Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1882-01-16
FINANCE AND TRADE.
Condition of the Markets Here and
Elsewhere.
Money 6a7 Per Cent.-GoYernments Firm and
Righer-Stocks a Shade Better-PrOU-
sions Strong-Flour and Grain in
Good Demand and Higher.
THE TARIFF AND CURRENCY.
To The Editor ofthe Register.

The works of Adam Smith on the
Wealth of Nations, and j. 5. Mills
Principles of Political Economy, will
satisfy any fair and candid reasoner that
the true doctrine of craftsmanship is
free trade and good money. 1t need not
be hard money in itself, but it must al
ways be convertible into its equivalent.
But the American citizen, by the char
acter and condition of his country, can
not afford to be lin the largest meaning
of this word free trader. He must al
ways watch with some anxiety, in this
cOvntry, the tendency to Capitalization
and the consolidation ofpower in an
accumulation and perpetuity OF Office
holders. The general government must
have revenue, and if this taxation Is
so imposed that this revenue must be
collected directly by officers in every
county, parish and township of the
States, they will be more nOisOme, and
in time not less offensive and destruc-
tive than the locusts and frogs Of
Egypt. Therefore Il tariffhvied directly
for revenue, but arranged for acid@ntd!
protection, is the just alienation be-
tween the expenses of free trade and the
individual selfishness of protectors. a
uniform tariff, such as. that once in
sisted upon by South Carolina Of 20 per
cent, is an absurdity. On some articles
it would be excessively low, on others
il would be excessively high, and on few
or none would it produce the proper re-
suit of being Il tariff for revenue.
The wants of the Government are
great, and they are many-for the add
ministratiOn Ofth6 laws, the support of
Legislature and executive branches, for
the construction of harbors and forts,
for the maintenance of the army and
navy, for the improvement of naVigable
rivers, for war and the debts ofwar, and
on the theory of our government, that
all men are equal before the law, and
that all citizens have an interest in these
subjects, the revenue by tariff should be
levied so that all should contribute i'll
proportion to their individual cOnsump-
ton. The tariff therefore should be
universal as embracing all these objects
to be maintained and all these individ-
uals benefited by their maintainance.
But this tariff should look, must look,
in the commOnest sense of justice and
in the sOundest application OF the prin-
ciples of q true policy, to the whole line
of articles from which such revenue can
be derived; and upon the large majority
of these articles, in that spirit of public
policy which will give the greatest
amount of revenue, with the most per-
manent and safest protection-and this
is what is meant by incidental protec-
ton.
And what is meant by permanent
and safe" is the fact which is known to
all observers of this public economy;
that Us the financial condition Of the
country fiuctuates the effect Of the tariff
fluctuateS. A paper currency Is constant
fluctuatiOn land such i currency is al
ways in state of tluctuation, as those
well know who remember the Bank of
the United States and the Pet-Bank
svstem); and with such fictitious sub
stitutes for money, q permanent ana
safe tariffs entirely hopeless. No man
can deal with either of these subjects
without undersiandingand affecting the
other, but in all arrangements OF the
taTifrthe Great object must be to secure
a currency liable to the least tiuctua-
ton. However, between the socialists,
pretenders and political pettifoggers,
who are aspiring to seats in Congress,
and so many of whom, when they get
there, are mere merchantable COM
modities, and the capitalists as specula-
tors in stocks, bonds and currency, and
the capitalists as manufacturers who
can buy I'D all Understandable COM
mOdities," the people had better under
stand their own principles and know
well the men who are to be selected to
represent their principles. And no
measure is safe measure unless 1t is
based on principle.