The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-01-14
PROSPERI7YS RETURN
Awaits tho elimination OF Flnau-
clal Legislation,
HENRY NEUTRALITY-SUSPICIOUS.
Looking to tho Establishment Of n
Permanent Gold DasIs-Tho Reason
for Forolgn Liquidation OF Our
soourlttcs-Tho Confidence Placed
In National Bank Issues-our Nat.
ural Itcsourcos

Special Correspondence ofHe In,eIligtnctr.
Nav YoRK, Jan. 1.-The second week
Of the now year shows some improve.
ment over the frat in tone and volume
OF business, aud affords symptoms OF n
recovering tendency in prices. Tho
main element influencing tho market
has been currency logislation,- its posi-.
tion In Congress aud It's prospective re-
suit Interest in that question. how.
ever, was quenched by tho vote virtual
ly defeating the administration bill
taken on Wednesday; tho moro so Us IL
was construed as fatal to any legislation
on the subject at this session. Tho
question, nevertheless, Is too vital and
has excited too deep an interest to DO
considered as having been finally
shelved; aud the now Congress may be
expected to make 1t n leading Issue.
Wall street will therefore keep Its eye
upon 1t, as an important factor held In
only temporary allegiance. In that view,
tho following suggestions may no. be
Inappropriate:
Congress should pass IN act author.
izing tho issue Of S497, 100000 United
States bonds, payable, principal and In.
terest, in gold coin, the rate OF interest
to be .! per cent-as any rate. not to
exceed 8 per cent, and think q per
cent will be ample; these bonds to be
deposited in the United States treasury
Us security agains. tho 1916, 900, 900
greenback notes aud tho Sl50,000, 900
sherman law notes, and the holders OF
these notes to have the option to con.
vert them into said bonds not to
exceed 5000, 900 per month, commence
ing July l next; the interest
on said bonds to begin on the
date Of their issue. the notes to DO
cancelled us fast as redeemed. Tho
bonds deposited in the treasury, as pro-
posed, will put the notes which they
back as security promptly on gold
basis. No one can then claim, as is now
the case, that this country Is drifting to a
silver basis. No enlightened American
citizen will entertain any doubt that
this country's obligations, when made
absolutely payable in gold coin by legis.
lative act, are not equivalent to gold it.
self; in fact, better than the gold, as the
one carries interest while the other does
not.
What makes bond payable in gold,
issued by the United States govern
ment, universally acknowledged to be
as good II not better than any security
issued by any other nation? Because
the natural resources Of this country
are superior to any other. A nations
wealth in resources is what its govern
mont credits rests upon, more than any,
thing else. Our trouble. just now, is
that foreigners arc sending back our
corporate securi.ie, to get gold for them.
They say gold payments are probably
secure enough just now, but what cer-
tainty have We as to what will BIO the
case five or ten years from now, provid-
ing the present legislative acts are con-
tinued. when certain evidences atronSly
point to your legal tender. greenbacks
and Sherman law notes being redeemed
in silver, sooner or later; in which
event they will only De worth, in actual
value, one-half ofyour gold coin? There
is no denying the fact that this reason
ing is largely at the bottom OF our pres.
ent gold exports. Such legislation as
have suggested will do away with all
such imaginary alarm, as it will remove
the cause therefor.
When the $3.50, SoO,0OO Sherman notes
are redeemed, 1t will release the bar sill.
yer against them now atored in tho
treasury vaults. That silver should bs
put to the credit OF the S337, 100000
Bland silver law notes, which will DO
equivalent to placing them also on
gold basis, as the silver coin aud bar sill.
yer together will then be ample security
in its market value for their full pro.
lection. All our government money,
after being provided for as proposed,
will be on q sound aud invulnerable
foundation, and nothing can possibly
happen to shake confidence in il from
any quarter OF the globe. Iii, undenia.
BILE that everybody has confidence in
national bank notes, and admits them
to be sound in all respects. Why this
very general recognition? Simply be-
cause they are backed by United States
bonds as security. Why not therefore
put tho greenbacks and Sherman law
notes on equally as sound basis by
backing them with the same security?
The next thing for Congress- to do will
DO to amend the national bank law "a
applied to their issue OF currency, so as
to authorize either national or state
banks to issue notes up 10 tho par value
ofany OF the various United States bonds
when deposited with the comptroller OF
the currency. and with few other tri.
fling changes in the law, 10 rs to make it
moro liberal, and thereby induce the
banks to put their notes out freely to
meet tho money needs OF tho entire
country. After tho circulating medium
OF our country has thus been put on a
solid basis, q return Of prosperity awaits
Us such as will soon make tho United
States OF America tho envy, Of all other
nations. HENRY CLEws,
Tho Wool Trade.