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

that all new bonds should be taxed; but
right in the face of this resolution,
few months afterwards, their members
of Congress voted to issue $4,000, 900
of new bonds, and by express terms ex-
empted them from taxation. Judge Wi
mans says Congress may tax, them if
it chooses; but am not prepared at this
time to say (however equal and just in
itself considered) that would be willing
to adopt the Democratic rule, and i'm
pose upon such property the additional
burdens Of national taxation, but
will hold the matter under advisement,
and myself open to conviction:"a From
these facts 1 am fully warranted in say
ing neither Judge Winans nor his party
are in favor of taxing government secu-
rites. Indeed, during the last session,
Congress directly refused to impose a
tax, although a bill was introduced to
that effect by some Western member
who wanted to be returned to Congress.
81 The next doctrine of the Democratic
party is that the 5:2O bonds shall be
paid off in legal tender notes, which is
in direct conformity with the contract as
it appears on its face. s1 H9u saT 7.a..i
The Republican party, by its action
in Congress, and by its papers and
stumpers, refuse to comply with the
terms of the contract in this respect,
but insist on giving to the bondholders
gold for their bonds, and denounce me
as a q" greenback, Pendletonian repudia-
tor" because / have sworn / will not
vote to pay them in anything better
than greenbacks. Judge Winans says
/" that the present issue of greenbacks
should be brought up to the value of
gold, that we may have. but one, and
that a good currency. And the
credit of the Government being es-
tablished and confded in, I con-
cur a0ith tie Republican party. and plat
form, that the funded debt (5-20 bonds)
Should be refunded" 1t is therefore evil
dent Judge Winans is against paying
these bonds in greenbacks, although he
says "they may be SO paid according to
the letter and spirit of the law" Now,
having defined the position of the two
parties upon these questions, as well as
the opposing candidates for Congress,
let us next inquire what will be the eff
feet of the adoption by the people and
government of these doctrines, and learn
therefrom which commends itself to our
Judgment, as the one best calculated to
relieve us from the burden of the debt.
The Republican plan, which Judge
Winans approves, is to refund the $40
bonds by issuing new series, having
forty years to run, principal and interest
payable,in gold, with four and one-half
per cent. interest. To meet the interest
on this series, and the other series to
which have referred, will require $780,
100000 in gold, annually-eeual to
SAG, 100000 in lawful money. Senator
Sherman confirmed this statement at
Hillsboro, by saying that after the fund
ing bill shall have become law, which
it is as sure to become as Grant will be
elected President, the interest on. the
public debt can be paid with $10O,000,-
600 in gold. And if you sum up the ini
terest on the bonds as they propose, you
will find that it can't be met with less
than 500, 100000 and for convenience Of
round numbers call it 100000, ,o0osin
coin.t o;-s .5s... ...fr.ro.f...I, ..t,,-I
If the Republican party is reelected
these $40 bonds will be refunded in gold
bonds, free from taxes, having 40 years
to run, and it will require 6,000,oOG
of currency value to meet the interest
every year; and during the 40 years
0O,OOO,OoO il gold must be paid land
still not one cent of the principal will be
paid-but the debt will be just as large
then as now. ".n TOD
The Democratic plan is somewhat, diff
ferent from this; and when the immense
difference in the results is ascertained
you will wonder how it can be possible
for any man but a bondholder to sustain
the Republican plan tsiro-,IGJ
OF the 5 20 bonds, over three hundred
and fifty millions are held by the Ma
tional Banks; and upon the, pledge o.
which the Government has given tc
these banks for circulation about three
hundred millions of National Bank
notes. The banks draw interest on the
bonds, and loan out their notes, and
make another interest !; thus realizing
by law about Is per. cent. interest
while you can realize but per cent
Now, upon these bonds held by the
banks, we pay over $26,000,000 each
year in interest. Now we propose to
issue $35O,OOo,OOO of new greenbacks,
with which we will pay off these. $780,.
100000 of bonds, call in the National
Bank notes, put greenbacks in then
place, and by this operation save to the
people this $2S,000,O00 year. a
But somebody will ask what will we
do for banks? We must have banks
and we can not have any that are bet
ter than the national banks. I do moi
expect to have better banks than the Ma
tional banks. They are the bestwe have
ever had; but when they are gone we
shall have just as good as they are, but
these latter will have to use greenbacks
as circulation; and what is better, they
will have to bank on their own money
which will cost the people nothing
instead of as now banking on your money
and mine. 4- ~. Fl le< al T.. ~. 80
Well, by this operation, we get rid o.
$3.50, 100000 of our bonds bearing inter
est, and still no initiation of currency,
But we propose to get rid of $200,000,
900 more of these bonds by issuing thai
amount of greenbacks, so as to bring the
volume of currency to where it was III
1865. 1t will be imitation over the pres
ent amount of currency, but no initiation
over the amount of 1865. Gold was then
1.30, it is now LAG; and this is a full
and complete answer to all the hue and
cry against more money. ~ -.s..-
The cry of too much money is merely
a device OF the bondholder or. the money
lender. No man in this country has ever
yet seen money too plenty, and is not like
| ly to. We have never had as much as