Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-10-24
brought not only poverty, but confusion

and discomfort.
True estatesmanship would have stretched
out helping hand; but what was the first
act or the men in power? 1t was to put a
monstrous export tax of six cents on a
pound upon the cotton raised by the labor
OF the negro upon the plantation of the
WHIT, struggling with the evils OF poverty.
with the difficulties of their new positions
and relationships. The first feeble efforts
OF their people TO gain the m"an- of liveli-
hood were blasted by AN un wise.seliiSh and
vindictive act. | say unwise. because it
has had much to do with the falur of the
Ii publicans to restore ordrr at the South.
lhe negro, txisperated by the failure OF
MS rum q employer, became hostile to him;
the employer,losing the little credit that he
ha y before in the NDrah. renewed his
Efforts under still greater hiflicu,tirs than
before. | say it was selfish act, because it |
was done in the interest of the Eastern |
manufacturer, already wealthy from the |
fruits OF the wGf. .tiL
Protected by the enormous tariff. this tax
of six cents a pound upon all cotton tX-
ported, was imply imposed so that h"
might buy it for Il price six cents less than
i5 Was worth in the markets ot the world.
| say it was vindfcEive act for il on will
read the q, bates in Congress wh'n this tax
was levied, to cover the selfish interests
that prompted it, you will find that ir was
urged upon meM6ers irJm the Wrstern
) atrs who votel ar ii:s5 the interests OF
| Their constituents. upon the ground that it
was e. BE- Imposed upon the south as a
| penalty, and thus we find the black and
| tlIe white man ut tha ) luth Were alike
stripped OF the IN irSet value OF tn lr staple
pro !uct, Il d / ,:Ircu.n Stances of snch great
| d lfitulty that thy were hindered and not
he ped on the roa TO prosperity by men
in power. Appiaus' j
L might 20 an and snow how, IN addl,
ti)n TO this wrong. they were trampled
upon by military tl,.spotism; how they were
| placed under the unrestraihed power uf
vagrant men. who gained wealth and Oil
cill positions BY miuisiering 10 the a>slonS
If the public and Kecping alive disorder.
These men, VINO now, in the Senate OF the
United States. without constituents, vote
down the Senators of New York, Pennsyl-
Ivanil, Ohio, Illinois and Indiana, gained
their power over the South and over u
because they ministered to passion in the
North and stirr' up disorder in the South.
No .fair-mi1ded, thoughtful Republican
will calmly sit down and look over this ac-
ton, and not feel that the policy of his
patty has been unwise and huriful.
During the progress of the war another
NATIONAL dithulty greW-up, which rXcited
alarm in the minis of tholgh5ful men. 1t
was found, as our debt rolled up its great
volume, that the Government bonds were
/ taken in the Northern Atlantic States, and
our UHinn was thus dissolved into debtor
f or creditor States, This is a parilons ri a
tionship. It could not well be avoided.
but the evil might have been mitiz gated II
there h al been wise and economical Ad
miniStration, which shoul have k p5dowh
tile volume OF i'll teb iness-
BIT the men in power saw fiji to do an
other thing. They drove out of EXISTENCE
: by heavy ulXation, the currency OF all Stat
banks. They. then grasped the eXclusiv
power Of issuing pap"r money; they gav
tD the holders of @ vernment bonds IT,
, privilege of Issuing bank bills under wha
! is known as a naiional banking system
This was privilege of enurmOus value.
will not stop now To di>cuss the wisdom
that system. As Governor of this State
vetoed law authorizing our banks tu 10
gauiza und"r that system. berauS'' saw II
! ia blck as 1868 thar it imprrird the futu
harmony OF our Uninn. Th,' p Iin5
with | wish to C Ill your attention Is til
ulwiSe AMI uni isJ mtnner- in which th
. gr at privilege Was distributed. Wise M
|. would look to see h NV i5 could be given ou
/; -, as to mini ter 10 the general pro-perit
of our county. but, regardless OF all this,
t great monopoly was given to the first com
e RS. They were mainly from the l | an
2 ri n States. which had been enabled TO TAX
up the G )vernment bonds.
Thu, not OILY onr debt. hut our curren
cy, was sertionaIiZ d. While the State O
J Massachusetts,, with about LOO 900 inhab
, itants, has about $4,000 000 of this cur
: rency. the ate of Illinois, with ab'n
twice thai population, ha, less than $40
8 0J0 600. In the State OF Rhode Island t1c,
u nave about forty dollars to each inhabitan
Il white in Illinois, Michigan, w iSron,in an
q other Northern States, they have ohl
= about eight dollars. If so much cnrrenc
II Is good for Massachusetts, why is it not
: good thing out West. tCnerrS J.
IL But the Injustice of this distribution wa
= the least OF the evils which grew out c
this lack of foresight aud siatPsmaushiL
d II is no answer TO say in justification O
Y this inequality that the Wes5 had as goo
y chance To get this privilege tir>t as til
c other States. 1t was not matter TO b
e left to chAnc The Western States wer
d not then in a condition to secure this cpI
is rency for the very reason that they mo-
e needed it. If the rule 0i proportion WI
: 10 be disregartled, it should have been don
Y in favor of the very States that now hav
81 the smallest share. l6 WAS the duly =
It wise craftsmanship TO see that the cur
: rrn"y was given where iJ would be 4
G the greatest service to the public.
It may he asked il the West was uu
: able t. take b 'nds, how would the
n avail themselves ni taiS privil 'g@? Ii tt,
l. aft'on hal been reversed. and fl ty milli II
II hid be given 10 the State of llinniS, an
y nine millions bad betn Civ, n to III Stat
e OF Massachusetts,, which would lie mu!'!
3 more fair than the present distribution. III
a d 'ople of Illinois could not have establish
n ID these banks, but the capitalists Of Nv
:. EngaDl and New York woulI gladly hlv
established banks in these States Tor tii
d sake of the advantages z lined Now, thi
Il would not only have bee more fair. rs an
{ Que sees but it would nave avui,It Il Il gre
II evil 10 which [ will cali your attention
j Aud in consds ring this will not 20 81 f.
l rs to sly that aay State Sluull have | =
d tH,in its fluA hIr, The np1plf, of III
Il North rn Atlantic Sates, who hnl
y about Two thr.iS OF all the currency
o do not need this amount for thel
t business purposes. Their modes q
>. conducting business do not rtquire thi
D form OF credit. Formerly the banks u
t the city nt New York did not deemit Wortl
while to issue notes Tor circulation. w
r now see that at certain seasons of the yea
Q they send currency to the West to brin.
: tor ward the craps. When i5 is not Iee l.,
: Tor these purposr it isaceu nuiated IN vas
u SunS in the ellis of New York, B 'Stoi
:. and Pnilade'phil, where, "a it is i'ot wan'et
= for regular business purposes, &c is used T.
s promote unhealthy and demoraliztng spec
: ulaIiuns. If we turn our, attention TO -th
q great agricultural States OF the West, w
Il find that they need currency in their busi
: ness. transactions, and that they Suft ar 2rea
Il evils and losses from want OF it. What i
a now going on over all of tn .se great re
+ 1t 10 iOi IhO "C''diC "
our country aud tor the health and comf,r
q ofour people that the wheat, coru, beef aat
!, pork OF the West should be sent to market
4 not only to feed cur own people, but by it
d sale in foreign lands to pay the interests Ol
| onr debts and the articles we purciias
: abroad. .Er..#.g ,.-..
d This is the first great financial necesSit.
r of our country. To do this the best com
>, merciai paper is that which is made 70
# this object. 1t is payaOle at the cummpr
= cial centers, at short ;!ate. 1t has not oull
t an acceptance at the East, but is tortitiet
d by bill of sale of the very prospert!
: which is bought by its proceeds. Why i