The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-07-04


with the Currency Lunatios.
Tho Nation,
There are two editors in two cities at
the south presumably exerting some in
fluence on aomebody-one at Atlanta,
Gu, who "hollera" for silver, and one
ut vicksburg, 1Iiss., who "hollers" for
paper money, Both aro pursued by
gold bugs" and live in q world Of
Vaccinations and conspiracies against
all manner OF poor people on the part
OF rich men and dealers in bullion. In
fact, the financial world at the south
seems to BIO as full OF demons us the
cells of the medieval monks used to
be. Tho sleep OF southern editors Is
broken every night by the shrieks OF
silver under the torture OF the gold
maniacs" and other devils. No one
would suppose, on reading their tul.
limitations, that it was one hundred and
fifty years since the Dublin mob
burned the bank bills Of the LRtouches
TO spite the firm that issued them, and
that since then an American republic,
based on popular education and intelli.
gence, guided or warned by tho eXperi-
ence OF tho human race, had come into
existence.
One Of these editors the other day
was invited to read the report OF the
bullion committee OF 1S10,by way OF
clearing his mind about the working OF
two kinds Of legal tender Of different
value in the same country. He has de-
clined to take this trouble on the
ground that the bullion committee
were dealing with another kind Of cur
rency from the one which puzzles US
namely, irredeemable paper, and not
silver; silver being his own particular
fetish. But 1t makes no difference
whether the report deals with paper
money or metallic money, Its impor-
lance and instructiveness are duo to the
fact that II was dealing with deprecated
currency which had driven u better one
out Of circulation. England, in 1910,
was living on irredeemable legal.tendcr
bank paper, circulating at at discount
OF IL per cent, and the bank tried to
persuade people that 1t was not the pa.
per which had deprecated, but the
gold which had grown dearer-the very
| little game which our silver bugs, with
eighty years more experience, are try
ing to play on US.
We have two kind OF currency in use
also, one OF which is kept from 80 per
cent Of depreciation only by being re-
deemed in gold, at great expense, and
for no earthly use but to oblige the
mine.owners, as nobody wants It as
money. II We refuse to redeem, it our
gold would promptly leave US, and we
should come down, with thud, to the
exact situation in which the bullion
committee found England-that lie, with
Standard OF value with only local cir
culation, and so per cent at least below
that OF tho rest Of tho world. When
this occurs 1t makes littlO difference
whether the currency be irredeemable
silver or irredeemable paper. The sill
YER, to be sure, would have some in,
4 trinsic value, while tho paper would
have none, but the monetary disturb
ance would DO about tho same. Conso
uuently, when any one Is lecturing or
tho evils OF o deprecated currency, 1t II
immaterlal whether he talks abou
metal or paper.
The great trouble with all the silver:
tics and currency lunatios, north and
south, is that, whom monetary criecl
arise, they cannot BIO got to 30 to the
right quarter for information. They
VIII not look into the records Of human
experience TO soc whether any such crl
SIS has arisen before, aud how 1t ended
Not only this, but they will not consult
those OF their cotUmporariOs who know
ANYTHING about tho matter. For oXam
plc, when period Of tight money
comes, with numerous failures boCausl
OF the tlghtnosa Of money tho natura
and rational course for those whom tht
situation puEzloS would DO to go 10 TIL
people who haYO money aud refuse Il
fond or invest II. Those utO tho moi
who know all that lie known about til,
inntter, and who arO examining thl
situation In tho dry white light Of soil
inturost BY asking inoneyGd maj
With u largo bank balance VIII!
No ID keeping out OF tho mar
kot. you will GOT from him, !
no ID truthful, a full explanation OF TIN
trouble. lilo IL clearly afraid Of some
thing, or anticipates something, aud
bnlnp nm export his tears probably
solve tho problem. But no !? the lGs
person silver or paper Innate think
OF visiting or hUodlng On tho con
trary no donouuCoa him, aud warn
puoplo against him, and tolls oil W
world that tho mon who have the high
ost interest In public prosperity nt
really plottOrs against tho general wei
faro, aud ilnd financial diualLOr and gon