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

Isl 81; in 1868, 81, 30; and IN 1869,
|, ,seventy-six cents. So that one bush-
| Ell of wheat in New Y ork in 1856 paid
S2,67, while in 1869 it only paid S1,37
| of taxes. That in Ohio, in 1866, one
bushel of wheat paid S2,52 of taxes,
4 and in 1869, only 1903 of taxes. That
in Illinois, in 1866, one bushel of
/ wheat paid, S1,93, and in 1869 only,
tseventy-six cents of taxes. Hence,
/ that in, consequence of the contraction
! which has gone on during the last
/ four years the farmers of New York
I have lost ON their wheat 81 80 a bush
| ell, the farmers of Ohio 81 40 a bushel,
the farmers of Illinois SLIT a bushel.
And, as the farmer pays his taxes with
his wheat and other products of the
| soil, through the agency of his labor,
and as. it, required more than twice
1.-THE amount of wheat to pay his taxes
in 1859 than was required in 1866, it
follows. that in the interval of time
between those years taxes upon the
/ farmers have been practically doubled.
I = Now, sir, there is a fact connected
4 with this question of the currency
which, appears to be entirely over
Hooked. 1t is as to the relation be-
! tween the volume of taxes and the
volume of, currency And to the in
4 iFestfgation of this subject have Civ.
en- labor and study. @-'i!S ;i4"i iig2 -
f. u Iii 1850 the total taxes paid by the
! people Of. the United States for Fed
eral, State and local purposes, amount
H ed to $50, 100000; the total currency
/ of the country at that time was S457,-
! 100000; and the proportion of taxes
to currency was thirty-three per cent,
while in 1869 the proportion OF taxes
to currency was one hundred per cent.
1 In that year the aggregate taxes
amounted to $3.50, 900 900, while the
| currency was only $689, 100000; so
that.if all the taxes-Local, State and
1Federal- had been paid upon one day
there would not have been currency
enough IN the country to have paid
| them !. and it may be safely calculated
! that at all times there is at least $780,
OO0,6O0 Withdrawn from circulation
and locked up in the hands of the tax
Igatherer. The taxes of the country
in 1869 exceeded the currency of the
country by, $L900,000, while in 1860
\ the amount Of currency exceeded the
amount Of taxes by $500, 100000. y d
7" maintain, sir, that the only true
| fi1nit to the volume Of currency is the
demand, the necessity for its use. az,
| In 1860, one-third of the currency
\ Of tie county paid all the taxes of the
] country while to day the entire cur
| rency of the country is not sufficient
to pay the taxes of the country if they
were all collected on one day. l hold
that if stood without any other ar
guinent than this it is conclusive as to
! the necessity of greater volnme of
currency for the business wants of the
people. You Eastern gentlemen, who
1 7 ofk and Boston and Philadelphia,
do, mot seem to understand how, when
there is a glut of money in your cit
fies, it can be that in Ohio, Indiana, IL
ilinois, or any other Western or South
| efn State, there is scarcity of mon
ey. and the people are paying from
fifteen h} asl y TO twenty per cent. per annums
r. / met but a day or two Since, citi-
zen Of Indiana, who I believe is
known to the, entire delegation Of that
1 State on this floor, and he fold me.
that one of the banks of that. State
paid him ten per cent. on his deposits,
how much do you suppose it charges,
the man who is compelled to borrow
Iatiits counterg. r..1 - 49, 80
Sir, the remedy against this great
wrong lies with the men who repre-
sent on this floor the people of the
South and West. They must learn a.
| lesson from the representatives Of the
bankers and bondholders of the East !;
| they must combine without regard to.
party in asserting and maintaining the
rights and interests of their constitu-
ents and if they do SO combine they
win triumph. .'iy" foI
And, now, for q few moments, I
wish to cali your attention to the bill
reported by my honorable friend and
colleague, Mr.. Garfield to whose
courtesy I am indebted for an 5oppor-
tunity to participate at this time in
the debate upon his bill. i-"i,4tN. -
My honorable colleague coolly told
MS this morning that a resolution had
been passed by the House requiring
the Committee on Banking and Cur
rency, to report a bill to increase the
currency Of the country to the extent
of S50,O0Q,GQO.. 1 think I do not mis-
represept my honorable friend. ~ ~
~ u Mr.: G4RFlELD, Of Ohio: e Circglat-
ing CURRENCY was the term used in
the resolution.
% Nj. MoRaAN. Granted. what has
the committee done? Instead of in
Producing a bill to increase "the cir
cufating currency" as directed |
as requested, but as directed by a SOL !
emn, resolution Of this Hogse-the |
committee has introduced a bill which,
instead of increasing the circulation
S50000 000, actually decreases it So
100000. How is that done? It is |
not pretended by the chairman of the
Committee on Banking and Currency |
that the ilreqirements of the House |
have been complied with, hut he told |
the H9Rse in Als opening argument
the provisions of the bill increased 4
the volume OF. the currency Sl3,OOO,-
(000T But in 4hatIhe is mistaken, for
there is a clear contraction of at least /
1000, ,Q0Q,o The bill provides for the I
issue of S95, COO, 900 OF, bank notes, and
that Is the whole expansion provided !
for. But it also requires the with
7dfawal from, circulation of iS45I GOO, COO
of three per cent. nates, of $40000,O 700
Of legal tender notes. and an average |
reserve for the new banks equal to I
twenty per cent. of the S95,O0O, ,O00. -
Hence the total contraction is $l04,-f
QQlQ00, and the total expansion $685.
900, ,0O0, leaving an actual contraction
[ Of So, 100000. I-'i '"'i'''-'. -. II
% Further, the bill proposes to inr
crease the bonded deht of the United
States sll4,000,000. 1t has become
the belief of the country, as it is mine,
that this Government instead of being
conducted in the interests of the peo-
pie, is being solely and wholly ",rppH
in the interests eft the bond holder and
banker WITHOUT regard to the people.
Mr. Speaker bankers and bond
holders have rights. Have tho people
h of the conntry nnnep This bill pFor,b
Eides not only that this $114,0Q6000
shall be exempted from State taxation
nn1 lnnal taXaflnn hnt Ii nn2artnkns