Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-08-16
COLUMBUS, O., FRIDAY MORNING

nH r Ha-. --
pear to reduce them, they took the money,
thus levied, in direct violation of the Con-
stitution, and applied it to the Sinking
Fund. te. s--ys y,en,sN adt : aI
They boast of reducing the State debt,
Let'us see. In ten years they have paid off
one million ninety-sfX thousand two hum
dred and sixty dollars and two cents9t$l,-
096, ,260 02). Very good so far; butt have
shown you that in one year they collected
twelve millions more than in 1856, and in
another year eight million more. In each
year they have collected, in addition to the
taxes of 1885, eight times as much as they
have paid on the public debt during the
whole ten years. Nor do we find in the
Federal affairs more encouraging picture.
FEDERAL FINANCES. ~ siii su Il
~ The revenues of the Government, derived
from taxation in 1866, amounted to nearly
five hundred and ninety millions of dollars.
This was year of peace; the army had
been reduced; the navy had been dimin-
ished; the vast military movements had
ceased. Yet the expenditure was one hun
dred millions more than that of England,
and one hundred and eighty millions more
o than that of France. The greatest expen-
diture of England during the Napoleonic
wars, when even Russia was stimulated by
her subsidies-when large armies were
kept in Spain and, on the Continent, never
reached one hundred millions of pounds
less than five hundred millions of dol
lars. England has thirty-six thousand
millions OF property cas- a taxable basis
France has forty thousand millions. The
United States have sixteen thousand mil
lions.l With less than two ffths of the tax
able property. our people pay largely more
taxes. Two years have elapsed since the
war ceased. Two regular sessions--two
extra sessions of Congress been held.
Has any scheme of economy, has any re-
din nf nrnnnQp6P
contrary, has not the only scheme of finance
looked to the increase of the interest bear
Ing debt, and to the increase of expenditure
by the increase ofiHterest? l.'
The public debt. bearing interest amounts
to TWENTY-FIVE hundred millions, the inter
est reaches one hundred and torty'millions.
When the Republican party came into
power the debt was only eighty millions.
In five wears it has grown 80 much, and
this Notwithstanding the vast annual rev.
enues. Though the principal is considera-
bly, less, the annual interest is considerably
more than that of Great Britain; and the
highest reach of Republican craftsmanship
has been to propose the conversion of
greenbacks, which pay no interest, into
bonds, which pay interest in gold and thus
to increrse the number of those who do not
pay taxes, and to increase the hurthens of
those who do.
The amount of unfunded debt has been
estimated at 100000. If it shall be
converted into bonds the interest will
amount to forty y-eight millions in gold, and
this sum will be added to the expenditures.
In the meantime the number of National
Banks will be increased. and the place OF
the greenbacks supplied by bank cur
rency.
Our Government pays q higher rate of inter-
est than any in Europe. Eue'y dollar of its
5nde6tedness is to be made to pay that rate; ana
no prOUision 1rtGteUer is made for It's redenlp.
tton. ["That is fact" and cheers."l
| This process should cease instantly
These forty-eight millions annually should
[ be saved. Cheers. The fve-twentieS
/ should be paid in greenbacks as they ma.
ture, or as fast as can be done without toe
great arrangement of the currency. Near
ly four hundred millions of them are de.
posted by the banks as security for theil
/ circulation. These can be redeemed with
utadding one dollar to the currency. Tht
interests on Ghese bonds amounts to twenty
four millions of dollars annually. ADD
this sum to the forty-eight millions abov,
|. spoken of, and we have seventy two mil
lions in gold. Create this into a sinkins
fund and you can pay the whole debt il
sixteen years. without adding dollar tC
your taxes or increasing your circulating
medium. -.a..E .a of
But the condition of the country coulC
bear an increase in the currency. The raw
ages of war at the South-the destruction
of capital there, thesloss of houses, horses
cattle. agricultural implements, the soarei
ty of provisions. the acknowledgements of th
negro, the Importance of setting the who'll
population to labor at once-create de
| mand for more currency. Every interes
| there would be advanced by the stimulat
| ing effects of an enlarged currency. A
| fast as this increase could be wisely made
the bonds should be redeemed-the in
| tereSt should be reduced, and the amour
thus saved be added to the sinking fund.
This is repudidtion, hear somebody say
Not at all The five-tWentV bonds are al
payable at the option of the Government
after tive years. Their very name show
it. They are payable by the law unde
which they we're issued, and according t
payable in gold. The interests, accordin
to the provision of law, and the languag
of the coupon, to be paid in gold. Not S
with the principal. The ten-forty bond
authorized by the act of March 8, 1868, ar
by the terms of the law, made payable i
gold. This is the only class. OF bonds 9
that character; and as I read the last off
cial statement of Secretary McCullocf
very few, if any of them, have been issueC
| The Government may then, according t
the terms of the law, and of its contract
paw the five-twenties in greenbacks at an
time alter five years from their issue, an
there il no reputation in doing so. OF th
|
| August, eleven hundred millions, end the
mature probably in nearly equal propol
ton in each of the next five years. Tn
| will not supercede the necessity for hig
|. taxes, for close economy. for cnntinuor
industry. They are inevitable. With the
and whatever other plans wisdom may suf
gest, the burthen will press heavily on yo
and your childI en-.
i L have shown that the redemption of tt
bonds will be so gradual, the increase {
i re currency so slow that values will &C
just themselves and business interests bt
come regulated without that shock whic
usually attends great changes of fiHancii
policy.
l But if it were not so, still the bonC
should be converted into greenbacks. The
were sold for greenbacks, it is fitting the
should be redeemed in the same currenc
This policy would save the interest, pf
the debt, and bring upon the duplica
for taxation that immense amount of cap
tai which is now exempt. And these al
vantages would amply compensate for Il
evils which are predicted. The de
amounts to one-fifth of the property, re
and personal, of the whole country. On
fifth of all the capital of the country is e.
empt from taxation. Interest eats up Il
substance of the people. Exemption fro
taxation aggravates the evil. This sta
of things cannot last. 1t oppresses lab
it excites deep discomfort. 1t ought
be relieved by fair and voluntary a
z ilstment. 1t will be relieved at all even
The bondholder should be prompt and vii
The people already believe this curse
the blight of death; and we. know by e
pcrience. what they will do to ''saye t
: life OF the nation"
Il RECONSTRUCTION.
But leaving these questions of mater
, and pecuniary interests, what of the Uni
l which has been intrusted to their care
Ihad intended to analyZe the reconstru
; tion bills, and show you not only that til
i violate the Constitution and the princip