The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-11-05
Comprehend Tune from n Radical
Organ.


Ought the exemption of national
bonds from taxation to be continued 7
1t withdraws from productive employ
ment an enormous capital, and thus
embarrasses enterprises needed for the
development of our resources. AS long
as capitalists can get Government inter
est and get rid of taxation by buying
bonds, why should they put money into
railroads, mines or manufactures 1t
seems to us that this provision produces
serious evils which have not been sutfi-
ciently weighed, and, though it may
have been originally necessary, it is at
least questionable whether it may not
now be wisely repealed. True. large
amounts of bonds would be thrown upon
the market, but with all Europe on the
verge of revolution, and money boarded
by the million il a single city like Genoa
these securities would not lack purcha-
sers. No matter at what rate they sell,
Just so much capital, now locked up and
unavailable, would then be released
and turned to productive industry.
To return to specie payment, we must
have something to send to Europe mex
change for our purchases. We used to
send cotton. Now, as if on purpose to
cut our own throats, we tax cotton, and
when Louisiana asks aid to build
levees, Congress answers, "bulld them
Yourselves, you rebels" Is there any
sense in such legislation The pros
pertv of the South is as necessary to
the whole country as that of any other
section. When we embarrass its indus
try, we embarrass ourselves. Let us
have the tax on cotton repealed, on pre-
cisely the same principle that we re-
move burdens from other forms of d.
mestic industry. Reconstruction is
good. but the South cannot live upon 1T,
nor the North either.
The National banks furnish us $780,
900, 900 of currency, but we take it not
on the faith of the banks, but because
IL @ Government endorses it. Who asks,
when he takes a so note, whether the
bank from which it comes is the First
National of one city or the Third Ma
tional of anoiherl 1t is a greenback;
that is enough. Now, the banks receive
for performing this service which the
Government itself might quite as well
perform, large sums of money. True,
the currency is safe and uniform If is
sued directly by the Government !
True, the banks hold large amount of
bonds, but would it not be better to
have our own capital free, and let the
bonds 20 to Europe ? Mr.. Jay Cookies
pamphlet does not seem to us quite con-
elusive rs proof that the National banks
are q national blessing. The Republi-
,tl 70 nnnciHnr tho
question whether the withdrawal OF
Government bonds from these banks
would not be public benefit as well as
a very popular measure.
Tariffs constructed for the benefit of
States or sections or special interests
have been tried Every State, every in
terest wants q share. 1t ends in taxing
everybody enormously for the benefit
of everybody else. Strange to say, that
does not produce quite the desired pros
perity, and so everybody goes to Con-
gress next year and demands still high
er tariffs. The best protection for
American Industry" that we know of
inst at present is a removal of taxes
from American industry. Internal rev.
enue is a moro dangerous foe than the
foreign monopOlist. Let us have the
domestic taxes reduced as low as posi-
BILE, and then tariffs even lower than
the present will be of greater benefit to
American manufactures.
But the stealings of corrupt or the pay
of unnecessary officials, the waste in the
departments and in Congress, the pay
ment of bogus claims, the outlay for
railroads that are never to be built
because they are not needed, the appro-
priations for objects not directly public
in their nature, are not productive ex-
peuditures, and ought to be stopped
until the nation gets out of financial
tronble