Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1867-12-26

lCduJ NlolblC Af tiSa abdlnp VI tAS SlAT
emy. The President is congratula-
ted by copperhcads and rebels, and
openly assured that Congress has
surrendered to him, and that hence
, forth he has an open road to recon
struction in his way. Even in the
! House the copperheads are chuck
!, Hing over the vote, and claiming as
recruits, such of our Republicans as
/ voted with them. / cannot say that,
right or wrong, | amhappy in being
SO regarded here that | am not re-
] auired to hunt up an apology for
e being found in very bad company.
f The Finance question is being
stirred a little every day, and the
indications are pretty clear that Sec
retary Mccullough will be restrain'd
In his stubborn course Of reducing
the circulation, and specie payment
sought by some other mode than
that which he proposes-the Secre-
tary has an idea that the larger the |
debt and the more interest we pay,
the sooner we will have specie pay
i ment On the other hand, we who
differ with him think the less the
debt and the less the interest, the
sooner we shall restore the specie |
standard in our circulation. He
proposes high taxes and low prices
we propose fair prices and low
taxes. We say give the people
breathing spell from their heavy
burdens, let them recuperate little |
under a system oflight taxation, and
with q full volume ofsound circula-
ton realize fair and liberal prices
for while, and then when strength
ened and refreshed, if it be deemed
best for the public interest they will
bear reasonable call for money to
lessen the debt and keeping in
healthy condition the national cred
it. We have now at interest five
hundred millions Of our debt more
than is necessary, costing thirty
millions Of gold by way Of interest,
This is all wrong, but it is the Nc
Cullough policy, and backed up by
the President, he seems intent upon
holding on in spite of the general
remonstrance ofthe people and their
constant appeals to him for relief
The banks will be required to sub
nit to a change Of the law, so that
they have either to surrender up
their circulation and greenbacks be
substituted, or pay an additional
tax that will approach an equivalent
for the privilege Of their issue Of
circulation. Mr.. Jay Cooke has
published letter in defence of the
banks, in which he asserts that the
tax paid by the banks is now great.
er, by some two millions annually,
than the interest they receive from
the Government on the bonds de-
posted upon their circulation is
based. II he is right, it will be a
good contract for the banks to sur
render their circulation, and take up
their bonds and thus give way for
three hundred millions Of green,
backs to take the place of their
notes, and relieve themselves ofthe
complaint that is constantly made
against them for real or supposed
advantages they possess adverse to
the public interest
Our National debts now twenty.
five hundred millions one thousand
millions should be in greenbacks as
money, and the remainder put in six
per cent bonds, subject to State
taxation, and payable say in ten to
thirty years. Then apply the mop
ey derived from customs to the pay
ment Of the interest and the over
plus to the gradual reduction of the
greenbaeks by buying them up
monthly with gold in the mean
time the Government expenses to
DC met by tax upon whisky and
tobacco. BY this method economy
in public expenses would become u
necessity, and the gradual reduction
Of the currency BY gold purchases +
which would probably reach five
millions q month, would bring
about specie payment in y gradual,
natural and certain way not to be
hastened or retarded by u wrong
headed, arbitrary Secretary Of the r
Treasury, or any other influential
public lulctonary, The result Of
this policy would make our annual
interest only ninety millions, in
stesd Of one hundred and fifty mil
lions, as II must soon be under the
present plan Of Mccullough, and
what is quite as well, would give us
an ample and sound currency with
4 certain tendency towards the spe
Gle standard, and which il would at-
tain the more speedily because from
the start it would command public
confidence, and BY its gradual re,
duction by exchange for coin it
would very soon become an equiv
alent for gold yes, sir, long be-
folc It's volume shall have been re-
duced to five hundred millions; a
sum that in my Judgment, hereto
fore, will be required as the least
possible amount to afford the facili-
ties oC currency Tor this great Na-
ton, 4
A proposition was introduced a
daV ar twb since tnouiring that the