The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1867-09-24

will Of the nation is that you be taxed.
lApplauss. He further concluded that
under the Constitution, Congress had the
right to tax Federal securities. Radicals
do not deny it. I insist, said be, that
Congress should repeal the exemption
clauses. Let the Republicag.ee by the will
of Congress that the States may tax the
bonds, ] Idemaad justice in the case,
NATIONAL BANKS
There is still another proposition to be
considered, and it is very important one,
too About fvs years ago, one Mr..
Salmon P. Chase, of whom you have
heard and read, invented scheme Of
national banks for supplying the country
with currency. What is the modus ope-
rand? The Government authorizes these
banks to issue paper money. A certain
number of men get together aud pur-
chase the bonds of the United States.
They put in, say one hundred thousand
dollars iE greenbacks, and by purchasing
bonds of the United States for that
AMOUNT, they acquire the privilege Of is
suing paper money. They issue certain
amount in notes, and their notes take the
place Of the legal tenders in all respects
as circulating medium, except that you
are not compelled to receive them in psy
ment for debts. Let us look at these
various kinds of money and see how this
system works. That is the sort Of money
[holding up So 80 gold piece that We
had seven years ago, under q Democratic
administration. That is not the mere
of value It is value itself.
Seven years ago that was worth 50 so.
To-day it is worth So so. Now look at
this. Holding up So Treasury note,
What is that WORTH 1t was worth five
hundred cents when it was issued; to.
day it is worth three hundred and sixty
cents. That is the difference. Here is
your legal tender, and here [holding up
q national bank motel is your national
bank currency. Upon the legal tender
you pay no interest; upon the national
bank note you pay six per cent. on the
bonds upon which it vas issued, and q
good deal more, too. There is bank in
Hamilton, near where I live, that recent
Ily declared dividend Of sixty -one per
cent. Who pays that exhorbitant profit?
You pay 1.-THE people down at Hamil-
ton pay it. Look at the circumlocution
there is about it. Here is q boHd issued
Men get hold of it aud starta bank and
commence issuing currency. This note
| in my hand says, ssThe National Bank
will pay FIVE dollars on demand" twill
pay, will it? No it won't, That's lie
right on the face of. it. Pay in what?
In thls--this gold? No indeed That
was under the old Constitution, which
Thaddeus Stevens says is at an end. He
issues these promises to pay and gets in
lterest, six per cent in gold, on his bonds.
Now the Democratic party of Ohio pro
poses that instead Of this circumlocution
We shall wipe out the national bank cur
lrency, and the Government shall issue its
own currency, and save annually twenty
millions of interest now paid to the na-
tional banks. / would like some Repub-
tlican editoreto answer that argument and
show why what / have been suggesting
should not be carried out. Will any one
have tbe audacity to tell me there is jus.
Itice in paying out twenty millions a year
for national banks, when we can have Gov
erDment currency and save that amount.
The national banks are paid twenty mil
lions 3 year for supplying a currency
which Is payable 10 another currency only.
We have 1850, ,000, 600 of greenbacks and
$500, ,000, 600 of national bank notes. All
I want is that instead Of these two, We
have $3.50, ,000, 900 in greeubacks. Here
lit is.-a greenback. Laughter There
+ is not one Of you who would not as soon
take the greenback as q national bank
note. And yet you are to pay twenty
millions a year. for the privilege Of get
| ting these national bank notes. / want
Congress to issue 10000, 900 more
greenbacks and save the twenty millions
of interest. I want that issue made next
year, when you are going to elect Con-
Igressmen, and / want men who are can
Edidates for Congress to explain their
position on this question. But they say
we must not food the country with paper
money. Well, how much more paper
money will you have out when you have
$500, 100000 of greenbacks than when
you have $3.50 ,0e0 600 Of greenbacks and
$500, 600, 600 of national currency. I
believe, accordingto the best Of the arith-
metic that / learned that $500, ,000, 600 IS
4 q ccoc .ann. nm -l.tl Il ,n.. :