The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1877-09-15

| Loca. NCuCes Is cents per line--bm no
| local 1lCtic, utu be inserted for less than oSE
| DOLLAh
Extravaganza Fostered by LegisIa-
ture
Baltimore Sun.
In the course of an able paper upon
the subject OF Local Taxation" read be-
tore the American Social Science Con-
vention NJ Saratoga, Mr.. William MinOt,
Jr., of Boston, makes some sensible OBJ
| servations upon the causes OF the increase
o. national extravaganza IN expenditure,
OF which increased taxation has been the
natural result. In seeking TO account
fer this increased expenditure he says we
are accustomed TO speak OF the extraordl-
nary burden caused by the war, but
statistics show that the interest on the
local war debt is but y small part OF our
expenses, and possibly it might be shown
that the legal-tender act cost US more
than the war itself, Tor the date of that
act marks the beginning OF an era OF ex-
Lravagance. The suggestion Is u preg
nant one and cannot fail to impress Itself
upon thoughtful minds. By the passage
| OF that act Congress declared that piece
| OF paper on which WAS inscribed the gov
| eminent promise to pays promise IN
cApabl OF enforcement and therefore ir-
edemnable-should be taken and accept,
| ed rs u dollar The whole country ac-
| guessed in the fiction and the inevitable
result followed. Everybody that mad u
dollar, gold or u silver dollar, soon
| found that he had two dollars for the
one-in paper AS Mr.. Minot says, the
nominal wealth of the country WAS
| doubled by legislative enactment. 1t
was AS easy To get two dollars Us previ-
| ously it had been to get one. Every body
computed his property rs having at less
doubled in value, and began TO live ac-
cordingly. According to the State syS
tom OF asses sment, which MIR. Minot just
" and severely crilicises, and By when,
Tor purposes Oh taxation, first, all the
real property in the State is assessed and
valued, and then all the credits founded
upon, that property, IS 1t man who has
$4,000, and borrows $4,000 upon the
strength of what he is worth, becomes
by that process worth $4,000. and ne is
g. be taxed ut that rate, much OF the real
wealth OF the country came TO be COM
puted al tour-told its value. Its noml-
nal value Was doubled, first by being
computed in paper instead OF gold, and
secondly. according to the common fash
ion, of which our State governments in
their tax laws set the example, of in
GLIDING in the estimate of the wealth OF
corporations and individuals what they
are able to borrow as well rs their means
OF paying. Under the operation OF
these two causes, the legal-tender act
and the habit of treating bonds, mort
cages and other evidences of debt AS an
| addition To the aggregate wealth OF the
community, instead OF deduction from
| IL. n tremendous stimulus was given to
extravaganza, public and private. lndi-
| viduals and communities alike over-est-
mated their ability TO embark in new
enterprises and 10 assume new Obllga-
tons The example Of the general gov
| eminent in fastening promises to pay
| without stint became infectious. There
! was n perfect passion for issuing bonds
RAJ road, municipal and county bonds.
| Tne facility tor obtaining credit that is
Tor running into debt, WAS mistaken for
u sign of national and individual pros
perlty Mr. Mnot thus describes the
Growth of eXtravagsnee in expenditure
| f,stercd by deluslon for which bad
currency and n vicious system OF assess.
ment and taxation were responsible:
1T is not difficult to see how even
honest and responsible persons, ancon-
>clously believing IN and acting upon
| such false principles, and believing IN u
wealth almost infinite, became proper
tlonately liberal in expeu dltures, public
| and private. The evidence OF this exists
everywhere. Look at the public build.
jngs erected during this period; the city
halls, school houses, poor houses, sSylums
and postotfiCes, sll protusely decorated
and luxurously furnished. Why Is 1t
that, these have al been built within
fifteen years2 Why is 1t that, within
! fifteen years and never before, these
! buildings have become Indispensable
necessary Look again at the rows
Of magnificent dwellings, places OF
business, churches, hotels, steamboats,
and palace cars, all dating with
in the same period. Why is 1t that with
IN this short time lite insurance COM
papies have found 1t indispensaDly
necessary To invest the money OF widows
and orphans in the building of marble
palaces Why has 1t happened so lately
that nothing but rich marble aud
precious woods will answer for the pro-
lection of dry goods? Why is 1t that
money expended in the guady ornaments
of u steamer, hotel or palace car IS n more
profitable investmant than money eX-
pended in appliances tor safety and com.
iorl2 1t is because the appetite tor osten
tatIon mas grown by what 1t ted on, and
that while growing it has been recognized,
fostered aud catered TO by those who
sought office or profit from popular
taV or"
1t is the reaction from this dream OF
fictitious prosperity that has brought
about what people are pleased to call the
) present temporary depression OF property
! the truth being that We are just AT
rving at the end of n period of tempo
rary initiation, and are practically SO
much nearer to true prosperity than dur
ing ANY of the flush times that succeeded
the war. OF course the awakening, like
ali similar observation-disclosures, is attended
with disappointment and suffering. Peo-
ole awake to find that in their esgerneS:
. TO be suddenly rich they have clutched
the shadow for the substance, and have
sunk their means in bonds which pay X
interest, and stocks which yiele no div
dends.
Hab, as AN Express Parcel.