The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-11-27
che payment Of the greenbacks. what would no gain
by his plan ~
the NATIONAL BANKS.

che payment Of the sreenbacss' what woa'o no ="
THE NATIONAL BANKS.
.'As to the naiional banks, Mr.. sherman"
II am friend OF the system Banks are neSes
slty. and am utterly OppOsed to States controinS
the currency " the nation or return 20 me ou sy
tenn OF notes. worthless beyond a certain territorA
line. The national bank circulation is sale IL any.
thing SAFE Specie payment Ii here, too the greaS
point, and, this supplied, the system VIII DC neany
perfect Redemption Is the only restraint ON bank:
u IL Is compelled to redeem in gold on demand los
II Issue all the notes II wishes Undue pronts alse
VIII disappear under the necessities OF redempton
Vet 10 this and 1t VIII DO easy enough to supply Inc
south and West with currency; and In the mean
tune gross inequalities might DO corrected within the
"The Inequalities in the distribution OF this money
WAS = great cry with the democrats in the Canvass"
amused especav nx sHs segoprs ament
for the West for the want Of its share OF hank CIR
cula.on; whose fault u It 4 the West has less than
the circulation should be distributed according to
population and business resources. This was found
wanted to come into the system with
their circulation, and great pressure FOR the relax
State There was petition OF the New York bank
ers and, think. memorial from the New York As
semby and on r the motion Of senator Hsrs q
favor of existing banks mainly IN New York and
New England. Thus the inequality that Governor
Continued down from the Old state system
over which he never mourned. The act
january, 1868. The relaxation In favor OF old
banks made in June, 1894 and the first law, was re-
stored TO Its fun effect IN March lsS. Compliant az
York comes very strangely from the mouth OF one
Of her. prominent men speaking ~ volunteer
champion for the West.
THE TAXES.
'Would you make any change in regard TO taxa
ti0ns"
"Our present system is founded on the experience
OF England and France. 1t Ii good, - IL taxes
mainly laxuries and imported articles and a. q y
cheapy collected for II costs less propOrti0natey 70
gather than any State city tax or than the Gus
toms duties. An efficient tax depends on the hon
esy OF the agents. and this, hope, VIII be greater
under Grant than it has been. 1 would make taxa
ton touch exclusively, II possible, imported articles
and iuxari g. anu not inc necessaries OF ,, ~ ~
debt than reduce the taxes for the tax can be better
borne now than by and by, when they will be paid IN
gold. believe IN 80 shaping taxation that II shall
10 certain degree, protect domestic industry. Is
would be unwise to reduce the duties on imported
| however, only be used Is healthy stimulus 10
diversity the industry Of people Is great motive:
II protection creates undue composition ~ nome
| out OF yew-revenue Is what Is before US"
FUNDING THE DEBT.
'You have had some experience with funding
'Yes; the original bill 1t passed the Senate Com
mittee OF Finance was good measure. the Dill ~
it passed both houses humbug-a bridge to get
the election. The attempt to reduce nteresc 10
| four per cent in this country Will fall. A iundne
bill must have IN IL than new privilege TO tn0
! bOndnolder. we want a comprehensive measure,
providing for, FIRST funding the greenbacks; seconds
the ive-twenty bonds when the Ave years are out by
sale Of bonds bearing lower rate OF interest"
ssWould you tax the b0ndsS"
"Taxing the bonds is impossible. The courts
have settled the question against state taxation.
and common honesty Will prevent the nation ievyin4
any tax on Its own bonds, save such as IL puts ON
! other bonds, which takes the form OF an income
! tax"
| THE RAILROADS.
sTnerc ia much discussion here In the West about
peculiar topic OF the future--the removal OF tns
national capital" :.
inaccessible through the action OF tho Baltimore and
Ohio Railroad, which Ii o close monopoly. IL IS IN
convenient and sometimes dangerous 10 ees tnrre
and unless the Arrangement that enables the BaltL
more and Ohio Railroad 70 make Washington mere
suburb Of Baltimore is broken up the capit.aI
| own opinion is that Congress has power to regu.
late railroad lines above all State power. IL Y
| In the power given over commerce. Congress snan
! have power to regulate commerce with foreign ma
tons and among the several States. THIS Il an I'M
portani power Tor the railroads are to ne wonder
/ fnl element IN our DEVELOPMENT. Already the value
OF the railroads in the United states 900 600 900
sixteen hundred mllionsbut little less than the m
toaal debit and their receipts are three times tne IN
railroads transports property worth sl500ooo0o re
year. Ii 1t IS doubtful whether Congress has tn
those already built s clear. In taking hold q maj
tiers like this we must move cautiously ana WIN goo
precedent In View though the tendency o. me time
has this power there will be trouble about IL byand
by. Suppose for instance, that Ohio should DO wha
| New Jersey actually dOes-declare that only on
railroad shall cross her terrii0ryshe could dss0lv
| the Union with this power, for all communicating
between the East and the West lies her terri
tory: to tile South you must go TO Kentucky, where
there IL range OF mountains that cannot be passed
by railroad, and to the North you must go to tho
lakes and take the chances OF the water THIS Is toe
much power for any State to possess"
| UNIVERSAL SUFFRAGE.
1--WE must,n said the Senator shave universal
4 SUFFRAGE as q foundation stone over the wholG
/ country and Congress ought TO submit an amend
/ nlent to the states with that Idea"