Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1883-11-01

wealth.. ANU surely COUlIdCIlO0 OF
the paper currency is an oppression.
Legislative action is necessary by this
Congress to prevent continual con-
traction of the currency; but who can
tell what the Democratic House will do
Who expects any intelligent action?
The surplus revenue paid off last fiscal
year about S13S,OOO,OOO of the public
debt. The recent call of S15,O0OOOO cut
into the bonds deposited by the Nation
Al banks for circulation. Mr.. Knox
said, at Louisville, that about 5000, ,OOO.-
900 more are now redeemable.
The reduction of revenue by the re-
duced tariff and internal taxes will have
| to be double what any legislator esti-
mated if there shall not be at least half
as much surplus for the current fiscal
year. The available amount of bonds
to secure circulation is diminishing, and
this has raised their price far above
their true value.
What shall be done? Shall nothing
be done until contraction has brought
the pinch? In such affairs apprehen-
sion is apt to raise alarm before the real
operation has come, and even to surpass
it by anticipation.
Who can tell what the Democratic
House will do about this in the coming
two years? The party is distracted in
It's ideas of finance and money, and is
blinded by hostility to banks, and a
large element of it would oppose any
measure to prevent bank contraction, in
the notion that this would fetch green
back expansion. Who expects so ra-
tional a measure as to fund the callable
bonds at still lower rate of interest,
for security for bank issues?
But while no farseeing and wise policy
can be expected, for the reason that the
party is absolutely destitute of ideas on
the subject, the probability is that things
will be blndly done which will stop the
payment of the public debt, even if they
do not leave an, insufficient revenue
for expenses. To throw off all the spirit,
beer and tobacco taxes is thought to
have the elements of popularity. The
extreme protectionists favor it because
they think it will keep up high pro-
tective tariff. The protective tariff
Democrats, with Randall at the head,
advocate it for the same reason, think
ing it will stave off the tariff reform
question. Many Southern politicians
advocate it as popular in that section.
Even many of the free-traders or tariff
for-revenue-only Democrats advocate il
because to reduce taxes is always capti-
waiting, and these taxes are of the Visi-
ble kind.
The receipts from internal taxes last
year wero about S145, 100000, which is
seven millions more than the surplus
applied to the public debt Add to this
the reduction of the tariff taXes--the re-
suit of which on the revenue is yet an
unknown quantity, but if the first quar-
ter is criterion, will be much greater
than was estimated-and the deficiency
will be very large; too large for even
the Democratic economy of cutting
ficiency bills to cover. That the Demo
cratic House, acting without leader, or
a policy, and without intelligence, will
plunge into such deficiency is more
likely than not. That would terminate
refunding at lower interest.
Mean while the National banks are to
be disturbed by an impending contrac
ton, and by occasional calls for their
security bonds, and the internal trade
and domestic finances are 10 be disturb
ed by the apprehension and agitation OF
tue project to throw off the internal
revenue, and the general trade and in
dustry are to be disturbed by apprehen-
sion and agitation of an attack on the
tariff. All know how fructifying all
this is to the general prosperity. A
Democratic party comes high, but we
must have it.
The election is over, and the Demo
cratic papers can no longer say that this
apprehension is made up to influence the
vote. The Democrats are in, and this
gives them power for great mischief,
and does not create the ability to do
great good. How to quiet alarm and
avoid disaster is the question. Being in
the Government, they are under obiga- |
itOn to have ideas and policies, and to |
let the country know what they are. |
Unhappily, in the absence of these they |
are a menace to the business of the |
country. Apprehension of "a general dis
turbance by the Democratic House, com
ing on top of very serious depression
of values, may become calamity for
which that party will so plainly be re
spOnsible, that the popular indignation
will be fatal to it's hopes Of the Presi-
Gin. Com. Gaz.