The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1870-03-15
FINANCIAL INTELLIGENCE

to member OF Congress when No us
plays any financial ability, whether he
may be with US politically or not. In
deed, politics interfere but little with
finance, and party lines are by no means
closely drawn upon those questions
that concern our monetary success OF
failure. 1t gives US pleasure, therefore
to notice the valuable aud timely utter
ances of Senator CoNKLING in relation
to tie proposed funding scheme of the
Secretary of the Treasury. Three posi-
tions were assumed by him, each OF
which is impregnable. In the first
place. he is opposed to the funding
scheme in toto, and believes that nc
slch permanent process as negotiating
the debt for forty years on fit terms car
be carried en- with advantage in the
present state Of the finance of the
country. II is neither wise, uol
Just, nor honest, t. bind on The
necks OF two generations q burden
the magnitude and pressure OF wLlci
will be more severe now than If the adj
liustment were TO be made hereafter
when the financial horizon is less OBJ
scured and threatening. The second
point made by the Senator was founded
on, the trouble and expense of com
pelling the Government TO ship, at its
own expense and risk, for forty years
to come, twenty-four millions Of specie
every six months. Mr.. CoNKLJSs third
point was equally well taken. He said
that the scheme established by the bill
was not only unprecedented, costly and
unpopular, but it was needless, as al
requisite authority was given TO the
Secretary ofthe Treasury for re-fundiug
the debt by the statutes of 1865, and OF
April II, 1866. Any one of these objec-
tions should be sufficient to defeat the
scheme.
THE FUNDING BILL AS PASSED.
We here annex the provisions of the
funding bill as it passed the Senate. 1t
provides for the issue Of four hundred
millions of coupons or registered ten
forty year bonds, bearing i've per cent.
coin interest, for disposal in the United
States or elsewhere, at not less than par
value for coin, or in exchange for 5 ~
bonds at equal aggregate par valu~;
also for four hundred millions of 10 ~
year bonds bearing four and halt per
cent. coin interest for similar disposal
at moi less than par value for coin or
redemption of bonds bearing higher
rate of interest; also for the issue of four
hundred millions Of twenty-forty year
bonds bearing four per ccat. coin inter
est for similar disposal at not less than
par value for coin or redemption of Ou.-
standing bonds. A furth T Issue of the
| last named bonds is authorized at the
discretion of the Secretary of the Trea-
sury, provided the aggregate debt OF
| the United States is not thereby IN
creased. All these bonds are to be
entirely exempt from taxation. The
! Secretary OF tue TTca snry is authorized
10 appoint agents in the Unitcd Sta es
not exceeding one half of one per cent.
is appropriated to pay the expense of
preparing, issuing aud deposlting OF the
same One hundred and fifty million
dollars annually of the duties on i'm
ported good are applied to the pay
ment OF interest and reduction OF
The principle of the public debt,
and the United States bonds now held
as siukIns fund in the treasury, as
well rs these hereafter purchased, shall
be cancelled and destroyed on and after
the lst of October next. Registered
bonds of any denomination not less
than one thousand dol RS, issued under
The provis 'ons of this act, aro TO be de
posted with the Treasurer as security
for the circulation of national banks.
The circulation of thOs, banks which
do not comply with hisprovlsiOn with.
in year from the pl'sIge of this act,
j. forfeited, provided tho banks shall be
allowed, upon giviHg thirty days no
| tice to the Comptroller of the Currency,
to deposit legal tender notes with the
Treasurer to the amount of their out
standing circulation, and take up the
bonds pledged for its redemption; pro
vided further, that not more than one
third of the bonds deposited by any
bank as such security shall be of either
of the classes of bonds hereby author
lied, on which the maximum rate of
Interest is fixed at four and a half or
| five per cent. per annum. The amount
OF circulating notes received by any
bank shall not exceed eli ghty per centum
of the par value of bonds deposited.
The last section authorizes banks to be
org anized aud 90 business On depositiDg
| $50 900 in United States notes with the
Comptroller of the Carrency in tx
change for four per cent. bonds, and re-
ceive circulating notes tho same IS
other banks without respect 10 iui'i-
tion OF the aggregate circulation OF the
national currency: provided, however,
that as circulating notes are issued
under this section, an equal amount OF
of United States notes shall be cancelled
aud destroyed.
1t is reported from Washington, that
| the officers of the Bureau of Internal
Revenue are preparing for the NEST
| thorough assessment of the income tax
that has ever been made. Assessors are
specially instructed to notify all par
ties believed to be in the receipt of the
taxable amount, and require of them
full and satisfactory answers to the
questions of the tax list, so as to pre-
vent as far as possible, any evasion of
the law. Such course is well calcu-
lated to strengthen the disfavor with
which the income tax is regarded by ali
classes of the community, but we can
really see no objection to it. While it is
the law let it be faithfully executed.
Let each one bear his full share of the
burdens legally imposed, but in the
meantime, it is but right and proper
that every one should use every honest
effort to prevent the renewal of the OBJ.
|