The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1870-03-17
FINANCIAL.


We are glad to be able to record the
fact that Senator FOREMAN voted
against the Funding bill. now before
Congress. Senator WILLEY's name
does not appear on the final vote.
This bill proposes, among other ex-
pensive things:
l. To wipe ont the four hundred mil
lions of greenbacks now in circulation
and which cost the people nothing, and
substitute therefor FIVE per cent. bonds
at an annual interest Of twenty million
dollars. .sz
9. To exempt twelve hundred mil
lions of bonds with the income there
from from taxation by national, state,
municipal or local authority, worth
twenty -four million dollars moro, an
nually.
3. To pay six million dollars to favor
ties of the Treasury ring for converting
the present bonds into the new ones.
4. To establish agencies in the prin-
cipal cities of Europe for the payment
of the interest on these bonds, the gold
for which must be shipped at the peo'
ple's expense.
- MODIFICATION ONLY.
The Washington Republican says it
has good authority for saying that there
will be important notifications in the
income tax made by the committee of
Ways and Means, which will go far to
remove the objections entertained
sgains this law by the business men Of
the country, among which will be the
removal of the clause authorizing in
formers. Nothing short, however, of
entirely dispensing with the income
tax, it is clear, will be satisfactory to
the people of the country.
Whatever people may think on the
subject of the resumption of specie pay
ments as connected with finance at
large, there will be fewtO dispute the
proposition that the financial atrocity
of this republic has been, and isits frac-
tional currency. No man knows when he
takes it, whether he is taking money,
brown paper, or condensed smallpox.
This stuff is miserable when good, but
it is so easily counterfeitsd, that when
one goes to the bank to get bills for his
little pile of fractionals, he is strongly
tempted to a violation of the third
commandment by seeing a clerk stamp
"coun terfeit" on a large proportion of
what was supposed to be money.
AMERICAN SILVER COIN IN CANADA.
On Tuesday the law reducing the
va ne of American silver coin twenty
per cent. went into effect. The Bank Of
Montreal viii now probably pass its
border.
The editor of tho Bucyrus (Ohio)
Journal, Mr.. John Hopley, who was in the
Treasury Department under Secretary
Chase, publishes statement exhibiting
the gross inequality of the present ap-
portionment of national bank currency
among the States. Connecticut, ac-
cording to Mr.. Hopley's tables, has
$40 992 ,6l5 more than her proper share;
massachusetts, has an excess of $40, ,309,-
.6g7; New York S22, ,5S4 ,0l0; Pennsylva-
MIA Sl4,2il,720 aud Rhoie Island So
l46,S50.
STATISTICS ABOUT GOLD.
The production Of gold f,om the
mines in the United States was for the
last two years Sl02 ,000, 900, or over $780,
OO0, 900 yea'ly. 1t is a curious coipci-
dence that, as our indebtedness to Eu
rope, comprising government bonds and
railway securities, is about 81 600, ,000,-
00J, the product of our mines seems TO
be special fund to pay the interest at
an average of six per cent. per anuum
on this Indebtedness. The production
of gold throughout the world from the
discovery of America to lS43 had stead
lily increased to S34 100000 per annum,
which was the production for that year
in the whole regions of civilization. In
the year 1853 the yield was about $3.50
600 900 and has not been less than $780,
600, 900 any year since. The production
of gold in the last twenty years has
been double what it was for the 300
years before, the progressive increase
being due 10 the improvements in ma
chinery for extracting the ore.