Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1867-08-29

expressly reserved. Their right to issue
paper money rests only upon the consent
OF Congress, and may be withdrawn at
any time. Let us see how this system
stands. To secure the privilege of issuing
notes the banks must deposit with the
Treasurer of the United States Govern
ment bonds exceeding by ten per cent.
the amount OF their circulation, thus
furnish stable market for our bonds.
They IN redeem their notes at their
counters and at centers of redemption,
thus furnishing convertible currency.
They must keep OH hand i'm United
States money or greenbacks about - per
cent. of their circulation as deposits
They must pay heavy taxesto the United
States, amounting, last year, to SS.O69,-
93S, and to the States, amounting to over
six millions more. Alltheir interests are
interlaced with the credit of the Nation
al Government. They absorbed and
took the place of the State banking sys-
tenn, which was utterly destructive to
the National credit during war, which
furnish currency without security, and
which the United States could neither
receive nor pay out. They are convent
ent agencies in collecting the revenue
and promoting exchanges among our
people. If these reasons are not suffi-
cient to sustain the system, then 1t will
:
spring up again. BY adopting this sys-
tenn, we absorbed or drew out of exist
ence State banks whose aggregate circu-
latiOn was $3.50, ,000, 600, which paid us no
taxes, rendered us no facilities. and pre-
served no financial credit. We made II
basis which yields us now $S,000,0OO in
taxes, holds $40O, ,000,O00 of our bonds,
and near 500, ,OOO, 900 of our notes with
out interest. 1t is often asked why not
.on l,no Il I'm,
the bank notes? Went we save inter-
est by this? We certainly can do so, but
we lose the market for larger amount
of our bonds. We must then provide for
the $500, 600, 900 of our legal tenders now
securely retained from circulation In the
vaults of the banks, and we the goose
that yields us $S,O00,0W i'm taxes. My
conviction is that the National banking
system works well, and should not be
tampered with, except to secure q fairer
opportunity among the States to strength
en- the security enioined by circulation
and i'm time to make national center OF
! redemDtion or clearing house. | never
was much of a bank man, u while such
agencies are demanded. as they are i'm
all new countries when capital is scarce,
: / believe the present system is far better
than we have ever had, and far better
I than for the United States Government
to assume directly the banking opera
tions of the people. And now, fellow
, am done. The general principle of our
Tax law is to collect as much as possible
3 from duties on imported goods. The
reasons are that such taxes are most easily
I collected In the sea board cities. ndman
= ly at the single port of New York. They
: are mainly on articles of luxury, such as
silks, broadcloths, and wines, and arr
paid by those who are able to pay. TC
the extent that taxes are levied upon ar.
ticles that may be manufactured here
they protect our own industry and di
. versify our products, and Increase Oui
wealth. We levy these taxes in gold
r because gold is the basis of all foreign
: commerce, and we are thus provided
: with ample means to pay the interest o
e our debt. Now, i'm levying other take.
we select incomes Over$l 900, and impose
G per cent duty upon such incomes. Thi'
IL the fuirest mode of taxes. The diff
: Guilty is in ascertaining the amount o
> income, but as the revenue officers be
$ come acquainted with the business of Ou
. citizens, this tax is more equally assess
I ed and yielded us last year over 500, 900,
L 000. In England this Is the most uni
: form and stable tax, and will be here
: Here we select for taxation such articles
e the consumption of which Is not neces
It sary; such luxuri, sas t. t''baccoand whisk.
u To the extent that the tax prevents con
8 sumption no harm is done. The failur
r to collect the whisky tax Is the scanda
Il and reproach of our system. 1t 0ugh
n to, and will, when cole cted, yield $50,
;. O00, 900. These taxes on imports, incomes
u whisky, and tobacco, in my Judgment
IS will now lie amply sufficient to- pay tn
g Interest on our debt and meet neces4ar,
It Expenditures. The way, therefore, from
" time to time Is to throw off our system
ofinternal taxes aud yet preserve untarn
r isled our national credit. ! agree will
?. Judge Ranney that greater economy am
- care are necessary in our public expen
e ditures. The spirit of the age tends t
X extravaganza in public and in privat
p life. Great works, vast improvements
e new inventions, restless activity in al
y departments of business and industry
h are the order of the day. / believe tn
s. United States can leave all these to ou
II people, and contine the operations OF til
D Government to the protection o! the Ii
r and property and rights of its citizens II
re home and abroad, and to the perform
y ance of its national obligations. Blu
Al how can this he accomplished? Isit b.
lie partisans who make promise to ride int
v, office? Not at all. Not at all. InOtic
% that almost every scheme for new draft
Y on the public Treasury are supplied b.
y nearly every Democrat in Congress. TIL
4 way to secure economy isby care in eleo
Is ting members, of Congress. This Is
'e personal and not II political question.
" After reconstruction IL settled, the high
e. est attribute, In my Judgment, for II reI
r, resentative of the people, will he his ear
d and scrutiny In public expenditures.
& believe, from indications already shown
that the next Congress, composed almos
e. entirely of Republicans, will furnish u
is with examples of strict economy in put
u lie expenditures, and wise and pruden
III care of your financial interests.
ne Washington Items.
= WASHINGTON, August 20.
he ,,o,y r,,r o,ASr copppsp, NnpNcp on