The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1878-08-10
WHAT is THE DIFFICULTY
The Currency Question Ably Dis,
cuSsed.

OF M0nongdftd county:
You often ask the question why it
is that with your toll, industry and
economy year after year, with your
gamers full of grain, your barns full
of provender, your cellars full Of veg
etables, and your fields covered with
focks and herds, you cannot now as
in former years, have something left
beyond mere living, rs the result
of your labors? You get no satisfac-
tory answer to the inquiry, and reit-
crate the question--what is the mat
ter? You know, and feel too, that
something is wrong, but are unable
to tell why it is that the same persist
ent efforts do not now bring you the
adequate rewards which they brought
you heretofore. In other words-with
the same farms to till, with the same
capacity, strength and skill to labor,
with the same willingness to earn
present support and to lay something
by for rainy day, that you ever had
in the past-you find that as the
years go by, only at the end of each
succeeding one, that you are poorer
man than you were at the close of the
preceding year, and suddenly awake
to the startling fact that your well
directed efforts to accumulate some
thing fol yourself in your old age,
and to give your children start in
the world, do not reach far enough
and are entirely inadequate and flu
tile. The question is attempted to
be answered by some, by saying that
you have lived extravagantly; that
yourself and family are wanting in
economy. You pause and consider
the truthfulness of the supposable
answer and talk to your family about
it, and after mature consideration and
ventilation, you are convinced that
this is mot the cause of your finan-
cial trouble. What then is the mat
ter? 1t is true you pay more taxes
to the State, the county, the munich
pality land you pay more than you
ought to all of them, and about this
partisans do not disagree) you also
support your free schools very liber-
ally, and have thrown in with these
burdens, the weary, vexatious, costly,
slow, uncertain and interminable
county court; but you say you have
got used to these burdens and can Ell
Their endure them or lessen them when
they become uncomfortable. These do
not unravel the mystery. Do you
know that in addition to these, super
added to large individual and cor
poration Indebtedness, the people are
trying to carry a debt of the United
|
States Government amounting to
about 50, 300, 100000, and in addition
to this are annually meeting the ex-
| penditures of that government, in the
creation of which the principles of
economy are almost entirely ignored.
The debt of the United States is
mostly, excepting that portion of it
amounting to about $750,000, 900 and
consisting of irredeemable promises
to pay in the shape of legal tender
notes and National Bank currency,
an interest bearing debt, at rates va
rying from four per cent. to six per
cent. per annum. Let us make the
average rate five per cent, and the
portion of the debt bearing interest
| 81 600, 100000 land this is too small }
and the people of the country have
in addition to all their other taxes
and burdens of the State, county,
school, corporation and ordinary an
nual expenses Of the United States
Government, to raise annually $780,
100000 to pay this interest alone
If one or ten years taxation would
get them rid of it, "the cloud would
have a silver lining" and they would
hope and work. They have been pay
ng the interest to greater or less
extent for about sixteen years and
the prospect of ever getting rid of it
is not now half so fattering as at the
close of the late civil war. This debt
is a funded debt, and the parties
holding the bonds of the United
States, by which the debt is repre-
sented, have been receiving seminar
nually this interest upon them fol
about sixteen years and by the laws
creating them they are exempt from
all taxation, either by the United
States, the State, the county, the
township. or the municipality. There
is then property in the hands of the
| Lo1Jor, 20 tboco hop6c omnIrptipn ff