Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-09-10
COLUMBUS. O., THURSDAY MORNING. SEPTEMBER TO- 1865

nue. purposes, but to give one class OF
capitalists monopoly of the market, or,
at least to enhance the price of everything
they make, and thus burden the consumers,
1t becomes seriously oppressive. 1t is tax
that benefits no one but the fav red capital
ists It does not ebenefit the Government,
for greater revenue would be pro-
duced by lower tax. When tariff is
exorbitant, importations fall off, the reve-
nue. fails and the Government loses. But
the favored monopolist, having the market
substantially to himself. adds to the price
Of his commodities, and the consumers suf-
fer. Whether they buy imported or do
mestic goods,in the price they pay for them
IT the goods be imported, the importer
pays the tax, and adds iJ, with per cent.
of interest on the profit to the price when
he sells to the retail merchant, and the lat
teradds to that his per cent. of interest OF
profit when he sells to the consumer who
is the man that in the end pays the tax and
the profits or interest thereon. IF the goods
be not, imported, yetthe domestic manufac-1
turer raises the price of his goods to that
OF the importations, and so the consumer
pays the amount OF the tax, while the
Government gets not one cent of it. Now,
that is precisely what is going on every
day. There is not an article you wear, the
price of which is not enhanced by the enor-
nous tariff duties levied by our Govern
ment. But who is benefited by this p
Not you, the consumers, certainly, for it is
you who pay the tax and get nothing in
return. The persons who are benefited
are the great capitalists of the Eastern
States, who own the great manufacto-.
ries which arc mostly situated there. With
in the last seven years, the profits of many
of these manufacturing establishments, ac-
cording to published, and / believe, au-
thentic statements, have ranged from
twenty-five to over one hundred per
cent. per annum. The greater part
of this enormous profit, amounting to hum
from the pockets OF the people of the West
in the enhanced prices they paid for their
goods. and was just so much money taken
from them by the tariff laws and given
to the manufacturers of the East. APP
piause.l ~
.-.-- THE NATIONAL DEBT. -.,...-
On the 1st day OF last November the Ma
tional debt, according to the report of the
Secretary ofthe Treasury, was over S2600,-
000,000 to state it precisely, S2625, 5O2,-
S4S OF. 1t is more now. And this leads me to
observe that you must suffer yourselves to
be deceived by the statements often pub
lishec, in which the cash and currency in
the Treasury are deducted from the
amount OF the debt, and the remainder on
/ ly calleu Tie ueOC. fOr no maLCer WndG may
be the amount of such cash and currency,
the Government derives no interest from
it, and it does not diminish the interest
that you have to pay upon the debt For
instsnc L see statement going the rounds
OF the newspapers that the debt on the 31st
of last July was $2,523 534, ,4S0 81. But
that is only the remainder after 6educting
the cash and currency in the Treasury. The
true amount of the debt is greater than
itwas on the 1st day of November last. On
the 1st of June last it was over .wenty-siX
hundred and forty-three millions, and it
has been increasing ever since. sr -
On twenty-five hundred millions, and
upwards, of this debt, interest is paid, at
different rates; on the greater part the in
terest being at the rate of six per cent. per
annum, payable semi-annually in gold.
On the 1st of last November, the six per
cent. bonds, on which gold interest was
payable, amounted, according to the report
of the Secretary of the Treasury, to 1885,
265.641-and that amount has since been in
creased by conversion of securities, on
which greenbaek interest was payable, into
] five-twenty bonds on which gold interest is
7 payable.
On the same 1st of November, according
to the same report the five per cent. bonds,
on which gold interest is payable, amount
ed to $l9S, ,S45 800. The gold interest pay
able on these two classes of bonds amount
ed then to $103, ,91S, 2O1-and, for the reasons
stated, the amount is greater now. These
$l03,000,000 and upward in gold, are equiv
alent, at the present price of gold, to over
$150,000,000 in greenbaeks or bank-notes.
Then there were, on the same 1st OF No.
vember, according to the same report, near
ly $427, 900 OOO-to be exact, 1926, 76S 64O--
of Indebtedness bearing currency interest.
at various rates, amounting to $29, 500, ,2l6
per annum, making the entire interest,
when reduced to currency. over $l79OOO.-
600 per annum. Now nv purpose is to
show YOU where these Si79OOO.OOO go
They are drawn every year from the pock-
cts of the whole people, Ohio paving not
less than $l5,000,000 OF them. Where do
they go? To ascertain this, we must find
out where the bonds, &C., upon which this
interest is paid, are held. These amount,
as we have seen, to over S22 600, 600, namely:
Six per cent. gold interest bonds. .5ss es5 s41
Five per cent. gold interest bonds... 1888 s45 $50
currency interest bonds, &c.......... 1884, $40
Tota, Novembsr 1867 ge 40 1eI go e9I
Which has been Increased since to
over 81 200 600 900
Of these TWENTY-FIVE hundred millions.
the amount deposited by Southern and
Western banks with the Treasurer of the
limited STATES 40 secnritv for the;r banL
circulation. amount. ACCORDING to the re-
port of the Controller of the currencv. in
November last, to fraction over seventy
five millions -fs75 5ee 600S Now. r vegv
much doubt whether the other bonds. held
by Southern and Western institutions and
ipeonle. exceed the amount thus on denosit
and. if thew lo-not. then the whole amount
of bonds owned bv the neonle of tbe Sonth
and West does not exceed s Sl5l 600 600. Rnt
let Ms supnose il to he double that amonnt
saw $500 600 GOO, which is a higher estimate
than I have anv where seen. and mnch too
high In INV oninion and yva And that the
neople of the south and west hold NOT onite
onelseventh of the bonds and the resiSne
anon, tho to nineteen hundred miIlions
q 70 held in the Eastern States and in En-
rome The Consequence is that sN.saXanthc Use,
of tbe interest naid bv the neonie on these
bonds onos es' ~ ''e vi SneeS