The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-02-08

be the re-enactment of the law OF Phar-
aOh requiring The children Of Israel to
make ''the full tale of brick without
straw
FACTS ABOUT CONTRACTION.
We have been retiring the greenbacks
with the money received from taxation,
instead of reducing the interest bearing
Indebtedness, with the delusive expec-
tation that this policy would bring us
to gold standard. We say delusive,
for the historical fact is that, with all
the contraction, gold has steadily ad-
vanced in the temple of the money
changers-the gold gambling dens of
Wall street.
By the last report of the Secretary of
the Treasury we learn that on the 3lst
day of August. A. d. 1865, the outstand.
ing currency of the United States Except
the fractional) was S6SI, ,lS5, ,959. This,
of, course, embraced the five per cent.
and compound interest notes which
were in circulation as currency, or we're
held by the banks as reserves for the
redemption Of their notes-in the latter
case performing the Office of currency.
On the 3Oth day of June, 1860, the
amount outstanding was S659,6O3, sos,
or reduction of legal tenders in ten
months of Sl34, 1854 On the first
day of November, 1867, the currency
amounted to Si29, ,039, ,3li, or q reduction
in sixteen months of $3.50, $50, ,664. Thus,
while the area of circulation has been
greatly enlarged, the diversified indus
tries of the country multiplied, aud
great enterprises undertaken, (such as
building highway of commerce to the
Pacific ocean), all requiring an increase
of the circulating medium, the currency
of the people has been contracted III two
years and two months from 1864, 1885,
$50 to S429, 9,039,S ,Sii, or reduction Of
S255, ,039, l65, or within fraction of ten
millions per month.
TIE MULTIPLICATION OF FRAUDS.
1t must be borne in mind in this con
nection that the interest bearing debt
has not been lessened by this reduction.
A considerable part of this withdrawn
currency has been converted into six
per cent gold interest bearing bonds.
In the meantime, the army of tax gath
erers, revenue agents and Government
opICo HdS DCCh IdiBCig ihSiSdSCu' nv
object of this increase was to prevent
frauds and secure the payment of
taxes while the result has been the
of frauds, the debauching
of the public morals, and converting
honest men into rogues by Overpower-
ing temptation. The amount of comper-
sation of large number of these detec-
tives and revenue agents depends upon
the number aud extent of the frauds
they can devise. They become confed-
crates with the thieves which they are
appointed to detect. Ii is no wonder
that with all the contraction, gold,
which has become mere matter of mer-
chandise, should advance. The Treas
ury is well supplied with hard money
now from import duties. But how long
will this be the case if the present poll.
cy is pursued' When you have no more
bonds to send to Europe upon which to
raise gold, and when the accumulation
of these interest bearing obligations
shall be so great in Europe rs to cx-
baust our gold product, | would like tn
know how you will pay the gold inter
est on your debt, much less the princi-
pal in coin.
INDUSTRY MUST BE sTIM-
ULATED.
We must raise something 10 sell be-
sides bonds, or we will find ourselves
bankrupt. We must diver
sify and stimulate the productive in
dustries of the country and make it
more to the interest of the people to
farm Uncle Sans" broad acres than
his bonds.
That there are snail Inducements to
cultivate the soil, let me give You an
actual illustration from real life. 4
farmer in the West, in 1861, owned two
farRs of three hundred ard twenty acres
each, of about equal value. He sold one
of them tor $4,000 in gold. He soon af-
ter converted his coin into legal tender
notes, and those into bonds, purchasing
to the amount of $4,000. He has re-
ceived his gold interest semi annually,
converted il into greenbacks at an av-
erage of forty per cent, and loaned them
to his neighbOrs on mortgage security
at Ten per cent. per anaum. If he CON
tinues the process 20 the end OF five
years, when the bonds are redeemahle,
he will have as follows: