Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1892-08-07

VERMILLIoN, O., August Gan I'M
mense crowd of people cheered them
selves hoarse this afternoon at Linwood
Grove. 1t was virtually the opening OF
the national campaign of 1892 in Ohio
for the Republicans, and the enthusl-
asm of those present found vent when,
at 1890 P. NJ, the orator of the occa-
sion was introduced: Hon. Charles Eos
ter, President Harrison's Secretary OF
the Treasury, who left Washington yes
terday for the special purpose OF being
present here this afternoon. The great
outburst Of applause was partly In the
nature of tribute to the personal pop
u!arity Of the distinguished Ohioan, and
was gracefully acknowledged by him.
The audience was largely composed OF
farmers.
In opening his address upon the cur
rency Of the country, Secretary Foster
said:
1.-The occasion will not permit the In.
PRODUCTION of political discussion, and
for this reason the subject assigned me
is one that in its presentation Will be
largely historical and free from partl-
sanship. Since / commenced the inves-
tigation, so as to be able to give full
and accurate history of the subject, one
of the great parties Of the country has
in fact declared in favor of the rehabila-
ton of the present discarded system OF
State banks.
Tits possible that some Of my hear
ere may think that have exceeded
THE BOUNDS OF PROPERTY
in what may say upon the subject OF
the proposed substitution OF the old
State bank for the present national
banks as banks Of issue OF paper cur
repcy. It seems to me that the blame,
il there be any, should rest upon the
convention, and not upon me-
The Secretary then proceeded to give
an historical account of American cur
rency from the time of the colonies TO
the present day, and made the follow
ing allusion to the paper money Of the
continental period:
at. has become more or less fashion
able in some quarters lately TO denounce
Congress for its action during the war
In borrowing money honestly to main
tain the government, instead OF paying
the nations debts in Greenbacks. Ex-
perience with the continental currency
shows the folly Of the course these peo-
pie would have approved and the wis
dom of what was actually. done. The
continental Congress was not to blame
for what it did. 1t had no authority
from the colonies to levy taxes, and its
only resource was TO resort 10 the issue
of paper money. The cost Of the Revo-
lutionary war fell on patriotic people
who received the currency. The Tories,
who were the copperheads Of those
times, refused the continental money
and were the only ones who escaped
ruin"
He next reviewed the condition OF the
circu alton prior TO 1860, and described
at considerable length the panlcs OF
1914, 1897 and 1857, and the disastrous
results that followed each.
"The arrangement Of the paper cur
rency." he said, twas the important fac
tor in each of the three revolutions.
The trouble was always preceded by a
period of great prosperity. The people
were growing rich. They desired 10
grow rich faster. To this end they sub
stituted for the legitimate enterprise
wild speculation in which they were
aided, and indeed, often led, by such OF
the banks as were
IyNTRAMMELED BY RESTRAINING LAWS.
"Had the banks confined their issues
OF paper money to the proper needs OF
OF trade and industry, the panic in each
case would doubtless have been less in
tense and the recovery from depression
more rapid"
He gave an interesting account OF the
war circulation and the means used by
the Government to raise money to carry
on the contest. Continuing he said:
1.-THE system OF issuing bank notes was
radically changed by the bank act Of
June 3, 1864. The notes issued by State
banks were not uniform in value, even
at home, while very few banks were so
widely known as to give currency at par
to their notes at any considerable dis
lance from the place OF issue. A trav-
eler passing from one State to anotl or,
or even between distant points in the
same State, was compelled to pro-
vide himself with coin IL he
would avoid the vexation and loss in
cident to his condition. An extensive
aud profitable business, known as note
shaving, grew out Of this state OF the
currency, and the loss usually fell on
those least able to bear it. But bad as
was this condition, II was worse in times
of panic. Then the suspension OF specie
payments BY the banks still further i'm
paired the value Of all bank notes and
in many instances completely destroyed
II. There is no doubt that the variable
values OF bank circulation before the
war increased the cost Of living and di-
mipished the wages OF all classes, and
that none were benefited thereby but
the banks of issue and those whose &C.
cuuation was note shaving. There was
another feature of the State bank
circulation that was productive OF loss
and inconvenience. Each bank had its
own plates engraved in a high or low
style of art, according to the means or
caprice of the bank officials. Hun
dreds Of dollars,
GOOD, BAD AND INDIFFERENT,
were therefore in existence and only an
expert could distinguish counterfeits
from genuine notes. This increased the
tendency of the notes to remain within
A narrow circle and at the same time
added to the opportunities OF profit or
fraud in their circulation. The rate Of
exchange on New York upon the best
Ohio paper was about three per cent.
nSInce the establishment OF the Ne