The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-12-04

sihatNNf hAMuuHtcu W tOtpfVNNtuuu iINll
1883 70 1850, Inclusive, 70 eiS7, 800 900 i
md from 1851 TO 1861, inclusive, 10
w, ~, 0-making the grand az
sEe,e,te Of products since 1919,
y 100000. The amount OF spe-
sle goingd from 1870 To- 1857,
inclusive, was $3.50 0O0, 900; from 1858 TO
iS19, iS1 inclusive Sl25, ,0V0, 900; and from
lS9l 70 1867, Inclusive, ssl0, ,OO0, ,000--ma-
~ klnss the total coinage since lSip, SSI4,.
Vvo,yVv. From lRis 70 1851, inclusive,
n.s, sne pst w expofta OF specie amounted 10
WI IVY, ,000i nom 1883 10 1850, inclusive,
70 y14s, ,Oo0, 900; and from iSefto 1861, In.
clusives SS22, ,000, 900 0-Eaalt ing the agnre.
gate q net exports since 1si9, S7iI, 600.
600. These figures show M excess 81
product over net exports OF : sis3, 900, 600,
There are In the Treasury Sill, 900 900
10 coin, something more than 80, ,0OO,s :
600 In circulation on the Pacific Coast,
and few millions In the National and
other Banks-in all about $3.50, 900, 900.
This, however, taking Into account the
specie In the country prior 10 1919,
leaves more than three hundred mill
lions Of dollars which have not been
accounted for by expectation, and
thoretore may yot remain In the couns
try. .l ft7g Hf
These are important facts, and show
how completely the inferior currency
will snpersede the better, forcing 10
from circulation among the masses,
and causingit TO be exported as n mere
article OF trade, to add 10 the money
capital Of foreign lands. They show the
necessity Of retiring our paper money,
that the return OF gold and silver TO
the avenues OF trade may be invited,
and o demand created which will cause
the retention at home OF at least SO
much ofthe productions of our rich and
inexhauBtible gold.bearing fields as
may be sufficient for parposes ofclrcu-
lation. II 10 unreasonable 10 expect a
return to q sound currency so long as
the Government, by continuing TO issue
irredeemable notes, fills the channels
otIcifenlation with deprecated paper.
Notwithstanding a coinage by our
mints, since 1s49, Of eight hundred aud
seventy-four millions or dollars, the
people are now strangers to the cur
rency which was designed for their use
and benefit, and specimens Of the pre-!
clons metals bearing the national de-
Vice are seldom seen, except when pro-
duoed TO crafty the interest excited by
their novelty. II depreclated paper is
10 be continued as the permanent cur.
rency OF the country, and all our coin
Is 10 become u mere article OF traffic
and speculation, 10 the enhancement
10 price OF all that Is Indispensable 10
the comfort Of the people, II would be
wise economy TO abolish our mints,
thus saving the nation the care and ex-
pense incident 10 such establishments,
and let all our precious metals be ex-
ported in bullion. The time has come,
however, when the Government and
National Banks should be required to
take the most efficient steps aud make
all necessary arrangements for re-
sumption OF specie payments Rt the
earliest practicable period. Specie pay
ments having been once resumed by
the Government and Banks, all notes
or bills Of paper issued by either Of a
less denomination than twenty dollars
should by law be excluded from clrcu-
latlon, so that the people may have the
bsneht and convenience of gold and
silver currency which in all their
business transactions will be uniform
In value at home and abroad.
"Every man OF property or industry,
every man who desires 10 preserve
what he honestly possesses, or to oh.
tain what he can honestly earn, has a
direct interset In maintaining u safe
circulating Inedium-Buch a medium
rs shall be real and substantial, not
liable to vlbrate with opinions, not sub
ject TO be blown up or blown down by
tue breath OF speculation, but TO be
made stable and secure. A dIsordered
currency Is one OF the greatest political
evils. II undermlnes the virtues neces.
sary for the support Of the social sys.
ten, and encourages propensities de-
structive OF It's happiness; 1t wars
against Industry, frugllity. and econ.
omy, and II fosters the evil spirits OF
extravaganza and speculation" 1t has
been asserted by one OF our profound
and most gifted statesmen, that "of all
the contrivances for cheating the labor
ing classes OF mankind, none has been
more etfectual than that which deludes
them with paper money. This Is the
most etTectual OF inventions to fertiliZe
the rich mans fields by the sweat Of
the poor mans brow. Ordinary tyrau-
ny, oppression, excessiv.l taxation
these bear lightly on the happiness Of
the mass OF the community compared
with u fraudulent currency, aud the
robberies committed by deprecated
paper. Our own history has recorded
for our instruction enough, and more
than enough OF the dem0rallzing ten
dency, the injustice. and the tntolera.'
bic oppression on the virtuouS and
well-disposed OF a degraded paper cur.
rsncy, authorized by law or In any way
countenanced by Government" It Is
one OF the most successful devices, iu
tunes OF peace or war, expansions or
revulsions, TO accomplish the trans.
fer OF all the precious metals from
the great mass Of the people into
the hands OF the few, where they
are boarded in secret places or de.
poslted In strong boxes under bolts aud
bars, while the people are left TO en-.
dure all tho Inconvenience, sacrifice,
aud disqualification resulting from the
use OF n deprecated and worthless pa.
per money.
The condition OF our finances and the
operations OF our revenue system are
set forth and fully exclaimed In the able
and Instructive report OF the Secretary
OF the Treasury. On the S0Lh OF June,
1885. the public debt amounted to 81, 1885,
AS $40; on the 30th Of June last Ii was
81 692 l99, ,2l5; showing a reduction dur.
ing the fiscal year OF $9l, ,226. .664. Dur.
Ing the hsUal year ending June 30, 1857,
the receipts were Si9D, ,634, ,Ol0, and the
expenditures sSi6,729. i29, leaving an
available surplus OF $l43,904, $50. II Ia
estimated that the receipts for the fiscal
year ending June 80, 1868, will be $4l7,-
l6l ,92S, and that the expenditures will
reach the sum OF $So3, ,26V, ,226. leaving
In the Treasury Il surplus OF S2S, ,s92, ,702.
For the fiscal year ending June 80, 1859,
II Is estimated that the receipts will
amount TO 1881 900, 900, and that the ex-
pend iturcs WILL be SS72, 900 900, showing
an excess OF s9,000,000 in favor OF the
Government.
The attention OF Congress Ia earnest
ly invited to the neoessityo d thorough
revision Of our revenue system. Our
International revenue laws and impost
system should be so adjusted as to
bear most heavily on articles OF luxury,
leaving the neCeSsarles Of life as free
from taxation AZ may be consistent
with tho real wants OF the Government
economically admi niNtered. Taxation
would not then fall unduly on the man
OF moderate means; ana while none
would be entirely exempt from assess.
ment, all, IN proportion TO theif pecuni.
ary abilities, would contribute towards
the support OF the State. A modllcA-
tion oI the internal revenue system, by
u large reduction In tho number OF ar.