The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1867-09-06

United States could neither receive nor pay
out. They are convenient agencies IN col
lecting the revenue and promoting ex-
changes among our people. If these reasons
are not sufficient to sustain the system, then
it will fail, and sWarms of State Banks viii
spring up again. By adopting the system,
we absorbed or drove out Of existence State
Banks whose aggregate circulation was
xleO, OO0O0O, which paid US no taxes, Tcnd-
cred US no facilities, and poisoned our hnan-
cial credit. We made basis which yields
Us our eighty millions in taxes, holds four
hundred millions Of our bonds, and two hun
dred million Of our legal-tender notes, OF
which one hundred and twenty millions are
without interest. 1t is often ssked, Why
not issue three hundred million Of green
backs, and retire the bank notes? Won't we
save interest by thisf We certainly can do
so, but we lose the market for large amount
of our bonds; we must then provide for the
two hundred millions of our legal-tenders
now securely retired from circulation in the
vaults of tie banks, and we kill the goose
that Yields US eight millions in taxes. My
conviction is. that the national banking sys-
tenn works well and should not be tzmpered
With except to secure fairer apportionment
Of the circulation among the states, 10
strengthen the security required for eircula-
ton, and in time to make a natlsnal centre
Of redemption or clearing house. never
was much of bank man, but while such
agencies are demanded, as they are IN all
new countries where capital is scarce, l be-
lieve the present system is far better than we
have ever had and far better than for the
United States Government to assume DIR
ectly the banking operation Of the people.
TAXES.
And now, felloW-citizens, few words IS
| to taxes, and am done. The general prin-
| ciple of our tax laws, is to collect as much
as possible from duties on important goods.
| Ths reasons are, that such taxes are most
easily collected in the sea-board cities, and
mainly at the single port of New York.
They are mainly on articles Of luxury, such
as silks, broadcloths, and wines, and are paid
by those most able to pay. 10 the extent
| that taxes are levied upon articles that may
be manufactured here, they protect our own
| industry, and thus diversity our products
and increase our wealth. We levy these
taxes in gold, because gold is the basis OF all
foreign commerce, and we are thus furnish
ed with ample means to pay the interest OF
our debt. New, in levying other taxes, We
select incomes, over 81 600, and impose hye
per cent duty on such incomes. This IS the
fairest mode Of taxes The only deficulty
is in ascertaining the amount Of income but
as the revenue officers become acquainted
/ with the business of our citizens, this tax IS
more equitable assessed, and yielded Us last
year over sixty millions of dollars. In Eng
land this is the most uniform and stable tax,
and will be so here. Then we select from
taxation such articles, the consumption Of
which is not necessary, such luxuries as to-
bacco and whskey. To the extent that the
tax prevents consumption no harm is done.
The failure to collect the whiskey IS tax the
scandal and reproach of our system. 1t
ought and will when collected, yield eighty
million of dollars. These taxes on imports,
incomes, whiskey, and tobacco, in my Judg-
ment, will soon be ambly sufficient to pay
the interest on our debt and meet our neces-
ssry expenditures. We may, therefore, from
time to time throw off our system Of internal
taxes and yet preserve untarnished our ma
: tional credit. l agree with Judge Ranney
, that greater economy aud care is necessary
in our public expenditures. The spirit OF
the age tends TO extravaganza in public and
private life-gTeat works-vast improve
, ments-new machinery-restless activity IN
all departments Of business and industry are
the order of the day. believe the United
States can leave all these to our people and
: confine the operations Of the Government to
the protection OF the life, property and rights
of its citizens at home and abroad, and to
the performance of its national obligations.
But how can this be accomplished Is it by
: partisans. who make promises to ride into
: Officer Not at all. l notice that almost
every scheme for new drafts on the public
, treasury are supported by every Democrat
: in Congress. The way to secure economy Is
4 by care in selecting members OF Congress
| MI. II Il
, ton, After reconstruction is settled, the
highest attribute, in my judgment, for .
representative Of the people. will be his care
! and scrutiny in public expenditures. be-
!. lieve, from indications already shown, that
. . the next Congress, composed almost of Re
: publicans, will furnish worthy example o
> strict economy in public expenditures, anC
= wise and prudent care OF your financial IL
terests.