Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1865-06-17

S14SSi1 'e4us. 4u6u came the question of
making them a legal tender. This was
necessary, and was doue,
though fercely clamored against. Tins
was established a natiousI rnrrencv. hut it
was currency founded solely upon ma,
tional credit. The history of assignsts in
France, and our, continental money, were
fatal examples of this kind of money, but
9 worse feature was in the fact that State
Banks sWelled the currency by banking
upon legal tenders. This led to the es.
taolishment of our national banking sys.
TEN, by which private capital was combf-
ned With national credit. When this sys-
TEN was adopted, we were unable to cor.
tail the issues Of State banks, and. ss I
confidently believe, will secure their nlti.
mate abolition. All these were measures
to establish a currency, but this was not
enough. We had to raise vast sums. A
currency once established, enabled the
people to lend US money. The admirable
system OF tpopularizing our loans is tamil
lar to all, but it is due to oandor to say.
tlat 4. q e success depended very much upon
prtVate enterprise. To establfsE a dur.
rency and borrow money was. not sniff,
cient. We had to convince the people
that this money must be refunded with
interest. Then came taxation in all its
multiplied forms. The duties on import.
ed goods were largely increased; whisky,
tobacco, and other comforts and Injuries
were heavily taxed, and each citizen Was
called upon, to pay his share. do not
claim that this system is perfect, but / do
claim that it is productive and is not bur.
densome. HEri ~ 6LUEI - : :.
Such is the financial system adopted by
this administration. This remarkable fact
appears. that though the war has demand.
ed one thousand millions of dollars wear
"a sum far greater than any government
ever before expended in the same time
yet the money has been supplied. An
other fact equally remarkable, stated to
me by the Secretary of the Treasury with.
in few days, is that by the let of july
next every demand upon the Treasury will
have been paid and cancelled.
OUR oATIoNAL DEBT,
1t is true, fellow citizens, that the war
leaves us with a very large public debt.
about, probably less. when all accounts ara
adjusted, than So, 900, 900, 600. But it is
equally true, that upon the basis of our
present tax laws, this debt will be paid off
by our, present population in twenty five
years, and, as believe, without oppressing
any branch of Industry. When we come 10
reflect that our wealth doubles in ten
years, and our population in thirty years /;
that hundreds of thousands of emigrauts
come annually to help US pay the debt, that
we have undeveloped resources almost
without parallel, this vast debt ceases to
trighten us.
The debt of the United States in 1916
was $l27,000, 900, or 1857 per cent, on
the total property of the people. Now the
So, 900, ,O0O, 900 is only l5 per cent, on the
property of the loyal States, and we mean
the South shall help us pay it.
Every dollar OF that former debt was
paid in less than twenty years, aud NC
were quarreling about what distribution
should be made of the public lands. In
1916 the debt of Great Britain was over
So. 900, ,OOO, 900, or $2ls 20 per head, 4O4-lO
per cent. on the aggregate property OF the
empire. Now it is only.l per cent. of the
property. When+we remember that our
population doubles 10 every ten years, end
our wealth more than doubles, by reason
not only of the industry of our people, but
by new discoveries of the natural sources
of wealth, such as our mines of silver and
gold, and our petroleum wells, this debt
should not disturb us 10 the least. do
not wish to underrate the burden of this
debt. 1t will have to be paid in taxes, and
this will sometimes come hard, but they
patriotic citizen will pay them cheeffully,
and those who are not 80 patriotic will
have to pay them.N 1t is certain that every
dollar of the debt not only can but will be
paid, There are some incidental advan-
tages of the public debt; it is bond of
Union reaching to all GLASSES of people. 1t
is q convenient medium of exchange, q test
or standard of the money market, as con-
soils in England, or rentes in France. It
is a secure deposit for trust ustfunds-widows,
children, colleges and socieIies-heretofore
endangered by the private speculation of
guardians and trustees. By registering
the debt the principal is beyond danger Of
loss, and the interest promptly paid. A
portion of it will the basis and Sc.
curity of our national currency. The ma
tionRl bank notes are. but another form Of
national debt. ..
The di,ad1antages Of a public debt are;-
That is is vast mortgage on, the whole
principal and interest, in taxes. The as.
sessment aud collection of taxes has al
ways been the most difficult problem of
civil society, and has caused more reVolu.
tions than all other causes combined. The
security of the national debt will enable
wealthy citizens to preserve in families
large incomes and property, and thus per
petuate in families gross inequalities Of
wealth. This is always a great evil in
any society, but is guarded against, to
some extent, by our laws, in the distribu-
tion of property,
OBSERVATION-DISCLOSURES OF SLAVES.
A still more difficult class of questions
grows out of the political relations of the
rebel States and their present unhappy
condition. Oar brave soldiers-and l am
glad to see 30 many of them here-cau
tell you how desperate resistance they
met and what fearful ravagss they left be-
hind. The young men of the South are in
their graves. Those who had property
are now impoverished, and a new class is
in possession. The slaves, upon whose
labor their whole industrial fabric rested,