The Tiffin weekly tribune. (Tiffin, Ohio) 1859-1868, 1867-11-21
NUMBER 5.

eAPpEU liVVA,toz sooO pounds per
annum, which at three cents pound,
export duty, would make $50, ,O74, ,4S7.
The internal tax of two ceutsa q pound
is now upon our owu manufacturers;
then il would be levied exclusively
upon the foreign operators and would
be protection to American fabrics
of Eve cents for every pound Of cot
ton produced; and not an American
would pay ono farthing Of IL, nor
would Il, by that amount, diminish
the product Of the planters, who
would charge it upon tk9 consumers.
II with that protection, which upon
an average, | suppose, would be mere
than ten cents yard upon all their
fabrics, the American manufacturer
did not mOnopolize the cotton market
Of the world, il would argue great
want of skill and enterprise Beside
that, il would take from the other
taxpayers Of the United States the
sum Of s6O,0O0,00O of internal du-
ties. Aud yet, when I proposed an
amendment to the Constitution TO
abolish the prohibition to export dU-
ties and leave the matter discretion
airy with Congress, 1t was resisted BY
the representatives Of the Mississippi
Valley, who were clothed in eottons,
and who ought to have been anxious,
one would think, to build up eottoa
machinery; aud what was more amaH-
ing still, II was resisted BY the manu-
iactursrs of New England, who are
not charged with liberality or in over
looking their own interests for the
|, benefit ofothors. But We return from
this episode.
~ Various methods are suggested TO
redeam the Ave. twenties in currency.
One ve's, able writer suggests loan
~ greonbaJts to their amount, so
What aiterward ~, grcenbaoks may be
redeemed with the ohefs. five arc
satisfied that thore is noN wore than a
sufficient currency to do the husinesc
Of the country, together With its 4ro-
bable increase, then that would u
the proper method, without initiating
prices as counterbalance 10 the saw
log. But if it is believed that the
present and prospective business Of the
country would fairly absorb an
amount large enough to redeem these
bonds as they become due, and not
injuriously increase the business, the
true way would bo for the Govern
mont to issue legal tenders equal to
the amount to be redeemed, aud thus
save the interest both Of the old and
a new loan. Indeed, but small por-
ton might be issued mouthly, say
$4,000, 900, so as to tnpcrccptibly af-
feet the currency.
The business men here complain
that the retiring Of $1,000, 900
month without any substitute causes
/ stringency in the money market
, very injurious TO business operations.
, doubt mol that that additional issue
would in some way bo taken up in tho
course Of business without being in
| juriously felt as an expansion. l
may here state that do not see why
nearly a sl0O,000,000 in coin has
been constantly lying idle in the
Treasury, when it might have paid at
, least twice that amount ofthe uation-
al debt. do not attribute anyundue
!. motives to the Secretary Of the Treas.
= ury, whom l believe to be very
9 honest man. But l think he errs.
t How specie payment is to be resumed
}. within the time spoken Of by the De-
partment | cannot conjecture. Be-
. fore the banks can be expected to re-
{ sumo, the Government must resume
= the payment of legal tenders. What
0 means has it of raising $500. .000, 900,
+. aud pesideS paying its expenses
/. in coin, which must be done at the
| same time, thereby adding one hun
u dred aud 6fty OF two hundred millions
i more, thus requiring th.ee-quarters
-s Of a billion? Tho interest upon tho
/, public loan, about s123, 900, 600, add
t, cd to the ordinary and foreign ex-
.e peuses of the Government, about
Ie 5000, ,000, 900, make an aggregate Of
: 1923 100000, which must first be
}. paid in coin. OF that sum Sl20, 900,
e 900 would be paid in coin from for
e eign importations, and with the then
n contracted business of the country,
o about like sum by internal taxes
&c making in all two hundred and fouFty
il million dollas, which, taken from the
/, aggregate Of interest and expenses
!. leaves a balance of eighty-three mil
is lion dollars. SO, il will be seen that
;. the coin revenue raised by the ordin'
N airy means Of the Government will be
l. insufficient to make what is required
ID to be paid in coin before resumption
" is touched the difference being eighty.
e. three million dollars. But IL all the
ID gold bearing bonds we're out Of the
I, way, the legsltenders would undoubL-
ss edly be absorbed to a very lsrg,
" amount by other equivalents which
il the Government could furnish, ant
10 which the holders would be willing L
l. receive but the process would be ;
Is slow one, aud any attempt to hasteT
l. it would be ruinous TO the business
10 men Of the community, Ny notion
d therefore, is chat the sooner the Gov
d ernmont converts all its ipdebisdnes.
ss into paper currency, which the ,peo-
a plc will be willing to accept at lons
70 loan aud to considerable amount,
is the sooner it win be able 70 resume
Vs specie payment. lt.-si
i I observe that respectable New
N York papers have, for the last year o.
10 two, charged me with wishing to de-
N lay the resumption of specie pay
!, nent This Il wholly false. / have
IA been anxious to resume the ase Of
n coin as legal tender exelusively, not
% because it is any better as token Of
"a debt, but because il has been adopted
y by most Of the other civilized nations.
,e But / do not wish 70 resume By