The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-06-03
MR. MccULLocH's letter Is calling OIL


MR. McCULLocH's letter IS calling out
agreat variety Of comments from the
newspapers. The New York Tribune
warns the public not to be deceived by
1t, as they were by the Secretary's Fl.
Wayne speech 4 year or so ago. The
New York Times predicates on thsopiu-
ions expressed In the letter an eIabor-
ate eulogy on the financial record and
ability Of the author. The New York
HeT,tLd and the Cincinnati GGsetts, on
the contrary, eonstrue the document
20 mean that Mr.. MeCulloch has seen
even II he does not akuOwledge5 the
errors Of his policy, and that he
now recognizes that any further at
tsmpts 1t contraction will be dangerous
II not absolutely fatal TO the business
interests OF the country. amidst all
these conflicting opinions, It isWell to
bear in mind just Whst the Secretary
does say. BE tells the country that
owing to several causes, which he speei-
des. namely, the failure Of the crops,
the continued dtsOrganization Of bust
ness and Industry in the Southern
States, the increased expenses Of the
Government in the way OF bounties to
soldiers, preparations for an Indian
war, large miscellaneous Rppropris-
lions, the issue Of bonds TO the
Pacific railroad, and the reduction of
taxes by Congress at its Late session.
there will be this year "a falling of OF
the revenue and probably an increase
of the debt. He adds also that he has
''susPended the reduction of the cireu-
1afion Of United States notes" Hors sew
eEAI reasons which he gives.
He believes that the present uneom-
Portable condition Of the country will
produce, among other things, a revf-
sIon OfsOur revenue system, and in this
opinion, we trust he will not disappoint
the country. We are now eompell-
ed to pay taxes on some six
teen thousand different articles,
and we have. in consequence, a
tax establishment both in variety and
extent unequallsd and unknown
throughout the civilized world. The
people are plagued and tormented by
officials at almost every step Of their
waking hours, and the whole land
Swarms with paid employees who eat
up the substance OF the nation and
leave but a portion for the public
treasury. Its the old story over again
Ofths Kings cheese being consumed
by the psEings-
That We need a simple and more
economical method Of collecting the
taxes all must SEE and sdmlt- We
cannot go on As We have been
doing, with every third or fourth man
In the employ Of the government in
some capacity, either directly or indi-
reetIy. Such system VIII break down
from its own weight, and while 1t i'm
poTeriSbss the country it viii not pay
the debt. Could our taxes be collected
on fsE articles, a in Great Britain,
and could we dispense with oue-half or
tWo-thiTds Of the officials now under
pay Ne should have the gratifying
spectacle Of reduced taxes and q dimin-
Lshing public debt. On this head we
consider Ar. MeCu1loch's suggestions
as 70 revision Of the present system as
altogether timely and sound.
InrsgaTd 20 his temporary abandon
ment Of the contraction system, 80 long
and 50 adversely pursued, our readers
do NOT need to Be told that 1t meets our
idsas not only Of expedisncy and ne
eesaity. For many months We have
regarded the Secretary, with all due
Difference for his great experience and
his superior opportunities, as travelling,
10 the language Of Henry c. Carey, not
the road 70 resumption Of specie pay
ments, but to reputation. His policy
OF adding all the time TO the gold inte-
EoSt Of the dsbt, while diminishing the
ayatls Of the people Whsrswith 70 pay
that Interest, was contrary 70 all that
We could Imagine 70 be either hIstori-
eally or practically sound in finance.
Who eTeE yet heard OF q debtor over
Wbelmed with maturing obligations,
seeking to make his assets Unavailable
by creating scarce and dear money
markss? Who ever Jet heard Of a
person, who, having rontracted his
liabilities for half or two-thirds their
face value sought to aTiifcally and
uunatnrally appreciate them 10 a specu.
IAtfVs premium for the mere gratiGca.
ton of seeing how much he could
give away in raturn for value
never recsIysdf And yet, in practical
effect, this has been the policy of the
financial head ofthe nation. Heseem.
ed dstermined that the farmer should
raise TWO Bushels Of wheat TO pay the
amount Of tax discharged by one bush
81 Al the time OF The creation Of the
debt. He seemed determined that al
eiassss Of contributors should not only
thus double up" bat, worse than that
that they, should be subjected to &
chronic, fsVerish, and intermittenth hest
tation and stagnntion In regard to val
ues, the result Of which has been tc
drive productive capital out Of employ.
ment, and hll every mans head with
the insane idea that his best
support was from the inter-
eEf ON Govsrnment bonds. And
hence, while all other investments
have been sinking on the markets, the
public funds have been rising. But tc
all thinking persons, the rise has pre-.
ssnEed no other appearance than an un
wholesome and undesirable imitation
Just N farmers ten Us that horse, a
the maximum Of his most snowy con
dition, is on the very brink OF dis
ease. 80 the Government bonds thu
raatured by q process exhaustive to tn,
life blood OF eountFy-yiz: its industry
had glow about them that the obser
wing mind could not fan 70 zee was th,
result Of abnormal stimulanss. It Is L