The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-11-05

Paving the National Debt in Curr~rcy-
speech Of General w. A. Gorman at Ro-
rhester, Mimi, October -.
After iow preliminary remarks General German
SAID
Allow me now 10 call your attention 10 another means
al relieving the from partof the great burden 81
taxation. Your national dehl-now audited-amounts
70 about 81 900 600 ooo THIS amount viii be PROBABLY
Of The Secretary of the Treasury $3.50 COO
What IS known as hye-tventy Uuiled States bonds,
bearing Sill per cent interest in gold but the principal IL
Dot by the terms OF the contract payable gold.
These bonds are payable at any time after i've wears
al the option OF the government About four hundred
millions OF these bonds deposited the basis OF
Abe national banks, upon which the people are taxed 10
pay t~entv-iour million dsliars annually god This Is
.he iavorite financial measure OF tue republican party
d the law had In terms required Their payment IN glld,
We would say, keep the faith, and pay them; bat
Inc Law does not require Their payment IN god ex-
cept the interest Therefore we ray, Jet tho
government pay of this four hundred million OF
fve-twentes bonds in legal tender currency,
and withdraw the national bank currency, by
which We viii twenIy-loGr million dollars ana
place four hundred mions on ihs tax list, thereby
saving Inc people annually iwenty-four millions
and giving them four hundred millions more tax
able properly Thus The bonds are not now taxable
for Sta other purpose but when converted into
legal tender currency they VIII be taxable Tor all pur
poses This policy Will not you see increase the vol
nme OF The currency but will swell the taxable proper
" four hundred millions OF dollars This policy viii
diminish the demand for gold TO the extent Of
les en- the premium on IL And In the pro-
portion that Il lessons the premium on gold
~
20 par And further the law requires all
the tariff tax imports to be paid in gold and by
ina this twentyiour million dollars interest the i've
twenes we can reduce the taria tax on imports 10
amount equal TO this twenty -four million dollars
thereby luther diminish the demand for branch OF
yaon and 10 that exent cheaper The cost OF ccs
OF consumption lhe republican policy is 10 convert
the legal tender notes, which draw interest, and
which do not, therefore. put tax on the people in
bonds that do draw ak per interest gold, aud
paw no tax. Their policy taxes tn pie. Our policy
does not lax The people Their policy runs up the
a ri 1r md
brings grcenbacks nearer 10 par We collec,
now about one hundred and cghtf-ivc million
dollars On imports annually in gold. This Of
course or atcs demand for gold 10 pay IT. and
gold interest bearing bond creates further demand FOR
msnd TOT cod by our poicy We think gold VIII DO
brought down TO par. or nearly ana III the bonds
holoer will not care whether be IS paid In legal tender
currency or In gold. Therefore. IRON time to tme
we can reduce the national expenses we can pay OF the
national debt 10 that extent and reduce taxes Abolish
Che Freedmens Bureau aud eave mi lous Of dol
hrs 70 the people, aud from year 10 year nay OIL the
nvetwenty bonds with currency grad Nv b reoy SUBJ
stitutng non-ineres; bearing which pays taxes
for god interest bearing bond which pays no taxes.
We know that II We issue more currency than the
wants OF commerce demand, we increase the premium
Nv gold and consequently this currercy to der
EAte But the So thern States we're promptly restored
~ all their PRACTICAL relations 10 The national government
and consequently 20 state Of full commercial Pros
perty, II would create demand for currency TO
move Their pr auctions 10 the great markets OF the
world the republican party have made Treasury notes
legal tender for all debts, public and private. Now,
Why should tue republican party compel the people 10
take currency aud compel the people to
py the holder Of hve.twsnty bond gold?
j. ths tasiicee Is il hot protecting capital
aud axng lsporf is 1t not creating an arsiocracy
wealth DO supported by the labor OF the country9
Why do the republicans insist exemptng national
bonds from taxation, wsAa .e-s knew increases 10
burdens the balance OF the peopls II done 20 pur.
chase the influence Of the wealthy to the support OF
their party, and 10 keep them in power. We protest
against th. II Id .ax.aa one eleest OF the republican
Tarty and all the DIM cratic rarty to keep the bond
holders In the Interest Of the party Instead
Of letting cost the American people $3.50 600 600
nuaiy 10 carry on this government PARTY propose
In reduce this hail. and then think gold Will bear
~ premium and legal tender notes viii be at par
Tben we VIII have gold for all paper money for all