The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1867-11-13

from the Missouri Democrat, Oct GOTH
Ought the exemption of national bonds
from taxation to be continued? 1t with
draws from productive employment an
enormous capital, and thus cmbarrasses en-
terprises needed ior the development Of
our resources As long as capitalists can
get G vernment interest and get rid of tax
alton by buying bonds, why should they
put money into railroads, mines or manu-
ia 3turesl It S. ems to us that this provil
ion rroducos serious evils which have not
been sufficiently weighed, and, though it
may have been originally necessay, it Is at
least questionable whether itmay not now
be wisely repealed. True, large amounts
of bonds would be thrown upon the mark
ct. but with all Europe on the verge of rev
o'ution, and money boarded by the million
in q single city like Genoa thes securities
would net lack purchasers. No matter at
what rate they sell, just so much capital,
now locked up and unavailable, would then
be released and turned to productive indus
try.
To return to specie payment, we must
have something TO send to Europe in ex-
change for cur purchases. We used to
serd cotton Now as if on purpose to cut
Louisiana asks aid to build levecs. Congress
answer. build them Yourselves you rob
elsn' Is there any sense in such legisla.
tion? The prosperity Of the South is as
necessary to the whole country as that Of
any other section. When we cmbarrass its
industry, we embIrrass ourselves Let us
have the tax on cotton repealed, on precise
ly the same principle that We remove bur
dens from other forms Of domestic indus
try. Reconstruction is good, but the South
cannot live upon it, nor the North either.
| The National banks furnish us $500, ,000,-
| 600 Of currency, but we take it not on the
faith ofthe banks, but because the Govern
ment endorses it. Who asks, when he
takes $40 note, whether the bank from
which il comes is the First National of one
city or the Third National of another? 1t
is greenhack; that is enough, Now. the
banks receive for performing tfis service
which the Government itself might quite
as well perform, large sums Of money
True the currency is safe and uniform if is
sued directly by the Government? True,
the banks hold large amount Of bonds,
but would it not he better to have our own
capital free, and let the bonds GO to Eu-
rope? Mr.. jay Cook $ pamphlet does not
| seem to us quite conclusive as proof that
the National banks are national blessing
The Republican party ought at least to con.
| slider the question whether the withdrawal
of Government bonds from these banks
would not be public benefit as we'll as a
very popular m aSure.
Tariffs constructed for the benefit OF
States or sections OF special interests have
been trird Every State, every interest
wants a share. 1t ends in taxing cverybod
Y enormously for the benefit Of everybody
else. Strange to say, that does not pro
duce quite the desired prosperity, and so
everybody goes to Congress next year and
demands still higher tariffs. The best
protection for American industry" that
we know Of just at present is a removal Of
taxes from American industry. Internal
revenue is a more dangerous foe than the
foreign monopoiist Let us have the do,
mestic taxes reduced as low as possible, and
then tariff even Iowor than the present
will be Of greater benefit 70 American man
ufacturcs.
But the stealines Of corrupt or the pay
Of unnecessary officials, the waste in the
departments aud in Congress, the payment
Of bogus claims. the outlay for railroads
that are never to be built hecarrc they are
not needed, the appropriations for objects
NOT directly public in their nature, are not
productive expenditures, and ought to be
stoDped until nation gets out Of financial
trouble