The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-10-05

office, Il suppose there Had thus nccumu.
lated over $100 900, 00D Of gold in the Ma
tional Treasury from the tariff Now,
what Is done3 Hef sold This gold he
found on -handin tie market, aud then;
with the greenbacks he got for the gold,
he buys in $50 bonds at their market
price-about 312O for every $IOO1 Of
bonds. And this Is what has been going
on; and that is the way they are paying
off the national debt-paying 800 in adj
dition- to what Governor Morton says is
the contract. In this same speech from
which I have read, Governor, Morton
compliments the administration fol. pay
ing off the debt. $120 for every 800,
struction of the contract, and that, too,
OF gold that had accumulated when they
came into Office. And if you can see any
great credit in that, it is more than I can
comprehend. Every thousand dollar
bond that is paid off costs the Govern
ment in greenbacks about 200. Go
vernon Morton says the contract was
81, 900 in greenbacks for 81 900 in $40
bonds. Now, what do you think of it?
Are you going to offer up praise to the
administration for that? To pay off the
national debt in that way will cost the
people of this country nearly $400, ,O00,-
900 more than Governor Morton said in
the Senate was the contract between the
bond-holders and the Government. Do
you want to know how think the excess
of gold in the Treasury ought to be
avoided? This thing of collecting gold
and sending it over to Wall street, in
New York, to be sold in brokers' room,
is corrupt thing, in which the Govern
ment ought to have no lot or part It is
offensive to your conscience and taste. I
know it must be 80. How is it to be re-
medied? Bring the law down SO there
will be no more collected off of the peo-
administered, shall require. That doc
trine is not new. Andrew jackson de-
clared that the Government ought not to
collect more money than is sufficient to
support it economically.
SIN the speech to which have referred.
Gov. Morton makes defence of the no
tional banking system, and as that was
the speech which opened the campaign,
it is to be regarded as declaring the views
of the party in this State. Gan you see
any advantage to the people in the ma
tional banking system? Gov. Morton
says Democrats want to break down the
present system and re-establish the State
banking system. He says that without
finding it in the platform, or declared by
any of the candidates, so far as know.
The Democrats say this: That if the
Government of the United States must
furnish a currency, why not issue
it directly from the Treasury, like she
did during the war, instead of interpos-
ing banking system between her and
tho people? It is done in this way: If
man wants to establish national bank,
he goes to Washington and deposits an
amount of bonds, and then strikes off as
many bank bills as that deposit will al
low, and brings those bank bills out and
clrculates them as money, the bonds of
the United States standing as security
the Government is security for the banks.
Now, if the Government is to be security
for the. banks, why not allow Govern
ment to issue Treasury notes at once?
The Treasury notes are as good credit in
the pockets of the people, or are as safe
money in the pockets of the people, as
the bank notes are, when they rest for
security on the bonds of the Govern
ment. What would be the effect of that,
gentlemen? The Government of the
United States is to-day paying interest
on above $500. 100000 of her bonds,
which arc deposited as security for these
bank bills. If that system be abandoned,
and the direct Treasury note system
adopted, you will save by lifting these
bonds and dischnrging them, the interest
that is paid upon these bonds, as declar-
ed in the platform of tho Ohio Demo
cracy. I nm not going to discuss the
question of taxation of banks in Ohio.
1t would make no difference if the banks
transacted and carried on their business
by Treasury notes direct, instead of
these bank notes that are secured by
bonds. In that event, they would pay,
no doubt, as much tax. The national
banks may suit, if you please, but let
them not deal in paper secured by the
Government bonds, but in paper issued
by the Government direct. Let them
become banks of deposit and banks of
exchange, instead of banks Of issue, and
they would pay as much interest into
the national and State treasures as the
present system provides for, and at the
same time save large amount of inuc-
rest paid out. The people of this coun-
try are oppressed by the mode to which