Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1870-09-24

On the lst Of August, 1870; The pub.
iic debt. less cash IN the Treas
ury, was. was.............,.,........ f2.3a,32i07B 90
Showing net dacrease of.........s IsC.os4.7s Of
This result has had no parallel since
the war. Ihave shown you the incomes
and outgoes, the surplus, aud what has
been done with il. this management
of the peoples money has not been wise
and honest, please show me an example
of administrative wisdom.
1t is peculiar Characteristic Of the
American people that they are restive
under debt, and are willing to make
great sacrifices TO reduce and liquidate
all their pecuniary obligations. European
rters have frequently noticed this pc
culiarity, as it contrasted with tho dis
position of other nations TO reduce taxes
rather than debts. The London Times
recently said that nations, ike families,
have skeletons in their closets, and
ghastiest Of which are thGir public debts.
1t an Englisbman sees a statement OF
the British debt once a year, il is because
he makes special inquiry at the proper
otfice. The payment Of the principal has
almost ceased To be subject of discus-
American cousins have strange fancy
for examining their skeleton. They
bring it out of the closet once a month,
weigh it aud measure its exact size, and
publish it IN every hamlet. It's decrease
is the glory of administrations and the
pride Of The people" rejoice that this
is the spirit ot our people; and hope
that Il substantial reduction Of the public
debt each year will be our fixed policy.
Bul do not believe that the industry of
The nation should be taxed TO make the
reduction SO rapid AS it has been during
the year and halt. The great reduc-
zion of wealth caused by the war ; the
great strain to which the resources of the
people were subjected during the war
and since, make it u matter of wise
economy To tighten the burden as much
as possible, aud allow industry to recover
lis tone. Again, we are gradually pass
ing down from the high prices and quick
gains of the war, and taxes should be
adjusted TO the new conditions.
GREENBACKs VS.. THE BANKS.
The issue of greenbucks would utterly fail
to meet the necessities of business, which re-
quircs credit as well as currency. There are
still graver difficulties in the way. Under the
late decision of tlie Supreme Court of the
United States, not one dollar of the new green
backs would be legal tender for any debt ex-
isdng Mt the time of their issue. Indeed, the
plain Inference to be drawn from the opinion
of the Court is that the Whole issue would be
declared unconstitutional Treasury notes
were made legal tender only as a measure of
overwhelming necessity to meet the demands
of the war. Even those Judges who dissent
from the opinion of the Court, defend the issue
of the legal tender notes only rs a war meas
urc, And yet the Democracy propose To
pledge the country into all the legal Difficult
ties which arc sure to arise out of u lew issue.
The proposed issue would so depreciate the
value OF the greenbacks now outstanding us
greatly 10 derange business and indefinitely
postpone the return of specie payments. AS
the banks are now organized, the chief strain
will fall upon them when resumption takes
place. They are required to redeem their own
notes ingre nbacks, and must, therefore, march
abreast with the government in the approach
To specie values. The Democracy propose TO
abolish the banks Immediately and leave the
government to carry the burden alone
The matter of expense is also worthy OF
consideration. Some people seem to think
that the abolition OF the banks would abolish
or cancel the $500, 100000 of bonds ON which
they are based, or would at least cancel the
interest on the bonds, This is of course, a
mistake. The stockholders of the banks own
the bonds. and they would still own them and
would draw interest on them the same after as
before the abolition of The banks.
The constitution does not permit the State
OF local authorities to take the bonds as such
nor is the principal of the bonds taxed by
Congress. But the 100000, 900 of bonds that
constitute bank capital are taxed by the State
in the form of bank stock, and Congress taxes
banks directly in many ways.
During the year 1869 the banks paid taxes
as follows -
10 me United states,. $l00ss vi vi
To the several States. SylsIl
Making total tax Of of..........-..... .$l9OOs CO.
Or four and one-haf per cent on their capital
This nineteen millions of revenue would bt
wholly lost to the nation and to the States by
the abolition of the banks.
But fellow citizens, this topic is loo import
ant TO be dismissed Hilhout examination in
still another direction. If the immediate re-
peal OF the National Banking law would cause
no rtVulsion in the business of the country
there would be no loss of taxes by IL IL there
Were no constitutional objection To an add
tional issue of $3o0,OO00OO OF legal tender
notes, and no violation of plighted faith in II
l should insist that this proposal of the De
mocracy is most unwise, and its adoption
would be extremely dangerous.
1t would be, upwise, because a currency o.
Treasury notes have no power to adopt iisel
TO the wants of trade, which vary from yeaI
to year, and from month to month in the samt
year. An amount OF currency amply sufficient
for the winter and spring might be wholly In
sufficient for moying the fall crops. ANY liked
amount might be insufficient at one time and
redundant at anoiheE On the contrary, the
currency and credits Afforded by the National
Banks are regulated by the wants OF trade
and increase or diminish iu amount according
10 The huctuations of business. Its adoption
would be dangerous In the highest degree, be-
o.usa Of fha s,raat n Vo Ia offer 10