Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-07-16
N0E.a aXXXIV.. .AH AFRO

of the bonds, or substitute for them bonds
more reasonable and just in their terms and
conditions. and fipm the date at which the,
Government can exercise such option an
ill the entire debtFshould be extinguished
the interest on the bonds should be reduced
90 rate bearing some reasonable ratio to
tlat paid by other Governments, and not in
excess Of that paid by any of 4our States or
their indiyidnal citizens, and this great
debt be made to bear its share of taxation,
as other property is-inade to bear its share
of taYstion., Do, you, see in such a course,
my cOIntfymen, any violation of the faith
of the, Government? ,,r..-fs ;.t..-.t.s7,
| There is no reason. my friends, why the
Government OF the United States should be
paying a higher rate of interest than that
paid by other respectable governments, nor
is there any reason or Justice in eXempting
the money invested in Government bonds
from its legitimate share of the local taxa
tioD, as. it is now charged upon other prop
erty. .a' h'i ~ li''la 9-nl7l's7 ioj 40 -
The very fact that this Government gives
such advantages, is Injurious to its credit,
and is calculatedto impress thelworld with
the conviction that We have doubts, either
as TO our ultimate ability to pay, or as to-
the stability of the Government ITSELF i1sm
IF we should succeed in reducing,the rate
otinterest to the same that is paid by Great
Britain, we should have to pay. on that ae-
COttilb fltSS IudIl OI6 -ilQQQESQ -dIlQ LWGliIy
millions annually instead of $1S0U00, 600, il
the present policy Is adhered to. And when
we succeed in bringing this entire debt
upon the tax duplicate, we shall have in
creased the duplicate to an amount nearly
equal to the one-fourth of the entire Yalu-
alton of the property of the whole Union in
1860; and thus reduce the per centage, and
tile amount of tax to be paid by the citizens
generally. upon their property, for all State
and local purposes. .,.-
Thus far 1 have spoken of the policy OF
funding the national debt as being the fixed
policy of the Government, as it is of the
Republican party. l' -.i ~
We have now paper in circulation,
which, by force of law, answers all the
purposes of money, consisting of the is
sues of the National Banks, and of the
notes of the Government, amounting in all,
it Is said, to about one thousand millions
OF dollars. The proposition is to retire all
the notes of the Government by the sale of
bonds, or by giving bonds in exchange for
the notes, and to pay off that portion of
our debt, now unadjusted, as it may be
liquiGated. in bonds, either by their sale,
and applying the proceeds to the payment,
or by exchange of bonds for debt, until the
Government shall have no debt but that
represented by bonds.
2 For paper circation we shall then be
dependent entirely upon the National
Banks, which may be increased as the bus
vi .ne county an i,, VI
C'e Iouiitlon. WaCeveI w, y may nav ueen
previous to the war, while the
was enjoying profound peace. and
was out of debt and but lightly taxed, we
cannot overlook the fact that we have now
an enormous debt to provide for; that the
pe1pao az ss.Asu ~ Dliet usltvs. IlpaciSS
~ a,-.t " tho Gt, a,o
Sno % u ''io
~, :, .he o;no',,otio adi,'n ,,en,5id ~
q roroI, rodnoad ,.o,id ha d;,as.ronS =, +bo
20 ,,,5 ;S-srs 70 re -. eli
7AC. eiie' Il N NY aoeoiu'eiy ue ~ ue an
, nat we snouiu ann 10 accoInplisH Is'
hrst 70 1urnisn. the country circula1lng
meolum In Which ohe people VIII nave con,
luence, ana wnlcn Woulu De equal TO all
bne wants OF business 3 ---.-tr,Ft-s
There are but two modes proposed; one
IS that this circulating medium shall be
furnished by the Government, directly,
and without, cost to the people; and the
0ther that it shall be furnished by the Ma
.ional Banks. .,.,,.s.- - rrs-. --.r-- .-s
Now, if the National Banks offer to the
note holder a greater security than the Gov
ernment can. then there is some reason
why that mode should be preferred to the
more fiirectsoue10fr receiving the circulation
from the Government. 'T7e-r-7->
NJ NJ II
ss,e Tt n aStoial ; panno onel sreaGtL Sc
y IiIas III 49, t os 81 G
siao ~ a1 ior .ne
s,sl5 III y Il 80, ~ o,,,o5 III 49, IIr
! rnnnsnt bonJS and tbesa ora .hs Ill, uop "
e,,.it;, tha 'nnta boiGar bos +ho+ 80.
,S Ky 49, ,',i,I ha .etanrSoS Sn"I ouI nooSs
.han NC saom,tn !" ~ IL ;s tha Gn1a ~ ro 5
he notes ;ssne3 J;raetlU hy tha Go,a,nU ~no
nenI hie a., auilt as sah a snose lssTeu %
hanI 5ntes than hswa no =, ad1,ant.,na ynn ,,a, 0
he Government notes, Rpf snnnose these
one thousand millions of Circulation. which
we now have. and which a il hut reasonT
ablee to suppose we shall need in some form
Or other for the business of the country. be
furnished through the National Banks. the
result will he that we shall have the circu,
Iation at a cost of sixtv millions of doIiare
and with no secnritv for its redemntion hnt
ne gGoyernment. This Ia the mnfie hv
which the party in power PROMISES tn fur
nish MS with eircnlating medium land, ga
a con ,enuence m ahstractT from the bord
earninUs of the nrodncers and consnmars
of this7 7conntrv si1rtJ,o 1niIlions Of doiIars
anSnauy, with which 70 nav the intarast
mon tbe bonds co denosited Rv tbe Natione
al RanLs '-o
Rnt on the other hand snnnose tbe Gov
ern rnent shnnld elect IN fnrnish tbis iS circ,,
iatinn tben the r3rocess ~ of oni9 HI
ance of tba 6abt would ceasa and snffi-
c;ent o,nnnnt IF tho nntStan3i%~ 0 h"n5s Of
tI'a Souornnoont I,.orId 81. ,.o,;nt,s, ~, .o5,o
to th i,,terast hear;,, deht - .,,o
tng inUoi 20 Ims uI9U W IVY O'lousaiu
h id =, IL N.Y. va ~ VI
sa ooU o.o Gu anu @
sMeLCy mn loI ins1eau vi oilo
iiuIiuLeu anJ eiEn 'nus lesse
iiG ny che a1In ouroEns VI INC peopne SHY n,
i.ons ,fa su. ceIsa.ll!y MoGIn ~:
.us ai1et ~ .,lese LILIES VI US
I'll eso anu puoiio eiiohi al assilenU'
But, as this national debt must be paid,
let us suppose that the people, in their wis
dom, have determined to submit for a few
years to heavy rate of taxation. Without
increasing their taxation one dollar, these
sixty millions per annum, which, under the