The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1870-07-07

WHOLE No. 97..ss'e
posted by the banks as security, fc

posted by the banks as. security dol
their circulation. n,t&I4 *g,a *,5o}yf
y For moment, sir, let us contrast
the scheme of the committee with the
substitute l have had the honor to
submit. The committee propose to
increse the bonded debt Sl14,Q00,Q 900,
thereby adding to the interest, of the
Federal debt nearly seven million
dollars. The substitute proposes to
reduce the bonded debt S342, 100000,
by paying off that amount at par in
Treasury notes, and thereby save more
than twenty million dollars annually
by way of interest; and also the fur
ther sum of $4l, ,040, 900, by preventing
Secretary Boutwell, paying to the bond
holder twelve dollars on the hundred
more than their legal value. The
scheme of the committee would cost
the Government over ninety four mil
lion dollars to put in operation, while
the plan of the substitute would
scarcely cost dollar. .,...... a..
The bill proposes to tie the hands
of Congress, and not only to- exemp
the STA, 100000 ofabonds fromiState
and local @ taXation3 but it Gprohihits
Congress. from taxing. these bonds
thereby increasing the burden. of tax
alton imposed on the people. On the
other hand, the substitute, .byypay-
nient Of S342, 100000 of bonds . forces
that am cunt of capital into trade, and
brings that additional am bunt of prop,
erty on the tax list, and to that extent
relieves the people. nI sstgnIis9 9nj
. The bill proposes that these new
banksshalE keep'a a aspecie reserve Of
one dollar of every four dollars o!
circulation and.as the paper of the
new banks would be at once "gob.
bled up" by the old Ones the specie
would be drawn from the new banks
as rapidly as it was deposited, and a
collapse, would be the result. On The
contrary, the substitute proposes to
redeem the Treasury notes in specie
when the debt is paid of, and n@ less
amountIof money,is required.wsT
The Secretary of the Treasury and
other finapciers, who aid in trimming g'
the Government fol. the beiieft of the
bondholdeFs, talk of a specie basis OF
making tbel paper currency equal to
gold, as if such a thing were possible
while we have law, on, our statute
book declaring that paper money shah
not be equal to, specie, that, paper
money shall not answer the purposes
of money in the payment, of, customs
dues. Sir, this talk of returning to a
specie basis while this debt, hangs
over, US is mere cheat, set, afoats for
the express purpose of deceiyings the
people. Suppose that sufficient gold
were in the country, to, make q one
fourth reserve for all the, banks, how
long would the gold remain in their
vaults while the balance Of trade is
against us? While we have. this fear
full debt hanging over, rlss, while. our
people pay more taxes than any other
people, we must lhaYel a currency of
corresponding amount, aud an, in
crease of prices would be the natural
result. If we had specie payments
under that state of things the foreign
er would sell us his goods for paper at
paper prices, and an hour ,afterWard
draw the gold from the bank and ship
it home, or sell # at an enormous dis
count. The drawing of fithegold from
the banks would ,prQduce lcOntracti tion,
and sudden contraction would bring
with it commercial, disaster, : Until
we get rid of the debt we have only
one true lineo of policy, and should
shonld he naner When tbe. neonle
are relieved '6f In. hnr9en Of he 5et debf
then. INF NOT fiji then can we have i
snec;e circnlation cnrranc1 of
gold = and silver now TwenId donbIe
the fortune of .the bnoinnd holder and
donbIe tha, tayas af 4be naoonYffe y 1'ha
hondboider bcngb+ ri H0S iondS
for S5oO =, gold and i!Y5ngH ~ ,,antion,oo
ara fognd i Ehn 5sva he ba1ssd;bnod 10 10
asI that tbe 1eopIa sLaII bs non31raflo5 ~
70 nav tho bonSbaIdar Il Gn6 iint gnI;i ,I
for what fhe bond hoid dar On Iyiina;d Fe tfa
peopIe S5O0. 5''. IN
Those Who 1u puraten,d, tend to- favor fayo "a, Z re-
turn to sneeie nayments Know tIat Il
is i,nnossiSIe How do' yon 9s% avnaet tist -
return tn snecie7 ~narma1tss fo eStaS, Il
jish an ennaIifw betWaan go,J A. = Fl no.,
ner when hvr snecial leo; M , iatian h Inu ,p~,
have made p,ner ,nsf in fo,.;ny ~ ~
sneeie ?? Tbere is anofher reason wby
We sbonld not ;f wa eonid ,.oi,1rn 43
snecie m nayfaents nav Nv f-et cnsfomS
dnes he na;d in TraasSnirIyf YnnfeS ond nd
fbe interest on the fnnsdad S 5ebts bat
paid- in the same cnrrenev thaf Pie he in,
terest on ali other debfs Is nayabla
and then If the % fore;ener s 10 wants pdsao,v ons
cold, he must btiy it like auv Other
Commodity. or take onr mnIanufacti,res
and prolncts IN exci,an oe for his and
of Iosino we viii laraeIw asin sa1
y have d word or two to sav i1 re-