The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-03-11
MONDAY i,IORNING. ,IARcn IL.

WE published, on Saturday morning
last, under our commercial head, some
extracts from the recent letter of the
1 Hon. John J. Cisco, late Assistant
Treasurer of the United States, written
in reply to certain members of Congress
and others who had asked his opinion
in regard to the financial situation. We
are glad to see members OF Congress
turning their attention to practical
sources for such information, instead of
consulting the vague theories of the
New York Tribune and other instan
taneOus specie payment papers. Sooner
or later, we regard it as certain that the
country will accept the policy LAID
down by Mr.. Cisco as the only sound
and safe one. And we deem it mis-
fortune at this time that we
have not such man at the
head of the Treasury Department, in
stead of an official who seems to be
possessed with the strange infatuation
that the way to insure the safety of the
public debt is to fund as much as pos
sible ofthe non-interest bearing portion
of it into gold bearing bonds, and vir-
tuaIly leave the people TO make brick
without straw. Mr.. Cisco's plan is
very different from Mr.. McCulloch's.
He says that he would not attempt to
force specie payments, nor fix time
for them, but leave them to come about
naturally Furthermore, he says that
he would make no special effort to
reduce the principal of the debt"
but would rather reduce the taxes
as much as possible, and let the
debt for the present be reduced
in comparative burden by our
growth in wealth and populations"
And still further, he gives it as his
opinion that no "oficiaI can decide
how much money or currency the
people need in their business. The
time has not come to solve that problem,
For the present we are sure that con-
traction makes the money we have
dearer and harder to get; and hence our
taxes more difficult to pay. a CON
traction policy dwarfs enterprise, stag
mates industry. cuts off revenue and
endangers the receipts of thu govern
ment- Hence, it is IA dangerous ex-
pertinent. Hence Mr.. Cisco says he
"would stop ali contraction of the legal
tender notes, and leave them where
they are, in the pockets OIthe people,
and take meausres for making them
good, thus avoiding any disturbance of
business, which would act upon the
public revenue, and upon the
prices Of government securities" The
great, and it should be the cardinal idea,
is first of all to tide the country over
our present difficulties, political and
financial. Do not Cypress the people
with taxes The war has been a great
burden to them, and its glorious 4
fruits should be paid for, in good part.
by those who will reap them in their
fullest perfection. 1t il not impossible
to crush even giant when his strength
Is spent, and it is not impossible to
overload the people of this country at
this time with an oppression which they
will reject and repudiate. Sagucious
men like Mr.. Cisco discern this danger,
and hence their soIieitude to see the
national finances managed in such
n way as to give relief. to the
people. As he wisely says we
should not concern ourselves
about the principal OF the debt. Let
that take care of itself for the present.
The country will grow to it every day,
SO that we but keep down the interest. |
Every immigrant that comes into the |
United States, every child that is born |
in the land, every acre that is put I'M
der cultivation, every invention that
increases production, every new source
OF wealth, such as our gold and silver
mines, our petroleum, our coal, and all |
our hidden resources, all contribute to |
diminish the burden and cut down
each persons share OF it. In an
other generation it is estimated
that our population will be about
seventy-five millions. Our wealth
will increase In still greater
ratio. The debt that now Expresses
us will scarcely be felt then. What we
need therefore is policy that will not
embarrass the present difficult and del
tcate crisis in our affairs more than pos
sible. We must first reconstruct the
whole country and get all the people
into ajax paying shape. Let them get
crops ahead and feel well established
and secure in the world once more.
Then the problem will be matter of
easy situation. Mr.. Cisco's policy is
thetrue one, and wesee no other one so
likely to carry us through.