great deal OF interest here in reference L
tho Ohio Senatorial election, The pre-
!. vailing belief is that General Garfield viii
be chosen. His friends are very sanguine
! yet some OF them think it strange that h,
! should desire the position, when It in,
! Wolves his retirement from the House
! whore he is contessedIy leader amonI
3 leaders.
. nspeaking Of this matter to your cor
!. respondent, member Of the Cabinet re
i marked that Garfield in the House had
grand future before him. II think, an
p we all think" continued this gentleman
''that the Republicans will carry the mex
House. In that event Garfield will Gel
M tainly be elected Speaker II he remains
. member. The Speaker d third officer /
n n. .