The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-09-14

day,
Shortly after 10 o'clock Mr.. Morton
called the convention to order and with
out any unusual tOrmallty beyond a
Jew words of explanation and welcome.
Editor Horace White, of the New
York Evening Post, opened the confer
snee proper with paper on THE His
tory Of the Gold Standard"
an. white said that he had treated
the history of the gold standard at the
words Congress Of Bankers and FL
nancierz, at Chicago, In 1888. bringing
II down to that date. He would not re-
peat What ne said then. The world had
adyanced in knowledge since that time,
and the subject was not so interesting
now as II was then. The history OF the
gold standard was narrative OF at
temptS on the part Of governments and
people to make two metals, variable IN
their nature, stable in reference TO each
other. These attempts were honest but
futile. The pursuit OF bImetaHism was
like the pursuit Of the ignus fatuus. The
nations, one after another, had ADAM
doned It. so that In 1898 all countries OF
any commercial importance except four
had adopted the single gold standard.
The four were India, Chic, japan and
Russia. All four were then silver-stan-
dard countries. All have since adopted
the gold standard, or have taken steps
TO that end. The only nation that mas
gone back from gold to silver Is Spain,
and this has been in consequence OF her
recent misfortunes. Mexico and China
are the only countries OF any magnl-
trde that voluntarily preserve the stl-
yer standard. There were no blmeta!-
lie countries now. AS to- international
bimetalllsm, Mr. White thought that
Senator Walcott had preached It's fun
erai sermon after he came back from
his fruduesS mission some SIX months
ago.
Mr.. white next considered the COM
mon saying that there is not gold
enough In the world TO do the business
81 the world. He could prove that there
was enough gold to do our business. AT
the present time the banks OF New
York and Boston had three dollars OF
gold to one dollar Of paper In their
vaults The reason for this was that
the west and south had drawn nearly
an their paper currency away from
them, Gold had flowed in from abroad
10 take It's place. II the west and south
thought there was not enough gold 10
do their business. let them send this
paper. back to New York, and ask for
gold In exchange. The countenances
OF the New York bankers would pc
wreathed In smiles while handing II
over to them, The reason OF thiE pei
fhora. Of gold was easy TO understand,
The large crops OF the last two years,
cOinciding with partial failures abroad,
hai turned the balance OF trade IN our
favor. Accordingly we had imported
one hundred and eleven millions OF god
during the fiscal year ending June ~
1898. We had produced ffty-elght mis-
lions In our own country, which We mad
Tetained- and we had received some
eIyhere from tiYe to ten millions from the
Klondike. Our stock Of gold had In
creased about one hundred and eighty
millions In little more than one year.
our holdings OF gold were now tulIy
eight eight hundred and fifty millions,
being larger than those OF any other
country in the world and 1t was per-
fectly absurd to say that there was NOV
enough gold to do our business WITH
But the evidence was overwhelming
that there was enough for other nations
also, The amount added to the worlds
stock during the fast eight years was
one thousand, three hundred and sew
enty-seyen million dollars, and 1t was
increasing by leaps and bounds.
Mr.. White thought that n more irter-
estipg subject for discussion would be
found in the present phase OF the cur
rency question. That question was
Rreenbacks VS.. banknOtes. What was
n Ereenback2 II says the United
States Will pay the bearer one dollar
The Supreme Court has decided that
dollar is piece OF metal OF a certain
weight and flneness. Accordingly the
value Of the greenback rests upon the
fu,fIlment Of the governments prom
Is 10 nav this thing on demand II the
government lacks either the means or
me inclination to fulfill this promise,
TT credit Is impaired, all business which
depends upon It's credit is disturbed,
and the greenback fails OF It's first and
chief attribute. that OF an honest and
safe medium OF exchange. Mr.. White
then sketChed the several conNuislons
OF credit that took place between tns
wears 1893 and 1896, al growing out OF
doubts whether the government could
IL II would, or would II II could, con-
Time TO redeem It's legal tender notes
on presentation. The various bond Is
sues made for this purpose amounted
10 two hundred and siNty-two mutton
dollars II was due TO good luck rather
than to design that the promise OF re-
demption OF the greenbacks was Kept
during those years. II was good luck
that we had an administration that was
determined to use a.; Its powers to that
end. II was good luck that there were
laws on the statute books which could
IL used for that purpose, because the
Congress then In session refused 70
enact any. In short, II depends upon
politics whether the greenbnck shall be
redeemed or not. one political party is
opDosed to redemption In gold. A third
PARTY is opposed to redemption In any
thing. The members OF both Of these
parties are honest. Nobody doubts
ihal. but by threatening to prevent the
rademption Of the greenback In gold, or
perhaps in anything, they Keep trade
md industry In hot water.