Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1866-12-07

la'a1 y.,'t,, s,,d az Iittle ofFensive
~ sSssIhIe y, the tax pavers
spl, .ipnlt IA, AZ, eies ynon IInported com
,,1Si;lit,' a. o,,ld enrresUond and harnionize
with thS taxes nDon home products, and
thSTthefe duties should not be 60 high as TO
heg rE6hiblfnfvei nor to build ut home
rnorcnnl,ei ,ncv ~ fnreyeIIt that free exl'
chanoc of cothnoiIties which is the life Of
ce,,,,S1 80. Nor on the other hand. should
thsv IL, sr'.Inw as 10 seriously impair the
turofa bufdPned with heavy internal taxes.
10 compftltlon WIN cneaper ,apoI ano
larger capital WHICH lshey may 10 u"eDie
20 sustain. 80 I..al il..i.,.,a t,,,,sl
puf AhAe tne raw lnAIel lAis useu .s,.. y, puns. ~
Ing and manuiaeturing, ana wnich are 20
Dc largely ennanceu ~ vsluo a ~ wy 49,. la0S
wnlcn ~ 70 pe sxpeIuou ~. uPvn ..S ,s'a;
should pc exemgte1 i.Oul ~, ysxaSlOn ~ Ila'
tie taxes upon tnem snoulu " wv 49,
perlsQn Win tne taxes upvh o.ner a,slulssi
This Is the polley Ol e'nSr % S,l'I,i.1
nau9nss ana IT'S Deieveu snaI .ils I, ulii'pa a. d
ton 0t ulrect revenue Mnlcp ~ MvSiu Gs ~
volRf ~ aaopteu Dy my on,seu ~, S'".os'
WOMB pe more tnan ,aue AZ ~ ~ snI Ishn
nly,,,Sss ~ 70 ,'ronStio,s an5 ~
anu py snS ~ ~ ~ resnit from
~, "S,ss,snt1r horn~ in mind
L., r..
thattazes upon raw ula.sl iAs "a y .I' ,d
crease the COST OF pfoaucslon, any Snus SeIo ~
elpeF y renpce wy p.vuucs y. W.
pSevens expoItap,ons 70 iOIeieu nlaihe n,''.id
AN, hnat the fnuIuehs " v.Aes ss.n snoe,e ~,
i4hehltly uPVr utose "s,S9S 49,. ~
ploleeteu Dy CaAf.tlvn, anu uPon P SuSso oi.H' ~
whom tne pnpllc geps y sou,Se IN " msd,e.
ana pron@ anu Hgns.{ wv, vIs .is 5nht = i,
caasses, " ~ wilom ny sa4aS nnensstorv @ sSysns
Wltnpus SO many SoniPene~soAJ ~U'"''
takfsi i9iuss9i43 tt alsro1e
noNDsr FOR PERMANENT NVksThENT' '
The next of the series Of proposed RENEE
dies "a an issue of bonds, bearing interest
at sI,e rate ofInot exceeding five per cent,
and payabie In Europe, to an amount suf-
fIeieilt to absorb the six per cent. bonds In
foreign hands. and supply the European
deulendk for United States securities for
nermanent investment. No one regrets
more than the Secretary the fact that so
laf,la An afnoamtofo our bonds Is held abroad,
ar the unfortunate condition of our trade
thathaa transferred them thither. The opin-
ion that the country has been benefited
bF sther expOrtation OF its securities is
fSnnded upon the suppositi0n that we have
receiyed real capital in exchange for them.
ThIs snnposition is, 10 large extent, un-
fo,,nded- Our bonds, have gone abroad to
nav for goods, which, withomS them, might
moi have been purchased. Not only have we
exboFted t1es1fplus productsof our mines
ana our fields. With no small amount Of our
I4a1hfactures, but large amount OF Sc
cnrifies also. 10 pay for the articles which
Ne have purchased from other countries.
That fhese purchases have been stimulated
and increased by the facility of paying for
them in bonds, can hardly be doubted. Our
importations of goods have been increased
by nearly the amount of the bonds which
have been exported. Not one dollarin nye
Of the amount Of five-twenties held In
ENGLAND and upon the continent has been
refnrued 10 the United States in the form
of real capital. But II this were nota true
statementof the case, the fact exists, as has
been already stated, that some three hum
dFed and fifty millions OF government
bonds-not 10 mention State and railroad
bonds and other securities-are In the
hands of the citizens of other countries,
which may be returned at any time for sale
IN the United States, and which, being SO
held, may seriously embarrass our efforts
70 return to specie payments.
The Secretary has concluded that 1t Is ad-
visable that he should be authorized 70
issue bonds not having more Gnan twenty
wears TO run, and bearing low rate OF in
terest, payable in England or Germany, TO |
held abroad, ana "a meeting any ioIeign
demann lor lnYestmene tnae may oAIsS. .
Inc que,S.slon now " 10 ,roganted oga1 from gos
n0M slAll -. hos alresv
lng aDrOIu, IOr ,;IS la So1Iov" as IonS .s mr.
BOnS, anu Oenois VII =. h1v 1no,a
cIeult y Ally ~ ~ - a., otbo, ,vsy b,,t
snah We Tan py III ~ ~ td troU, he;n
nov tne{ ps ~ .sn.sTa. ~ ,h'ss,t
thrown upon .ne Io.,e ~. ,e, a,,oo;. Stond.-d
our enoIls ln Ies.Vll,k sne ',,s.hnS
Ine cecresary sees ~ @ h..t sn%
ofoeihs shls. ~ aH 81 '.t.yrL 49,. Da,,
stlsutlnk lor Sne a Ioaus aos, =, E,,snrs will
aDie a, u. . y =. eI,;
DC le's " " ,.:.t1 & hcISsrs of
tutn y ~ ~ n ~ ~. ss., s,,t,;sst -
our ~ =, -! - t l;tfie 49,
gIeas eonnons and n IL
Yense Y. III ,,,es az. .'1rTcent Or nerbans
supP19sesS alsIs may ~ -. hnn5s napehla In
1onl lIo = nS,id ~ t;tnted
Eohuon vI ,',s.I,Ss,,t NJ, ether e~-
Ior our el1 PEI .t'.r. ;ho ,r;aIng
Pehse " ny M bors
mmAsslvhs y ."I1 snG ~ ,',ada iI;ba saySng
sne eAclan :. ~ ~ .s,,s es,aased wo,,Id ha ne
~ inteises -ss Sth sdvsntaas
lnconsioet1Dae eas lse a"I ,sced ;n
- e too imnoyr
w nAnus ~ aeseSl s-i. - s9'ste = ~
ans 70 Oe .tin aiSre = ale1O. su'i " - 81.
NECESSITY FOR REHABlLIIAIioN of TIE
SOUTHERN STATES. lgs
In alluding TO this subject, the Secretary, |
feels that he steps upon dangerous ground, |
and that ne may be charged with intro
ducinga political topic In q financial re-
,,n,e|4 k4.f ~ hfar 0nfnfon. there ia nO t,1oQ-