The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-12-17
compelled to assume in relation to the

Mnst he Abandoned,
Our past experience with the United
States notes and the treasury notes has
clearly shown that the policy OF at
tempting to retnln these obligations
OF the government permanently MS u
past OF our circulating medium, nnd to
redeem them Ia OOln on presentation
pnd relssle th1m after REDEMPTION,
must be abandoned, or that such mean
must be vt once provided Us Will have
u tosdsncy to facilitate the eftOrts OF
the secretRry tn accumulate and MAIN
tain Q cola reserve sufficient IN amount
to keep the public constantly assured
OF the Htn9ilitp OF " entire volume OF
currency and OF our ability ut all times
to preserve equality In the exchange
able value OF ita various parts, Hho
latter Alternative, which IN my opinion,
" adopted, would not uhord the relief
dep.aL!dei by the existing situation,
necessarily inVplVOa such large, In
preQsgH Of tlle Interest bearing public
debt from timo 10 time and would I'M
pose perIuEirntly upon the govern
ment SuSh uperuus and Inappropriate
duties In relation 10 the paper currency.
OF the country, that ought not to be-
faYoTably entertained. except as n last
resort In the struggle for the mOiutG-
nnace Of tins pubic faith ana the pres
erYatlOn Ot the luyioIab!tty qt private
contracts.
"Tle issue OF bonds" he says. 10
procure coin for the reserve, which Is
the only enectuHl method now avRila-
BILE uaderS thR law, win, unless condif
tons which have already been Develop
ed by the present policy are radically
changed, ultimately result In the crea-
tlOn OF a public debt much larger than
would be required to retire and cancel
all the notes; and the annual interest
charge would be much greater than II.
would be necessary 10 incur on u new
ease OF bonds adapted to the present
circumstances OK the government and
the well known pCetel)ee OF investors,
II, however, n GttuuM Is 10 be mRde 10
keep the United states notes and treas
ury notes permanently IN circulation by
reissues after redemption and the gov
ernment IL TO be permanently charged
with the duty OF sustaining the value
OF all currency, paper and coin alike.
the conclusion cannot be avoided that
the policy Of issuing bonds for the nc
c~ompllshment OF these purposes must
also become permanent, and such nd
dltional powers must be conferred unOn
the secretary as will enable him to e.
cute the laws relating 70 these sub
jects with the least possible disturbance
OF the business affairs OF the people and
the least possible charge upon the
treasury. l am thoroughly convinced
that this policy ought not TO be con-
tinued but that the United States notes
and treasury notes should be retired
from circulation ut the earliest prac.
tlcahle day and shat the government
should he wholly relieved from the re-
spOnslhllity OF providing Il credit ur-
rency Tor the people.
Dangerous SyNIem.
"Itwould be difficult II not impos-
sible to devise n more ~InconvenIent, ex.
peDsiye or dangerous system than the
one now In operation under the laws
providing for the issue. redemutlon and
reissue Of legal tender notes by the
government.
There never has been n time since
the close OF the war" the secretary
says, when the gradual retirement
and cancellation OF the United atntcR
notes would not have been n benefit
TO the country. nor has there ever been
a time when the issue OF, additional
notes OF the same character would not
have been injurious TO the country.
III our legal tender notes were re-
tired there is abundant reason to be-
lieve that n very large amount ot gold
which has been excluded from the
country by the excessive use Of silver
and paper In our circulation, would
promptly return to take It's place in our
currency and constitute G permanent
p9rt OF our medium Of exchange. a
country having such extensive trade
relations with other nations az We now
enjoy cahnot be deprived Of It's proper
ukuW.. ~ ~. NrnrlIag ufnak Of nnnnV-
and n II adopts and adheres TO n sound
and stable currency system At home. II
will meet the best money the world has.
bechuse no other kind ~ ever used In
International transactions, As long MS
the government leaves u people reH-
souubly free 20 trade abroad and DOS
not make any kind OF paper legal ten
der in the payment Of debts II cannot
materially or l~iijuriously contract the
currency by the withdrawal OF Its own
notes. The retirement and cancellation
OF the legal tender notes would not
necessarily produce any contraction OF
the circulation; and II such result
should follow. and continue for any
4 considerable period, 1t would be n dem
onstratlon Of the fact that the volume
OF currency previously existing was not
needed IN the business cf thepeople,
for whenever the volume Is reduced be-
low the actual requircncnts OF trade
the deficiency will he. supplied either
from abroad In exchange for Il pro-
dnct1 ard securities. or by tho banks
at home, or both. The United States
notes and the treasury notes Issued IN
payment for silver bullion. together
amounting at the beginning to $502.-
Ci9,OlS, have ben used and are still
being used to withdraw gold from the
, government whenever our oHn people
or the government or peoples of other
countries see proper tn demand II FOR
any purpose. and, under the laws row
existing, the secretary Of the treasury
hns no means Of complying with these
demands except by the ISSUE and sale
Of InteresL-bearing bonds under the act
OF January N. lS7b, or by the purchaSc
Of gold coin with bonds or notes Of the
United states under srction 800 Of the
revised statut.sg Against these de-
mandsA the treasury has no available
means NJ defense, except at the Sacri-
fee Of the pubic credit and the lmmo-
dIAte depreciation Of the entire volume
Of our currency. LOEE adherence to n
false system has TO n great extent UNI
dermined our national credit so far
as Il In rotated 10 the maintenance nf
a sound currency, and II must be re-
constructed, not merely prOppcd UP by
frall and temporary supports. No sur
plus revenue however large. could OK
tricate us from our present difficulties,
or give assurance Of safety In the I'll.
ture, unless II should he required TO
bo paid in gold under n system which
would exempt the government from the
obligations "a furnish the gold when
demanded TO be ugcl in mnkinE the
payments: and It IN scarcely noccs-
ihry 10 suggoJt That such n system Is
Impossible M long ~ the United
Stntps nutng and treasury notes nrr