, 1861-01-26
Cbiiffzaao Tribuslf;
SATURDAY, JANUARY 2e, 1861.


day next, 10 authorize The payment Of tax
es in Illinois currency, will prove, if adopted,
Il long sstephaclzward in the financial policy
Of the State. We arc surprised to learn
that such mcasare should meet with even
respectful tolcratio1 4: tic hands Of ,n ILL.,
nois Legislature, and astounded at the in
formation that there is (: probability Of its
passage. It would seem that the past cx-
perienec Of our Stale in regard TO its con
ncction with bauks and the employment OF
currency in the conduct OF its finances, has
impressed no lesson OF wisdom, upon the
legislators Of the present day; and yet the
events o; twenty years ago cannot have
been wholly forgotten by a large majority
OF our present law-makers To such Of
them rs have never studied that portion Of
our State history, VIC commend :. careful
pcrasa' Of the House and Senate Journals,
from 1856 to 1874; or il they have not
leisure for that, let them give IN hour or
two OF study 10 Ford's History Of Illinois,
copies Of which they will find in the State
Library.
T2erc can be no question that our tnlc
policy consists in maintaining tho divorce
effected ycars ago, after long and bitter cx-
pcrience, between the State and Ill banks.
4 return 10 ti,c union viii be ii return TO
endless corruption, to bribery, 10 fraud. 10
intrigue una 10 losses which will outweigh.
1housalil-fi,}i tie supposed temporary
advantages that might rcs:z.r from the pro-
posed measure. Tie oaly at :,uacnl which
caa be urged With an honest intent in favor
oft, is that Of convenience. Specie is DIFF
tical1 10 obtain in some parts Of the Stale,
aa1 commands :. premium ranging from
three TO ten per cent It seems hard for
the taxpayer 10 be put 10 this trouble and
expense The proposed measure would
o5y;a;e both. That is the whole Of the ar
Gumcnt- Eut shoT: as il i5-straI:Sht-fo
dnl simple as il appears 20 he, it is never
,hclcss fallac:ous, as we shall see: .
l. The revenue which :n interest paving
State Government rau=t annually collect 10
meet its liabilities, is Discriminate amount.
It is fixed sum, taking specie as lac
standard, The State c2lro: pay its inter,
es. II Illinois currency. Tonakc payment,
il mus; either purchase specie and >l,ipi:to To-
Nc~, York, Or it must hry exchange On
New I-orls IN ci,Aer case tie State goes
ms, the market On the same footing with
IN inii:;dua1. 1t pays the same premium
on gold, tac sar.c p-an,:um for exchange.
1.-THE s:ate l,as Slo0,cGo to pay in New
York, :;ld exchange is len per cent, il mus:
lavo $4,000 currency in its vaults TO
meet it. il follows, therefore, that
!: currency is taken Tor taxes: the
State must co!'ec. sum cqr:l
TO iis.ctu:i ueccss::;:c:, il paid in gold, ;,us
Il sun equal TO the cost Of Few York ex-
change, OF to the premium on soid, for the
whole 2r,ouu:- III other words, the taxes
,nus: be increased to that amount, and the
taxpayer woHl1 he compelled to i'sy, in
cu7eacy, sim caaa; 10 his taxes a. pres
cat rates and tic premium On the specie
tor TINT purpose.
il. T.;c-a being 60 di1lin,;tion Of 1hc
brrtiic:1, Us shown al;o;c, ls- The su5stil11-
lion Of currency for spccic, there results
his positive disadvantage, viz: liza, ti.c
State :n:st incur lac risk Of depreciation.
Oh the currency received it,r taxes, prior
10 paying j, o;.::. What that may inc, no
man can fo-ctc!l; but ',c il more or less
the loss fills directly uroa tllc taxpayers
vino mus. make it good when the Collect
ors next make their annual round. They
must not ONLY make good the loss from
actual depreciation, hut they must pay in
addition another years interest On the sum
which would have been discharged had
there been no depreciation.
I'll. In addition 10 tho foregoing, such a
measure orcns :. wide Gocr for all manner
of corruption. !. oiEcss & premium upon |
Wildcat banking. Tie banks have di-
rect interest il continuing the I:w u:,lcr
which their issues arc received for taxes. |
They c;,tcr the political arena They |!
bring tilcir power and their money TO bcas
directly upon tho elections They combine
with other corporations 10 accomplish their
several purposes. They debauch the rco-
pie, I'll: the Legislature will, their crea-
lures, control its action, and make the
Whole macliiner:- Of tie State government
subscribe ;. Ia their peculiar interests.
". Lastly, tho credit Of the Stale would
receive severe shock from such u policy.
it would rest ;:i'on :. currency whose cre-
dit, i'll turn, rests upon tia: Of other States
the finances Of which arc in far less favor
be condition than our= Just now it is not to
1hc iaicres: OF Illinois, that lis credit should
he made to dcf,czd upon the credit OF Mis-
sour. q! Tennessee. OF Virginia, Of Louis;-
ana :;nd :'out!: Carolina. Bit that is pre-
ciseiy ylsat Tic pToYosed 1acls,1rc would
do, All hope tli;.t The present political
troubles may coa,c 10 : speedy end; l,uiit
is nni gwen to mor:als 10 divine t:e future.
Ii is possible that contingencies may occur,
and occrr soos:, I,a; would make our State
Il borrower. In si,c', n event, if she :tdop:
now tie policy nr collecting her revenue
in currency, she cos:ll oaly find sale for
ll"r bonds 1t i ruinoi,s discount. And
whatever tia: discount might be. j: would
al} come o'.t Of the taxpayers in the end
II Hut nc have not room 10 enumeraic
even 1.-THE of the objections that oocrz 10
us against the proposed measure. Nothing
could be more disastrous 10 t;lc State. We
should scarcely recover from its effects
within IL quarter Of {: century Every in
1crcst would snffer, and none more 50 than
the taxpayers for whose Supposed benefit
il is psopo. ea 10 pass the measure. We
trust the Legislature will make short work
with The ban,linS: Il may seem hard 10
submit to the temporary Inconvenience 10
which tax~paycrs are subjected on account
Of the character OF our currency But the
collection o. taxes has been postponed un-
til September next, and perhaps by that
time these inconycniences viii have meas
urabl5 disappeared. Bat whether they dis
appear OK not, it will be better and wiser 10
bear the lis we have and which we know
we can endure, than to incur isle yisk-wc
NIGH. say lhe ccrtainty-of others which
would most cectainI: plunge both the State
:saa The people into bankrupt
cy and political decentralization.
A CLEARING HOUSE IN CHICAGO. |