The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-11-17
THE HERALD ON TNE SET-
II s UATION. - Ms
The Financial Ques;ion the Import
NM One Of the Dny.
from the New York Herald

nm One Of the Dny.,
| From the New York Heraldl
Now the smoke of political excite
ment is clearing away there looms mp In
the horizon. great and complicatee
question: which will take Syears aud
statesmanship to settle. That is the
question of our national finances. What
we want is reduction oftaxation 10 a
peace standard, and to the lowest point
possible; a revenue system sinpliht q
and divested of the present cnmorouS
and extravagant machinery; a Ienrganli
zation of tbs national debt upon = SIM
pie basis; reduction. of the interest aud
the establishment of sinking fluid
for tue certain liquidation of th.. debt
within reasonable time, and the set--
tlemeut of the currency upon sound
principles, so as to give the country an
ample, steady, and q uniform circula.
tion. ... "A
These are the reforms absolutely
needed. The people will 10 * to the
administration and to Congress to have
them carried out. They caunot be de-
ferred without incalculable mischief
and ruin to those in power. We cannot
&c ON in the loose, extravagant and cor
rupt manner we have been going the
last few years. Nor wiN'any piecemoaf
legislation or trimming policy answer.
The subject must be grssped in all its
length and breadth and b: disposed Of
in a comprehensive, statesmanlike man
ner. 1t will by the force OF necessity
supersede all other subjects; and if those
in power, both in Congress aud the ad-
ministration, should fail to comprehend
and handle it they will b, held respon-
sible and driven from the councils Of
the nation the first opportunity.
Our public men, should study the
financial history Of other countries, and
particularly the history Of those which
have been in u similar situation to that
of this county. They inay learn much
that is useful to know, though there
are some things in the peculiar circum-
stances of the United States and the
times that require special treatment.
Still the fundamental principles of trade.
finance aud currency hold gOol now as
heretofore. This is u commercial coun-
try, and line experience OF other great
commercial countries, as of Holland,
from which the modern system of com
merce and financs sprung, and of Eng.
land and France, should afford us iu-
struction. The experience of England,
perhaps, after tbeexhausting wars with
Napoleon, which ended in 1915. comes
nearest to our case just now England !
was bnrdened with an enormous deb : |
as, the obsequenco of those wars,
as we are from the great
rebellion. Her credit and curren-
cy were deprecated as ours are. A des.
perate struggle was commenced and
was kept up for more than eight years
between the bondholders and the com
mercial ana industrious classes on the |
question of forcing specie payments. |
A like struggle began here shortly after
the war closed and continues with in
creasing intensity. There the govern
ment was in the hands of the bondhold- |
ers chiefly. AS natural consequence
several attempts were made to bring
about resumption of specie payments,
but they failed until the end of the year
1923, when resumption was accomplish /
ed. The Bank of England held this |
anomalous position-that, while it was
in great measure under the control of
government and bondholding capital
lists, it was still subject to public inhu-
ence and the interests Of the commercial
classes. Willing to resume specie pay
meNts under tho pressure of the
government and 5ondholders, its
own safety and the public interests
held it back from that final step till
eight years or more after the war. But
even hen, even during and after the
eight years struggle, the country suf
fered terribly in consequence of forced
resumption. The history of that period
is one of wild excitement, monetary dis
organization, bankruptcy and general
suffering. 1t was from the first fight
between the bOndholders and great
capitalists, who wanted to raise the
value of their property, aud the Gem.
mercial and industrial classes, whose
debts were increased and means re-
duced. The former were made rich at
the expense of the latter. The poor bc
came poorer. Financial crisis after
crisis occurred every few years after,
and the mass of the English people have
been stepped in irrecOverable poverty
ever since. Such, in brief, haj been tke
result of the financial struggle ana
forcing specie payments in England.
A similar conflict, as VIC said, exists
here between the bOndhoiders-whu
would force resumption in order 10 in.
crease the value of their property thirty
per cent or moTe-and the lndustIiOu
and commercial classes. Oar national |
banks, taking different ground to that
of the Bank of England, are allied with
th: bondholders and rrIaycd against
the people. Nearly al! their capital is
in bonds, and if specie ay ments could
be forced their wealth would be i'll
creased hundred millions of dollars at
least. Unfortunately, these banks have
had great iHtluence in Congress and
over the administration. The Secretary
of the Treasury has been nothing moe
than their agent. His stupid attempts
to force resumption and the equally
stupid efforts uf Congress u year or
two ago TO do the same may be all
traced to the influence of the national
banks and bohdholders. Had it not
been for the independent press and
pressure of public opinion, we should
be now suffering as great evils as Fog
laud ever suffered. The currency has
been reduced from thousand or eleven
hundred millions TO six or seven huu-
dred millions within four years. Still
this does not satisfy the resumptionists.
The stringency in the money market
and high rate ofinterest in Consequence
of the urgent demand for currency
throughout this widespread country
and through its rapidly decreasing busi-
ness do not open the eyes of these sci,
E,l,