The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-09-12

any reduction of taxes been proposed
On the contrary, has not the only
scheme of finance looked to the increase
of interest ! az yEttEEt ft f
The public debt, bearing interest,
amounts to twenty-five hundred mil
lions; the interest reaches one hundred
and forty millions. When the Repub-
lican party came into power the debt
was only eighty millions. In five years
it has grown so much, and this not
withstanding the vast annual revenues
Though the principal is considerably
less, the annual interest Is considerably
more than that of Great Britain; and
the highest reach of Republican states
manship has been to propose the con-
version of greenbacks, which pay no in,
terest, into bonds, which pay interest
III gold, and thus to increase the number
of those who do not pay taxes, and to
increase the burdens Of those who do.
The amount of unfundsd debt has
been estimated at 00,OO0,OOO. IL II
shall be converted into bonds, the inter
est 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
increased, and the place of the green
backs supplied by bank currency.
Our Government pays a higher -ate
OF interest than any III Europe. Every
dollar of its Indebtedness is to be made
to that rate, and no provision whatever
is made for IFS redemption.
This process should cease instantly
These forty-eight millions annually
should be saved. the tive-twentles
should be paid in greenbacks as they
mature, or rs fast rs can be done with
out too great arrangement of the cur
rency. Nearly four hundred millions OF
them are deposited by the banks as Sc
curity for their circulation. These can
be relnedicd without adding one dollar
to the currency. The interest on these
bonds amounts to twenty flour million
of dollars annually. Add this snm 10
the forty-eight millions above spoken
of, and we have seventy two millions
i'm gold. Create this into sinking
fund, and you can pay the whole debt
in sixteen years, without adding dol
lar TO your taxes or increasing your cir
culating medium.
This is repudiation, hear somebody
saw. Not at all. The five-twenty bonds
are all payable ut the option of the
Government after five years. Their
very name shows it. They are payable
by the law under which they are issued,
and according to their face, in green
backs. They are not payable in
gold. The interest is, according
to the provision of law, and the Ian
guage OF the coupon, to be paid 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 charac-
ter: and as | read the last official state
ment of Secretary McCulloch, very few,
if any of them, have been issued. The
Government may then, according to the
terms of the law, and of its contracts
pay the ive-twenties in greenbacks at
any time after five yeals from their Is
sue, and there is no reputation in do
ing so. OF this class, there were out
standing on the first Of August, eleven
hundred millions, and they mature
probably in nearly equal proportion in
each of the next five years. This will
not supersede the necessity for high
taxes. for close economy, for continuous
industry. They are inevitable. With
them and whatever other plans wisdom
may suggest, the burden will press hcav-
ily on YOU and your children.
| have shown that the redemption OF
the bonds will be SO gradual, the in
crease of the currency so slow that val
ues will adjust themselves, and busi-
ness interests become regulated without
that shock which usually attends great
changes uf financial policy.
But if it were not so, still the bonds
should be converted into greenbacks.
They were sold for greenbacks, it is fit
ting they should be redeemed in the
same currency. This policy would save
the interest, pay the dcot, and bring
upon the duplicate for taxation that
immense amount of capital which is
now exempt. And these advantages
would amply compensate for the evils
which are predicted. The debt amounts
to one.lifth of the property, real and
personal of the whole country. One
fifth of all the capital of the country is
exempt from taxation. Interest eats
up the substance of the people. Ex-
emption from taxation aggravates the
evil. This state of things can not last.
1t oppresses labor-it eXcites deep dis
content. 1t ought to be relieved by a
fair and voluntary adjustment. 1t will
he relieved. at all events. The bond.
holder should be prompt and wise. The
people already believe this curse is the
blight of death; and we know by eX-
perience, what they will do to "saYe the
life of the nation"
In reference to the condition of the
South, Mr.. Pendleton said
In one State the military commander
has postponed the meeting of the Leg
islature until he shall give it permis-
sion: that in another State, trials by
iury have been suspended because the
Jury lists have not been revised in vio-
iation of the law of the State, but ac-
cording to his order: that i'll another
State n Governor, who was elected by a
vote of fifty thousand, has been remOv-
ed, and his competitor who received fif-
teen thousand has been appointed in his
place. and that in another State, re-
spectful declination TO serve in a city
council is considered rebellious con
tumacy, and is to be punished by the
appointment of negroes to that body;
and that in still another State, civil Of
ticers shall not give the patronage of
their printing to any newspaper which
does not favor the Congressman meas
ures of reconstruction. And General
Hayes voted for the law which author
ICES these things to be done-approves
and defends them all-and when asked
for the authority he cody tells uo they
seem to be in accordance with the "will
of the notion" will of the nation :"
Where shall you look for the expression
of the will of the nation except in its
fundamental laws, except in its written
Constitution .-.
Will of the nation! They are IN di-
rect violation of the will of every hon
est white man and of every intelligent
negro at the South; of every Democrat
and of every supporter of the Admins
tration at the North, and of the thous-
ands of Republicans who love liberty