Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-10-03
NO. 4O:3'

consumer has paid the tax, in increased
price, the government. is defrauded of the
revenue; While manufacturers and officials
lay up princely fortunes. Such a system
operates as bountT to fraud; while il
corrupts and demoralizes the people, The
same principle applies to other articles, and
it can hardly be doubted that general re-
duction of taxes on all the leading articles
of manufacture, and the discontinuance of
many others, would be attended with the
most beneficial results to the revenue as
Wen as 70 consumers. Our system of tax,
alton is too cumbersome and uu wieIdy. Ii
requires too much machinery-too many
otflcers. agents, inspectors, detectives aud
the like, whose salaries and expenses eat
qp- the tax, collected. 1t is NOT doubted
that large proportion of articles borne on
tne tax list scarcely bear the expenses of
assessment and collection, and are, there
fore, simply. an IMPOSITION on the con-
sumers for the benefit of the manufacturer
and OF those employed in the collection OF
the tax. All unproductive taxes should be
Topped off Immediately. The; most rigid
economy should, be instituted in every
Branch Of the service. It is not to be dis
guised that unlimited command of money,
ms snufactured, to order, has fostered exs
tTavagant, and improvident expenditures.
Appropriations and expenditures increase
with frightful rapidly y-eontipgentDf funds
tell shameful tales; whilst COngressmen's
salaries .jump as by magic from, three to
FIVE Thousand dollars q year. And thus the
legislative Yies with the other departments
IN the grace of fextravagance.,, Never before
was there saeh ntnecessity for the ot7
ficial pruning knife, and the stern reform
ing hand And with their firm application
tbs. government will be able to pay its hon
est debts, and we shall hear no more talk
about reputation. l,tl, a.. t.iqt,.fl. ,l.,.- q
What next ?. I answer: return to specie
payments. 1 do not mean by that immeA
diately.' but withinfa year or two at fur
thest. There would be but one financial req
son inthe way of an almost immediate 'reo
turn, and that is the outstanding q 80 treas
Hry notes falling due next June, amount
ing to say 400 millions of dollars, and the
1S millions OF compound notes vet out
standings which must be retired or funded
before it'would7 be safe to undertake re-
sumption. All this, however, could be
done by say the LIST of January, 1859. The
resumption sheuld be gradual TO avoid un-
due pressure or panic, and might be on
something like the following basis: With
a reserve of 100 millions in gold to begin
omit is assumed the Governman mt can safe
ly allow articulation of say 800 millions of
,)nOt fgreenbacks'' as Leqal ten
ders, but as simple treasury notes, receiy-
able'in payment of all public dues, and of
no less denomination than say 10 or 20 dol |
lars. to remain in circulation dischar9inu
all its liabilities in specie or treasury notes,
which would then be specie equivalent
for all business purposes, and in the largei
of commercial transactions
weuldi perform all the functions of gold.
and oftenbe TAX en- in preference. B1ndhold-
ers would take them. Or gold checks, for-1
getting. or not caring, to demand coin as
now.-The distinction between bondhold-
ers and others, as creditors, would at once
cease. All would then stand onla par
The clamor for redemption of bonds in
paper would be hushed for
now, inst pulling Government cred
be elevated, to the same level with the'l
most favored. and all enjoying the stable
currency OF the Constitution. There would
be no demand tor coin as now, created bv
the Government itself, to get money to pay
its interest, and augment duties already too
high. The dealers and mere speculators in
gold would desert the gold room, and its
doors might be closed or its halls |
devoted TO more laudable purposes. For a |
time, perhaps, there might be some trepi-
1ation. But, soon confidence would begin |
to resume sway; with the disappearance of
the premium on gold, there would be no |
business reason to justify boarding; and it |
would come out of its hiding places and |
perform once more the functions of money. |
The business aud commerce OF the country !
would soon accommodate itself to the new |
OF affairs. Doubtless there would
De some failures of. gamblers inJgold, or !
stocks, or merchandise, or produce; butt
'hese are only the drift wood that must ne
,essarily be hoated off Ia every great transit
ion in monetary affairs and would pass
lway leaving scarcely a ripple behind. If
The government could meet Its liabilities
there would be nothing to fear. And thatl
t could do so there is no doubt. There |
would be little or no contraction of -cur-1
re e1cy. At present: we have in circulation. |
say. in round numbers-legal tenders 360i
national bank notes 300 millions |
total, 1850 millions9 Suppose that, in |
for resumption, in the course ofJ
next year, the banks should reduce their |
to 250 millions; add 300 millions |
treasury notes. gives 500 millions-and ITO |
millions specie released from boarding. |
would give; the same amount of currency |
we have at present. Allowing the govern
neRta 100 millions; and65 millions to the
banks to protect their circulation-suppos- !
ng the coin in the country to be the same
N amount as at the beginning of the ,warl
20 milliOnsG and we find the required |
amount, ITO millions, already provided.
: i have said nothing OF, the National bank |
'ystem, for it will be readily perceived that
yith resumption, sprOposed, much that is
in it would disappear, and it /
would then have to stand on its own bot
ON or.ge out of existence. Deprived of
greenbacks as alegal tender for their crcu-
alton, the banks would have to make pro-
lision for keeping their notes up to the
pecie standard by means OF specie funds
such as failed to do this, would 90 into Ii I
luidation. The notes being secured bV1
jledge of U. S. stocks, might be, received /
md paid at the Treasury. until such time
IS Government withdrew its Treasury
lotes from circulation, when it might gain
'eturn to a transaction of all its own affairs |
IN acoini basis, as beftTe the war. Most of /
he National banks would probably remain1
n existence; but on principles entifelyl
liffprent from the present system; and in1
10 respect. interfering with, the carving
,ut of the views have expressed relativet
o "a restoration of the currency to a specie |
Jasis.
This brief presentation shows, I think, |
hat bad as our case is still it is not desper- |
Ire, that no good citizen should despair, |
1ut rather press forward with renewed en-
effort ,rand, although Congress
s aGlpresent beyond control, an expression I
If popular sentiment will not fail 10 exer-
Use on that body, as well as on the EXecu-
i've, healthy Influence Once before. in
he history of our country, we contracted
what was then supposed to be an enormous
iebt; but many, persons lived to see it en-.
,irely eXtin guished.b Whilst tits not prob
lble that manyuOf those now living will
zee the liquidation of the present indebt-
sdness. yet it is not at all Impossible.
With reduction OF the rate of interest and
provision tor taxation of she bonds, or the
capital invested in them, which Congress
las full authority to impose, with reduce
ion of fallexpenditures to that of all eco
lomical peace sta6lishnent-abando
he idea of a large standing army, eating
lp the substance of the country when it
should be engaged producing something
Freedmen's Bureaus aud all |
,ther such contrivances for feeding and