Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-09-11
SEPTEMBER IL, 1868.


but needy men. With $9e0,O00.000 of
circulation we only have about $2S to
eachinhabitant. Does any honest man
think that too much ? If you wanted
to use $1,000 itwould take all that forty
oflyour neighbors were entitledqto, to
raise it---even if they couldb keep their
full share of $2S in their pockets But
there are $700,000,000 of fotaxes to pay
every year, leaving us a circulation of
only 100000, 900 above the amount of
taxes. Almost every day you see men
hunting money they cannot get, at any
rate ofinterest. 1t is not to be had.
There is not enough to supply the de-
mand; and yet these very men who
want money, and cannot getiit because
it is not, right in the height of their dis
appointment and despondency, will
break out in denunciation of the
Democratic party because they want to
give the people more money. You know
just suchmen, my fellow. citizens near
ly starving, and on the point Of bank
ruptcy for want of money, which can
not be procured by reason of its INSULT
cheney, and yet $50 blind and besotted
by party prejudice-so enslaved to some
lordly bondholder, whom he fears and
worships. that he joins in the lan1enta-
tions of the money lender over the pros
7 pect of more money, and in the deli
rum of his devotion to the hand that
smites him, he curses the Democratic
party, who proffers him aid to save him;
and this is one of your loyal, indepen-
dent voters, who glories in the dignity
of his character! il 5sa;tis12 s7l .ar8oii'
Now by this Democratic plan we have
got rid of $55o.oC0,oOO of bonds, which
save us $45,o00,O0O of annual interest;
and by tax on all Government seclri-
ties we gather from those who now pay
no tax on that property, 100000,
and by these two items we save the
present tax payers SIC, 100000 annually
enough to pay the whole bonded debt
in about eighteen years. But there is
still left $3.50, 100000 of bonds. OF
these $22O,O0O,0OO, principal and inter-
est, must be paid in gold, because we
agreed to do so. The other $780,
100000 are payable in legal tenders,
with interest at six per cent. in gold.
The interest on these bonds is too
high, and must be reduced; and is
besides payable in different money
from that which we receive for our pen
sions or our labor, and is unjust There
are $2S3,000,0O0 of these bonds not due
until 1851; leaving $1,0S7,000,000 fol
which some immediate arrangement
must be made to carry out our plan. As
focf - dc
can be reached, under the contract, am
in favor of paying them off either in
greenbacks or such other bonds as will
bear a less interest, be subject to tax,
and payable, principal and interest, in
lawful money-that is, in greenbacks. ]
say pay them either in greenbacks OF
such other bonds as / have described
because, we could not compel them tc
take other bonds as matter cof right
But they carnot refuse the legal-tendei
notes, We will therefore go at them
with greenback in one hand, and these
new bonds. bearing six per cent. interest
in greepbacks, payable at the pleasure
Of the Government, in the other hand
and say to the bondholder, here is the
money for your bonds, we want to pay
them off; but if you do not want the
ready money, or think money will gel
too plenty if we pay you all off at once
here is a. different bond you may have
if it suits you better. At first 1 am in.
clined te, think many people will take
the greenbacks. If so, so much the bet
ter; it will only prove there is not yet
money enough; and-it so much lessen:
our interest. e. But just assoon as green
backs get so plenty that money will no
command anywhere over 6 per cent. in
terest, then these new bonds will be tax
en- in exchange for the old ones without
nurlnur, and we Will have the debt in
shape fair and equitable alike, to the
holder of bonds and to the people. .-q
Now what do we gain by this process
over that proposed by the Republican
party and Judge Winans The amour
required to meet the annual interest by
the Republican plan, you remember, i:
S146,OOO,OOO in greenbacks, whilst by
our plan, after deducting the tax we col
lect on the debt, the whole amount of in
terest is met by the value of only $74,
100000 in greenbacks-a saving by oul
plan of $72, 100000, of interest annually
By their plan, the very best and the very
latest proposed to You by Republicans
it takes $l46,0OO,0O0 in legal tender tc
meet the interest alone. By our plan i
takes just S74,O0O,O00. By their plar
this debt will hang on you for forty years
compelling you to pay S4,000,0O0,OQ0 o
interest in gold during this period, ant
at the end of forty years not dollar o
the principal is paid; by our plan, will
exactly the same revenue it takes to pay
their interest, we will pay off every dol
lar of the bonded debt in less thar
eighteen years. sl..5.F -..
Understand me correctly and clearly
Irepeat the statement, so you all may
understand it and know whether l speak
truly or falsely; sag that the same
taxation exactly, required under this
Republican plan, which Judge Winans
approves, to meet the interest of the pub
lie debt alone, without paying one cent
of principal, that that same amount, ap
piled under our plan, will in less thar
eighteen years pay off the entire bonded
debt of the country, and leave us with
out one single dollar of debt drawing in
terest, and with only as much currency
circulating as there was in 1865. 0
There is no mistake about this calcu
lation. 1t has been made with care anG
is correct, except in so far as L usec
round numbers instead of the exact
amounts for convenience. Our Republic
cf friends may, and doubtless will, at
t, mpt to eva1s or explain awav this i'm
mense dittel ence between us, but after
all they can say and do, the startling f .ct
remains. They are fighting us wi,h all
the energy and zeal they can command