The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1871-06-21
aa. WHEELING W. VA WEDNESDAY MORNING, JUNE d, 1871

.sns. .s WHEELIN
Butler, Morton and Grant-wer
formerly Democrats.
Butto the proof. In Europe as il
the United States, certain class o
men have long proicssed 10 believe tina
national debt is public blessing
that debt and capital are the same
Such was the GJc;rine OF those whc
created the funded debt Of England
Such was the doctrine avowed in thu
notorious pamphlet circulated BY ia!
Cooke, when acting as agent of the
federal government for the sale OF it
bonds. There are but two methods by
which the expenditures of govern
ment can be maintained. Taxation
without debt; or borrowing first, with
heavy debt and oppressive taxes after
wards. The latter plan was adopted
Was it necessary? After the hearing
the facts you shall answer for your
selves. | hold in my hand the last re-
port of the Register of the United States
Treasury. On page 90 it appears that
on July lst, 1861, four months after
Mr.. Lincoln became President, the en-.
tire outstanding debt of the United
States was S90,S67, ,S2s
With balance in the Treas
ury Of (pg. 2l5) 3O,963,e9'
Leaving the actual debt S59,9O3,97l
This debt could have been paid dur
ing any fiscal year without being felt
The question was how should revenue
be raised to carry on the war? By
taxation during the war, and low taxes
and no debt after the war was over. Or
by borrowing, and low taxes during the
first years of the war; and heavy taxes,
to be made perpetual, and fearful
debt also intended to be perpetual after
peace was restored2 ? The latter plan
was adopted. Was it necessary 1t
was not only unnecessary, but the debt
was intentionally created for the express
purpose Of building up mOneyed ob,
ligarchy, and it has been done.
THE PROOF.
Had taxation been equal to the ex,
penditures of the Government during
the war, at its close there would have
been no debt, and to-day Federal taxa
ton would be less than seventy instead
of more than four hundred millions.
This police would have prevented an
imitation of prices and reduced one.half
the cost of the war. When greenbacks
fell to be only worth five cents on the
dollar, it required two dollars in green
backs to buy one dollars worth OF sup.
plies, and thus the cost of the war was
doubled. The expenditures of the first
wear OF the war were less than S43I,-
100000. Had $500, ,0OO, 900 greenbacks
been issued as became necessary, to
make purchases and made receivable
for custom dues as well as for the pay
ment Of other taxes, they would have
maintained the par value of gold, and
been paid into the treasury Tor taxes
during the next year. But could five
hundred millions Of taxes have been
collected in a year? The answer is
easv. More than six hundred and
nineteen millions OF taxes were collect
ed during the first year of peace, not
withstanding the exhaustion of four
wears OF war and the voluntary con-
tributions during the war nearly equal
ed the amount paid in taxes. Hence it
is clear that the expenditures Of the war
could have been paid while the war con-
tinued, and at its close we would have
returned to low taxes, and been free OF
debt.
But, my kind friends, that is exactly
what the oligarchs did not want A
great debt was their especial object,
and that could only be attained by low
taxes during the war, and high taxes
forever afterwards. Let me invite your
careful attention to the following official
figures which | read from the last re-
port of the Register of the Treasury.
During the first year Of the war, federal
taxes only amounted to 5 5l,901, ,9i4
The second year 14,44S, l5l
The third year 262, AZ, 354
The last year OF the war 323, ,O92, lS5
The first yea: Of peace .6l9,646,649
Borrowing the initiation were hand IN
hand during the wa-. and AZ its close
we had lilu!datei d.tt OF more than
twenty-six hundred millions, and more
than six hundred millions Of federal
taxation. 1t is true that owing to the
sleepless fight made by the Democrats
in Congress, the debt has been reduced
to a little over twenty-!hree hundred
millions, and the federal taxes to q
little over four hundred and eleven mil
lions. But had the Government been
wisely and honestly administered, the
debt would have been reduced three
hundred millions more, and the people
have been relieved OF corresponding
amount OF taxation.
This is a dry subject, but to you 1t is
one Of lie and death. Our system OF
Government makes your legislators,
and as legislators l address you. When
YOU vote, you vote to make or repeal
laws; to do so intelligently YOU must
investigate-think earnestly and honest
", for it is only by so doing that you
can protect your rights and liberties.
LET PosrERlTY PAY THE DEBT
After having wickedly created the
debt, the oIigarchs now cry, 'let pos,
terity pay the iebt-we have paid
enough already" When the fact is
known, they receive all and pay moth
ing. They are exempt from State
taxes, and by the late funding bill are
made exempt from all taxes on bonds
;ssued under II They want posterity