The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1874-10-08

( weeks ago. in which speech advocated
( precisely the same ideas | advanced in
my Chattanooga speech, and for
which am now denounced
as repudiator. | had been
calling attention to the high rates OF
taxes, had referred to the advertisement
{ of 1000 parcels of land in Memphis and
All immense number in Nashville. Are
I the people t" have no relief We had I.
! pledge made by State Convention re-
Gently which passed resolutions ohiecting
to an increase Of taxes. | think taxes
ought to be decreased; ! would say pay
Your many expenses and if there is moth
ing left let Your bond holders wait Now
how many men ar. there who are unable
TO lay their debts when they fall due
and vet these men would not be called
repudiators. have said this and still say
it, if things are pressed :" that
citizens is crashed to the earth with Il
burden of taxation. | would have the
bondholder wait little or do the best be
could [Applause.l Mr.. Johnson then
explained his objection to the present
National banking system, saying that
I bankers receive Is per cent. Of the capi-
tai invested in their business. and in the
exircncies of trade much more some
times.
A vOice-"A man gets off paving
taxes Oh money invested in government
bonds, toe, don't he"
Yes sir, thank You for the suggestion.
Instead of banking upon bonds, iSSu"
grccnbarkS bearing no interest, and lift
the bond placed on deposit. ID" this,
and We will save paying per cent.
interest on S400 100000, making S2i,-
0Uu,0W.
what He eThinIss About Finance.
Let Us quit talking about parties and
talk about these great questions, and let
the party save the country instead "i
having tn. party saved by the country.
The feasibility of making our currency
correspond with the constitutional stand
ard may be seen by reference to few
facts derived from our commercial StatlS-
tics. The aggregate product Of precious
metals in The Cnitrd States from ls49 10
1867 amounted 10 SLl7360O,o6n, while
for the same period the net exports OF
speci. were Sal, ,ONo,O0O; this shows
an excess Of product over
the net exports of S433,UU.0Oo.
There are in the treasury SOB, ,4Ol SO;
in circulation in the States on the Pacific
coast about Sl0,0O0,OOO, and II few mil
lions in National and other banks, i'll all
less than SlGO0O0.0o0, and taking into
consideration the specie in the country
prior to 1910 and that produced since
1917, and We have more than $50, 100000
not accounted for by expectation or by
the returns of the treasury, and therefore
most probably remaining in the country.
These are important facts, and show how
completely the inferior currency will
.upcrcrdr the latter, forcing it from cir
culatinn among the masses aS causing II
to be- exported ~ II mere article of
trade to ndd to money capital of fore gn
lands. They show the necessity Of rrtrr-
ing our paper money that the return Of
gold and silver to the trade may be in
yited, and demand created which will
cause the retention at home of at least 80
much of the production of our rich and
inexhallstible gold bearing fields, rs may
be- sufficient for the purpose of circuIa-
ton. 1t is unreasonable to expect Il re-
turn t. II >ound currency 50 long aS the
government and banks by continuing
irredrcmablr notes till the Channs.s Of
circulation with deprecated paper, not
with-tandinga coinage by our mint, since
ls49. of eight hundred and sev"nty-tour
millions of dollars that the peopl" ARE
now strangers to. TIL" currency which
wa- designed to their list and benefit and
specimens OF precious meta bearing
national device, are seldom seen except
when produced to crafty the interest
excited hy their novelty. Through all
ages and in all countries, the people have
held gold and silver to BE- valuable. |
don't care what shape it is in, whether
round ur lut. in money or in inGot', il
will bring il full value in every part Of
the glnbc. and it would almost seem ~ if
Providence designed il for universal cir
ruinti"n
Nr. Johnson closed his speech with re-
f.rrncr To- the Grange movement. which
h.. commended and h" left the stand.
lie Wa instantly surruoadcd by score, Of
friends among his auditors.