The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-04-30

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The Rational Debt and the PnbMe
Expenditures.
Thurlow Weed acknowledges in his
paper, the New York Commercial Id
vertiser, the receipt OF a copy Of the
London Cosmopolitan, sent to him by
an English banker, who draws his at
tention TO the following remarks about
the funded and unfunded liabilities
and claims against the United States
arising out of the war:
att Is q grand compliment TO the
character and credit Of the American
people that the European pubic still
have confidence in United States Gov
eenment securities. Is this confidence
we'll founded? Are these "FiYS-twen-
ties'' and ''Seven-thirtiesn good as the
Bank OF England, as the popular
phrase goes, good as British "COnsols,"
French ''Rentes," or any other national
promises to pay7 These are questions
OF vast Importance, Of persoualinterest
to all who have invested and to all who
think OF investing In American Gov
ernment securities. In consequence Of
certain disclosures recently made by
the editor OF the New York Times, who
was leading member OF the last Con-
gress, we propose TO look somewhat in
quiringly into the matter of American
debts, revenues, resources, and DISPOSE
ton Of the American people on the
subject. In round numbers we are in
formed that the public recognized debt
OF the United States Is g, 7OO, 900. 600. In
1850. the year before the Civil War, 1t
was only $64, 900, 900. In that year the
revenue was $50, 900, 900; in 1868 it was
1858, 100000. But in 1860 gold, or its
equivalent, was the only legal curren-
cy; now the currency Is a deprecated
paper, at the present moment redeem
able in gold at the rate of about 1874 to
100. In other words, gold stands at
about 81 per cent premium. With Sl34
S Ss"''n'"sA you can Guy 'tV' IN
"According to Mr.. Raymond, of the
New York 1SmeS-and ON this question
there Is no better Ruthority-there are
5000, OOO, 600 in "loyal claims" to be
added to the funded debt OF s., zoo, OO0,- |
QUO, which makes s., 700, 900, 600, then the |
war debts Ofthe States, and $500, OOO, 600
for pensions-Say $1,000, 600, 600 more
and the aggregate debt of the United
States Government, ut home and
abroad, rises to the magnificent sum of
"a, 1000, 900, 600! A perfect Mont Blame
in the shape OF promises to pay. Will
masses who create Congress, elect the
Executive, and control the Government,
pay or repudiate?"
Commenting on the above article from
tho London paper, Mr.. Weed makes
some comments upon it from which we
extract as follows:
1.-THE information it imparts cannot
be too widely circulated or kept too
constantly "before the people," A well
differed ship, when reefs or breakers
are in full view, is kept clear of them.
Even shoals, when sOundings reveal
them, are avoided. These financial
dangers are now all in full view, and |
We are under q heavy pressure ofsteam,
running "head on" to destruction. And |
unless the order to ''stop her" is given
and obeyed, that destruction is newt
able..
The alarming circumstance in our
condition is, that while this danger to |
the national ship and Its cause, are seen
and comprshended, the passengers re-
main on deck inactive and Indifferent
With the power to save themselves,
they make no effort!
Congress went through its two years,
making appropriations with greater
prodigality and less resistance than
when the Treasury was overlooking
with a surplus, which had to be divided
among the States. Not content with
scattering PROMISES to Pay" broad
cast, Congress made haste to give away
the public funds. oh, with what shame
loss pro6igacy has this rich Inheritance
been squandered! Upon the public
domain, had II been preserved, were
mines from which the Government
could have coined minis of money.
From that -princely estate a revenue
could have been drawn upon which the
Government credit would have reposed
securely. But thespendthrift, when on
the "Foad to ruln,n spares nothing, and
only comes to his senses after the
household gods are shivered.
Is 1t possible so to present our finan-
Cfal condition as to awaken either ru-
lsrS or people3 Isthere any TGD spot
which, If touched, will make either
wince2 Or must we rush on madly,
until by broken rail or misplaced
switch, the train Is Smashed ups
Does the fact that the annual amount
OF money (most of 1t gold) now required
to pay INTEREST on the national debt is
EIGHT TIMES greater than the whole
expenses of the Government in 1897,
stArtle anybOdyf
VIII our congressional LEADERS, in
some lucid interval, reflect upon and
realize the fact, that the money annu-
ally required TO pay PENSIONS amounts
to more than half OF the whole national
debt in ls6O3
The above articles are worth atten-
ton and reflection. It Is proper, how
ever, that We should say In regard to
Mr.. Weeds comments that for some
time he has been "disafected' If not
"sore headed, !" in his political relations.
Internationally to himself, perhaps, his
feelings lend aggraVation to his come
ments on all matters wherein the Re-
publican majority In Congress is a real
or supposed party at fault. Still, it is
well that we read and discuss the merits
of all such views. II We appropriate
them Alright they will be oEservice to
the Republican party as we'll as the
whole country. It Is not to be denied
that there is grave dissatisfaction, ifnot
absolute disaGection, at theeourse pur.
sued by Congress in the public expen-
ditures. We certainly will not be-
come the apologists ofsome of their ap-
Propriations, And most assuredly the
present Congress has got to render bet
ter satisfaction hereafter If the
party expects to retain the good
will of the people. The time is
at hand when our finances viii
be the topic Of chief concern, and men
will stand or allin the future according
to their record on that question. Such
menas Mr.. Weed are not going to lose
their opportunity to make capital out
of every possible prejudice of the peo-
pie against taxes and debt. They have
their scores to settle up with certain
political opponents as we'll as
with tie political ideas that may have
triumphed over them Of late, and such
veterans understand the weak spots in
thearmoF of those at whom they aim.
Il tI,nraRnrn Tho Pam nsn.. -ss..l.-