The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1866-01-03

iouCy, L. sdyo'
Under the present imitation Of prices,
the cost of labor Of all the elements enter
ing into the production of staple commo-
dities, whether in agriculture, mechan-
les, or manufacturers, is such as to invite
the direct competition of all other ceun-
tries in our own markets. 1t Is TINS
which makes our market the best tn sell
in and the worst to buy in on the part
of foreigners, and which, in the conse-
ouent absence of an adequate export de-
mand, must eventuate in the denuding
us of the precious metals and the crea-
ton of debt abroad that will be
gre ter drain upon our resources IMAM
our present national debt.
By gold valuation of our imports and
exports the balance that has accrued
against this country during the four
wears previous to the 30th day OF June
last, including the interest on American
securities, held abroad purchased within
that time, and also taking into due con-
sideration the difference between the
standard of our own and that OF foreign
gold (nine and three Fights per cent?
has been S205, 100000
By reason of the probable falling on IN
the export of coin, and the increased
amount of interest to be paid abroad,
if is estimated that the accruIng balance
during the present fiscal year will
amount TO 100000 making total
for five years of $42S ,0OO,O 900.
Our only resource to pay this gold bal
ance against us has been and sSill Is the
sale of our securities abroad. The
amount required, if sold at an average
discount of forty per cent, will be s1l3'-
O,O0O, and the annual interest at SIX
per cent will he S42,7aO,0OO. The dis
court of forty per cent will amount to
$3.50 100000; every dollar OF which Will
be an entire loss TO the country
To prevent this increasing balance OF
trade an Increase OF the tariff is recon-
mended by the Comptroller. The tariif
is already so high that the wealth of the
laboring classes is bell g rapidly absorb
ed by the New England manufactures
whose greed for protection Il only e1uai
led by the malignity OF its Summers ana
by it's ambition to control the legislation
Of the country. A Statement Is gong
the rounds that the Williapantic Thread
Comnany has made three hundred per
cent on its capital the last year-the
tariff having helped them to make
this enormous profit out OF the
people. The Glasgow and Lancas-
ter domestic ginghams, which used
to sell tropa ten to fifteen cents per yard,
have gone up so high under our protec-
five tariff and the price OF gold e1'
change, at during the last few months
loreigu goods Of equal or better qnality'
have appeared in the New York market
at lower prices alter paying about sew
euty-fve per cent for the privilege. Inc
difference shows the greatly increased
profit which falls to the home mahufac'
turer The Comptroller also proposes
tax OH cotton. AS this is Southern
product no harm, Of course, can Oe done
in discriminating taxation against the
Southern producer Why not propose
fax on heat and other Northern pro
ducts2 The Comptroller also labors I'M
der the delusion that small yearly
Sinking Fund" will pay our debt-a de-
fusion so ably exploded III DR.. Hamiltons
work Oil the British National Debt The
Doctor lays down the principle, the
soundness of which is adopted by the
Secretary of the Treasury, that the eA-
cess of revenue, above expenditure, isthe
only real sinking fund by which public
debt can be discharged. The increase OF
the revenue, and the diminution OF ex-
peases are the only means by which this
sinking fund can be enlarged, and its OPP
erations rendered more edectual; and all
schemes for discharging the national
debt, by sinking funds operating by com
pound interest, or in any other manner,
unless so far as they are founded ON this
principle, are illusory"
The Comptroller of the Currency says
1t is believed that from few sources
q revenue can be raised sufficient to meet
the interest on the public debt, pay the
ordinary expenses of government, and
contribute thirty millions Of dollars an
nually to sinking fund that will pay
the national debt in thirty two years
and half
The Secretary of the Treasury, whose
report stamps him as man of great in
telligence and ability, says in opposition
to the delusion of establishing a sinking
fund for the payment of the natioual
debt, as provided by the great fnanciers
of Congress in theiI act of February %
1862
The Secretary, however, is OF the
opinion that the safe and simple way OF
sinking the national debt is to apply di
rsctly to its payment the excess OF re
ceipts over expenditures"
He states truly that debt of $1,000,
100000, bearing interest at 81 per cent
can be paid in little ovsr thirty years
by the payment yearly of 500, 00O,oO(
for interest and principal But fearful
doubt casts shadow over his mind as
he thinks that many circumstances may
occur to prevent the accomplishment OF
his plan, which he thinks well oalcula
ted 10 encourage Congress in levying