Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1865-09-30
QDblo SStatesil>ao,
8eIotenaIoer 2et1a, 1865.

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RECKLESS, EXPENDITURE OF THE NATIONS
TREASURE.
1t is stated in the LOnddn Times, which l
hold in my hand, that during the twenty
years of war between Great Britain. and
Napoleon, the former expended six hum
dred and twenty million pounds sterling,
which, at four dollars and eighty four cents
to the pound, is equal to three thousand
million, eight hundred thousand dollars.
And it is well known to you all. that dur
ing that great contest which continued dur
. ing the fifth of century, Great Britain, on
more than one occasion, subsidized the
armies of Russia, Prussia, Austria, Spain
and Portugal. .,st'..y tIr lg1e ear
While in our war of four years, we ex-
pended more than four thousand million
dollars, or one thousand million, two hum
dred thousand dollars more than Great
Britain expended in twenty years ...- !
The London Times says that the debt of
Great Britain amounts to the incredible and
incomprehensible sum of eight hundred
and sixty million pounds sterling, which
amount is equal to four thousand one hun
dred and siXty-two million, four hundred
thousand dollars. And it required two
hundred years to create the English debt,
while we have made debt of equal magni-
point of fact, our debt is practically twice
as large as that of Great Britain, because
we pay double their rate of interest.
FINANCIAL MIsMANAGENENT. O. .,.r
1t would be uncandid not to admit that
the great rebellion presented difficulties to
be overcome of stupendous character.
Such was the fact, but it was the business of
statesmen to meet those obstacles with skill
and Judgment; and if they failed to do SO,
they and their party are responsible to the
country. 1t is no crime to err in Judgment,
but the people will be slow to again trust
the party which has committed grave blum
ders. H... w H".rr .. ". ...s HH.. H.
To carry on the war money was necessary
and money must be had and here, Iadmit,
came severe test of craftsmanship. I'm
fortunately for our country, the Cabinet and
President acted under the inspiration of
the money changers of New York and Bos-
ton, who saw fabulous wealth in the early
future, if the Administration could be in
duced to plunge into the reckless use of a
paper currency, instead of carrying on the
war upon a specie basis. The money
changers saw that they would be able to
buy the national bonds at thirty, forty, or
at most, fifty cents upon the dollar, and at
once realize immense fortunes. The fatal
day our debt is twice as,large as it would
have been, had specie policy been adopt
ed. Why? Because greenbacks being only
worth, during the war, about fifty cents on
the dollar it required two dollars in green
backs to purchase the value of one dollar
in gold.dH aa''-''' !Ef'''Hh 70. ID.
COULD GOLD HAVE BEEN OBTAINED?
Yes, gold could have been obtained at six,
n,.o NJ ai no N
bankers, and in greater quantities than
would have been necessary. While by
adopting paper money policy, our cur
rency has cost the Government forty-five
and fifty per cent. instead of six or eight,
and the burthen was thrown with twofOld
force upon the people, first in the artificial
value given to all articles of necessary con-
sumption, especially by compelling the peo-
pie to assume debt of four, instead of two
thousand million dollars. .e-.. .... ..
In one OF Napoleon's greatest wars he
carried on his entire campaign by money
borrowed from the house OF Rothschilds
He drew on them at sixty and ninety days,
and his drafts were always honored. But
would the European bankers have loaned
to us? Yes, for with an hundredfold great
er risk, they did loan to the rebels, and
without their gold the rebellion could not
have lived year. ..,r...,.. . ,,-. a..
Some one says, we have kept our debt
at home. That is mistake, for con-
siderable portion of the bonded debt is
owned in Europe. But suppose that one
of your merchants or farmers wanted to
borrow money, and you could obtain it in
Ohio at six or eight, or in New York OF
Nova Scotia at forty-five or fifty per cent,
where would you borrow? Lii ra 4,.
SHALL BONDS OR LANDS BE TAXED?
1t is admitted that the expenditures OF
the Federal Government will amount to
from five to six hundred thousand dollars
/. annually This enormous sum has to be
raised by taxation; but two thousand mill
lion dollars of bonds, equal to one-eighth
of the value of all the real and personal
property in the United States, are exempt
, ed from sharing the burthens of the Gov
ernment. l9iI tnR ~ e'1 ul .il9s D
Now, the question is presented to oul
farmers and land owners, which do you pre-
fer, that direct Federal taxshall be levied
on your lands, or that bondholders shall be
taxed like other people? .jipl at' .95i ~
II YOU desire to have direct tax levied
on your lands for Federal purposes, vote for
/. Gen. Cox, and his policy, carried out, will
secure that end. 'sl'hJ gay 81 ..h oI 7'''aa' p
'7 IDLE AND ACTIVE CAPITAL. .o 'l 'i
/ The money invested in bonds is with
drawn from trade, 1t prevents the trader OF
the merchant from borrowing, from the
: bank, because the I, banker prefers to buy
! bonds rather than loan money, and In short
the money invested in bonds does no one
any good but the bondholder, and as a re-
ward for his selfshness of his bonded capi-
r tai, he is exempted from taxation, While
: on the other hand, every dollar, and the
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