The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1874-04-23

| tlOu VI 1O,O4OIO7I' Auo uBuTVS bpCAi
for themselves; they constitute my arSu
ment aud my appeal for justice, just an,
equal legislation.
These facts, figures, aud comparison
constitute somo oftbe reasons why this scc
ton Of our Country are SO ClamorOus; VIII
they are in such financial distress b.
these are not all the reasons, this is not al
Of tho unequal aud sectional Legislation o
which we complain. As dark as the pict
urc is that | have presented our wrongs d,
not stop there.
Turn with me now from the report o.
Comptroller Of the Currency to that Of The
Commissioner Of Internal Revenue Of The
same year. According to the theory o.
our government aud Of all just govera
mentS, taxation should be equal and uu
form; that is the people Of one State should
not be made to pay moro to support the
general government than another, their
wealth beiug tho same The Secretary Of
the Treasury estimates that for the year
ending June 30, 1875, the revenue re.
Ceived from all sources will bo in round
numbers $SO5,7O0OOO Ono hundred
and eight millions, or more than one,lhird,
is derived from internal revenue; Of that
the State Of Virginia paii Inst year the
enormous sum Of S7,3l8, 100, while tho
whole Of tho New England States only
paid for the same period the sum Of S5,-
5l5,T4,OG; aud tue great State of Penn.
sylvanip only rail S7,S26,27j Now,
notwithstanding Virginia is compelled to
pay thi' amount of 81 ,3l3, 100 20 annu
ally into the national Treasury, yet that
same government, ate: having taxed her
State bauEs out of existence, will OILY
furnish her is we have before seen. in no
lioual.bank currency the sum of SO ,0O2,.
S42, So that-we have presented to US the
spectacle Of government forcing 81 ,OOO,'
900 of revenue from q State, and ouly
furnishing or allowing thesamc State one.
half ofthat amount in currency with which
to meetthc demand And that same State
also has 10 pay her State; county, and mu.
Oiciptl taxes How can State prosper
under such a government? The States Of
Florida and Mississippi arc in about the
same condition, the State of Illinois 10
nearly as bad condition, She is only al.
lowed bank circulation Of Sl7,S24 200.
and has To pay Tho general government
annually as internal revenue tax Cor did in
1879 the sum of SIC 496 ,lG0 81. If
the Gruugcrs ofllInOis will cast about them
they will see that there is come other caus,
for their financial paralysis than tho rail.
road monopoly there is n Congressional
apona a1QIg m I
more circulation; that We have an abnnd-
anCc. This cry comes principally from
Now York and tho other large eitlcs-the
same parties who besiegcd the parlors Of
Pr. dent Grant in New York last Septeu-
ber, urging that there should bc issued the
S4l, ,OOO,0 900 Of reserve; but now thatlhcse
parties have had time to call in from the
interior their many millions, they desire
contraction. One day they demand in
crease Of circulation. the next contraction.
Let US very briefly examine tho ques-
ton as TO whether we have sufficient cir
culation. We have already seen that the
amount required for the purposes Of the
national Government alone FOR the ensuing
fiscal year is S3O5, 100000; by the census
of 1870 the amount Of tax to be raised 40,
uualy bf the States for State. county, and
municipal purposes is $3.50, 59l.52l, max
ing as the total ofiho national, State, coun.
ty, and municipal taxes to be raised and
paid by the people the uczt fiscal year the
enormous sum Of $3.50. 20l 52l
Now. the whole national.bank circuIa
ton, fractional currency, and lcgal.tenderS
on November /, 1873, was only S1J9, lGl,
230; deduct from that amount the proper
ton to be held 10 reserve, and itonly leaves
Us circulating medium Of S6S1 O2O, ,5l2
The chairman Of Banking aud Currency
places our alaroiloJlc circulation down
as low as $4OO, 900; but l think | am
safe in saying that our vh0le circulating
medium is not more than the above SUN;
so that every year every dollar of our cir
culation is used 10 paying our taxes, nation
al, State, county, and municipal; and every
dollar Of this has to be paid in money =
tits true it is not all drawn out Of circuIa'
ton at the same time; it is all paid ou'
again during the year, but a considerable
portion Of it lies in these vaults q good
portion Of the year. ImeDtiou this as one
Of tho great demands for money. The
greater the demand for anything tho more
wO ought to have. In 1861, .bQfqFe the
war, tue national, State, county, and city
taxation per aunum only amounted ia
S175,OOO,OOO; now, nearly 5000, 600, 600
But these constitute only small part O'
the demands Of the people for circulating
medium. The people Of this country,
when the tax.gatberor makes bis annual
visit, could use the Scriptural language oI
tho one to whom was given tue ono talent,