The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-06-09
Our Finances.

importance, which will doubtless enter
largely into the coming Congressional
campsigr, and ooe on which no poli,i-
cal party lines have as vet been drawn.
1t is thought by some persons that this
ia so deep question that only Wall
street fnancier can understand, or
grspple with it, yet the Wall street
fiuauciers are sort OF chuck luck"
gamblers, and at best they can only
look upon the question from Wall
street standpoint.
The question has two phases, the one
ia what is the best policy tor the Gov
ernment 10 manage her finances, the
other is what Is the best financial sys-
TEN for the people, or what do the
business wants of the people require
To take practical view OF the matter
We kRow that il takes the revenue Of
the Government to pay the current ex-
penses aud the interest on the public
debt, and the question naturally arises
shall this financial policy be iudefi-
nitely continued IL the public debt a
blessing that should not be removed ?
IL it a benefit to the people 20 pay the
interes; on debt OF nearly s., 0OO, OOO,-
600? The people have TO pay this ln-
terest, which is done directly by the
importer, and licensed dealer, but 10
reality, though indirectly. the consumer
paws il, in the advanced price that be
pays Tor the goods which yield the rev.
enue to the Government. 1t is certain
IL difficult 10 see WHIST benefit /,
can be to the people to pay Sl2o,-
GOO COO per annum for interest
alone, and yet this is what they are
doiog, and will under the present sye'
tenn OF the government necessarily con-
tlnue to do. Il is o0ly necessary &c
state this to make it apparent that i
this can be remedied it will be a great
benefit to the people TO DO so. But ho"
can it be remedlei? Will time work
out a remedy? 1t is very plain that q:
long as it takes all the revenue OF thu
government to meet the current llabll-
tiles there cannot any change take
place. Shall the revenue o: the govern
ment be increased by increasing taxa
ton? There will hardly be candr'
date for Congress bold enough to advo
cate such a measure. The only alter
native is to reduce the general EXPENSE
OF the government. But 10 reduce th'
ordinary expenses to any appreciate
extent 10 out OF the question. Re
trenchment looks well in party resolu
tions, and sounds we'll from the lips o
candidates, but wherever the leglslato
laws his bands, he is met with the pos
tive assurance that it cannot b
made there, aud so no retrenchment !
or can be made. The only thing tina
is at all feasible is TO reduce the Interest
bearing debt, which will reduce to
expenses for interest pro tanto.
TO illustrate this, let the governmeu
issue $l00,O00000 OF United State
notes, "greenbacks,' and with them ou
up interest bearing bonds: At the pres
ent premium on bonds this would bu'
say $50 600 900, the interest on whlci
is 81, 100000 per sunum, reduction Q
: the general expenses so much, smaI
m after, it is true, but yet an enter'pi
wedge, which would increase D
progression, and Sin the course OF time
this alone would pay Oft the publ
debt. that's i; the revenue remains a
it now is, aud the amount that is no
needed to pay the interest is applied t
the payment OF the debt.
But the contrsctionists will throw u
both hands and cry out that this put
of the sumption OF specie paynen
indefinitely. Well, what il it does
Who wants to be troubled with gol'
and silver as circulating medium
The miser may glost over the clInk an
sheen Of gold, but business men, farm
era and mechanics have no use tor /
But who can tell when. under the pres
ent system, specie payment will be re
sumed? Is it possible 10 resume sPeci
payment nov2 II not, when will 1t o
possible ? Ii Congress should pass la
recurring specie payment to be resume
july Let, 1875, and the present hoa'
d cial policy is continued, 1t will then .
!. Just as impossible to resume as nov
But the government certainly woui
not REQUIRE the resumption OF spec
payment unless she herself resume
and she cannot do so until she eiths
I increases her income by taxation
some kind, or lessons her expense
!. which ONLY seems feasible in the or
matter OF lesseuipg her interest to
paid. u,
Now it is little Smarkab!e TIT
even the contractionists favor the n
duction OF the rate otinterest with gree
upauinity, passing laws to issue bono
hearing less than six per cent intere:
But q person cannot but smile at II
|. idea that our moueyed men will e.
change their six per cents for tour p
cents; and they have not done 80, al
the syndicate and other great e1or
/. have tailed to get them to do so. II
il a good thing to reduce the intere
y two per ceutum, why is it not better
= reduce it six per cen,um2 1t is ha
to see the difference in principle OF
, ducipg the interest or the debt to 10
ner cent, or two per cent or no p
- cent. II the people would be willing
take bords bearing three per cent,
, that the elk per cents could be tax
M il certainly would be morally rigi
and if they would take the governme
promises to pay without interest wou
- NOT tina, be right? But are they vi
ling to take them2 Let the Cover
ment issue one or two hundred mlllio
OF her notes, and they would be tax
az fast as they could be issued.
pt;, ,r;lI he sa;J that the cover