The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-03-22
FINANCE, JUSTICE. LAW.
Editors OF the Register.

from the pen Oh hoh. JUN DIahhoo,
now Circuit Judge in Lewis county
He proposes to close the difficulty OF the
financial condition by very simple pro-
cess, namely, that the general govern
ment shall furnish some kind OF currency
which in and Of itself shall operate as Il
reduction of the rate of interest, and that
interest shall &c the same in all the
States. This is piece OF immature and
disconnected Imagination, but his ar
ticie involves q more serious and OBJ
iectionable feature than that. 1t is an
invitation to the general government,
| further to interfere with the rights and
powers of the States, and to control the
| exercise Of one of the most important
functions of our municipal authority. l
take it that among other pregnant
causes which operate to create the diff
culties of our financial condition are the
following: The Indebtedness Of cities,
counties, states and the general govern
ment; the heavy taxation OF the people TO
pav for whatever Is already imposed on
them, and the general tendency of cities,
counties and states, and Congress 10 60
on with this taxation for every possible
scheme Of one kind or another which
may be proposed by cupidity, reckless
desire Tor improvements, so called, or for
personal popularity; and last, the shame
less plumber which exists IN every de-
partment of the government.
AS TO the first, the Indebtedness is al
ready fixed fact, and the interests are
secured by contract, and Mr.. Brannon's
expedient canuot reach or touch any OF
these. SO the present state OF embar-
rassment is the result OF that which has
been already done, and this cannot be
relieved by any such process. Does MIR.
d. propose, by the immense power which
he gives to the General Government, to
wipe al this out of exlstenceF If not,
then this remains as n burden upon the
community. and so far his scheme is idle
and useless. Suppose that by some ieger'
deman Of Congressional Imperialism has
interest is lowered and made the same III
all of the States. That would lower the
interest for the future debts that are to be
made, but docs not supply the money, by
the borrowing of which these future debts
are TO be created, and the Interest OF the
old debts and the taxes are to be paid
Besides, il is this very borrowing which
is the most fragrant cause of our none
tary troubles. Mr. Brannon knows that
| il there is no interest on money no money
will be loaned, and when 1t ceases 10 be
loaned, business viii be pretty much at 0
stand still. His scheme is not therefore
a panacea, old as it is and as often as II
has baen tried. for the evil, and Is only q
mcagre, uncertain, and perhaps deceptive
! palliative for the new business tran
sactions when the MOI y is in, some
bubble way shall be supplied to start
them into existence and to keep then
| going. Does he propose to give 10 Con
gress the unlimited power to make paper
money, to make it legal tender, and fA
its universal rate Of interest? tor these
arc involved in the priecipLe-it 1t ha.
any principle. | think the Judge mus
try his hand again as fnancler before
We get out of our troubles,
As to the second point, the heavy taxa
ton of the people cannot be relieved by
his process, while AN accumulation OF Thu
congressional paper money, which mus
/ first 90 through the hands of the capita
lists before it reaches the people, will, a:
in the past, only Increase the burdens o
society. Nor can the evil be remedlec
by that other process which IL now II
operation, of n re.assessment OF the laha
of the farmer, by which he is to be con
| WINGED that he is great deal richer witt
exactly the same amount and kind OF pro
perty he had at the former assessment
when he get thirty per cent more for M
produce than he does now. On the con
try this shallow estimate of the wealth o
the State is only likely 10 invite new
ageressions in the shape Of unnecessary
and wholesale taxations. o. course TIM
does not apply to waste lands which have
been improved, and to actHGI improved
values.
As to thethird point, Mr. Brannon an(
| will both agree that the rer1nin who ar
fastened upon to body polite, and have
sucked their skin full of financial blco(
should be removed thereof ON, even wit
the chance that hungry swarm me-,
come who may be as greedy as the Ok
legion. Things can't be any worse, sn(
they ought to be great deal better. an(
therefore the chances are that, upon I
change, they will not be so bad. An(
We may have chance, ard rs We do no
seek for Office, but wait until 1t Is thruS
upon us, We will guard this llie.blood
this great Unfolding Of the congressional
paper money, which is to come in upor
US fresh and green as the leaves of tn
coming spring.
But this power of the general gov
ernment to make paper money al iibtt'rl
an send it out to the capitalist who vii
have the first land the last share on il
and to regulate the interest within tn
jurisdiction of the states, and SO etfec
the power of making contracts betwee
the citizens is simply an euormity.
will not argue such q proposition as tn
last clause implies until Mr.. Branno
shall propose some plausible measure D.
which it NAV be seemingly accomplish
ed but do not want man to represen
me as senator in Congress with sue
crude notions of finance, nor a man o
the bench OF the Supreme Court OF AZ
peals who will surrender IN advane
such political question as that tn
general government has such powe
within the jurisdiction of the states, as d
has propounded. -.
In submitting this article for publcs
tion it is in the certain knowledge tina
it maintains principles as old as the con
stitution, and which has been avewed b
every Democratic administration fror
the first division of parties to the pre-:
ent time, and whose practical influence
have been exemplifed by the growth
prosperity, honesty aud honor OF tn
country and the disregard of which
the cause of the horrid accumulation {
dishonor and financial embarrassment
which now psrslyze the moral sense an
the business of the country.
MARSHALL.