New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-02

there NAV be so far as the deposits are concerned s
further sccurp. Indeed, nearly the whole loss arose
from the want provision to prohibit dsbursng off,
GERS TO deposit with national banks, except with such
should have secured all Government deposits by
discussing officers as well by the Treasurer,
by United states stocks ! should consider, then, tine
destruction OF the National Banking system as an i'm
monse calamity 10 the country, TO DE accompanied at this
time BY tremendous reyusiOn and forcing hundreds OF
millions Of our bonds upon the already Oyerburdened
markets OF Europe and America But il il prOposed by
some call In the National Bank currency ofthree humid
red millions OF dollars substituting therefor an equal
.tnounf Of LEGAL tenders we shall flen have nearly
seven hundred millions OF legal tenders and National
Bank currency. Now. the rst place these three humid
millions OF National Bank currency rest upon an actual
capital Of three hundred and forty millions vested in
Treasury. They rest, BESIDES all the capital and
serves OF the bank and fixed liability of the shareholders
Du upon WllaJ would ne the seven hundred llllos oi
legaenders restl Upon nothing but the faith oi the
Government. There would be no bonds in which they
Couu DE- Iu0ed nor any period hNed Tor redemption ana
bearing interest and with guarantee against further
expansion. The $700000,OO0 of legaltender and Ma
noml bank notes are worth now S5OOOV0OOO III gold
What would these S7OnO0OO0 Of legacndcrs he worth
when the Government had cut loose from the bankers and
put It's own paper mill in exclusive OperatOnl They GER
tainy would not command t0c on the dollar in gold
and this, therefore, would be equivalent to an ac-
tua contraction OF the currency OF 30 per cent $780,
O0JO01 by releasing the required 70 be
kept in tile vaults of the banks Aud yet the Govern
mcut and the people would lose by the depreciation OF all
the bonds and legal tenders held by Them the Govern
ment expenditures would enormously increase by pay
ments IN deprecated paper and the interest gained on
the amount released from their legal tender reserves 10y
the banks would he greatly less than the tax now acu
ally paid by the banks 20 the nation The eXpansOnsts
would gain nothing for the depreciation Of the currency
wOt III make the increased volume worth less than the
smaller circulation before. The only way to expand
safe and benefcally the Government and the people
is by foreign On to substitute gold for grccnbacksa
TO IN reasc the number Of National Banks by repeating
the monopoly and restrictive clauses.
Mr. Walker supports his views in favor Of National
Bank currency by showing how impossible it would be
for the Government without vast expense and countless
opportunities for peculaOn and fraud, TO keep on hand
the gold necessary redeem currency Of egatenders
The whole idea OF Government paper. as permanent
system OF circulation, has uniformly failed wherever It
mas btcn tHtu, ana mas always either Deeh or
has reduced the Government 10 Dankrullcy Nhoh Tue
Governments ISSUES its pleasure th whole currency OF
the country 40 paper the temptation 10 ONerlSsugs ana
increase expenses j. IresstlDei suspension oio~s'
thc depreciation goes on augno'tibg from day To day
until Republication finally winds UP the drama Of ruin and
disgrace Ihcre may De some oi me national Dahs that
would gladly present their notes and withdraw their bonds
from the Treasury circulating legal tenders escaping con
siderable taxation and realizing increased profits no the
expense OF the people. But there IS not Oc Of them that
WoWd h0t Know what Woud pc the necessary ttimlla,
non ot Tie system, ana Wonld prepare in he 70 gua9
against the catastrophe let us and perfect and
improve, but not destroy our national D9hklng system
system, let them be made. II further reserves o specie
ue ~I'oc vi IiJtI uel'os,s' rs wen ~ -, & G
can he secured by national bonds let TINS he poNldcu u
also H. as easy, far ana equtaple arIahgeneut ca9
hc maze hy which the country banks WolI rtITeh t,el
notes not only NJ their counters hut a the city OF
NeW-YOrI Ike the old suffolk bank system let that be
doue, with proper aids and facilities nom Tue GoyerE
meI 10 prevent loss or expense to the New-1ork
city banks or the country banks.
ANcra few words n1Ayor OF putting our Wcl&'3 ana
co:ns 6a the decimal basis Mr.. walker comes 70 his
his last pont-that Of internal taxation, which we quote
entire:
Almost everything rs taxed now either by stamp tax
'h Acuint lA'" tlA OF srs ~ an VS. vi vli' cN'l
gathereTs is employed, at vast expense, occompar
led by enormous frauds 10 collect small portion Of this
tax. Now, would disband nearly this whole legion OF
taXcoecOrs and assessors and repeal the whole system
internal taxation. except the excise wineS malt and
spirtuouS liquors, and tobacco. am confident That I'M
der such yatem At least Sl20OO0G00 IN gold OF
IT'S equivalent could be collected from these articles
u
Ions Of smpg9s liquors DISTILLED during the year end
to any reduction OF tho excise Oh whisky, believing 4 ia
De of those articles above al Others, from when We
ought collect the largest possible revenue and con
dent by the experience England for years collect
ing tobacco tax, when much larger proportional rate
csed and collected, that the present Whsky taN
can DE realized surely ought not 20 surrender this tax
% fraud and yillany. without still further efforts for It's
world amount 20 500 year in gold, which leaves
margin OF nearly iOoOoo per annnm above what would
be required CORY on the Government ana pay the IN
tcrct and small proportion OF the principal OF our pub
sGogld this system yield large surplus rs believe II
would would st further reduce taxation IN the follow
-" Ia Bv admitting duty free coffee toa ard swear
which have become great necessares OF life ln tins conn
I, there were stil considerable surplus retruuc
would the duty from other necossanes OF life not
"A ~ surplus in remained would devote IL 10 such
great works Of national internal Improvement as the s9
canals TO the West which, IN augmented wealth. "o'nu
Our present system Of taxation IS the most ohcrous
ever imposed upon any people and i utterly destructive
al he nroSuerItV n country.
our present tavin is also most unequal oppressive ana
unjust II Is g1leVOusy ouerOus upon agriculture, com
merce Dayigaop, shipbulding TIE mine. ana h,hcIlcs
while manufactures m connection win ON present
vretched excise system, are laneuishng under Us IN
ihcOns. Inc present laili beside the lak o. $1,000
90 year upon imports he dulles on which are pnld
1 pS2f I t5 AT dI9 no vl IN fod6 The cbacc1
prices of rva Protected domestic articles THIS can be
readily proved by COMPARING The pees current G1 gG1 o.
such domestic articles, WHh tae pres Oi slE'st M
tlroduced u other countries Thus TIE tar1 takts 30"
Year Of which only si5e09o0 goes INTO the Treasury
am, the remaining 30OJ0COO into the pockets Of the
o. account OF the diminished demand Tor Their products
ano they also hurdcd with there's. oi Tie
people. by the weight Of iniolcrable taX1don.
The annual taxes now paid by people ~ the IcTu
of the tariff have seen, at least &OoDotc0o ycar
rectly aud indirectly Of internal system OF taXaton
including tine stupeudOus ana aIOcous WHISKY dud uthtr
peace amounts 10 81 $4,000 year; less than Laf OF
ths goes into The Tesuy. This is independent OF eafe
This billion OF dollars a year, tho census Shove Is
about seventh Of the gross values Of or Presrpt an
Population Is the necessary result OF the continuance OF
since ny return from Europe have conyersed on this
subject with many intelligent PERSONS including leading
manufacturers OF lTop Wool ana COTTON ana navy iu
as regards internal xation would bc Tar better
Tor item flan Inc present system. What viii bc said OF
this by political manufacturers, DO BOT Know
IL We look al The eject oi repudiat0n upon the morals
OF the people urd upon State, municipal and individual
contracts, the result must he disastrous. When an n
dvdual able pay refuses 20 90 SO, he b. justly c0nsd
fsd q fraudulent bankrupt, and TIC law looks upon him
as such In morals there is no difference between q
nation ablc to pay aud refusing aud an individual There
may be no human law under which nations violating
their just obligations can be punished, but
fhry cannot escape with imrunity Besides the
disastrous results their material Interests suCh nations
Justly become Oueasts among eohinunites aud IN the
rrlyidetce OF God later meet with just rctri
button IT is part Of the Divine law, applicable vel
to nations 10 individuals aai injustice Sare- "ithit
rctribuiyc punslme and history sccd au4 pofsle,
eb9uuds with such examples. Frankln's nilkim H..
dorsd lv VA An gton that honesty IS the best policy"
IL rs true OF communities as Of individuals; -. . /
on b great question which attracts the attention
~ onr country aud the world Congress aud every mc