The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-12-04

TREASURY TOPICS.
-, Fu,urc Financial Policy.

n. attention Of the puoIlc u tuIueI
il. as 10 the future financial policy o
Is.a"I,ry. That policy must rest upoE
s:ssst md present; Thewar caused three
w .s:,,tSsngesin business. Financial affair
q" y, ,sSrsIyed the careful consideration O.
~ a MEXICAN people, The country wa
A aaSiIsI 10 impose heavy custom duties
~ 5SrcbandI.e. Thus, and without gen
!. observation, and without argument
u. me HE principles involved, the nation
.,.,.i upon broad system Of protec
.a."s sec6nd-The Government issued
W., W notes for general circulation as
a .',,.":v, and prohibited banks Of issue
y. .I NATE authority. Thlrd-A system o.
g, 0 banks was established, and their
a a;.roislion protected by the national
LII The wisdom Of the measures,
. .rSsEiug generally, has been established,
JrbIect to such changes, as changing
IEstoSdition and opinions Of the country
M neOpe, may demand that they will
..m,jn a part Of our public policy until
~ inspcisl consequence oil tho war will
1,,nDesr. The weight Of the national
ISba been so great that for more than
~ wears there has been no opportunity
~ he prsctical discussion oil doctrines OIL
.,rection and free trade, and in that long
.t,ioi kan unchanged protective policy
i.siipnt 10 the burdens Of war the nation
-, advanced rapidly and safely In the
IsyejOpuent Of is national resources.
Anticipating q conditioned peace, wemay
io anticipate q general reduction In the
y, centsge Of custom duties. This re.
action, however, should not be meas
ned solely by the wants Of the Treasury,
sltlegard should be had also 10 the con.
,.t0p Of the various branches OF industry
/. which the people are engaged. In the
,s,ence Of the fact that the leading pur-
MI; o! this country are stronger than
,rer beIore in the possession Of adequate
.1inl aud q supply Of intelligent labor
II. there may be q moderate reduction
fjntme to time in the rate Of duties as
he diminishing expenses Of the Govern.
n.n! shall permit, without either alarm
nj, capital or iniuring labor. For the
tlrpSrs o! government, principles Of
g.i.caI economy are national, and not
tsnOpOltan. A nation that can pro.
I!,ea given article at less cost than can
Be produced elsewhere, may wisely &C.
cot Tree trade in it, but q nation having
mural advantages tor its production, yet
!ssutute Of skill in the incidental arts or
.4le, must tail Tor an opportunity that
,gmqmes comes from the calamity Of
Tr, or secure u more economical, and a
arre constant support in the policy of its
government If average natural facili-
ties exist, the period OF necessary protec-
iolisS short time compared with the
he time Of the nation, while an advanta.
,eous gain can never be wholly lost; but
reasonable natural facilities do not exist,
'4el system OF duties for protection, a
present and future burden, without ade-
qG.;e compensation is required. So va.
Hsl and rich, however, are the natural
resources OF the United States, that we
either are or may soon be in successful
competition with the older and more ex-
FerieHced countries Of the world in the
production Of the chief articles of personal
necessity, comfort, and Of the machinery
By which these articles ore produced or
Obtained Herein is q sufficient justifica-
ION for the existing protective system, or
@fin continuance during the transition
period. Nor Is the prospect Of the ulti-
nate successful competition with other
Countries disturbed by circumstances.
The wages OF labor are higher IN this
country in the main than they were
t=a years since. 1t was thought
that the only way 10 a successful contest
With Europe was in the reduction of the
standard; that the thought has disappear.
probably in the presence OF the TACT
I4't high wages on this side OF the Allan.
y: have stimulated emigration until there
y ) 1esr approach Of equality in the cost
Of abor, and of the CO existing fact that
he addition thus made 10 the number of
'aOoFers has only aided in the develop
ne1t Of our resources without yielding in
10Y quarter on excess of products, or re-
afdi1g in any degree the prosperity Of
Zoe laooring population. This prosperity
% their part Is associated with a higher
sad constantly improving intellectual and
s9t,alcllture and condition, it being given
'aI! an intelligent person has all the spe.
!sI knowledge Of an art or trade possess.
u by the most experienced and best
Nslel operative, when outside OF the
ipeclal training and experience. That
ne special training and knowledge Of the
snoFant man is the basis Of improvement
makes this truth considered. The first 70.
sFence to a single American lahorer, and
men multiplied many hundred thousand
anes, represents the advantage OF Ameri.
y over Europe and Asia in the contest
'Gt a1al peaceful supremacy in the affairs
o. he world. Thus Is America solving
lie Industrial problem Of the age by ex.
tt'ilag cheap production from expensive
A0oF The reason for these remarks may
le found in the opinion l entertain that
NE tariff system OF the country has con-
Sl0uted largely TO the general prosperity,
lot that such general and continued pros.
IttIty Is the only basis on which even o
wise financial policy can rest.
lldiscussiug the other changes caused
y The war, the issue of United States
lo'es and Of notes by the national banks
mould be considered together. Indeed
aey arc necessary points OF our tinan.
.aI system, and neither can be substitut-
y IoF the other without q general dis.
aIoaace TO the State bank system, Treas.
~ system, and private banks, as 10 rem
~ Arguments In It's behalf in these re.
ISs necessary; while the substitution Of
NJ equal amount of United States notes
y, currency would be productive Of seri-
,s evils and losses. First-the national
'NAs hold nearly four hundred million
-alIed States bonds, which otherwise
Nou!u De thrown upon tho market, alb
'IS,O!ng domestic capital, or II purchased
'',Val, adding by the amount Of interest
W.T., @e annual balances against US in our
IVA account current with othar countries
", office Of u bank is to aggre-
'Ne Iae capital of small possessors, and
,~s.eOy 10 furnish means In aid OF i'm
. \ commercial and financial under
,aAsogs, not only at the centres, but in re-;
=, y ana newly settled parts OF the coun.
w hltdly-the national hanks ara used