The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1867-08-23

tPAOR-ASN 90 - SoAooAC baoios
has forty thousand millions. The
United States have sixteen thousand
millions. With less than two. fifths
of the taxable property, our people
pay largely more taxes. Two years
have plapsed since the war ceased.
Two regular sessions extra
sessions of Congress-have been
held. Has any scheme of economy,
has any reduction of taxes been
proposed? On the contrary, has
not the only scheme of finance looked
to the increase of the interest bear
ing debt, and to the increase of ex-
penditure by the increase of inter
est.
The public debt, bearing interest,
amounts to twenty-five hundred mil
lions; the interest reaches one hum
dred and forty millions. When the
Republican party came into power
the debt was only eighty millions
In five years it has grown to SO much
and this notwithstanding the vast
annual revenues. Though the prin-
cipal is considerably less, the annual
interest is considerably more than
that Of Great Britain and the high
est reach of Republican statesman
ship, has been to propose the conver-
sion of greenbacks, which pay no in
terest, into bonds, which paw inter-
est in gold, and thus to increase the
number of those who do not pay tax
es, and to increase the burthens Of
those who do.
The amount of unfunded debt has
been estimated at SS00.000,000. III
this shall be converted into bonds the
interest will amount to forty eight
millions in gold, and this sum will be
added to the expenditures. In the
meantime the number of National
Banks will be increased, and the
place of the greenbacks supplied byI
bank currency.
Our Government pays higher
rata of interest than any in Europe.
Every dollar OF its indebtedness is
to be made to pay that rate; and no
provision whatever is made for its
redemption.
This process should cease instant
ly. These forty-eight millions an
nually should be saved. The fve-
twenties should be paid in green
backs as they mature, or as fast as
can be done without too great de- /
rangement of the currency. Nearly
tour hundred millions of them are
by the banks as security
for their circulation. These can be
redeemed without adding one dollar
to the currency. The interest on
these bonds amounts to twenty-f four
millions of dollars annually. Add
this sum to the forty. eight millions
above spoken of, and we have seventy
two millions in gold. Create this
into sinking fund and you can pay
the whole debt in sixteen years, with
out adding a dollar to your taxes or
increasing your circulating medium.
Rut the condition of the country
could bear an increase in the curren-
cy. The ravages of war at the
South-the destruction of capital
there, the loss of houses, cattle, ag-
ricultural implements, the scarcity of
provisions, the enfranchisement Of
the negro, the importance of 0Otting
the whole population to labor at once
create demand for more curren-
cy. Every interest there would be
by the stimulating effects
of an enlarged currency AS fast as
this increase could be wisely made,
the bonds should be redeemed-the
should be reduced, and the
thus saved be added 10 the
sinking fund. /
This is reputation, l hear some
body say. Not at all! The five
twenty bonds are all payable, at the
option of the government, after five
years. Their very name shows it.
They are payable, by the law under
which they were issued, and accord
ing to their face, in greenbacks.-I
They are not dayable in gold. The
interest, is, according TO the provis-
on of law, and the language of the
coupon, to be paid in gold. Not so
with the principal. The forty
bonds authorized by the act of March ,
;, 1868, are by the terms of the terms !,
Of the law, made payable in gold.-
This is the only class of bonds of !.
hat character; and as I read the last |,
official statement Of Secretary Nc ,
very few, if any of them,
nave been issued. The government
nay then, according to the terms of |.
he law, and ofits contracts, pay the :
ive-twenties in greenbacks at any
ime after five years from their issue, :
md there is no reputation in doing =
10. OF this class, there were out !,
'tanding on the first of August, elev-
N hundred millions, and they mature
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