The national Republican., 1862-05-01
tConmunloated.l
OUR rsNANCEs.

= II
hall soon and, Is England has long since dis-
severed, that, although owasd BY ourselves %
public debt is not public bleaipg." A CON.
parisou between the taxes on cotton factories
10 England and New England, shows differ.
euce q 500 per cent. in favor Of the latter.
Besides the county and municipal taxes there, |
and the enormous poor rates, (created mainly
BY the public debt) the taxes 70 support their |
,ostly Government and pay the interest on |
heir national debt, have reached $50 0,o0O, 900 |
yer annum. OF course the manufacturer there
must pay his portion Of all these taxes, out Of
yross income, before any dividend Is made, and
he sams principle applies TO all other interestr.
Il this great advantage, which our farmers,
and others possess over those
Of England, to be lost By this war. Not II We
act wisely.
The present debt Of England Is nearly four
billions Of dollars, but the interest (being only
three per cent. per aunum) amounts 10 $780,
100000. Ours is six per cent stock, but ives
last sold at discount, making the rate Of 10.
terest seven per cent; but as the debt accumu-
lates, no one can say at what rate our stock
will next be sold. During the war Of 1912,
United States 6's Did at discount Of IS per
cent but even at IL per cent per annum,
which we reached during Buchanan'e Admin
istration, the interest on our debt. when Il
reaches one fourth Of that Of Epgland, would
be equal 10 theirs. Could We pay II, together
with our our other expenditures? and might
not accurscd repudistion strike fatal blow at
our Government and the cause Of free institu.
tiops throughout the world! Rccollect, Eng.
land has the accumulated capital Of many cen.
turies Of less than one that her popula-
lation, including her colonies, exceeds two
chine power exceeds that Of all the continent
Of Europe. How are We to avoid the evils Of
90 vast debt, with constantly increasing rate
Of interest and ruinous discounts? In many Of
the able suggestions OF the worthy Secretary
Of the Treasury we fully concur; but we fear
the debt is accumnlating beyond bis snticips
ton and the reach Of bis remedies. Our plan.
thrown out for bis consideration aud that Of the
public, Is rs follows:
l. The most rigid economy, capital punish
ment for fraudulent contracts or disbursements,
and retrencbmeut Of all unnecessary expendi.
iures.
q The effer, by the President, not TO the
rebel leaders, but 10 the deludcd masses, of i'm
mediate amnesty, on their taking, as our troops
advance, the oath Of paramount allegiance to
the United States, and supporting hereafter
the Federal Government.
g. The proclamation by the President Of the
nullity Of all The acts Of the Rebel Congress or
Legislatures, that their loans, notes, and scrip
are all utterly void, and shall never be COL
lected or circulated. This measure together
With that last suggested, would soon crush se.
| cession, deprive the rebels of the sinews Of
war, greatly diminish our expenses, and bring
the contest mere speedily to q successful con
clus'on.
4. Sell no n.,s United States loau-, especially
| at ruinous discounts, but issue al least $500,
100000 Of United States demand legal tender
treasury notes, including one, two and three
dollar notes. Thus We shall save all future
interest and discounts. If this Is paper money.
what else have We new! and are not such
treasury notes, which are a legal tender and
based on all the capital income and labor of
the country. far better than suspended bank
paper, OF which We know nothing? During
this century, we have had bank suspensions;
once In every seven years, followed BY count.
less losses. But II the present system of no.
limited issues by the bank Of their suspended
and deprecated paper Is not arrested, the
Losses will be incalculable.
The banks (specie payment being suspsnded) }
are evidently proceeding 10 food the country
with their notes. most Of which, as heretofore,
II the system Is continued, must prove utterly
worthless. This is especially the case with the
ne, two, and three dollar bank notes, which
have expelled specie, and which. without any
knowledge Of their value, are forced on the
community for change, and even upon our SOL
diers Surely, United States notes are better
thaR these, and will furnish uniform currency
throughout the country. Let Congress, then,
for the benefit of the people, resume the SOW.
ereign attributes usurped by the banks. The
| Government alone can regulate commerce, "
but it is essentially deprived Of this power by
the banks. The Government alone can coin
money and fix the value thereof, but the banks
practically supply money, and fix ie value by
their issues The Government alone can fix tht
standard Of weights and measures" but thi,
Is now In fact done by the banks, for, although
they do not say bushel shall hold 90 muct
grain, OF now mucn clOtn snail De IN equar(
yard, yet they reallyfx and change The price
Of this grain and cloth, by imitation and con
traction, and thus regulate the measures o
Udlte. The States cannot emit bills Of credit,
but they do it, In fact, by the creation Of bank
Of issue. The injury, too, Is far greater here
10 case OF bank suspension, than in Europe, ,wher
bank notes can and have been made lega
tender.
The total bank currency, deposits and specie
10 the country, exceed $500, 600, 900, to whic
extent, at least, by the substitution Of Trsasur
notes, we can 60 without Initiating the currency
5. We must have an annual revenue Z
5000 900, for which Except as to the small
sums not permitted by existing laws) thes
Treasury notes must be made receivable, wit
the right Of reissue. With such revenue, th
whole amount Of these notes would be alb
. sorbed every three years. This revenue CO
4 be raised In time Of peace, as follows:
:, l. By revenue tariff, $l50,00O, 900. Fror
LIST July, lS46, to lst July, 1856, our annua
receipts from customs, increased from s22,O 900
Q 900 to $64 4,0OO, 900, or nearly tripled. At tn
same rate Of progre ssive increase, II woul
have reached $l90,OO0,O00 on the lst July
1866, and 100000, 900 on the let July, 1856.
In this tariff, there was no duty on tea or cof
fee and other imports, and many articles, lik