Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1892-03-03

only exception being the S346, 600, 900 In
greenbacks having only 500, OOO'VOo IA
coin reserve. Inc ihesa,s
alone never have been and in all prop
ability never will be sufficient to supply
the demands Of our people with sum
Gent volume OF money. Does this TACT
necessarily mean that we must
abandon metallic money and resort 10 a
material the supply OF which Is OF
| greater abundance or without limit
! Not necessarily so. Yet when we go
beyond the limit Of coin, or paper rep
resented by coin, dollar for dollar, we
enter the realm Of good faith, the 40
main of credit and confidence. we are
I in the latter condition to-day. we al
WAYS have been, and probably always
will be. TO a greater or less extent de-
pendent on good faith and confidence
/ for the stability OF our financial system
If it were once under
stood that the Federal Government was
remapded back TO its undOubted Con-
/ stitutiOnal powers, and would perform
those duties enjoned by the ConstituH
ton. that is, coming freely both the
precious metals, gold and silver, Tor
/ the use of the States, and that the
people OF the States must look to their
/ own local governments to supplement-
/ this with whatever credit money they
required, We should at once reiegate al
most entirely the money question from
/ the halls of Congress. Ii Tor
any reason our gold is drawn abroad,
/ confidence fees, boarding begins, ana
/ All business is threatened with collapse.
/ On the other hand, should gold leave
/ Western Europe panic is threatened
/ there. Our system or vol
ume of business is not elastic enough 10
meet any extraordinary demands. Our
wheat and cotton cannot be moved
| at the same time, except at
/ prices that must bankrupt the
| PRODUCERS. If it were possible for the
/ laboring and producing classes OF thls
and other countries 10 exchange their
/ products without the interference OF
/ governments acting in the capacity OF
/ middlemen, taking all the profits and
more at the custom houses, there would
/ not be the great demand for money we
/ now REQUIRE TO move our surplus. But
/ the taxation of the Old World to keep
up It's standing armies and OF our own
/ government 10 defray war expenditures
/ in times OF peace, dOomS all TO the pitt
/ less exactions of the tax-gatherer
These exactions cannot be borne with
out a volume OF money commenu-
/ rate with the drain imposed upon labor
| During the most economical admlnlstra-
tion of the government since the war
we appropriated over $500, 100000 at one
| Congress of two years, and that, too, at
/ a time when our pension list called Tor
/ only SIS. 900, coo, an item which Is now
/ nearly doubled. Indeed, our present
pension laws represent a capitalized
debt Of at least five billions of dollars.
To compel the productive in
duStries OF this country TO bear these
enormous exactions Of war taxes in
times Of peace without sufficient vol
ume of money 10 sustain the wages or
labor, is simply pitiless decree OF con-
fscation Of all the products of labor.
The large purchases of silver author
lied, by which 4,5O0,000 ounces are
purchased every month. have not tend
ed to bring the two metals nearer to-
gether, for the very plain reason that
the notes issued in the purchase OF this
I OllllOn are lTtdl6u ny ID" anu wv
I Treasury Department as gold notes
/ The coinage of silver dollars is sus-
pended. This new strain upon geld
redemption, aggregating about $4,000
600 annually, has caused semi-panic
in the gold market and sent up gold as
compared 10 silver. Should the Secre-
tary of the Treasury attempt to sell
bonds to procure more gold, as he has
threatened to do, he would find that he
had precipitated very general feeling
OF panic, if not the real thing itself.
Free coinage will give an increased use
for silver, and proportionate decreased
demand for gold. This will cause the
one perceptibly to rise, and the other
to fall, until the parity is practically
restored.