The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-04-08

l the Asnlanu lEOH "N' ~ -. -.
two years, as compared with my own
protiIs on my stock IN said concern our.
Inc The same time. This is acaptandum
INJURY. Why does the writer single
oni Two wears Of depression, during which
manufacturers,as rule, have made little
or no money, in order to meet general
propositiOn2 Why not compare the rel.
alive profits OF stockholders in the
iron works of Wheeling for ten
years past with the wages earn
ed by the operatives referred to.
This would be a good deal more TO the
point. My proposition was that labor
Is only able In ordinary times to feed,
clothe and house itself respectfully, and,
as rule, after thus caring for the pres.
ent, has nothing'left for the future. With
capital the case is different. Generally
speaking, it eats better, clothes itself bet
lei, houses itself better, in ordinary times,
than labor, and, in addition, has a con.
slant accumulation with which to go on
living the same way in reverse times. II
lives we'll all the year round, one year
with another, and, as u rule, increases It's
capital while doing so. Not so with Ia.
Dor, but quite the contrary. That was
the point l made.
Next, in regard to A per cent interest
law, Enquirer" wants TO know whether
l would charge all classes Of borrowers
the same per cent, that is, safe and unsafe
borrowers. In reply to this question,
| would say that | make no provision
whatever for the latter class. No man
has any business TO loan money to an un-
safe borrower. Lending money on spec
nlatiye ventures is one OF the greatest
evils OF our day. Hence there is no
pertinency in adducing the relative
trustworthiness OF a Texas cattle dealer,
as borrower, and an Ohio river farmer.
II the rate OF money was reduced to 4
per cent there would be more money for
the wants OF legitimate borrowers. And
this brings me to consider the point made
by Enquirer in regard to oyer-prodnc-
tion.
He esteems me inconsistent in wishing
to lower the rate Of interest with view
to Withdrawing capitalists from the ranks
OF the money lenders to the ranks OF ac-
tive producers, when complain that the
country is now over-produced. Here
again Enquirer does not seem to see
very far into the future. My plea is for
specie basis, for lower taxation,an for
lower rate Of interest. They all belong
to the argument in favor OF foreign
market for our over production. Why
is it that with so much capacity to sup
ply the world We are now stopped in
mid career? The answer is very SIM
pie. Our money is not good. 1t is
tainted. 1t will not buy as much
raw material as European money.
Next, we pay s, Q and 10 per cent for its
use. Next, we pay, in some places, two
or three times as much tax as European
producers pay. Hence we can not COM
pete with them in the markets OF the
world. Hence our wheels are clogged
with over-production and they stand still,
while thousands willing to work are want
Ing the means OF livelihood. We can only
relieve them in a right and permanent
manner when we come down to elementa-
ry principles, such as | suggest, and pro-
duce OH an equality with other
producing nations. We raised last
year large grain crop. Why does
It not go abroad? Simply because II cost
too much to admit OF It's general ex-
portation in competition with other
grains that meet ours in Liverpool. Our
cotton cloth does not go abroad for the
same reason. 1t costs too much. We
buy iron ships abroad because it costs
too much in this great iron country TO
build them. But only give us better and
cheaper money and lower taxes and see
how soon all this will be changed.
Having said this much by way Of an-
swer to "Inquirer's" questions and sug-
gestions, now desire TO interrogate my
inQuisitor on one or two points. AS to
the question OF interest, will he tell me
upon what principle Of right any man
should levy this tax upon society. In
other words, why should money accrue
upon idle money at all? The abstract
principle OF accumulation, in its purity,
Is based upon the proposition that any
given person has earned over and above
his consumption a given amount, say
$4,000. This is all right this far, as it
stimulates exertion to acquire something
ahesd. But when, at this point, man
decides TO stop producing and 10 live,
without work, upon his surplus, what
right has he to levy upon society for his
non-productive support by not using
his own pile but taking toll from
other pcoples's wages and adding to
that pile? I am perfectly convinced
that France, England, Germany, Bel
gium, the United States, and all the most
civilized nations Of the world-nations
that are creators OF scientific methods
and facilities for producing everything
used by the world-are deeply involved /,
as regards their future peace and we'll
being, in the adjustment Of this question
Of interest in connection with the distribu-
lion Of their surplus production. In our
own country we must work out solution
for ourselves. 1t is a question Of self
protection, il not self.preservation, to get
down to solid basis Of elementary prin-
ciples, such as lihave broached, in regard
to sound money and cheaper mon
ey. contend that the day will
come wherein there must be a
settlement between men and men, as cap
italists and laborcrs, on these points, and
that the happiness OF millions Is bound
up in such a settlement. How the result
Il to be brought about | undertake not TO
say. The problem Is great one, can
only repeat the language quoted from
Thackeray in this mornings ISTELLt-
dENcER, in the column Of thoughts from
great thinkers, in which he says: "Come
forward, some great marshal, and organ
ize equality in society, and your rod shall
swallow up all the juggling old court
gold-sticks." +. NJ. NORTON.
Bells Statement Denied.