Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-03-17

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The following article from the New
York World, written by Mr. William
p. Thompson, o. the National Lead
Company, formerly of West Virginia,
will 6e read with interest because of its
author and also because its contains
much merit and matter Of interest:
The commanding requirement Of the
Constitution is that the government
shall coin money. Necessarily it Inn
plies the business proposition that 10
shall coin sufficient money FOR the needs
OF the peoDle. Correlativeiy, 10 implies
that the government shall pass such
laws as will enable 10 20 protect fully
such supplies, whether impairment is
caused by abaSement OF It's coin, cOun-
terfeiting. or efforts on the part Of other
nations % abstract It's supply OF money.
From these implied powers the right OF
the government 90 issue its demand
notes payable In coin is undoubtedly de-
rived.
One Of the serious difficulties that has
been encountered in regulating the par
ity between gold and silver is the iu-
conSiderate legislation which gives 10
one class of paper money value by be-
ing payable in gold, and lesser vol
ume OF availability for silver certih-
Gates. 1.-THE Government desires TO es-
tablish and maintain parity In coin,
certain 10 is that all classes of paper
should have an equal representative
value
IL is a grave question whether the
government should Interfere by It's
great power in the commercial opera
lions of ordinary trade between the peo-
pie OF different countries. IL the United
States Is buying more from other coun-
tries than DO sells, 10 necessarily owes
the difference and must pay 10, and
these payments must be made 10 the
way and with the character OF money
lOng-eSt2bliShed customs or current
agreements have provided for. IL IS
neither fair nor right for the govern
ment 20 interpOse It's power 20 assist ln
mere commercial liquidation. This
proposition does not 40 all impair its
duty or obligation 20 protect its re-
SERVES.
The national banking system was ere
ated upon q strained theory of finance.
il was based upon then existing and
supposed continued Indebtedness OF the
country. 10 may have been eXDedieut,
wise, and, indeed, necessary, that some
such system should bo devised az the
time IL was created, but 10 was created
for an exigency. and as the eXigency
passes away notifications " the SyS-
ten should be made so that when the
day OF freedom from Indebtedness shall
have occurred there will still be bank
ing system, flexible and comfortable,
having q similar basis and concurrent
responsibility.
How better can this be done than the
uniform example OF most nations OF
making coin the basis OF paper cirCula-
tiOn? Temporary expedients In aid OK
circulation, so long Us the present bank
sYsteI continues, may be wise simply
rause it exists, and Ibe necessity for
Increased volume may arise. The fre-
buent demonstration that in this cOuu-
try there is not sufficient circulating
medium justifes the opinion that some
radical method for this increase should
be considered What better method can
be afforded than an increase in coin? IL
seems 20 be agreed on all hands that
There Is no harm in coming all the gold
that can be procured. The desire 20 So
cure all the gold possible by all the civ
! ilized nations OF the world has opened
,Rll minis 70 it's free coinage. There is
no danger OF a plethora OF gold. On the
YcOntrary, we are supposed az the mo-
ment TO be suffering from a lack Of it,
brought about by curious commercial
and fDforn offo~qf conditions
How, then, eau we supplement in our
own country circulating medium suf-
fcient for our wants and available for
the liquidation OF Individual indebted
ness excepting by coming silver, which
has 4n intrinsic value prObOrtiOnate 20
gold or else emission OF q paper cur
reaey that literally has nothing back OF
Nbut the honor, power and capacity Of
e government?
Erance, a country not so large as
dome OF our States, maintains gold and
Silver OF very nearly equal volume at
par. This country Of magnificent dis
tances, constant and general develop
ment, supporting less than SiXty-hve
millions, and with q capacity to sup
port six hundred thousand millions has
greater need for larger prOportiOnate
circulating medium than France, OF in
deed any other country.
If we keep pace with the slow pro-
gress OF thought In European countries
which have tendencies 90 increase the
purchasing power, or rather representa-
tive value Of It's money, the inevitable
consequence will be 90 lower the appar-
ent value of its commodities, It's labor,
its realty, and everything measured by
money. The contention against that
cOnditlOa in this country is eXemDllfied
by the continues effort 20 expand the
volumn OF paper currency.
A fatal mistake of the government ia
the Sherman law was 20 treat silver as
q commodity. The pjhng up OF bullion
IS a constant object lesson and . bear
argument on values, just aS the tenn
ing elevators BURSTING with grain invar-
iably lower the public estimate of its
value. Whatever bullion is acquired by
the government should be promptly
coined into money
The American people are resolved
that silver shall continue TO be coined
as money. or course, there are ex-
IRENE views on both sides as TO the ex-
tent this shall be done. Naturally the
mine owner and others interested de-
sire absolute free coinage, and many
very learned political philosophers, from
entirely different StandpointS. acQui-
esced 10 this desire and opinion, and
the opinion OF It's rightiulneSS.
But as everything a this world has
limitations, and as we must conform 10
some measure to existing conditions In
other nations. as 20 she character Of
exchange. 90 is only fair and statesman