Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1888-05-21

, public treasury without the imposition Of
any tax, 1t would still be Q great mistor-
tune, because ita inevitable eject * 20 en-
courage uselgss and eNtrayagant aDproprir O.
tlons Of pubii" money in violation OF those
principles Of puhiic economy which have
beer found to be absolutely essential 70 the
preservation Of popular form Of govern
ueG', and the constitutional limitations
On it, powers. Il is safe to say that
80 long as this policy continues, largesses
and bDInties for the promotion ct purely
private enterprises wi! be demanded; ald
new fields, for The exercise Of legislative
labor ard new objects FOR the appropriation
OF tbs public money will be discovered.
F But II Is SAID We still have OutstanG-
ing a vast public debt, AMI that no great
danger can beiaIl the country il the pres
ent rates Of taxation are continued aud the
surplus applied to the purchase OF the
bonds. ! believe that 50 long a. we actual
Iy have a surplus its applicatjH2 TO the ex-
t"lnguIshmcnt Of the public debt is the very
heat us that can he made of it. But /
totally dissent from the proposition that 1t
II either wise OF Just to pursue a fiscal
policy that taxes the people merely for
the purpCse Of raising revenue to be used
IN their purchase, at Il premium Of
the unmatuTtd bonds OF the government,
except 70 far ~ may he necessary to com.
ply with the requirements of the sinking
fund law. And | am not altogether salts
fled that if the revenue could be properly
reduced 1t would not be wise to suspend
the operation of the law, to some extent
at least, for some short period OF time.
BOND PURCHASE.
During the last month the Secretary Of
the Treasury had ]purchascd Of I per cent.
bonds Sl3, i1G. OUl, Oh which interest had
accrued 10 the amount Of S53. IL.
For these bonds, with accrued in
t~crezt, he woa compelled to pay,
and did pay, the sum of $l1,UiG, UuO,
or -, 53G, ~is over and above the amour,
Of the principal and accrued interest pay
in2 q J premium Of 81! per cent. Daring the
same tim" and uudE the same authority
he purchased 81, iu7, coo Of q per cent
bOnjs on which interest had accrued TO the
amount Of SlO- coo. For these bonds he
paid Sl5.&I@, OUO, or SSG7, coo in excess Of
the principal and interest, or n premium
Of seven per cent. Thi1 il the situation
into which the Government has been forced
by the la'lure OF Congress in the past to
take proper provision for the reduction of
The revenue.
Millions Of dollars are taken BY Law
from the hands Of the people who earn the
money by their lAharyrs and by their skill
in the prosecution OF their business, 70 he
Paid over to the bOndholdeTs in excess Of
Al. 1...1 .1ns..NE., ,g a.. lodi. - It.,
gress aGiOurns without applying the rene
ty, this unjust process must 20 on iudtii-
nitely. In the presence Of such q situation,
we cant afford 10 quarrel over details. Are
duCtiOn Of the revenue, moi Ivy Increasing
taxation ~ some propose, but by reducing
taxation in such measure 49, Ia afford the
largest measure ofrglict TO the people, and
their industries should ha the great and
controlling object to which everything else
~hould he suhordiuated. ! do not mean
that any Industry, however small aud ap
plrtntly insignificant, should no. be care
tally considered in Il friendly spirit. Bat
[ do mean that the general
INTERESTS OF THE MANY
should not be- subordinate to the special
interests Of the few. Th,s j., purely ap,uc-
teal question. liz consideration nccss-
slrily involves a discussion to some *
tent OF the principles on which tins power
uC taxation il exercised. Tier" j. a lunda-
mental and irrrcoucilahlc difference O!
opinion, between those who believe that
The power OF taxation should be exercised
only for public purposes, and that the bur
deuS of taxation should he distributed
equally among nil the people Accord
ing TO their ability 10 bear
them, and those who believe
It j. the right and duty OF the Govern
ment to encourage private interests by Ia"
imposition Of higher rates Ih"u the Gov
eminent require. No man in public lie
would venture TO advocate excessive rrYe
nue.. But when the rates are 20 adjusted
or the objects oi taxation 10 selected ~
to give one section Of the country,
or one class OF industries advantage
or supposed advantages over another acc
non or another class. we find q large mum
her Of able and influential mpn in public
lis who advocate the system, or al least
excuse It. This IL the sole cause Of the
difficulty which we are now cur1uuJarIUg
in our cli,r,s TO relieve the people an re
duCe the surplus.
AscIFl~H INTEREST
Is the sole cause Of the unfortunate delay
which has occurred in the reduction %,
the revenue. and if the present meas
urn shall fail ard disaster IN any form
shall come upon the country ard the I'M
industrial lutcrJN o. ct Il, CDuHtIy by rca-
ION ot over taxation ard IN accumulation
OF money in the treasury, this yiclou3 ira
ture in our system will be responsible" for
it.
Whenever we propose to reduce The hur-
dens of taxation on the people; wherever
we propose tn secure 10 each individual
citizen the full fruits OF his own toll, -ut
iacl only TO the rtguIr mcnrs Cl the gOg-
rrnu"nt; whenever We propose to remove
restrictions 70 that there mag Dc
irecr prod lotions AID irrcr exchange.
the alarm is sounded aud all the
TO the call Of the herald to avert
irretrieyable ruin Of the country. We
have heard ii over and over again daring
this debate. 1t has been repeated over and
over again in this nall, and gentlemen
from New Erglaud especially saem
alarmed as to the fate that would
hsrIl their industries in case the
bill should become q Law. Gentlemen
from New Englaui predicted in Is that
the duties fixed by the law Of that date
gould ruin their tcNtil" Industries. In
- all of the New England members
voted for a still further reduction OF 20
per cent. from what they had called the
ruiuousiy low taun OF IL. In the
free trade period, a. the R.pnhll-
cans called the decade from 80 Ia 90,
the wool manufactured products increased
r. per cent. and labor e. pr cent. APP
p!uuac. The increased produ t in New
Tngland was G2 per cent. In hosiery the
product increased r. per cent. In cotton
the product in New E1gland in
creased Il per cent. In boots
and shoes, upon which the duty had
been reduced Is per cent, the increase
IN New England was 80 per cent. The
rrnduct in 100 in New Ergland was more
Than the entire product Of the / mon in
l~11. This was what the Republicans
from New ENGLAND hid scyu under a low
W.thIn ciuved years after the pass )
aye OF tins bill the peoP'eoi New Eagltud
would vote Tor Il
STILL FURTHER ~ETnl,IroN,
or if they did not the people would send
somebody here who would. Applause. ,
This was what they had seen They had
seen their Misunderstanding industries grow
ing and pro. p.rinG "a never before. They
Jaw the number Of their hands constantly .
-..g,. apJ tho r4tIz rf wauaa