The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-01-04
FOLLY OF THE ENDLESS CHAIN.
Imperative for Our Financial Welfare
that II be BEOkon.

Imperative for Our Financial WehAFe
that II bo BEOkon.
Chicago Times-H Herald; When the
greenbacls measure was pending in
Congress In january. 1852, 1t was OPP
posed by the leading statesmen and
lawyers of the house aud senate, not
only as unconstitutional, but as mex
pedIent, unwise and dangerous. It
would drive gold and silver from cir
culation and cause an immense infa-
ton. As one opponent said, Cheap in
materials. easy in issue. worked by
steam, signed by machinery, there VIII
be no end to the legion VI paper devils
which shall issue forth from the IONS
OF the secretary.
To the arguments thus opposed to
government paper money, the CHIEF re-
ply was: "The eXpedient IL but tempo
rary; as soon as the war is over the
notes shall be retired" Mr. Sherman
voted for the measure solely on this
ground. and many others did the
game.
But the Issuing of government pnpcr
money Is very much like opium-entlng.
Il Is SO seductive, go easy and so
pleasant, and ever cries for more. The
first issue OF $3.50. 900, GOO was to be the
limit, but this was no sooner expended
than another $l50,000,OOO was demand
ed, which was certainly to be the end.
The resolution was hardly cold until
another issue Of $1500OO.0OO was made
and gold went soaring into the clouds,
the actual value OF the greenbacks
sinking as low at one time as thirty
five cents on the dollar,
Nnrf1V FnN0VnFInR
from its paper debaueh, stopped the
presses, but that was all. Not until 1915,
ten years after the war. were any steps
taken TO redeem this Temporary pa
per money, which had been fraught
with so much peril TO the people and
the government. In 1875 the resumption
act was passed, TO go Into operation
January /, 1873 but before 1t went into
effect the redemption feature was
emascuated by making the greenbacks
relssuabie as fast as redeemed Thus
the temporary issue was made per-
mnnent, the amount of notes being
subsequently Increased by the issue OF
treasury notes under the Sherman Dill.
The great expense II has been to the
people because OF this mode Of hor-
rowing by the government, and that 1t
would have been FAR cheaper and bet
ter 81 the notes had been funded into
bonds In January. 1879. has already
been demonstrated.
The secretary OF the treasury again
shows the folly OF our greenOack Ssys-
TEN by the presentation of few fig
ures. Since the resumption OF specie
payments on the LIST OF January, 1879,
United States notes to the amount of
$40 490.9SI, and treasury notes Issued
under the Sherman law 20 the amount
- In oil
have been redeemed In gold at the Uni
ted States treasury. and yet. on the
first day OF the present month of De-
cember these sans notes were stu
outstanding to the amount OF $4GS, 1885,
900. In other worda, we have redeemed
the entire volume OF these United
States notes once, and over sos 900. 900
of them twice, and have had to borrow
over $2B2. O00,0 900 to do IT, ana they are
stiil out, and Rtill threaten TO raid the
treasury at any moment
And YET there are statesmen, politi-
clans and editors who call this system
OF finance the greatest and best In the
world II IS the most stupendous folly
IN the world
The whole mischief comes from tho
law that compcls the secretary to issue
the notes ns fast as redeemed, Let that
be repealed. and the danger vanishes,
for when the notes are redecmo1 they
will stay redeemed. Nor win they.when
that n known, be presented any fns'
ter than the government can take care
OF them.
III II Is necessary to sell bonds to
keep up the reserve, those bonds can
be sold abroad for gold, and thus gold
will supply the place In the currency
now occupied by the greenbuclss, so
that the contraction feared by so many
timorous souls win not and cannot oc-
| cur.
II " imperative for our financial wel-
fare that the "endiess chain" be broken
at The earliest moment possible.