Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-06-29

terests which will hinder them from acting
together in upholding constitutional right?
Why are the Taxpayers laboring under a
debt which bears an interest of six per
cent, while other Governments can borrow
money at three per cent. and at this low
interest their bonds sell for better prices
than ours? Why is the laborer, the farmer,
the mechanic and the pensioner paid in bad
money, so that they get one-quarter less |
than they are entitled to on every paper dol
lar paid to them? Why is the bondholder |
wronged by the tainted credit of the Gov
ernment, so that he cannot sell his |
bond for as much by one-third as |
the citizen of Great Britain gets for
the bond of his Government. which bears a
lower interest; and why is his claim made
odious in the eyes of the people by the fact
that his interest is paid in specie, while |
they are compelled to take debased paper?
1t is clear to every thoughtful man that
public safety and honor will not admit of
our having two kinds of currency for any
length of time. We must have uniform
currency for all classes. There is but one
question to be settled. Shall our currency
be uniformly good or uniformly bad? Are
we to force the bond-holder- to take bad
money? Are we to have an honest stand
ard of value for all, or is industry, enter
prise and morality to be perplexed and
disordered by shifting and dishonest
standard? If it can be shown that all these
evils under which we labor, spring from a
common source, then it is clear that all
classes should join in common effort to
root out the policy which sheds such wide-
| spread curses. There are two WAYS of
making our paper money as good as
coin. One is to contract its volume
by calling in the legal, tenders. This
will make them scarce and will force a
specie standard, but it will carry
ruin and bankruptcy into every part of our
country. 1t will bear down the prices of
property and of labor. 1t is policy which
cannot be carried through, for the country
will not consent to it. There is another
way of lifting up our greenbacks to par
which will not harm any, but will help all,
which will bring back confidence, will re-
vive business and enterprise, will tighten
taxation, will give to labor honest money
and will do justice to the public creditor.
And that way is to give to all the world
full faith in The honor and wisdom OF the
American Government. Our paper money
is not its par in coin, because the national
credit is dishonored. How can the notes
of our Government which pay no interest,
be worth their face in gold or silver, when
the bonds of government which pay six
per cent. interest, are worth only eighty
cents on the dollar? You cannot make the
notes put out by banks worth more than
the bonds which secure these notes.
1t is a sad thing to say that our credit
is dishonored in the markets of the world,
but it Is true, and it must be said, if we
are to find remedy. 1t is humuliating to
find that when Great Britain boTrows a
thousand dollars for twenty years it pays
the lender but $1,700 when if we make
the same loan we have to pay $4,000 to the
lender. If we wish to help the taxpayer,
if we wish to get at the cause of debased
currency in the hands of the laborer, we
must first find out why our credit is dis
honored, for it is tainted credit that sinks
alike the value of bonds, of greenback and
bank notes. Make the credit of the United
States as good as that of Great Britain, or
of a merchant in good standing, or of a
mortgage on farm, and our troubles would
disappear. Ii we make our paper money
good by a harsh system of contraction, we
shall cripple the energies of the country,
and make bankruptcy and ruin. Ii, on the
other hand, we debase the currency by un-
wise issues, we shall equally perpleX busi-
ness and destroy sober industry and make
all prices mere matters of gambling, tricks
and chances. This will end as it did in the
!, Southern \Confederacy. At the outset
the citizens of Richmond went to mar
, ket with their money in their vest pockets
and brought back their dinners in their
! baskets, in the end they took their money
| in their baskets and took home their din
ners in their vest pockets. Make our money
good by an honest and wise course, and wnen
t this is done, it will he worth twenty-five
f per cent. more than it is now, which will
be equal to an increase of One-quarter in
! the amount of currency. Business will be
f strengthened, industry will be encouraged,
prices will be regular, and men will then
dare to 90 on with useful enterprises. We
, find right here the cause of our troubles,
t perpleXities and national disgrace. Our
credit is tainted. But for that, we could
t borrow money as Britain does at three pei
cent. and cut down taxation. But for that
? our paper money would be good, and gold
and silver would glitter in the hands of la
bor But for that fact there would be nc
question how the bonds are to be paid, and
, we never should have heard of the green
! back issue. But tor the national discredi
+ business men would not be perpleXed, anc
the disquiet and fears which now disturb
the public mind would not exist. Now i
r this dishonor cannot be helped, we mus
bear it in the best way we can, and wt
/ must get on with the sectional and socia
and political troubles growing out of it un.
, til time and events shall bring some cure
But if it can be shown to be tn,
4 work of those in power, then al
E sections, all classes, and all interests
t should unite and turn them out
S Fortunately we have official statement
h to guide us in our inquiries. We take tn,
Y showing of the very parties under i'm
t parchment to show where guilt lies. II
e show the waste of those in power, let III
e compare the cost of Government during thu
o four years of peace before 1861, and tn,
:, four years of peace following the 1st o
q July, 1865. For the fiscal year ending July
T, l, 1869, will take the estimate just mad
g by the committee of Ways and Means
9 Bear in mind that this is tine best promis
e the Republicans can make on the eve of
e Presidential election. 1t will prove to b.
: many millions short of what they will
Y spend, but we will give them the benefit o
ItI. re A ffar ,,1n n
S the war, and up to the 1st of July, 1865, th
: War Department paid $l65,000,000; whicl
n is $75 900, 900 more than was spent by tn
o same department in the four years o
: Mr.. Folks administration, and which in
e cluded the cost of the Mexican war. 1t tool
h nearly twice as much to stop war Gnde
d Republican policy as it did to carry on
II war under the Democratic management
e But will not take this $165000,000 int
e account. Let us close the war. Since j ul,
i l, 1861 about three months after the sur
e render of Lee, up to July l, 1868, the cos
= of govern ment will be By official report
is and estimates SS2O,39O,29s. Up t
oqiy Of the ISL chairman iD of ne the eS'@nI eom
e mittee of Ways and Means, it will be $197,
It 073 1856, making the cost of government
l. for four years, $1,01S 1858, ,574. This does
e not include one cent paid or to be paid fo
Z. interest or principle of the debt. The cos
j. Oh SON0rHuleub uuTluR Iuc lOuT years Ue
If fore the war Ceaving out interest on debt
d was $256 226,4l4 This shows that the Re
e publcaDs have spent in time of peace tou
is dollars where the Democrats spent one
e But the cost of government grows great
: er, and we will allow them TO spend TIVE
: dollars where the Democrats spent one
II This will make $5l2,452S2S But they
is spent $505, ,9l0,646 beyond this. What die
i they do with the money? During the fou
IS years of Mr.. Polk's term, which included
= the Mexican war, the cost of the War De
Y partment was only $50 $40 7SS 81. We fine
e that the cost of the War Department, tax