Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1894-12-05

the Secretary OF the Treasury 70 negotiate
loans al lower interest and shorter time
tnan now allowed.
The law should conform to the condi-
tiOns and requirements Of the pubic credit
and service az the present time and earn
estly hope that Congress will take early
and favorable action upon this subject
Had there been no statute or pubic
policy requiring the government TO redeem
In coin and reissue its own notes ana 10
maintain the parity Of two kinds OF coin Oh
UNEQUAL INTRINSIC VALUE
there would never have been time since
! the close Of the war when the funds in the
| treasury were not ample for all other pur-
| poses, and no issue of bonds could there
/ fore have been necessary. But while tue
/ statutes referred 70 remain in force, and so
| long as there are in circulation under the
authority Of the government two coins un-
! equal in value, but equal in legal tender
| qualities, every consideration OF GOOD Ialth
and sound policy requires the prompt 70
demptiOn OF the notes on presentation Ia
the kind OF coin de handed Oy the nOluer
and the constant observance OF admlnl-
strat,ye methods TO preserve the pur-
chasing power of the less val
liable metal. This is essential
to the continued circulation Of our
standard silver dollars aud their paper re-
/ representatives. at par and to abandon tnls
policy. without substituting better one IN
its place, would not only fan 20 cure many
Of the evils now existing, but would entail
upon the people OF the country addluonal
and greater ones.
If. however, the mandatory Legislation
which keeps a large volume OF government
notes iu circulation, Notwithstanding their
repeated redemptiOus in coin, ana also I'm
poses upon the government an obligation
10 maiatan the parity Of two metals IN re-
spect to their purchasing and deot-paying
power, is perpstuated, il is evident That
the treasury must remain in position
which will COMPEL il 70 procure and turn-
jSh gold 70 all who demand tt, while u Will
have 90 means of Obtaiuining gold, except
by the sale of ponds. thus periodically In
creasing the interest-bearlng pu0hc
debt without either making per
manent additions 10 its stock OF this metal,
or diminishing 70 any eXtentlts obligations
Ou account Of the notes redeemed. ms
sitautlOu is the necessary result OF
THREE FEATURES OF OUR CURRENCY
legislation and il cannot be permanently
avoided, or even temporarily improved
without material changes in our laws re-
lating 10 that subject. These features are:
CD The circulation Of u. ). notes as cur
rency and their current redemption IN coin
on demand.
or The compulsory reissue Of such notes
after redemption.
C3) The excessive accumulation and COIN
age Of silver and the issue of notes and GER
titicates again il upon a ratio which great
ly overva.ues that metal as compored with
the standard unit Of value in this and the
other principal commercial countries
These features are the most prominent
characteristics of our financial code and
they constitute a monetary system unlike
that Of any other enlightened government
in the world. One Of the most obvious
effects is TO defeat all attempts Of the
Treasury Department 10 procure and keep
constantly on hand a sufficient amount or
gold 20 inspire entire confidence at home
and abroad in the ability of the govern
ment TO preserve its own credit and main
tain sound currency for the use OF the
people. Frequent issues OF bonds for the
purpose of procuring gold, which cannot be
sept after IL has been obtained, will Ger
tainly cause increased distrust among our
own people, as well as among the people OF
other countries, and not only swell the
volume OF our securities returning from
abroad for sale or redemption, butlncrease
the withdrawal of foreign capital
heretofore invested in our domestic
enterprises, and 10 must be admitted
by all, no matter what opinions they may
entertain upon current questions OF finance,
taat such q condition OF AFFAIRS cannot per-
manently continue without
STILL MORE SERIOUS CONSEQUENCES.
The result Of all our commercial and
financial transactions, with other countries
has been TO keep Us constantly in debt Tor
large amounts. Our prosperity depends
upon our ability TO sell surplus products
abroad TO secure credit with which 10 pay
interest aud dividends on loans our custom
ers there have made here With no distrust
of our currency considerable Of the earn
ings of foreign capital IN this country is
reinvested here, and this with the balance
Of trade generally 10 our favor, enables US
TO meet obligations abroad, without re-
ducing the stock of money az home. When
distrust arises the foreign capital
ceases TO rsinvest and withdraws.
To couuteract this our people must export
20 foreign markets enough TO create bal
auce In their favor or ship gold, the only
money recognized in international trans
actions. Independently Of these cOnsidera-
tions. our people should have sound and
stable currency for use at home. The pro-
ducers Of eXpOrtaOle commodities must be
always able 20 pay as goou money as they
receive. We cannot trade abroad unless
we maintain a monetary system in accord
effectiug a change we ought TO continue the
gold standard with as large use Of silver
as IS consistent. To insure the stability OF
such policy il is necessary that the govern
ment De prepared to
REDEEM ITS OBLIGATIONS
in gold aud preserve equality IN the ex-
change2ble value of al. its legal tender
coins and that its ability and intention be
So manifest as TO command confidence.
Since the resumption Of specie payments
500 OUO.OlO legal tender notes and treasury
notes haze bSen redeemed in gold and re-
issued Snd are outstanding. They are
constant menace 10 the gold reserve and
no scheme can be effectual which does not
provide for their elimination from the
currency system To continue them and
refuse 70 redeem them in coin
would be odious Reputation, because
these notes were forced into cir
culation under circumstances which
justified the most implicit reliance upon
It's good faith. To continue their redemp-
tiOn and reissue eudangerS our currency,
discredits the obligations, increases the
public debt, ana seriously em6arrasseS
financial affairs While nothing should
De entertained that will tend to degrade
the currency, or impair pu0lic confidence,
L am convinced that the interests OF the
country require SuNH SH"uASS oS wiz VS.
connect the government entirely from toe
business of issuing circulating notes, and
thus relieve its fiscal department OF the de-
mandS upon its resources, which
must continue 70 disturb affairs.
No consideration should be ignored which
affects interests Of any part OF the cOun-
try, for all are concerned IN whatever pro-
notes the development Of our national re-
sources. Paralysis Of business strikes first
the wage Garner aud lastly the capitalist
who has created a surplus. A sound and
elastic currency, capable Of adjusting its
r,ol,,,,o ,.anfSlu n artnal damands