The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-08-24

| change or modify II is expressly re-
served. Their right to issue paper
money rests only upon the consent OF
/ Congress, and may be Withdrawn at
any time.
| Let us see how this system stands.
To secure the privilege of issuing notes,
! the banks must deposit with the Treas
urer of the United States Government,
bonds exceeding by ten per cent. the
amount of their circulation. thus fur
nishing a stable market for our bonds.
! They must redeem their notes at their
| conuters and at centers of redemption,
! thus furnishing a convertible currency
They must keep on hand in United
| States money or greenbRcks about 70
! per cent. of their circulation as deposits.
| They must pay u heavy tax to the United
| States, amounting, last year, to IS $685.
93S, and TO the States, amounting
/ to over six millions more. All their
| interests are inteTluCed with the credit
of he National Government. They abb
! sorbed and took the place OF the stale
| banking system, which was utterly de-
| structive to the national credit during
the war, which furnished currency
! without security, and which the United
| States could neither receive or pay
out.
| They are convenient agencies in col
| leCting the revenue and promoting ex-
changes among our people. IT these
| IeuSOu5 are tlbL SuLllCiGIl ~ oAoAAAh
system, then il will iaIl, and swarms
OF Slate banks will spring up again.
BY adopting this system, we absorbed
! or drew out OF existence Stale banks
whose aggregate circulation was $780,
! OOO, 600, which paid us no taxes, rem
/ dered us no facilities, and preserved no
| financial credit.
We made basis which yields US now
| S, 600 900 in taxes, holds SI0O, 10000 OF
| our bonds, and near 500, ,00O, 900 OF our
notes without interest. Ii is oflen
asked why not issue $500, 900, 600 green
backs and retain the bank notes =?
| Won't we save interest by this3 We
certainly can do so, but we lose the
market Tor a larger amount OF our
bonds. We must then provide tor the
! 500 .O0O,00 of our legal tenders now Sc
! curely retained from circulation in the
vanlts of the banks, and we kill the
goose that yields us SS.0OU, 900 in taxes.
| My conviction is that the National
! Banking system works We'll, ana
should not be tampered with, except to
secure ii fairer opportunity among the
! States to strengthen the security en-
| Joined by circulation, and in time TO
| make "a national center of redemption
or clearing house. L never was much
of IA bank man, but while such aRen-
cies are demanded, as they are in all
new countries where capital is scarce, l
| believe the present system is far better
| than any we ever had, and far better
\ than for the United States Government
to assume directly the banking opera
| tions ofthe people.
And now, fellow. citizens, II few words
as to taxes, and / am done.
! The general principle of our tax law
/ is TO collect as much rs possible from
duties on imported goods. The reasons
are that such taxes are most easily col
| lecicd in the SeabOard cities, and main
0 t.. lFf-
| They are mainly on articles of luxury,
such as silks, br0adcloths and wines,
and are paid by those who are able TO
pay.
To the extent that taxes are levied
upon articles that may be manufactured
here, they protect our own industry
and diversity our products, ana in
crease our wealth. a,H...
We levy these taxes in gold, because
gold is the basis of all foreign com
merce, and we are thus provided with
ample means to pay the interest of our
debt.
Now, in levying other taxes, we Sc
lect incomes over 81 900, and impose 5
per cent duty upon such Incomes.
This is the fail est mode of taxes.
The difficulty is in nsCertaining the
amount of income, but as the revenue
officers become acquniuted with the
business of our citizens, this tax is
y
last year over S60O00,00O In England
this is the most uniform and stable tax,
and will be here. Here we select for
taxation such articles, the consumption
of which is not necessary; such luxu-
ries HS tobacco and whisky.
To the extent that tue tax prevents
consumption no harm is done.
The failure TO collect the whisky tax
is the scandal and reproaCh of our sYS-
tenn. 1t ought 10, and Will when collect
ed. yield SSO,0OO.000.
These taxes on imports, incomes,
whisky and tobacco, in my Judgment,
will now be amply sufficient TO pay the
interest on our debt and meet necessary
expenditures.
The way, therefore, from lime to time,
is to throw off our system of internal
taxes and yet preserve untarnished our
national credit.
l agree with Judge Rauney that
greater economy and cure are necessary
in our public expenditures. The spirit
of the age tends to extravaganza in pub
lie and In private life. Great works,
vast improvements, new inventions,
restless activity, in all departments o.
business and industry, are the order of
the day.
l believe the United States can leave
all these to our people, and conine the
operations OF the Government to the
protection ofthe life and property and
rights OF its citizens at home and abroad,
and to the performance OF its national
obligations.
But how can this be accomplished?
Is 1t by partisans who make promises
to ride into office? Not at all. 2
i notice that almost every scheme for
new drafts on the public Treasury is
supplied by nearly every Democrat in
Congress. This is personal and not a
political question. After reconstruc-
lion is settled, the highest attribute, in
my Judgment, for a representative of
the people, will be his care and scrutiny
i'll public expenditures. l believe, from
indications already shown, that the
next Congress, comprised almost en-
tirely of Republicans, will furnish us
with examples OF strict economy in
public expenditures, and wise and
prudent care of your financial Inter
ests.
The Romance of Life.
A maiden lady, by the name of King
limo who settlad in Warran cOunty