The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1867-08-15
The FinnneIaI Questlon.

MeSSrS. EdH0rs:--ln 1860 the
valuation Of all property in the
States not in rebellion, was a little
more than ten thousand millions.
The entire public debt now is
three thousand millions Of this
twenty-five hundred millions il
funded or in bonds, and eight hun
dred millions in Treasury notes or
unadjustcd claims. We are pay
ing annually ono hundred and
thirty,nine millions for interest a.
lone. ldas t.a gfUs l
Great Britain with more than
double our debt, pays one hundred
and thirty-two millions, and from
a thorough examination ofinterest
in, every Government, ours is the
highest or the list. .aa a.'s
Great Britain, after capturing
Napoleon in 1915, consolidated her
debts, hence tho word "Consols,'
80 frequently quoted in the papers.
She had issued bonds as high as
ten per cent. to get money to fight
Bonaparte. After the war she
found herself swamped by interest
alone, and after calling on her
creditors and stating fairly her con-
dition, she obtained consent and
did as above, issuing Consols bear
ing three per cent. interest. Not a
suspicion of her solvency ever cross
ed the minds of any of her credit
tors by this act. Why should we
not profit by her example? Rath-
cr why should we not now pay
any of the Bonds calling for Legal
Tender in greenbacks and thus at
once cut off that interest?
A bountiful crop, will enable us
to pay this interest, but it will take
all we raise to do it, and we will
keep up our credit by giving all
we earn in interest. Now where
will the principle come from? if we
can only now pay the interest.
No gravcr error ever was COM
mitted by a Government than the
chartering of National Banks.
The plethoric success Of these in
stitutions when compared with the
general condition of the National
Treasury and currency and indi-
vidual success presents a remarka-
bic anomaly.
For many months everybody has
been complaining of u general stag
nation In business. The Revenue
companies send forth q doleiul
murmur, but these are good times
in these National Banking institu-
tions. Tho computed average prof
it among them all Of fully 25 per
cent, and in some cases 80 and even
40 per cent. is cheerful subject OF
contemplation to the parties i'm
mediately interested. Whether it
can be considered such to the toll.
ing millions may be debatable
question. A single establishment,
the first National Bank of this
State, in addition to swelling its
surplus fund by G5 per cent, is a
BILE to declare semi-annual divi.
dend of 10 per cent. Without tax.
ing this as positive criterion, but
merely as an illustration of what is
done, we may correctly infer that
the medium percentage we have
stated, is honestly within che linn
its. So much granted, it is clear,
with an aggregate eapitaFof be.
tween Ais & 419 millions; the uni
ted gains of all these banks will
reach s100,000,0 900 annually."-N
Y. Mercantile Journal.
These facts from paper at the
seat of trade and commerce require
reflection from the toiling millions,
whose gains go to swell this enor-
nous sum. These Banks draw in
terest on the Bonds deposited with
the Government and also on the
S300,000,000 allowed them in notes
for circulation.
Redeem these Bonds in Green
backs-give them this less than
their currency-let them Bank on
Greenbacks alone, and we will save
not only the interest on these
Bonds, but get the profit Of al lost
and destroyed notes.
This subject is being discussed
generally and will be one of The
most potential weapons in the
hands of the Democracy this fall,
and should it meet on the stump,
the arguments of the Republican
papers, i. c. no arguments but
harsh words,ssit will be formidable,
as our people are averse TO post
poning for twenty years and pay
ing interest all the time-an act
that will be then consummated with
Greenbacks, if our wise and inter-
ested Senators and Congressman
do not put these Bonds in such
shape by transferring them into
gold bearing bonds, as that will
give the Democracy the right to re-
pudiate them when in power, and