The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-08-23
'Chc Financial Situatiom-specch Of
Hon. e.. N. Pcudlcton.

wr present this morning an eXtrac
ircm speech del vcrctl at Lima, Ohio
last Thursday. 10y Hon. GEO. II. PENDLE
Iu>. Our readers viii have no reason
Ia regret Tie change. In reference Il
The condition of onr national finances
Mr.. pENp!ETuN said:
The revenues of the government, de
rived from taxation in 1866, amounted
10 nearly $50, 600 600. This was a veal
OF pcacc: the army had been reduced
the navy had been dismissed; the vast
military movements had ceased. Yet
the expenditure was one hundred mil
lions more than that of England, and
one hundred and eighty millions more
France. The greatest expenditure OF
England during the NapOleonic wars
when even Russia was estimated by hel
>ubSidcS-whcn large armies were kept
in Spain aud OH the Continent, never
reached fl00.OOO. .O00-leSS han $780,
mm.GGU. England has thirty-six thous-
and millions of property as II tax
able has :. France has forty thOus-
and millions. The United States
have sixteen thousand millions. With
less tan two-ffths of the taxable prop
erty. our people pay largely more taxes.
Two years have elapsed since the war
ceased. Two regular seSsions-twO ex-
ira sessions of COngress-have been
held. Has any scheme OF economy, has
any reduction Of taxes been proposed
On the contrary has not the only scheme
of finance looked to the increase of the
interest hearing debt, and TO the in-
crease of expenditure by the increase of
interest The public debt, bearing in
IrrrSt. amounts to twenty-five hundred
millions: the laterest reaches one hun
bred and forty millions. When the Re
publican party came into power the
debt WAS only eighty millions. In five
years II has grown TO so much, and this
no with>tanding the vast annual reve-
murS. Though the principal is consid-
rrably less, the annual interest is con-
>drrably more than that of Great
Ertaiu: aud the highest reach of Re-
publican craftsmanship has been tn pro-
pose the conversion OF greenbackS,
which pay no interest, into bonds which h
pay interest in gold, and thus TO in-
crease the number of those who DO not
pay taxes. and tnincTeaSe the burdens of
those who do. The amount of un-
funded debt has been estimated at eight
hundred million dollars. If this shall
hr converted into bonds, the interest
will amount to fOrty-eight millions in
gold. and this sum will be added to the
expenditures. In the meantime the
number of national banks will be in
.f L..
backs supplied by bank currency. Our
government pays higher rate of inter-
est than any in Europe. Every dollar
of it's Indebtedness is To he made TO pay
that rate, and no provision whatever is
made for its redemption. This process
should cease instantly. These forty
eight millions annually should be saved.
The fve-twentics should be paid in
qrtenbdcks Us they mature, or as fast as
can be done without too great derange-
ment of the currency. Nearly four hun
dred millions of them are deposited by
the banks as security for their eircula-
ton. These can BE- redeemed WithOM Gd-
dina one dOlldr to the currency. The in
terest OH these bonds amounts TO twen-
ty-fOur millions of dollars annually.
Add this sum to the forty-eight millions
above spoken of, and we have seventy
two millions in gold. Create this into
q sinking fund and you can pay the
whole debt in sixteen years without ad-
ding dollar TO your taxes or lncreas-
ing Your circulating medium. But the
condition of the country could bear an
increase in the currency. The ravages
of war at the South-the destruction
of capital there, the loss of houses,
horses, cattle, agricultural implements,
the scarcity of provisions, the enfran-
chisement of the negro, the Importance
of setting the whole population to Ia
bur at oncc--crratc u demand for more
currency. Every interest would be adj
vauced by the stimulating effects of an
enlarged currency. As fast as this i'll
crease could be wisely made, the bonds
should be reduced, and the amount thus
saved he added TO the sinking fnnd.
This is reputation. hear somebody
say. Not at all. The tiyetwenty bonds
ale all payable, at the option of the gov
eminent after five years. Their very
name shows it. They are payable, by
the law under which they were issued
and according to their face, in green
backs. They are not payable in gold.
Not so with the principal. The ten
forty bonds authorized by the act OF
March 3, 1863, are by the terms of the
law. made payable in gold. This Is
the only class of bonds OF that char
acter: and as / read the last official
statement of Secretary McCulloch very
few, if any of them, have been is
sued. The government may then, ac-
cOrding to the terms of the law and of
its contracts, pay the fve.twenties in
sreenbacks ut any time after five years
from their issue, and there is no repudi-
alton in doing SO. OF this class there
were outstanding on the lSt of August
eleven hundred millions, and they ma
ture probably in nearly equal proper
ton in each of the next five years. This
will not supersede the necessity for
high taxes, for close economy, for con-
unuOus Industry. They aIe inevitable.
With them, and whatever other plans
wisdom may suggest, the burden will
press heavily on you and your children.
| have shown that the redemption OF
the bonds will soon be gradual, the in
crease of the currency so slow that val
ues will adjust themselves and busi-
ness interests become regulated with
ont that shock which usually at
tends great changes of financial
policy. But, if it were not so
still the bonds should be oonrerted
iato greeRbdcks. They were sold fol
greenbacks; il is fitting they should be
redeemed in the same currency. This
policy would save the interest, pay the
debt, and bring upon the duplicate fol
taxation that immense amount of cap
ital which is now exempt. And thes'
advantages would amply compensate
for the evils which are predicted. The
debt amounts to one-fifth of the prop
erty, real and personal, of the Who'll,
country. 0ne-fifth of all the capital q
the country is exempt from taxation
Interest eats up the substance of tn,
people. Exemption from taxation ag
gravates the evil. This state of thing,
cannot last 1t Expresses labor; it ex
cites deep discontent. 1t ought to b,
relieved by fair and voluntary ad
justment. II will be relieved at al
events. The bondhofaer should b,
prompt and wise. The people abroad,
believe this curse is the blight Of death
and We know by experience. what the.
VIII do to "save the life ofthe nation.