The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-06-08

Interest when money becomes scarce.
In other words, the relations between
the borrower and the lender ought to
be reciprocal, and IL not so, they will be
unjust. If unjust the public credit will
suffer.
With respect to taxation he thinks the
same rule ought to govern that governs
men in private business. Loans are
not paid of all at once, but gradually
that the profitable employment OF cap
ital may not be interrupted. Inc
natural law is, therefore, 10 put taxa
ton at the lowest that VIII insure the
certain progress OF Liquidation, instead
of the highest that can pe screwed OUT
of the people. The latter policy, which
is that of Great Britain, makes the re-
duction OF debt impossible, because 1t
reflects injury on productive labors.
Our debt, he urged, ought to be all
funded legal tender notes included.
The yearly interest OF it would be one
hundred and sixty-two millions. By
adding ten millions only, as constant
yearly payment of principal, to be con-
Joined with the decreasing interest, this
ten millions would :pay the whole in
torty-eight years. But to maintain the
taxes at the same rate after the princi.
pal of the debt should be materially
reduced, would violate the natural law
which requires taxation to be reduced
the moment its reduction is necessary
10 favor the productive labors. Tables
are given in the volume to show that
this should take place periodically at
intervals of about seventeen years.
Seventeen millions OF taxes, he says,
might be akated in 1888, by which time
three hundred millions of the principal
would be paid of. In another term OF
seventeen years seventeen millions
more might be abated, and so on.
With respect to the independent
treasury the author quotes the follow
ing passage from the report of Mr..
Guthrie in 1856. Amer praising the ac-
ton of it he says:
"The Independent treasury, however,
may exercise a fatal control over the
currency, the banks and the trade OF
the country, and will do so whenever
the revenue shall greatly exceed the
expenses. There has been expended
since the 18th of March, 1858, more than
SIS, 525 900 in the redemption ofthe pub
lie debt. This debt has been presented
from time to time, the money accu-
mulated i'll the national treasury, and
caused strinGency in the money market.
If there had been no public debt and no
means OF discussing this large sum
and again giving it to the channels OF
commerce, the accumulated sum would
have acted fatally on banks and on
trade
Mr.. Gibbons proposes that the bonds
representing the debt be made payable
without date, for twoErincipal reasons.
One is, that this is the only way to keep
them from competing with each other
in the market; and the other, that the
receipts of the treasury above imme-
diate wants might be invested in them
and the accumulation of heavy balances
prevente ;.
In supplemental chapter on the
British debt, the purpose OF which is to
give an example of the deplorable con-
sequences of high taxation long con-
tinued, tie startling fact is given, on
the authority of Sir Morton Peto, that
at this day every twentieth person in
England and Wales Is pauper, re-
ceiving public relief.