The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1867-07-23


car, then there is some reason pl'
by that mode should be preferred to the
ore direct one Of receiving the clrcula- re
on from the Governments. ev
Do the National Banks offer a, greater ar
seurity? That is the question A bank oi
18th a circulation Of 100000, has to de- p'
osit. as security for the redemption Of ol
hat circulation, about $1l0 900 of Gov al
rument bonds, and these are the only Il
ecurity the note holder has that the q
,otes Of the bank will be redeemed. 1nlsi
he end, then, the security is the govern 5
nent. and the notes eddirectly by the 10
government are fully as safe as those IS c
sued through the Intervention of bank.
The banksnotcs, then, have no advantage
over the government notes. But suppose {
these 81 600, 600, 600 of circulation, which T
we now have, aud which it is but reason
able to suppose we shall need in some
fern or other for the business OF the
country, be furnished through the Ma
tional banks, the result will be that we
shall have the circulation at a cost OF I
$50 900, 900, and with no security for Its
redemption but the government. This
is the mode by which the party in power
proposes to- furnish us with circulating
medium, and consequence, to abstract
from the hard earnings of the producers
and consumers, or this country, s6O,-
600 600. annually, with which to pay the
trv~--4 - ,s.nn the bonds go deposited -hyl
/ NQtfnnaI ~.
But, on the other hand, suppose the.
government should elect to furnish this
circulation, then the process Of funding
1 the balance Of the debt would cease, and
/ "a sufficient amount of the outstanding
. bonds of the government would be retired
to reduce the interest bearing debt to
So, 100000, 600, which would require to
be raised by taxation but Sl20, 900 600
for interest, instead of s180,000, 900; thus
lessening the burdens of the people $780,.
, 000, 900 annually--a sum certaiuly worth
looking after in these times of general
distress and public embarrassment.
| But this national debt must be paid,
let US suppose that the people, in their
wisdom, have determined to submit fer a
3 few years to heavy rate of taxation. =
: Without increasing their taxation one
dollar, these $50, 100000 per anpum
f which, under the policy of the party IN
5 power, would go to the support OF tht
t National Banks, withontin any way re-
o duciDg the debt, if Iut ito q sinl
ling fund, would, in eighteen years
9 pay the entire interest bearing or bonded
e debt of the government, and in twenty
e three years extinguish the entire three
y thousand millions of indebtedness.
N Upon this state of the case, my coun
ri trymen, have no comments to make. l
n is for you to decide whether or not th,
e fruits of your labor, mental and physical
10 shall be appropriated for the good of th'
d whole people, or for the benefit of a fes
Is only.
le In the statement / have made, | hav
v limited the circulation to 81 600 000, ,0o(
id thereby reducing the interest. .bearin
al debt of the Government to 81, 600 SOC, 90
to only. / make this limit, because | al
p not prepared to say that it would be wis
n. at present. to increase the circulation be
y yond that amount; but, there is no doul
be Of the propriety Of increasing it as raI
idly as the business and wants of tt
- country may justify, until the intcres
es bearing debt of the Government sha
r. have been paid.
lie Interest is the eating moth. destructi'
or alike to the public as to the individu
ed credit and prosperity. Relieve us of tn
tie and, without any serious embarrassment
ow we can manage the principal.
The National debt, however, is not o.
mt only trouble. There are other matters
its which changes and reforms are necessa
he before we can expect to find much reli
I've from the assessor and tax collector, n
to .ional and state. We must insist on eco
~ omy in the management Of cur pub
affairs. nss
me We have passed through war viii
aia in some form or other has left its ma
'ay all over the land and on all che. intere'
lea Of the country. We have had to incl
OF necessarily, q large debt; and there
aa- greater reason for economy now th
e there was previous to our being oyertak
9mll- m by that calamity,
ase We had reason TO expect that tht
ne :, whose positions gave them. the guardli
tne a ship of our interest would appreciate {
90; necessities, sympathize with the peol
the in their patriotic efforts to maintain
ems government in its trials, and inagurat
all system Of economy mall the departmeI
Of the government, to the end that
icy burdens Of the people should be N;
tue as light as possible.
OF But, instead of this what have we y
messed? An expenditure of the pub
'cn' money without reason and almost wlth'
'ses limit in every department of the Cove
i tne mentl In 1866, long after the war !
tne ended, and when the authority of
alo, Government was acknowledged eve
osl- where, we find the appropriations of G.
ioV- gress for the current expenses of
5iv, Government, exclusive of appropriate
anu for and on account of the national DC
now amounting to $685., ,000, 600.
ID We not only find that these approx
ing ations were made, but,fom you, my co
the trymen, the money was collected.
the In 1860, when the civilarm of
hat Government was in full force, and
Governmen. performing all its functi
hen in every State Of the Union, the en-
,nal appropriations for the civil service "
bu- but twenty eight millions, In 1866, W
ease that arm Of the Government was limi
IaV01 ~ ara w or< a. . ,, ON Il o. a