Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1867-09-05

and faith. We CAM ol aHOrd 70 thfhlsh
these. All that may be done consistly
with these to tighten our burdens will be
done by the Union party, but the malig'
nant whisperings Of Copperheads. who
talk about taxes and debts, are intended
only to prepare you for repudiatlon and
dishonor.
Now, there is a good deal said aboutour
National Banking system. As this is
creation of Congress, tie right to change
or modify is expressly reserved, Their
right to issue paper money rests only upon
the consent of Congress- and that consent
may be Withdrawn whenever the public
interests will be promoted by it: Let us
see how this system stands. The only
privilege National Banks have from the
United States is the right to issue notes
guaranteed by the United States. To Sc
cure this privilege the banks must deposit
with the Treasurer of the United States
Government bonds exceeding in amount
by ten per cent. its circulating notes, thus
| furnishing market for our bonds. They
must promptly redeem these not only at
their own counters, but in eenters of re-
demption, thus furnishing convertible eur,
rency. They must keep on hand in lawful
money or gleenbacks about twenty-five
per cent. not only of their circulation, but
( of their deposits They must pay heavy
| taxes to the Government, amounting last
wear to SS,069 ,93S, equivalent to three per
cent on their circulation. They rest en-
tirely upon. national securities, and are,
therefore, the safest. All their interests
are interaced with the credit and IN
terest of the National Government. They
absorbed aud took the place of the State
Rank system which was utterly destruc-
/ tive to the national credit during the war,
which furnished a currency without Sc.
curity, and which the United States could
neither receive nor pay out. They are
convenient agencies in collecting the reYe-
nue. and promoting exchanges among our
people. If these reasons are not sufficient
to sustain the system, then 1t VIII fall,
and swarms of State Banks will spring up
again. BY adopting the system, we ab-
sorbed and drove out OF existence state
Banks whose aggregate circulation was
$3.50 900 900, which paid no taxes, render
ed us no facilities, and poisoned our finan-
cial credit. We made basis which
yields US our eight millions in taxes, holds
four hundred millions of our bonds, and
Two hundred millions of our legal tender
notes, of which one hundred and twenty
l-illons are without interest, 1t is often
asked why not issue three hundred mil
| lions of greenbacks, and retire the bank
notes? Won't we Save interest by thlsT
We certainly can do so, but we loose the
market for larger amount Of our, bonds
we must then provide for the two hundred
millions of our legal tenders securely re
tired from circulation in the vaults OF the
banks, and We kill the goose that yields
us eight millions in taxes My conviction
is, that the national banking system works
well, and should not be tampered with,
except to secure fairer apportionment OF
! the WI ole circulation among the differently
States, to strengthen the security re-
quired for circulation, and in time to make
a national center of redemption or clearing
house. never was much of bank man,
but while such agencies are demanded, MS
they are in the new countries where capt.
tal is scarce, | belive the present system
is far better than we have ever mad, and
far better than for the United States Gov
ernment to assume directly the banking
operations Of the people.
TAXES.
And now, fellow citizens, few words
as to taxes, and am done, The general
principle of our Tux laws is to collect as
much as possible on duties on imported
goods. The reasons are, that such taxes
are more easily collected in the seahoard
ctiss, and mainly at thesingle port of New
York. They are mainly on articles of lux
ury, such as silks, broadcloths and wines,
and are paid by those most able to pay
To 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, be-
cause gold is the basis of all foreign. com
merce, and we are thus furnished with
ample means to pay the interest of our
debt. Now, in levying other taxes, we Sc.
lect incomes over ST. 900, and impose flve
per cent. duty on such incomes. This is
the fairest mode of taxes. The only diff
Guilty is in ascertaining the amount of in
come but as the revenue officers become
acquainted with the business of our citl'
zens, this tax is more equtablY assessed,
and yielded us last year over sixty mil
lions of dollars. In England this Il the
most uniform and stable tax, and will be
so here. Then we select for taxation such |
articles, the consumption of hich is not
necessary, such luxuries rs tobacco and !
whisky. To the extent that the tax pre-
vents consumption no harm is done. The
failure TO collect the whisky tax is the
scandal and reproach Of our syetem. 1t
ought, and will when collected, yield
eighty millions OF dollars. These taxes
on imports, incomes, whisky and tobacco,
in my judgment, will soon be empty suf. |
fcent to pay the interest on our debt and
meet our necessary expenditures. We
may, therefore, from time to time throw
off our system of internal taxes and vet
preserve untarnished our national credit,
l agree with Judge Ranney that greater
economy and care Is necessary in our pub
lie expenditures The spirit of the age
tends tG extravagance in public and pri-
atelife-great works-vast improvements
new maehnery-restles activity in all
departments of business and industry are
Jne OFUeF Ot Tue utV. UCiiFfS IiI5 Y Hlbtu
States can leave all the people and confne
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 obliga
tions. But how can thi be accomplished ?
is it by partisans, who make promises to
lide into Officer Not at all notice that
almost every scheme for now drafts on the
public treasury are supported by nearly
every Democrat in Congress The way to
secure economy is by care in selecting
members of Congress. This is personal
and not political question. After recon-
struction is settled, the highest attributes,
in my Judgment, for representative of the
people, will be his care and scrutiny in
public expenditures. believe, from in
dieations already shown, that the next
Congress, composed almost wholly of Re
publicans, will furnish a worthy example
of strict economy in public expenditures,
and wise and prudent care of your fnan-
cial interests.