Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1868-02-13

fayors the taxation of bonds by Con-
gress, under the powers of the general
government. but rejects the idea that
the States can tax them. In proposing
the gradual payment of the bonds, in
lawful money, the speaker by NO means
intends wholesale issue of greenbacks,
as advocated by the Pendleton Demo-
cracy. AS to that Mr.. Wilson says:
''But another theory has been pre-
sented to the country which; monstrous
as it, has found many advocates. 1t
proposes to issue greenbacks in
amounts sufficient to pay off the whole
of the five-twenty bonds as fast as they
reach that period when they are at the
option of the Government. This theo-
ry, if carried out, would give us Just
now to our already large volume of
currency an addition of greenbacks
amounting to about five hundred and
fifteen million dollars, and at no distant
day would give us an addition of more
than one thousand six hundred million
dollars, making our circulation of
greenbacks alone more than two thou
sand million dollars; and the plan, l
believe, goes still further, and proposes
to substitute greenbacks for the $780,
0O0,OO of national bank notes now in
circulation, making the whole volume
more than twenty three hundred mil
lion dollars, which Judging from the
gold value of the $500, 900, coo of pa
per money now in circulation would
be worthless than twenty, possibly,
less than ten cents to the dollar,
the result of which would be not only
to dishonor and disgrace the Republic
but to ruin the bondholders, whom they
represent as being "clothed in purple
and fine linen, faring sumptuously eve
ry day." all at the expense of and
from the toll and sweat of the poor
mans brow, thereby traducing the
rich and endeavoring to array the
poor against them.
Next to the soldiers of the Union by
whose valor, strength, and skill the
Republic was saved, l honor the men
who in the hour of their country's need
stepped forward and furnished the
sinews of war. We could not have
survived without either one or the 9TH
er Of these classes, and | have no doubt
the Government will do justice to both.
Garry out this mammoth greenback
doctrine and instead of paying farther
less children, pensioned widows, and
manned soldiers in valuable funds, as is
now done, will pay them in depreciat-
ed and worthless currency, worth per-
haps less than ten cents on the dollar,
eight dollars of which per month will
not buy food and raiment sufficient to
keep the soul and body of the pensioner
together; and thus by turning your
manned heroes upon the world as beg
gars you will disgrace your country
forever
! If this policy is to prevail as well
might the rebellion have been success.
Ruin the finances and you ruin the
nation; by striking down her credit
you neutralize every element of pros
perity. Downright, undisguised, and
unblushing reputation would be pref
cradle. While the American people
in my judgement, are opposed to such
measures as will tend to force the coun-
try to specie basis, they are equally
opposed to an undue and prodigal is
sue of paper money"
The plan for the payment ofour debt
proposed by Mr.. Wilson, is the estab.
lishmentof a sinking fund, by means Of
which the debt can be cancelled in the
course of nineteen years, thus getting rid
of the burdens of taxation, now imposed
on our people. The only expansion
advocated by him is the issue Of $780,
600, 900 in greenbacks, as a basis fol
this fund. We give his statement o.
the plan:
In order to get the necessary amount
of money to establish an efficient sink
ing fund without borrowing | propose
that we issue S1OO,OOO,O0O of q. S
notes; that we sell at the market price
all the surplus gold that can possibly
, be spared from the Treasury, which
might amount to S50,OOO,OOO more ol
less, and that we add to it from time tc
| time any surplus we may be able tc
spare from the Treasury until the
, amount reaches another 500, 100000,
the $500, 100000 thus provided to be
applied to the redemption of an equa
amount of 6ve-twenty bonds now at the
option of the Government, the gold in.
terest on which would amount semi
annually to S6,00O,OOO.
Assuming that our national deb
bearing coin interest will in few
months, and when the outstanding
seven thirty securities shall have
been fully converted into five twenty
six per cent. bonds, will be about
two Thousand one hundred million
dollars, the annual interest on which
! will vary butlittle from S126, 600, 900
! and assuming that a tax of one pei
cent for Government purposes will
be levied on these bonds, to be de
, Quoted and with held from the pay
, ment of interest, which tax viii
amount annually to s21, 900, 900; and
assuming, also, that this tax will gc
to the sinking fund, then we will
have at the end of each six month.
an addition of Sl0,500,00O arising
from the tax, and q further sum Of
S6,000,0O0 arising from the 5000,
100000 in bonds, making together
SIG, 100000 in gold; which at pre-
MUM of thirty three per cent. and
, certainly the premium would as like