The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-12-04

elBn relations 70 the contemplation OK
our national financial situation, we are
Immediately aware that we apprOAph
n subject OF domestic concern more I'M
portant than any otlIeI that can engage
our attention and one ~ present In
such a pctplexlng and delicate predlca-
mcnt as to require prompt ana WISE
treatment.
We may well be encouraged to earn
est effort IN this direction when we re,
call tho steps already taken toward
improving our economic ana lnauelnl
situation, and when we appreciate now
well the way has been prepared LOT lur-
liter prOgress By an aroused ana IN
telllgent popular Interest IN these SUD
je6ts.
By command OF the people n customs
revenue system, designed for the pro-
lection and benefit OF favored classics
at the expense OF the great mass OF our
countrymen and which, while lneih-
Client for the purpose OF revenue, curS
tailed our trade relations and impeded
our entrance to the markets OF tho
world, has been superseded by nrllt
policy which In principle Is based upon
n denial OF the right OF the govern
mOnt TO obstruct the avenues to our
peoples cheap living, 10 lessen their
comfort and contentment. for the sake
OF according especial advantages 10
fayorItes; and which while encouraging
our Intercourse aud trade with other
nations, recognizes the fact that Amer
lean self-reliance, thrift and ingenuity
our cOuntry's Industries should develop
Its resources more surely than enerVa-
ting patcrnnlism.
The compulsory purchase and colin
aye Of silver by the government UNI
checked and unregulated by business
conditions and needless of our currency
needs, which for more than fifteen
years diluted our circulating medium,
undermined confidence abroad IN our
financial ability, and ut last eliminated
In distress aud panic at home, has been
recently stopped by the repeal OF the
laws which forced this reckless scheme
upon the country.
The things thus accomplished, not.
wlthstandInE their extreme import
ance and benencent effects, fall far
short OF curing the monetary evils from
which we sufter as result OF long IN
diligence In III advised financial eXpe-
dents.
The currency denominatGd United
States notes and commonly known ms
grecubRcles was issued IN large volume
during the late civil war. and was In
tended originally To meet the cSlgen-
Giles OF that period. As viii be seen by
q reference to the debates In Congress
at the time the laws were passed au-
thoriEing the Issue OF these notes mat
their advocates declared they We're In
tended for only temporary use and TO
meet the emergency OF war. In almost
,,.t tk.. 10 as Vstn Hing IN them.
some provision was made contemplate
ing their voluntary or compulsory re-
tlrement. A large quantity Of them.
however, were kept on foot and min
Eled with the currency OF the country
so that at the close OF the year 1873,
they amounted 10 1881 .999,67a,
RESUMPTION OF SPECIE PAY
NiENTs.
Immediately after that date and in
January. 1875. law was passed pro-
vldlng for the resumption Of specie
payments by which the secretary OF the
treasury was required, whenever I'D
dltIonal circulation was Issued 10 ma
tlonal banks to retire United states
notes equal In amount to so per cent
OF such additional national bank circu-
latlon until such notes were reduced 10
$500. 900. This law further provided
that on and after the first date OF jan
uary, 1879, the United States notes then
outstanding should be rcdempted In
coin, and in order to provide ana pre-
pare for such redemption, the secretary
OF the treasury was authorized not only
to use any surplus revenues OF the gov
eminent. but 70 issue bonds OF the u MI
ted States and dispose OF them for coin'
and 10 Use the proceeds Tor the pur-
nose contemplated by the statute.
In May, 1876, and before the date thus
appointed for the redemption aud re-
tirement Of these notes. another statute
was pissed forhiddlng their further
cancellation and retirement. Some OF
them had, however. been previously re-
deemed and cancelled upon the issue
OF additional national bank circula-
ton. as permitted by the law of 1875. 80
TINT the amount outstanding at the
time OF the passage OF the act forbid
ding their retirement was S3i66Sl DIG
The law OF 1873 did not stop nj distinct
prohibition but contained. In addition.
the following express provision: And
when my OF said notes may be redeeW-
ed or be received into the treasury. un-
der any law. from any source what
ever. and shall belong to the United
States, they shall not be retired, can
cellcd, or destroyed, but they shall be
rclssued, and paid out again aud Kept
in circulation"
This was tile condition OF nffalrs on
the list day of January 1879, which hnd
been fixed upon four years before as the
date for entering upon the redemption
and retirement OF all these notes. and
for which such abundant means had
been provided.
The government WINS put in the m
omnlcus situation OF owing TO the hold
rrs Of It's notes. debts payable In god
ON demand which could neither DO re-
tired by receiving such notes In dis
charge Of obligations due the govern
ment. nor cancelled by actual payment
in gold. II was forced to redeem with
out redemption aud to pay without ac-
quittancc.
THE bond ISSUES.
There had been Issued and sold $685.
100000 Of the bonds authorized by the
resumption act OF 1915, the proceeds of
which, together with other gold in the
treasury crcatcd gold fund deemed
sufficient 10 meet the demands which
might be made upon II for the redcmp-
ton OF the outstanding United States
notes.
This fund. together with such other
mold ns might be from time TO time In
the treasury available for tho same
purpose has sncc been called our gold
trgervc and giOO0OO.OOO has been re-
gnrdcd as an adequate amount to nc
complish lts object. This fund nmount-
I'd on the lst day Of January, Pi9, to
3ii4,ig1,a6O, and though thereafter con-
stnntly luctuatlng, It did not fall be-
low that sum In July, 1899. In Alril,
1854. for the first time since Ita oatau-
lishmcnt, this reserve amounted 70 icvs
thar 800. 1000. 900. containing nt thai
date only tO70ii,33O.