The Conservative. (M'connelsville, Ohio) 1866-1871, 1869-10-01
TEEE ADMINISTRATION AND
HTS FINANCIAL POLICY.
[From the Gin. ENQUIRER. |

a friend OF ours was on Saturday |
informed by q wholesale grocery
merchant IN this city, who has al
waya been n Republican, thatlt was
his intention TO vote the Democrat
ic ticket at the coming election
The reason assigned was the mis-
cradle financial policy Of the Ad- |
ministration. "For instance" ," says |
the merchant, II bad some duues
tu pay on imported goods just at
the time when gold was at its high
est point. The difference between
il then and what it was on Satur4
day amounted, on the goods on
which l paid duties, to $4,000
Now, my nolghbor can propably
buy at the present figure, and have
u very considerable advantage over
mo-" Who can do business under
those circumstances The Gov
ernment collects siS5,000,000 in
gold from customs. The only use
il has for gold is TO pay tho inter
est on the National debt, which is
S120,000Q00. 1t therefore boards
every year about s65, 100000. ln
point of fact it has carried, and is
carrying, about s100,000,000 The
immense amount, locked up in the
Government vaults, or only taken
out in dribblets TO influence the
market Mt particular times, has two
effects 1t, in the first place, en-.
hances the general demand for the
article, and, in the Eoxt place,
makes its value ficlIle and capri-
ciOus, depending on the contingen-
cy Of Governmental interference.
Herein is fruitful source Of corrup-
ton. The Secretary Of tho Treasu-
ry, with hrs friends, who are Sc
cretly connected with him in srec-
ulativo transactions, by their abill-
ty TO control tho market, are ona-
bled to advance 1t CT forces decline
NJ their pleasure, thereby making
large fortunes out Of the distrosses
OF legitimate trade. Tho Govern
ment should have no more gold
than Is required for tho interest On
tho deb., or, if it does collect more,
1T should not hoard 1t, Then the
market will obey tho natural laws
+ of trade, and not be subject 10 this
one-man power. 1t is well known
that the parties in Now York who
made immense sums IN the late
gambling transactions wcro in the
intimate confidence of Boutwell,, tho
Secretary Of the Treasury,
But this is not tho only funda-
mental financial blundor Of the Adj
ministrGtiou. It's insane detcrmln.
alton to pay the principal OF the
bonds IN gold is calculated 10 stim-
+ ulate the demand for them in Eu-
rope, and the result will be that, in
a few years, the most Of them will
be held on that Continent. There
are probably 81 600, ,0OO,O 600 ofthom
thoro now, upon which we are sub
jcctcd to an annual drain IN intor.
est of s60,000,000. This, of itself
is frightiul financial fact. 1t is
S20,000,000 moro than we derive
from the mines IN California.
No nation ever before, by paying
double the rates of interest givcr
by any other Government, offered
, un immense premium to have rs
debt held beyond it's own domin,
ion. The debt Of England and oI
France is owned ut home, by THEN
own people, and il spent among
thom. A large part Of ours, on the
contrary, goes TO enrich foreigners
; who never visit ouY shores. These
, points, taken in connection with the
3 steady curtaiIment of the circula'
I ting medium, have q tendency t
tighten the money market and t
!. make business dull and precarious
There must be a financial reform
or boggary and ruin Will overtak,
the country. The tariff must br
;, greatly reduced, the boarding o
gold stopped, the bonds paid II
greenbacks, fresh issue of green
n backs made, and their purchase II
Europe must be discouraged by
tax, say, Of thIrty-tbroe per cent
T. upon the interest derived iron
Q them. At present thero is an in
g ducemont held out TO tho ricl
bondholders IN the United State
so lcoep their bonds in Europe, b,
y some agency, undor other names
fl and by this avoid even the fivo pc
g cent. income tax, which is now tn
n only tax imposed upon them. Al
other property pays tax ofnt leas
< two per cent, and bonds should no
y be an exception, but it should bo o.
+ the interest, aud 80 reach the for
If oign holder,
su-ss-ls1l.lEs.fsslsaa
u asa- The Prohi .itionists Of Ohio hav