Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1867-08-29

strictest observance of the public fsith.--
National credit is our only reliance in time
of war and peril Debts cannot be enfor-
ced against nation by courts of law, and
rest only upon honor and faith. We can
not affcl1i To tarnish these. All that may
be done consistently with these to lighteh
our burdens will be done by the Union t,ar-
ty, but the malignant whispering OF Cop
perheads, who talk about taxes and debt,
are intended only to prepare you for repu-
diation and dishOnor.
Now, there is good deal said about cur
national banking system. AS this is a Gre
alton of Congress, the right to change or
modify it is expressly reserved. Their
right to issue paper money rests only upon
the consent of Congress; and that consent
may be Withdrawn whenever the public
interests will be promoted by it. Let us
see how this system stands. The only
privilege national banks have from the
United States is the right to issue notes
guaranteed by the United States. To Sc
cure this privilege the banks must deposit
with the Treasurer of the United States
Government bonds exceeding in amount
by ten per cent. its circulating notes, thus
furnishing a market for our bonds They
only at their own counters, but in centers
Of redemption, thus furnishing convert
BILE currency. They must keep on hand in
lawful money or greenbacks about twenty
five per cent. not only of their circulation
but of their deposits. They must pay
heavy taxes TO the Government, amounting
last year to sS,O69, ,93S, equivalent to three
per cent. on their circulation. They rest
entirely upon national securities, and are,
III, safest. All their interests
are inteiiaccd with the credit
and interest of the National Government.
They absorbed and took the place of tho
State bank system which was utterly de-
t9 the national credit during the
war, which furnished currency without
security, and which the United States
could neither receive nor pay out. Fhey
are convenient agencies in collecting the
revenue and promoting exchanges among
the people. If these reasons are not suffi
cient to sustain the system, then il will fail,
and swarms of State banks will spring up
again. By adopting the system we alb
solved or drove out of existence State
banks whose aggregate circulation was
: 10000, 900. which paid us no taxes rem
dercd us no facilities, and poisoned our fl
nancial credit. We made basis which
yields us our eight millions in taxes. holds
four hundred millions of our bonds, and
two hundred millions Of our legal tender
notes, of which one hundred and twenty
millions are without interest Ii is often
asked, why not issue three hundred mil
lions of greenbacks. and retire the bank
notes? Won't we save interest by this:-
We certainly can do so, but we lose the
market for u large amount ot our bonds;
we must then provide for the two hundred
millions of our legal tenders, now securely
retired from circulation in the vaults of
the banks, and We kill the goose that yields
Us eight millions in taxes. My conviction
is that the national banking system works
well, and should not he tampered with.
except to secure fairer apportionment Of
The circulation among the States, to
strengthen the security repaired for circu
latiun. and in time 10 make national cen
Ter of redemption or clearing house. |
never was mnch of bank man, but while
such agencies arc demanded, as they are
in all new countries where capital is scarce.
believe the present system is fan better
Than We ever had, and far better than for
the United States Uv's--.,ani fpsssume di-
ractly the banking operations of the i'O',t'-
And now fellow citizens. few words AS
to taxes, and lam done. The general prn
ciple of our tax laws. is To collect as much
as possible from duties on imported goods.
The reasons are. that such taxes arc most
easily collected in the scaboard cities, and
mainly on articles Of luxury. such as silk,
and wines, and are paid by
those most able topay. To the extent that
taxes are levied on articles that may be
here, they protect our own
industry, and thus diversity our products
and increase our wealth. We levy those
taxes in gold, because gold is the basis OF
I'll foreign commerce, and we are thus fur
nished with ample means To pay the inter
est of our debt. Now, in lcvying other
taxes, we select incomes over 81 900. and
impose five per cent. duty upon such in
comes. This is the faircst mode OF taxes.
The only difficulty is in ascerisining the
amount of income; but as the revenue Off
GERS become acquainted with the business
Of our citizens. this tax is more equitably
assessed, aud yielded us last year over six
ty millions of dollars. In England this
is the most uniform and stable tax, and
will be so here. Then we select for taxa
ton such articles, the consumption of
which is not necessary. such luxuries as
tobacco and whisky. To the extent that
the tax prevents consumption no harm is
done. The ilure To collect the whisky
tax is the scandal and rcproach of our sys-
TEN. 1t ought, and will when collected,
yield eighty millions of dollars. These
taxes on imports, incomes, whisky and to-
bacco, in my judgment, will soon be amply
sufficient to pay the interest on our debt
and meet our necessary Xpendiiures.-
We may therefore from time TO time throw
off our system OF internal taxes, and yet
preserve untarnished our national credit
/ agree with Judge Ranney, that greater
economy and care are necessary in our
public expenditures. The spirit of the age
tends to extravaganza in public and private
life-great works--vast improvement
new machinery--endleis activity in all de
partments OF business and industry are the
order of the day. | believe the United
States can leave all these TO our people,
and confine the operations OF the Govern
ment to the protection Of the life, property,
and rights of its citizens at home and
abroad, and to the performance Of its ma
tiOnal obligations. How can this be ac-
complished? Is it by partisans, who make
promises to ride into Office? Not at all.
notice that almost every scheme for new
drafts on the public treasury are supported
by nearly every Democrat in Congress
The way TO secure economy is by care in
selecting members OF Congress. This is a
personal and not a political question. AT
ter reconstruction is settled, the highest
attribute in my judgment, for a represcn
tative of the people, will be his care and
scrutiny in public expenditures. Ibelieve,
from indications already shown, that the
next Congress, composed almost wholly OF
Republicans, will furnish worthy exam
pie of strict economy in public expendi-
lures, and wise and prudent care OF your
financial interests.
THE NEXT PRESIDENT.
1t was inevitable that General Grant
would be nominated by somebody for the
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