The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-05-19
Tho New Treasury Policy.
From The Philadelphia Ledger.

tary. The simple fact that the Govern
ment is carrying into practice sure
and steady policy of extinguishing the
debt, however gradual the reduction
may be, gives assurance of security to
the hundreds of thousands who hold
bonds, and confident hope to those who
do not hold them, that the debt is not to
exist forever, 1t lessons the power OF
the Observation-Disclosures of all parties to
keep up dangerous and dishonorable
agitations for transient political ad;
vantage on the subject of the debt and
the manner OF its payment. When the
people see the debt steadily decreasing,
feel the burden constantly becoming
lighter, that school of party politicians
who regard all manner of tricks and
devices as fair strategy, no matter now
great the public loss and the pubic
dishonor, will find that their power to
ACETATE even the mildest forms of re-
p1diation is gone, and the discreditable
language used by many public men, on
the floors OF Congress and elsewhere,
will be heard no more.
The great step of practically carrying
out the requirements of the law in the
establishment of the Sinking Fund, is,
however, but one of Governor Bout
wells reforms in the Treasury Depart
ment. TIE open publicity of all his
transactions in behalf OF the National
Treasury is equally worthy of praise,
and will prove to be beneficial in the
highest degree. All business men re-
msmber the mischief done by the secret
policy of his predecessor. While that
policy prevailed, every man felt appre-
hensive, nobody felt secure. No one
could transact business with safety, for
every business man knew that he was
at the mercy of secret influences that
might "lock-up greenbacks" one week,
"corner gold" the next week, or let
loose a floUd of bonds or currency with
out notice at any moment, upsettlinG
values, disturbing prices, and paralyz'
ing all efforts to maintain q steady run
of trade and industry. Under this pol.
icy the twenty-five hundred millions
of the public debt were invested with a
power OF opp ession that never would
have resulted from the mere existence
of the debt itself; and the balance of a
hundred millions of gold and of forty
or fifty millions of currency in the
Treasury, instead of being used as a
meaus of ensuring stability and safety,
or for lesseniDg the public burdens by
buying up so much of the public debt,
was simply SO much cash capital that
could be used for the private advantage
fthe few in the secrets OF the Depart
meat, To the loss and injury of nearly
the whole body of the people.
That policy has been discarded by
the present secretary of the Treasury,
and he transRcts the business of the
Government according TO the old open
and above-boArd practice that should
have been always adhered to. All this
augurs we'll, not only for the honor of
the country, but for the advancement
of the industrial and business interests
OF the people. Tie Government is
thus doing its part, for we feel assured
that the sound policy adopted in the
Treasury Department will be accOmpa-
MED by equally sound views in the
Department. OF State in avoiding all
entanglements in "fllibusterlng" ex-
petitions, and in discouraging all
movements of the restless and short
sighted people who believe that q
foreign war would be national bene-
fit. 1t is. now for the people to do their
part. No one should ever forget that
the old road to the payment of the
public debt and to financial prosperity,
IS TO earn the money and save it by
economy, and by keeping it in our own
country. This cannot be done etfecti-
vely while the cxtravagant habits
adopted during the recent unhealthy
period of enormous profits continue TO
prevail. That period has passed away,
and the ruinOUs eXtravaganCes of the
time should pass away with it. 1t mat
tiers not how much we earn, II tho sur
plus over and above what we actually
need, ls sent abroad to pay for wines,
and silks, and laces, and Vclvets, and
jewels, and GewgGws. that we do not
need. To just the amount we spend
every year in this way, are we less able
to pay our debts and decrease the bur
dens that weigh on useful business and
productive industry.
WOOL Observation-Disclosures Com
missioner Capron assures us that the
lete comparatively unprofita bleness OF
the wool business has led, in many in
stances, to q serious neglect of sheep,
resulting in leanness, weakness, and
the ins.duous approaches OF disease.
" Eere they have been partially cared
for, however, they are healthy. Mr..
Capron adds: Were iEnot for the Gull
ing process, by which several millions
of the poorest 100000 in some cases In q
single county, have been remorselessly
for their pelts and the small
modicum of fat that could be drained
by hydraulic pressure from their juice
lees Carcasses, the ravaSes of disease
would have proved far greater. This
wedding out of The victims of p0Verty
will result benefcially in elevating the
average of health aud condition. Wool
growers, whose fears have overcome |
their judgment, and caused the depre- |
citation of their hocks or the abandon. |
ment of their business, will ere long re-
greet their hasty action. Already re-
action has commenced; prices of wool
are stiffening, and the value OF sheep is
slightly advancing. If there is no Leg
slative interference with the growth or
of wool. n better day will
soon dawn, and the time Will prove au.
spiciouS for enlarging rather than aban-
lOninE the production of wool.
AN influential advocate OF the work
Ing mems construction of the eight |
hour law is preparing an elaborate ar
sument, in which he proposes to prove
that the average reduction OF the hours
Of labor under the law Is only seven
per cent, while the reduction of wages
is twenty per cent. He holds that the
average reduction of hours of labor is
but three-quarters of an hour per day.
OFFICERS OF THE GRAND ARMY OF
THE REPUBLIC.-Tne Grand Army of
The RepubllC Association has elected
Gen. John A. Logan, communicating.
chief; Governor F1irchild, of Wiscon-
sin, senior vice-commander; DIR. S.
P. Wylie Mitchell. surgeou-general;
Rev. A. II. Quint, chaplin-in.chief.
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