Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1868-05-07

YOU Will SCI the National. Banks have
Sa31> 600 600 of the bonds 81 the United
States deposited n the Treasury : seeu-
rity for their circulation You KNOW how
these National Banks are established y
man buys the bonds of the Government
O; the United States, aud deposits them
IN Washington and receives the interest
Oh them yesr ~ year Al SIX per cent IN
gold. lie receives ninety Per cent. Of
bank paper he brings them home here
TO Your own city. establishes a bank, Is
sues not :. and derives the interest q SIX,
o. ten, or tgcntv per cent, As the case
may be. wheu yen borrow them Three
hundred aud tLirjy-ei.ht millions Of
these bonds are, by the report Of the
Secretary of,Lc Treasury, del o,itel today
Is security in the vaults Of the Treasury
| Three hundred millions of bank paper
are issued on the faith of these bonds s.
Now, gentleman, | maintain that this
circulation ought to be called IN: that
$500, 600 .uuu OF these bonds ought TO te
redeemed with legal-,cnder, which wall
take the place of that bank circulation
What would be the effect OF this lie
ST. ,0n0, 900 Of interest bearing bonds
would be reduced Sl4 zoe, 900, and SIS
600 600 in gold would be saved 10 the
Government from the interest which Is
paid to the bankers for the bonds which
they have deposited. Now, then, sup
pose You take these SIS 900 GOO otlnter-
est which is saved, and add it to the
rs 0GNA000 which these gentlemen say
they can pay from the current revenue,
and YOU have 500, 900. 900 IN gold year
by year, and If you convert that sum into
greenbacks, no, you have nlnety-two
millions. of dollars a year, ant ii this is
appropriated as sinking fund, you can
pay of the whole debt i'll less than thlr-
teen years, without adding one dollar t.
Your taxation, or one dollar to the circu
Iatihg medium. Applause. Bear IN
mind that | am trying to convince YOU
that these bonds can be pad in green
backs without initiating the currency
Bear in mind this can be accomplished Ill
twelve or fourteen years, without the ad-
dition of one dollar to your taxation, or
one dollar to your circulating meilum.-
And now ear i'll mind, also, that | nave
not touched the revenues of the Govern
ment, which in 1oGG, amounted to five
hundred and sixty millions OF dollars, nor
have attacked the expenditures OF that
wear of Radical administration. But now
set the radical reformcr to work. Let
him cut Oft every cXtravagance-lop OH
every unnecessary expenditure. Let hum
reduce the current expenses OF the Gov
crnment to Sl90, 900, 600 year, mean
expenses independent of the interest on
the public debt-though 1t ought to be
reduced to 500 GOO 600 that would be
twenty five millions more than Mr.. Buch-
anan expended ;-that would be as much
in one year as Andrew jackson expended
In any of the four years of his admlnlstra-
ton But let the expenditure be rcdu-
ced to $50, 600, 900, and wha- do you
h We SlJ0 900, coo, for current expcn-
ses, S130, 600 600 for interest upon the
public debt, ana So 600, 900 for sink
ing fund, as have described CONSTITUTE
ing an aggregate Of So, coo 600, and
if YOU take that from the revenue OF lo06,
which amounted to $500 GOO, 600, you
have balance Of SloS, coo, oOo, whicA
YOU may add to your sinking fund, and
thus bring It up to $3.50 100000 annu-
ally. And with that you can in five years
pay every cent OF the principal and IN
tercst upon your public debt, without the
addition OF dollar to the circulating me-
dunn of the country. (ApflaLss.) As
the debt is diminished, the interest will
be diminished also, and the sinking fund
proportionutcly increased. When five
years shall have passed, you can reduce
S15O, 600, coo Of your taxation, and yet
be able To pay the S200, GOO, 900 which
falls due in 1874 Then YOU can reduce
your taxation $500, GOO, eco more and
by recalling your grccnbacks as the great
burden Of taxation is. reduced, YOU Viii be
spie to pay the debt maturing iii 1881,
and at the same time to return to the con-
stitutional currency OF the country. And
vet, you see that have Not proposed to
increase the taxes, OF add one tarthing to
the currency.