Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1865-06-21

| HAASu0 VI SthuuhEu COluI EpuffeQ t0e In /.
dustry of the island. developed it's min
eral resources Invented and put in motion
vast mass of machinery which spun,
wove and hammered for the world, under.
sold the world, and sent the world to Lon
don to pay debt and to borrow money
What place among the cities Of the world
would not permanent American debt of
four thousand millions give New YorkI
The Englishman's S2O, 900 in consols are
mortgages, each and all, upon every no.
olemau's estate, and every spinning jenny
IN Great Britaiu-upon every coal mine
and every ehip-a mortgage of record upon
every mug of beer held in the fist of q
Workingman throughout the Kiugdom-a
mortgage signed, scaled, acknowledged
and delivered on the whole life, aye, on
the deOth and burial of the people of all
England. It is the nationality of this
promise TO pay, backed up by the most
vigilant, distrustfnl and thorough system
of taxation, for the enforcement of which
the whole power of the government, mill.
tary and civil, is pledged, that makes
British consols the equivalent, practically,
of British guineas-that makes the four
thousand millions of dollars of British
debt an addition of four thousand millions
OF money TO the capital the Kingdom 9TH
'-SS PSbSSS6SN 90 hA9 VI Guls
century.
1t is precisely So with the war debt of
the United States. Seven-thirties are
available for any enterprise to which un.
occupied lands, undeVeloped mines, unes-
tablished arts and uuseized commerce, in.
vite Americans. They are cash capital,
literally, absolutely and without figure Of
speech. Practically they are cash in bank
and cash in the pocket. The artificial
measures of their value which stock ex-
changes have succeeded in iuslituting at
times nominally gave huctuatiou to their
worth as they lie in the bureau drawers of
tarmers. But in reality the depreciation
Of Wall street does not whittle off the
thoUsandth part of hairs breadth from
that worth. These farmers know that they
are first bond and mortgage upon all the
United States, and on all the people In the
United States, and upon their children and
children's children. But whether per
cent above par or l per cent above par,
holders Of this war debt of So, 900 600, 600
can any day and any hour, from San
Francisco to New York, aud from Portland
to New Orleans, convert it into cash.
The Funded Debt of the United States
is the addition of So, GOO, 600 900 to the
previously realized wealth of the nation.
1t is So, 900, 600. 900 added to its available
active capital. To pay this debt would be
to extiuguish this capital and to lose this
wealth. To extipguish this capital and
lose this wealth would be 40 inconceivably
great national misfortune.
The whole question and future of the
debt is argued at great length and with
very considerable ability. Amongst its
advantages. ara stated to ba the fact that
We must always hereafter have protection
against foreign competition in order to en-
able our manufacturers to pay internal
revenue: that it will serve as a perpetual
bond of union among the people and here.
after make rebellion impossible; that it
will serve as q National Savings Bank for
the earnings of labOring men and women
"a reserve fund for the old and for wild.
Ows and orphans-something in which
money can always be invested safely for
the helpless.
From the conclusion of the article we
make the following extracts:
There is no occasion for apprehension
in any quarter that the annual burden of
National Debt of $4,000, ,OOO, 900 will
oppress the people and hinder the develop.
ment of the resources of our country. The
nation as it is, in numbers, power and
spirit can carry the load airiIy and keep
the route step, too, on it's march to enl. !.
pire. The Internal Revenue system we
have, faulty as it is in continuance, and
imperfect in its working through our inex-
perience of such a machine; would of itself
suffice to raise more than the interest of
the debt, and TO throw surplus into the
general Treasury, if it had the efficiency
of the Euglish, French and German ma .
Chineries of tOx collection. The public
will be astonished and not content to learn
that Of the 100.000,O0o gallons of whisky
annually distilled in the United States, but
40, 900, 900 pay the excise duty-thst co.
600, 900 gallons slip through our collection,
or hide-do somehow get drank untaxed,
or remanufactured in safe defiance of law;
that $l2O O0o, 90 from this ono source, and
most righteous source, of Revenue are
yearly lost to the National Treasury for
want of collectiou-a cum of money practi-
cably attainabie, that is within forty-five
millious of tho whole amount of the year's
interest on tho entire National Debll Save
this needless waste. Gather the whole OF
the income which our tax law is framed to
yield. Cease to lose three. quarters, or anv
part of it. The power OF the nation vigil
lantly and faithfully spplied, with the aid
of adequate penalties for the iuiraction
of the laws to be enforced without
fear, favor, or affection, is surely
equal to the collection of every dol.
lar of revenue from system at once sim.
pie and popular by its Limitation to a few
leading articles of production. Revise the
excise system itself. Knock the linguistic,
rial aud annoying features out of it. Quit
counting the teaspoons Of the people. Stop
feeling in pockets for watches to tax
Cease this inspection of buggy-wheels and
counting of harness, and the specialized
pesking into the work and incomes of tall
ors, shoe. makers and smiths. Quit this
counting off on masculine fngers that
should be hoeing corn, the bonnets made
by milliners and the manufacture of rain
bow Wrappiugs for our dear girls. QuiI