The Tiffin weekly tribune. (Tiffin, Ohio) 1859-1868, 1867-09-19

U0Wn IKE SUCK. 10 You uc>tr
that2 If you favor population tha
isa sure way 10 reach It.
The Secretary Of the Treasury fnd
himself unable, under his policy, {,
retire tho currency obligations which
are maturing. He took up lastmonil
s2S, 600, 600 compound notes and $685.
600, coo in seven thirtics. These he
paid for largely in grconbacks, but
che greater portion Of those green.
backs he obtained BY selling gold
bonds. lie increased the issue Of the
lattcr s33, 600, 600 during the month
In the same time, however, he reduc.
cd the principal Of the debt s1S
100000. That was paid in green
backs. If he had sold tho surplus
gold in the Treasury ha might have
cancelled the whole amount Of soouri.
ties taken up in August without issu.
ing dollar in gold bonds.
Tho johnson. Democratic policy
which Mr.. MoCulloch is carrying out
is bad one. IL was voted against
by a majority Of the Republican mem.
bors of Congress but the Democrats
voted nearly solid for it, aud adopted
IL. Now they talk about redeeming
the bonds in greenbacks
The true policy is to let the curreu-
oy alone to give the country rcposo;
TO keep up the revenue and use the
surplus to retire tho currency debt as
Il natures to issue no more gold
bonds Let this policy be pursued
and We shall get our bonded debt into
manageable shape. Then tho green
backs may be gradually retired, from
surplus revenue, and thus VIC shall
get back gradually, butsurely TO spc-
Gle payments, and nc tho same time
largely reduce our taxes
You will observe that | am not ia
favor of Increasing the volume ofcur--
renoy. To do so would be madness.
But | hold that by letting tho cur
renoy alone for the time, and rcduc.
ing the interost-boaring debt by re-
firing IL gradually, We may reduce
the debt TO manageable size re.
duce our taxes, and get back to specie
payments as soon as We may expect
to get there, unless IL is concluded TO
got there through population and a
financial and commercial rcyulsion.
Tho debt bearing coin interest on
the lst inst. was 81 i,7l5,6s7,7I1. The
total debt, less cash in Treasury at
the same time, was S2,492. 1896
The currency obligations ofal kinds,
therefore, amount to S777,005, ,Gi2 A.; !
Of the latter 1865, 1GI,9ll was IN
greeubacks. Now, suppose we amuso
ourselves by paying this currency debt
IN groenbacks, before we undertake TO
pay the coin debt in groonbaeks. /
think if we should pay OF the sl0O,.
0O0, 600 Of inlorest-bearing currency
debt, groenbacks would be very near
ly par, and il would then make little
difference whether the 5-20s wero
paid in gold or in greenbacks. 1t is
very certain that groenbacks will be
able to tase up tho outstanding 5-20s.
Unless, therefore, we propose to issue
greenbaoks, which would make them
worthless, and be equivalent to rcpul-
ia,iug the debt, it is not worth while
to bother ourselves about proposi-
ton to pay tho 5-20s IN grcmbaoks.
BONDED ARIsrocRAcY.
A great deal is said about "boud-
ed aristocracy." This is an appeal
to people who have nothing to make
war upon those who have something.
Butt you should issue grecnbacks so
as TO deprcciate their value, the la
boring people would be the greatest
sufferers. Capitalists can always take
care Of themselves. They do not
carry their eggs in one basket. They
understand the value of other socuri-
ties, aud Of these they hold a great
deal more than they do of Govern
ment's. Tho masses of tho people,
on the other hand, have their means
chiefly in Government bonds or in
groenbacks. Ono hundred dollars
would bo a greater loss to laboriug
man than $4,000 to the men you call
rich. Any movement, therefore, that
would depreeiate tho currency or i'm
pair the value of Government securi-
ties, would deal the masses of the
people a destructive blow Now |
assert that very large proportion of
the Government bonds remaining in
the country, are held by tho people
who make their living by the sweat of
the brow. do not think il ont Of
the way to estimate 5000, 900, 900 as
the proportion Of our bonds, held al.
rectly or indirectly, by people of mod
crate or small means. When the
Government authorized the Collector
at Cincinnati to receive temporary
loan, we happened to inquire as TO
the character Of the people who dc.
posted there, first at six and then at
FIVE per cent. There were few large
amounts, but most of the s3,000,000
which was at one time held, was made
of sums ranging from Sl00 TO 81 GOO,
Go to the Depository in Cincinnati
now, and Inquire as to tho class OF
people who call there to collect cou.
pous, and you will dnd the people in
force. Go TO the bankers and brokers
on Third street, whore coupons are
sold for convenience of collection
aud you will 6nd them coming in
largely from the people ia the city
aud country. Go 10 the Safe Deposit
Bank of Cincinnati, Of which Joseph
q. Butler is President, aud inquire a,
TO the character Of the people who
deposit bonds there for safe Keeping
aud you will discover that the "arist.
oeracy" do not hold tho bonded
debt.
No, fellow citizens, it is mistake,
a great mistake, to suppose that the
bonds are held chiefly by capitalists
Af.ar.r -. .... Il 80.