The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1886-10-04
commercial natlonB rs being the most per
feet system that exists anywhere.

IN view Inc poucy oil ploVlulnR tor llt
payment. Therefore II was that the
BONDS WE'RE ISSUED,
running for tiye years and redeemabls al
the pleasure Of the government within
twenty years, Care was taken that the
right to redeem in reasonable period
should always no maintained, and no
sooner was the war over than this right
was promptly exercised in way never
before accomplished in the history OF any
country, Instead Of promptly repeating
the taxes at the clcse Of the war they
were allowed to continue, and in this way
great sums have been paid of. All the
floating debt disappeared.
The bonded debt has decreased from
over twenty-ssysn hundred millions in
1867 to less than twelve hundred millions,
and the burden OF interest from 1857 ,000,-
900 to S5,0OO,0O0, In the management
OF this debt untarnished faith has bsen
observed to every creditor great or small
Every promise made by the United States
has been fully kept The result has been
that the credit OF our Government has
been constantly advancing, the rate Of in.
terest has been constantly diminishing,
aud now the Government Of the United
States can borrow money at 3 less Tats Of
interest than any nation in the world.
Our credit abroad Is so good that a bond
OF the United States on the same terms
aud conditions would sell at a higher rate
In the market than o bond OF Great Brit.
ian or OF any OF the powerful nations OF
Europe.
System cFTAxgs,
There is another line Of public policy
which has been adopted and that ia Bya.
tenn OF taxes, internal aud external, which
have yielded most bountful revenues
without any serious injury to any portion
Of our people, A Byst9m oil internal taxes
was adopted which yielded for time
year, but these taxes we're
rapidly repealed aud reduced udtil now
they are limited to spirits and tobacco,
yielding over Sl0O,000,0O0 year. Theas
taxss are easily collected and not burden.
some TO any class, They are a tax upon
luxuries which people probably could do
better without. To the extent that they
prevent consumption they promote TEN.
cleanliness and good order. No
one complains Of them.
Our duties on imported go0da have now
for twenty-five years been levied upon the
principle, 80 long Contended for by Henry
Clay, that, In addition to providing for
revenue, we should also protect American
industry, diversity American pursuits,
huild IN pnuy mn, pinur,nnkn &, -, ~
give value TO our uudeveloped mines,
give employment to great multituAes OF
laboring men ut reasonably fair wages,
protect them from undue competition
with foreign pauper labor, furnish q home
market to our farmers for thor surplus
productions, utilize tho natural forces OF
nature in our streams, our forests and our
mines, and add to the wealth and comfort
OF our people.
THE silver QUESTION.
Take what is known as the silver ques.
ton, one that is now pending not only in
Congress, but in every government of Eu.
rope. BY causes not necessary to mention,
q wide gap exists between the value Of ell.
yer and gold rs measured by law. We are
now buying OF the miner Rlver bullion at
its msrketvslueR and coiningi 1t into money
at more than twenty-five percent less than
Its market value. Thus we have stardards
OF unequal value. We have thus far been
able to avoid the difficulty by receiving
and redeeming our silver coin at par with
gold coin, and this 10 the only way iu
which the two Cannow be maintained at
o parity; but the time Ia not far distant
when, II the coinage OF silver continues,
the inexOrable law OF trade and commerce
will compel all values to be measured by
the silver standard alone. This will cause
gold to DO boarded or exported, aud will
Danish the vast tamount OF gold from our
thus reducing the aggregate OF
our circulation and debasing the value Of
our money.
The ultimate effect will be to raise the
value Of foreign coins. Tho pouAd sterl.
ing would become worth moro than six
dollars, the franc twenty-five cents, and
all our specific dnties on imported goods
will be reduced in this ratio; the relations
between debtor and creditor will bs great
ly disturbed, and, in all human probable.
ity we will pass through the same struggle
and depression which preCede the rs.
sumption Of specie payments. know no
remedy for this except to put enough sill
YER in the silver dollar to make II equal to
the gold in the gold dollar, aud maintain
the equilibrium II possible by negotiation
with foreign nations, or by the redemption
Of our silver coin In gold whenever pre-
ssnted. But all this is business question
to be decided by wise principles OF politi-
cal economy and by its effect upon tho
public faith and the public credit. l ap-
peal to you whether this can be safely
Rnlphh hY the Dnmnnraiin marty