Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1881-12-06
OUR BONDED DEBT.
'Hhnt Shall he Done with It:

GRAFTON, December Sin compliance
with an invitation contained in your issue
of yesterday for the discussion of the f.
nance question of the government, Lake
the liberty to respond to the article copied
from the Cincinnati Gdyette. What shall
be done with our bonded debit" Why. pay
it, and the quicker the better. lido not think
we have been doing it too fast-let us see
about one thousand millions in sixteen
years, and the huge sum of eighteen hund-
red millions still hanging to our necks.
This SUN Is by one thousand millions too
large fof any safety to the government. Not
only taat, but Congress ought to
pass an act at its next session to
call in the promises to pay ruigo green.
backs. u has promised Ions enough, and
it is about time the promises were fulfilled.
They are not legal-money. The Supreme
Court dbclared-and it could not otherwise
under olrpresent Constitution-that their
issue could be only defended on account
of necesity. The country was at war, its
existente in danger, and the war power
gave it lanction. But the war is over this
sixteen years, and this unlawful moneys
existence cannot be longer defended on
that score. To humor the whims of our
Greenback friends, and all these who cry
out that we not enough money TO
supply the demands OF trade, let
the withdrawal and cancellation be
gradual. Say, for instance, let the retire
ment be equal each month to the coinage OF
the mint, which would leave the same vol
ume but would give us in time real money
instead of promises.
urge the retirement OF So-called Green
backs and the continued reduction OF the
public debt, on the consideration OF Con-
,eress and the public, as right and as a
Nf
should break out with our three hundred
and forty-six millions of paper money
afloat and eighteen hundred millions of a
public debt. In less than ninety days every
dollar of gold or silver would have disap-
peared. What could the Government do
but start the printing presses again. In
less than three months it would take three
paper dolla-s to buy a gold one. 1t was
fortunate :or the Government in 81
that it had only few millions of Treas
ury notes out. and hence it took
a long time till gold went up, as the saying
was, while in effect our paper went down.
No, Mr.. Editor, we paid dearly for our ex-
pcrienCe, let us act as men ought and should
do. What would you think OF man en-
numbered by large debt but doing 4 -four
ishing business, and consequently able to
liouidate it, but having commenced doing
il in part should suddenly stop, leaving the
lob for his heirs to finish? The public debt
is no blessing, no matter who may say so.
It is a burden and the duty OF the Govern
ment to relieve us of il. That the bonds
are a inconvenience for rich men | admit, but
shall our finances be regulated to suit them
alone?
As far as the securities of the National
Banks are concerned, for whose safety the
Gazette orator sheds so much ink.
| would say, there is big difference yet, be
ween 1900 millions and the amuntC
required by the National banks. Ant
when all the bonds are taken up there will
| be a way found to keep them going II they
are still necessity and blessing. For the
coupon clippers there is a thousand chan
| nels open to invest their surplus funds
| Halt the real estate in the United States i
for sale. Let them build railroads or facto
ries, or ships, and by so doing revive on
Navy again. All this would be far bette
for the community at large than to maxi
Uncle Sam the custodian Of their hoardeC
wealth and we TO pay them their interes
| forever and forever. Go to - with you
| irredeemable 3 per cent. bonds.
If it is deemed expedient to eurtail tn,
| expenses of the Government let an intelli
| gent commission be appointed to revise tn
tariff. Let them, i'll fixing the duty, tax
! into consideration the price ol materia'
labor and the price OF money in Europ
and deduct the freight to this country, an,
that will put us on an equal footing, an
| more, think, we ought no
| ask. Let Congress do away wit
the tax on matches, medicin
and bank checks, and reduce the tax or
spirits to 80 cents per gallon. And il tina
should not satisfy the Gazette writer, let an
other Arrears of Pensions Bill he passe
and he will have no need OF crying hal
in paving the National debt. i. l..