The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-08-17

neeu not say JUG WuIu ~ iSkU1n ~ 49,
sacred obligation Of this debt, principal
and Interest. It 10 not only the price
OF national existence, but 1t rests upon
the sacred basis Of the promise OF q
nation amply able to fulnlit-a promise
which cannot be dlsregarded BY any
nation except In the last stages Oh
decay. The Republican party ID fully
committed TO the rapid reduction OF
this debt; first by o large annual pur-
chase or payment Of the principal and
reduction Of the rate OF Interest ~
rapidly As the public credit will enable
us TO borrow money at lower rate Of
interest, We have already seen SO
rapid q reduction OF the public debt.
and can In our growing resources and
Improved credit see means for much
more rapid reduction that our ability
to pay, 10 no longer question oil doubt
or alarm and now we have only 10
resist the wish OF capitalists 10 procure
the debt % permanent basis OF Invest
mOnt, and OF the people for too rapid
reduction OF taxes, In order 10 secure
the iull and ample payment Of every
dollar OF the debt within twenty years.
Allow me to say In this connection
that ] notice With regret an I0clInatIon
to repeal the income tag. This 10 the
only tax now levied by the United
States on acquired property. II 10 the
faireSt tax that can be levied, The
only difficulty ls In RscertAlning accur-
ately the income OF individuals, but
this 10 3 difficulty that will, am sure,
be overcome. l hope Boou to see all
our internal taxes repealed except the
taxes on whisky, tobacco and incomes,
These now, II fairly collected, are
amply sufficient to pay every dollar OF
our expenditure except the public
debt-And fixed sum, say $3.50, 6OO, 900
per annum, set apart from the taxes on
foreign goods will, II faithfully applied,
pay Oh the public debt. These taxes
are pledged for the debt. They are
amply sufficient, and can be so levied
as not to affect domestic industry, but
rather 80 as TO promote and encourage
The condition OF the currency Ia a
much more difficult and dangerous
question. Il is q standing Disgrace and
reproaoh that our dollar Of promise Ia
only worth seventy cents. Four years
have now passed since the war closed,
and this promise TO pay a dollar on de.
mRnd 10 worth less than It was this day
four years ago. Why IL this? All
other forms OF public securities have
advanced In value. We pay the bond
holderA their interest promptly, and
even before 1t Is due. This note Is az
much a contract and promise as bond
and It's non.payment Is as much an act
OF reputation as the refusal OF the
payment OF principal and interest Of the
bond. There 10 no want OF means to
pay the notes. We have enough gold
70 pay one-iourth OF them, and the ap-
pllcatlon Of the surplus gold alone
would almost, II not entirely, restore
the balance 70 gold standard. The
funding OF small portion OF the resi-.
due, or even the right TO fund them,
would maintain them ut or near par,
Why then 10 this not doneL The only
reason Is that public opinion, which
controls Congress, will not allow 1t to
be done; that the contraction OF the cur:
rency, or even any measure 10 advance
the market value OF the currency with.
out areductlon OF the amount will de.
range prices, disturb the equities be.
tween debtor and creditor, aud reduce
the nominal but not the real value OF
all commodities to the gold standard.
These considerations are not TO be over.
looked, and careful provisions ought to
be made for them. But the standing
hishonor OF the nation by maintaining
In circulation her broken promises to
pay without any provisions for their
payment, with gold lying idle In the
Treasury and surplus revenue OF sew.
enty millions, should be speedily put
an end TO. No party can be charged
with this, for public opinion, stronger
than all parties, forbade q reduction OF
the currency, butI trust the RepublI-
can party will have the courage 10
grapple with this question, and restore
the currency to the standard of value
In use among all civilized nations.
The national banking system was
never party measure, but sprung out
OF the vital necessity, during the war, oil
absorbing State bank paper. II &C.
complished this purpose and has fur.
nished US an admirable currency oil
uniform value throughout the country,
and based on the highest securities. Ii
must have two additional Qualities,
without which It will not be sustained
by any party. The circulation must be
more equally distributed among the
States, or It must be open ana free 10
banks wherever organized, and Its notes
must be paid In specie. This can only
be when the United States shall resume
specie payments on It's notes. These
two conditions complied with, the sys-
tenn, In my opinion, will be the best
banking system ever organized In any
country. 1t Is hardly necessary for me
TO prove that'paper money must exist
In every commercial community, and
from the nature OF the business a gov
eminent cannot conduct It. a
There Is another subject about which
1t seems 70 me there IL 0 great deal oil
useless dlscussi Ion, growing out OF the
use OF mere phrases without defining
their meAning. These are revenue
tariff and protective tariff. A tariff ID
tax on imported goods, and expert
ence has shown that II Is the most con.
venient, easily collected, and best dis
trlbuted mode Of taxation that can be
devised. With or without public debt,
tariff must exist, and while the pub.
lie debt remains, we will probably,
under any administration, continue
to raise about one hundred and
fifty millions OF dollars In this
mode. Now, this is revenue
tariff, and 1t Is also a protective tariff
to the precise extent that It Ia levied on
goods that we can manufacture In this
country. The precise distinction bs.
tween q revenue tariff and protective
tariff never could make out. | have
shared In framing all the tariff bills
that have passed Congress for the past
twelve years--I think six In number
and either or all Of them could be called
truly and properly revenue tariff, or
protective tariff, "a you choose-you
pay your money aud you take your
choice Of names. No horizontal tariff
or uniform rate on all articles imported
has been proposed by any one. The
articles are either named and taxed or
embraced In schedules bearing differ.
ent rate Of tax. Now, II by o revenue
tariff Is meant uniform rate on all ar.
ticleB, then every man familiar with
foreign commerce will concede that
such q tariff 10 impracticable. ON
some articles It would be unprod uctIye
and defeat the revenue, on others II
would be prolessedly too small TO Weld
the revenue demanded by the public
service. II by q protective tariff 10
meant tariff that will exclude all for.
elGn productions that can be made In
this country, then such a tariff would
greatly impair the revenue, and very
few Indeed would commit themselves
to such q policy. The tariff as It now
exists Is RtariR designed 10 raise on our
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