The Tiffin weekly tribune. (Tiffin, Ohio) 1859-1868, 1867-09-12

" Vvults " law, anu rest only upon
honor aud faith. We cannot afford
to tarnish these.
All that may be done consistently
with those, to tighten our burdens,
will be done by the Union party but
the malignant whispcrings Of Copper.
heads, who talk about debt and taxes.
are intended ouly to prepare you for
rcpudiation.
Now, there is good deal said about
our National banking system. As
this is creation of Cungress. the
right to change or modify IL IL ex
prcssly reserved Their right TO IS
sue paper money rests only upon the
consent Of Congress, aud may bo
Withdrawn at any time.
lot US see how this system stands.
To secure tho privilege Of issuing
notes, the banks must deposit with
the Treasurer Of the United States
Government bonds exceeding by ten
per cent. the amount of their circula.
ton, thus furnishing a stable market
for our bonds They must redeem
their notes at their counters aud at
ccnters Of redemption, thus furnish
ing convertible currency. They
must keep on hand in United States
money or greenbacks about 25 per
cont. Of thcir circulation as deposits.
They must pay heavy taxes TO tho
United States, amounting, last year
to SS,669,93S, and to tho States,
amounting to over six millions .more.
All their interests are interlaced with
the credit of the National Govern
ncnt. They absorbed aud took the
place Of the State banking system.
which was utterly destructive TO the
national credit during war, which fur.
nished currency without security,
aud which the United States could
neither receive Or pay out.
They afe convenient agencies in
collecting the revenue and promoting
exchanges among our people. II
these reasons are not SUN ,ient to sus.
tain the system, then It will fall, aud
swarms Of State banks will spring up
again,
BY adopting this system, we ab
sorbed or drew out of existence State
banks whose aggregate circulation
was Sl80,0O0,00O, which paid US no
taxes, rendered US no facilities, aud
preserved no financial credit.
We made basis which yields us
now $4,000, 600 Ia taxes, holds 500,
0UO0 ofour bonds, and near S200,
0O0.0O0 Of our notes without interest,
1t is often asked why not issue $780,.
OO0,00O grocubncks and retain the
bank notes2 Won't we save interest
by thisS We certaiuly can do so.
but we lose the market Tor larger
amount Of our bonds. We must thon
provide for tho $500 100000 of our
legal tenders now securely retained
from circulation in the vaults Of the
banks, and we kill the goose that
yields us $4,000, 900 in taxes.
My conviction IS that the National
Banking system works we'll, aud
should not be tampored with, except
to secure lairer opportunity among
the States to strengthen the security
enjoyed by circulation, aud in time
to make a nation | center Of redemp-
tion or clearing house | never was
much of bank man. but while such
agencies are demanded, as thy are in
all uew countries where capital is
scarce, | believe the present system is
FAR better that any we ever had, and
far better than for the United States
Government TO assume directly the
banking operations Of the people.
And now, fellow citizens, "a few
words as to taxes, aud | have DONE
The general principle Of our tax
law is to collect as much as possible
from duties on imported goods. The
reasons are that such taxcs are most
easily collected in the seabord cities,
aud mainly at the single port Of New
York, They are mainly on articles
of luxury. such as silks, broadcloths
aud wines, and are paid by those who
are able to pay. f.l"l 'I.
To the extent that taxes are levied
upon articles that may be marufac-
tured here, they protect our own in
dustry aud diversity our products,
and increase our wealth.
We levy these taxes in gold, be
cause gold is tho basis of all foreign
commerce, and we are thus provided |
with ample means to pay the Interest
Of our debt.
Now, in levying other taxe., we
select Incomes over 81 900, aud inn
pose . per cent. duty upon such in.
comes,
This is the fairest mode of taxes.
The difficulty is il ascertaining the
amount Of income, but as the reve.
nue. officers become acquainted with
the business of our citizens, this tax
is m pre equally assessed, aud yielded |
US last year over $50, 100000. la
England this is the most uniform aud
stable tax. aud will be here. Here
wo select for taxation such articles,
Tho consumption of which is not rec.
essary; such luxuriss as tobacco and
whisky
10 the extent that the tax prevents
consumption no harm is done
The failure to collect the whisky
lax is the scandal aud reproach Of
our system. II ought to. and will
when collected, yield $50 900, 900.
These taxes on imports, incomes,
Shisky and tobacco, 10 my Judgment.
will now be amply sufficient TO pay
The interest on our debt and meet
accessory expenditures,
The way, therefore, from time 70
lime, is to throw of our system Of in-
lernal taxes aud yet preserve unfair
lished our national credit,