The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-03-26
TotaI Sc, ,E72 81 ess le5 81 s3l I2

SIS, ~ s3S7 6Ss, ,ls5 s87 s84
Itsurely cannot be deemed unreason-
able to expect that for the current fiscal
year, W should have something like az
approximation TO the scale of expendi-
lures which obtained before the war:
excepting in those items of expense
W hich must be regarded as inevitable
results of the war. Yet we find the re-
port of the Secretary of the Treasury
gives for the six heads of expenditure
above enumerated, an aggregate of
S2l6, SOS, ,39S as the estimated disburse-
ments for 1867, or SI56, 7lO, ,g26 more than
in 1860. 1t is true that of this amount
S64, 100000 is appropriated for the
payment of bounties; but it is also
true that it is through appropria-
tions of this very character, based upon
no actual claim on the Government,
and really in the nature of political
gratuity, that the public expenditures
are being so enormously increased.
Nor is this extravaganza in appropri-
ations peculiar alone TO Congress. The
State legislatures show like reckless
ness of expenditures. Here also the
immense sums raised in support of the
war have demoraliZed every idea of
economy, and large sums of money are
voted with spendthrift heedlessness. 1t
may be safely estimated thatthe States,
exclusive of the Southern States, have
increased their debts during the war
nearly $500, 900 600, while the city, town
and county debts have been increased
to a still larger extent, the consequent
local taxation being most injurious to
the interests of property holders. Yet,
in spite of this immense accumulation
OF debt, we find our State; and
city governments proposing un
dertakings which will still further
augment their obligations. In our
own Legislature it is gravely proposed
to increase the canal debt of the State
$40, 600 600, and in the Senate bill has
actually been passed to third reading,
and that almost unanimously, granting
aid to the extent of 5000 per mile to
any road in the State that shall con-
struct and complete twenty miles of
road during the year; the Legislature of
Maine has just passed an act which
authorizes any town to take stock in
any railroad in the State; and these are
but chance specimens of the prevail
ing recklessness of legislation respect
ing the increase of corporate obliga-
tionS.
The last five years have been period
OF funequalled extravagance in the man
agement OF private associations. In
1854 about i've hundred new companies
were started in this CITY aIone. and in
chimerical. Philadelphia, Boston, and
other large cities also had their mania
for new enterprises. In too many cases
the object of the organization of these
companies had been gained when the
promoters had disposed of certain
amount of stock ,or had secured pay for
a few acres of land at fabulous prices,
and now the certificates issued By the
million are little better than so much
waste paper. Nor have our railroads
generally shown a very conservative
regard for their debts. Some have un-
dertaken great works of construction
In period of imitation, and have con-
sequently had to issue stocks or bonds
to double the amount that would have
been required in ordinary times.
We think it is high time that some
check were impose::dupou this reckless.
ness in accumulating debts? A large
portion of our federal, State and local
| war debts were contracted in q cur
rency worth so or co cents on the dollar
and most of them will have to be Iiouf.
dated in gold or its equivalent. So fal
as respects debts contracted for wal
purposes this was an Inevitable mis-.
| fortune. But in the case of enterprises
undertaken now, or appropriations
made for unnecessary objects, no excuse
can be given. Unless we are prepared
to be stigmatised as a nation OF bank.
rupts We must suspend this accumula
ton Of debts. and by system Of rigic