Urbana union. [volume] (Urbana, Ohio) 1862-1872, 1868-02-05
Copperhead Tune from a aRadioal Organ.

OUGHT the exemption of the national
bonds from taxation to be continued?
It withdraws from productive employ
ment an enormous capital, and thus en-
barrasses enterprise needed for the de-
velopement of our resources. As long
as capitalists can get Government inter
est, and get rid Of taxation by buying
bonds, why should they put money into
railroads, mines, or manufactures? It
seems to US that this provision produces
serious evils which have not been sufi-
GENTLY weighed, and though it may have
been originally necessary, it is at least
questionable whether it may not now be
wisely repealed. True, large amounts
of bonds would be thrown upon the
market, but with all Europe on the
verge of revolution, and money boarded
by the million in a single city like Genoa
the securities would not lack purchasers.
n matter at what rate they sell, just so
much capital, now locked up and una
valuable, wenld be released and turned
to productive industry.
To return to specie payment, we must
have something to send to Europe in ex-
change for our purchases. We used to
send cotton. Now, as if on purpose to
cut our own throats, we tax cotton, and
when Louisiana asks aid to build levees,
Congress answers, Guild them your
selves, you rebels !" Is there any sense
in such legislation? The prosperity of
The South is as necessary to the whole
country as that of any other section.
When we smbarrass its industry, we en-
barrass ourselves. Let US have the tax
on cotton repealed, on precisely the
same principle that we remove burdens
from other forms of domestic industry.
Reconstruction is good, but the South
cannot live upon it, nor the North either
The National banks furnish US $780,
900 900 Of currency, but We take it not
on the faith of the banks, but because
the Government endorses it. Who asks,
when he takes a SO note, whether the
bank from which it comes is the First
National of one city or Third National
Of another? Itis a greenback; that is
enough. Now, the banks receive for
performing this service, which the Gov
ernment itself might quite as well per-
form, large sums of money. True, the
currency is safe and uniform if issued
directly by the Government True,
the banks hold a large amount of bonds,
but would it not be better to have our
own capital free, and let the bonds 90
to Europe? Dir. j. Cookies pamphlet
does not seem to us quite conclusive as !
proof that the National banks are na-
tional blessing. The Republican party
ought at least to consider the question
whether the withdrawal Of Government
bonds from these banks would not be a
public benefit as well as a very popular
measure.
Tariffs constructed for the benefit Of
States or sections or special interests
have been tried. Every State, every in
terest wants a share. 1t ends in taxing
everybody enormously for the benefit Of
everybody else. Strange to say, that
does not produce quite the desired pros
perity, and so every body goes to Con-
gress next year and demands still higher
tariffs. The best "protection for Amer
lean industry" that we know of Just at
present is a removal of taxes from !
American industry. Internal revenue
is a more dangerous foe than the foreign |
monopolist. Let US have the domestic
taxes reduced as low as possible, and |
then tariffs even lower than the present
will be of greater benft to American
manufactures.
But the stealing of corrupt or the /
pay of unnecessary officials, tbe waste in
the departments and in Congress, the
payment of bogus claims, the outlay for
railroads that are never to be built be-
cause they are not needed, the apropria-
tiOns for objects not directly public in
their nature, are not productive expend-
itures, and ought to be stopped until the
nation gets out of financial trouble
Missouri Democrat, Oct. 29t6.