Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-08-21
MIR. Thomas, Platform.

nal yesterday rolled up it's sleeves and adj
dressed itself to the work OF deInolishing
Mr.. THOMAS financial platform. Mr..
THOMAS is business mana practical
business mana shrewd business mana
successful business man, and by business
has made money. Feeling as business he
man feels-knowing what the business in
terests of the country need-and talking
as a business man talks-Mr. THOMAS de-
clares for Bond Taxation and for Green
backs. ltft6
The Journal has been looking through
ancient and modern history, to ascertain
whether Greenbacks are wholesome cur
rency. 1t has come across some publica-
tion which it says was written by some
body in England named JOHN STUART
MILL, who puts it down as a fact, that
Greenbacks won't do. and that consequent.
ly Mr.. THOMAS Is wrong.
Had we never tried Greenbacks in this
country, some Englisher might be good
authority against Mr.. THOMAS; but it hap
pens that we tried them, and it is
known in this country, If it is not known
in England, that when Greenbacks were
abundant, while. the war was going on,
business was prosperous. Tunes were alto
gether different here in Columbus from
what they are now. a.'2 2a'.essz
The Journal is concerned to know where
the Greenbacks are to come from, if Mr..
Thomas policy prevails. It asks:
Where are the greenbacks to come
from At the present rate of taxation, the
| N<,vyn ,or,f xx,sl "a
which TO pay 5-20s, either in gold or green
back !" a..g 50 ..fsHl~isk ls
notwithstanding the present exorbitant
taxation, the Government is hard up. 1t
has not sufficient means in Gold and Green
backs to pay its way, let alone pay any
portion of the existing debt. Taxation
now is as heavy as the people can bear it.
Something. evidently, must be done to work
a change in this condition of affairs. The
Journal is an advocate of an immediate re-
turn to specie payments, and yet it admits
that there can not be scraped together. by
the present drag net of taxation, enough
Gold and iGreenbacks to pay off any of
our outstanding $40 Bonds.
Why is business dull and why is money
scarce in the West? II afagtl = ifs7 ssgs
The most of the Government Bonds,
representing capital to the amount of
twenty thousand millions of dollars, are
held in the East, and they are exempt from
taxation. The money thus invested draws
bigger and surer interest than capital in
vested in almost anything else. 1t does
not give activity to industry or enterprise
But how does the circumstance that the
most of these Bonds are held In the East
affect the people in the West? The money
gathered from the Western people in the
various forms of taxation-direet and indi-
rect-by the Federal Government, is used
to pay the interest on these Bonds held in
the East, and to pay the running expenses
of the Government, and the extraordin-
ary sum expended for this purpose
Is spent almost entirely in the East. So,
the drain upon the West is continual for
these purposes; and just so long as this
Public Debt is continued in the form of
Public Bonds, and they are held in the
East, as they undoubtedly will be for the
most part, this drain will keep the nose of
the West to the grindstone. Pay off these
Bonds with Greenbacks-make out OF the
Public Debt a circulating medium, and the
West will be relieved of the necessity of
paying to the East the immense tribute
now paid to it. Even in the East, activity
will thereby be given to business and en-
terprise. It will make it easier for the la
boring, business and industrial classes to
get along throughout the whole country,
and especially in the West. If the Bonds,
paying gold interest, are a safe in
yes estment-made SO because the interest is
drawn from the industry and labor of the
country, and because the expectation is
entertained that the principal will be paid
from the same sources, undoubtedly those
Bonds converted into currency with not
too great rapidity, and paying no interest,
will be valuable. They will not be looked
upon and treated as worthless lampblack
and paper. The reason that the Confeder-
ate notes became worthless was because
the Confederacy proved q failure. Had it
instead been a success, those Confederate
notes would not have become the valueless |
things they are. 1t was because no pro-
vision wasmade by taxation for the pay
ment of the Continental currency that it |
became worthless. OF course, if the $40
Bonds were all put into Greenbacks, and
the entire system of Federal taxation done
away with, and merely sufficient money
raised from something like revenue tariff
to defray the ordinary expenses of the Gov
ernment, these Greenbacks would de-
preciate = until they would become
OF little value. Such, however, issnot con-
templated by Mr.. THOMAS and the Demo-
cratic party. In throwing these Bonds
into Greenbacks, they will, thereby, in this |
one item, largely cut down the expend1-
lures of the Government. Then by cut.
ting the army and navy down to an actual
pc zee footing. there will be another cutting
down Of expenses. By dispensing with
the Freedmen's Bureau another big sum in |
the item of expense will be saved, and by !
the handing over Of the South to the rule
OF White men, that country will speedily |
be put in q condition to help pay the ex-
penses of the Government, instead of be-
ing heavy tax upon it, as it now is. By
this curtailment of needless expense, the |
taxes can be made sensibly lighter and yet |
enough be raised from taxation to pay all |
the expenses of the Government and to
absorb such sum of Greenbacks each year
to make it better currency even than it |
was during the War. /
Kentucky Election - Enormous
Majority.
The Louisville Democrat has retu, ms of the |
late election from one hundrad .nd tar
counties, leaving but two counties to hear
from. The Democratic majority for Gov
ernor is eighty-eight thousand seven hum