The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1871-12-05

| 1s9tuVu OCt uHNAl Caluull6ullGuL RlO,uHO
600 96; Indian affairs $5,445,0 OF 07; per
sions $50, $4,000; public works unde
Treasury Department $3,l04,60O; publ
works under Interior Department $24
10000; public works under War Depart
ment $l4 600 6G2 07; public works undG
Navy Department 81 ,4S3, 100; publ
works under Agricultural Department
$26,500. Total $1O4,8S5,G90 IS. Posta
service 50, ,474, ,001; miscellaneous $ll ,25s
825 A; permanent appropriations $l2
82S, 1877; sinking fund $s9 1886, ,03O; interes
upon the capital Of sinking fund $5,793
1893. Grand total 1901 ,705,03G 90,
These estimates show q balance o
$57, ,204, ,O63 0l applicable to the paymen
Of the principal Of the debt, in addition t
thesum of $9s,G79, ,2G3 due on account o
the sinking fund, or the sum of $S5O74,
290 81 In all. ...'..
In the estimates for the next fiscal yea
have not included in the receipts tht
premium on gold which may be sold MOI
In the expenditures tho premium which
may bO paid on bonds TO be purchased Ii
currency, ...
In tho suggestions | have tho honor .tc
make in reference to reduction Of taxes
/ keep in view two important facts: First
that the ability OF the Nation 10 pay al
least fifty million dollars annually o.
thel principal Of the public debt
shall not DO impaired; and secondly
that In the change Of tho revenue system
no violence shall be done 10 tho business
interests of the country. While l do NOT
undertake 10 state precisely the causes
which have contributed TO the public
prosperity, there is no substantial reason
for Questioning tho truth OF the statement
that tue last few years have been tho
most prosperous in the history of the
country-years without example In our
own affairs, and without parallel In the
affairs Of any other government, 1t Is
practicable 10 dispense with all revenue
from internal sources, except that derived
from spirits, tobacco and malt liquors,
These sources should furnish for the years
1879 and 1873 u revenue OF about $110,-
0O0 900, making o reduction Of taxes Of
$l0,00O,OO0. The revenue IRON customs
under the existing laws and from lands
and miscellaneous sources would amount
toabOut $685., ,0OO, 900 more, making total
revenue for that year Of $343,00O,000. The
expenses OF the government, not including
the amount payable on account orlthe
sinking fund, arc estimated at 1878 ,025,- :
778 90. ITO this sum DO added $50 ,000,-
900 for payments on account Of the
public debt, including the amount due on
the sinking fund, there remains balance
Of about $20,0OO,000, within which reduC.
tiOns may be made In the revenue from
customs. This amount added TO the re-
duction proposed under the Internal Revc.
nue. laws gives total reduction of $780,
100000.
In this view respectfully recommend
TO the consideration OF Congress the re.
duction Of the duties on salt TO the extent
Of fifty per cent; the duty on bltuminous
coal 10 filly cents per ton; the reduction
Of the duty on raw hides and skins, md
the removal of all duties from II large
class Of articles produced in other coun.
tries which enter into tho arts and manu-.
iactures Of this country, and which are
not produced In the United States, and
the revenue from which Is inCOnsidCra.
bic. such u list, with the revenue de-
rived from each article, Is in course Of
preparation and will be submitted 10 Con.
gress. The removal OF the duties from q
large class of articles used in manu(ac.
lures, and The reduction OF the duties upon
coal, furnishes an opportunity for q mod.
crate decrease In tho rates Of duties upon
those products whose cost will be dl.
minishGd by this change.
While nothing as the consequence Of
legislation could be more disastrous to
the public prosperity than policy which
should destroy or seriously disturb the
manufacturing interests Of the country,
II Is still possible, by wise and moderate
changes adapted to tho condition Of bust.
ness and labor, TO reduce the rates Of du.
ties with benefit 10 every class Of people.
The average premium on gold for tho
year 1868 was 1904 per cent; for the
year 1869 1t was 1886 per cent premium;
for the year 1870 Il was 1883 per cent
premium, and for the first eleven months
Of the year 1871 It was 1871 per cent pro.
MUM. The valuc Of the paper currency
Of the country during the years 1860 and
1870, was apparently appreciated by the
increased use Of paper money in tho South,
but chiefly by the establishment Of the
credit Of the United States upon q
firm b. sis. On the first of January, 1871,
the last named fact was fully accomplish.
ed, and since that time the appreciation
Of the paper currency has been due wholly
TO the increased demand for II in the busI.
ness affairs ofthe country. The difference
between the value of paper money at the
present moment and lis value on the 1st
Of December, 1870, may be attributed to
tho latter cause, and furnishes the best
means which the country has yet had for
ascertaining the quantity Of paper ctlrren.
cy which can be used and It's value kept
at par with gold. The result OF this test
Concurs with what seems TO me 10 be the
best opinion upon the subject, that the
amount Of paper money In circulation is
still so great that II cannot be maintained
In value at par with coin. There arc two
modes Of relief: one Is 10 reduce the
volume Of currency as recommended by
me In my annual report submitted to
Congress In December, 1869; the other
mode is to await the growth Of the
country and the increasing demands Of
business, which in that time will produce
the desired result. The chief means Of
securing the end sought for, without 70.
duCtion in the volume Of currency, would
be the use OF paper money upon the Pa
cihc coast. With this object In view steps
have already been taken by this depart
ment for tho purpose Of ascertaihing
whether II Is practicable 10 substitute
paper for coin and have reason to an-
ticipate that a change may be made in the
laws relating to national banks tending
to that result, which will not affect uniS.
vorably the general character Of the
system. ....,.............
1t Is my duty TO call the attention Of
Congress to the Importance Of abolishing
the system Of shares or mOeties as for the
benefit Of revenue officers and other per.