The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-01-03

specie Ae1umpGlOnss-9eunIo AeuuoFs
sons New BiII.-PrOposed RemOVRI
of Certain Internal Taxes-.DIs.
bnFsRients this MonIh-Mr. lIeCuI-
IOeh's Policy aud the BnslnesSOr the
Country. eig-
The Board ofTrade OF Philadelphia
had a.meeting on Monday to consider
the finances OF the country, particular
ly the question of specie resumption,
previously acted upon by a similar
body In New York. The committee
charged with the presentation of this
currency contraction subject to the
meeting on Monday, were unable to
agree, but majority report, in the
form of three resolutions, was present
ed, as follows:
Resolved, That the Board of Trade OF
Philadelphia respectfully recommends
to the Senate OF the United States the
prompt passage Of the bill adopted by
The House Of Representatives, Iorbid-
ding farther contraction OF the cur
renCy.
Resolved, That the resumption. OF
speeie pay ymsnts cannot be enforced by
act of Congress unless assisted by full
crops, prosperous industry, and re-
storation Of political harmony through
out the country. When these cOndi-
tions shall have been secured, we will
advance toward resumption at a
healthy and natural pace without the
interference Of arbitrary leglHlRtive en-
Rctments. s=-2s
Res0LUed, That the payment of the
principal Of the national debt should
be reduced to minimum rate per an
mum, In order 10 tighten the weight of
taxation which now crlpples the ener-
BY OF the people.
The minority did not present n re-
port. The resolutions, were discussed
at Length, when the hrst one was put
to vote and lost-yeas 8; nays Z. The
report afterwards was not further acted
upon, except To order its recommittal.
The following is a fair synopsis of
of the financial measure prepared by
Senator Henderson, OF the Financial
Committee, and which he Intends to
move as a substitute to that of Senator
Sherman. The points of this plan are
as follows:
/ FTrS-To consolidate the National
debt in long loan, principal and inte-
rest payable in gold; the Interest MOTIF
exceed three and one-half per cent. per
annum, payable semi-annually; aud
to be exempt from all taxation,
Seeo1Id-All National banks now
having bonds deposited with the Treas
urer to secure circulation, shall within
twelve months substitute the new or
consolidated bonds, or have their cir
culatiOn Withdrawn.
Thfrd-To so amend the National
banking law as that not more than
seVeDty-tiVe per cent of the par value
Of the bonds shall be given in circula-
ton to any bank; also to repeal the
Limitation of $500, 600 900 circulation to
National banks, SO as to make banking
free as any other business, subject 10
such new guards as may be provided
by law.
Bolirth-To provide for "a very grad.
ual withdrawal OF greenbacks, SO as to
enable the National banks gradually
to supply themselves with coin, pre-.
PeFEsettory M 70 Eespml3g specie payment
composed Of the Secretary of the
fency, and others TO be appointed
by law, to determine the mani
ner and time OF Withdrawing green
backs, and with power, in case OF great
commercial distress or monetary panic,
to supply banks on deposit of bonds as
collateral, with legal tender Treasury
notes TO u certain amount, not exceed
in $50, 600, 900.
In addition to the purposes enums-
rated in the proposition, It Is intended,
Il is said, when the bill reaches the
Senate, to propose the removal of in
ternRl taxes from articles OF mauufac-
ture, except whisky and tobacco, and
provide new means for collecting the
taxes ON these articles; to continue iu-
come and stamp taxes, license taxes
and those on railroad and steamboat
receipts, aud some others: and in large
measure abandon the present expen-
slveSystem of taxation. We shall, pos
sibly refer more particularly to the new
measure when 1t comes more leglti-
mately before Congress.
With the incoming of the new year,
say from the first to the 18th or 10th of
this month, there will be large pay
ments of interest on. government secu-
rities and State and municipal bonds,
and dividends on corporation stocks Of
all kinds, at the different financial CEN
tres. These disbursements are calcuIA-
ted to increase the supply of loanable
funds and stimulate activity of the
markets, though 1t is the opinion of
many that the effect of the anticipated
coin payments has already been over
discounted. The January disburse-
ments from the federal treasury may be
stated concIsely rs follows-abouL
three-fourths of which will be paid at
New York:
PrinelPaI Of loan Of s5Oo9o