Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1871-07-06
New Series-Vol. IL, No. "a

- " AO1C SAASb1uG Sy SG6u OF QQdI
eial legislation is the work of the repul
mean party. During the war we wer
driven by our necessities to provide
currency. We gave you the greer
packs and the national banks note
q Inc greenbacks were a forced loaT
we dld not, IN the beginning, inten'
10 exceed IN amount the sum we coulC
maintain at specie stanard, but on
neceSsitles left to us no choice. s, We in
creased tnem to a dangerous extent
put we supported their credit by tn,
legal tender clause, add by the right t
convert them into interest-bearfn;
bonds. We have, since the war
sought to ba nearer to the standard O
gold. During the two years of this adj
mlnIstration we have raised their val
ue from 50 cents on the dollar to 81
centson the dollar, and without tcontract
ion, ulstress, panic or financial revul,
\ slons. If left alone, we will, in two
years more, bring them to the standard
OF gold. We haditwo dangers to avoid:
First, an increase and consequent de.
preciatIon of these notes; and second, a
700 sudden contraction of currency and
the inevitable distress and ruin to those
IN business or in debt We could sooner
nave resumed specie payments by re-
deemlng portion of the greenbacks,
but we would thus have changed the
the stanardd Ofvalue and increased the
burden of debt. We have avoided
extremes. We have maintained in
circulation the maximum limit of
greenbacks, and increased their value
by the natural growth of our business
and population, and by the public con-
ndence IN our policy. The democratic
party threaten to subvert this policy
In Ohio they would increase the
greenbacks-in the east they would re-
deem them, and force, abruptly, specie
payments. Disagreeing among them
serves, they agree to subvert
our wise policy, and in their platforms
threaten again to open the question
OF paying the bonds in greenhacks.
Our policy will soon make greenbacks
and gold the common standards of all
values and debts; and if this policy sue
ceeds in the future as in the past, our
country will present the unexam pied
spectacle of recovering from the vast
expenditures of a war without discred-
1T, without dishonor and without a
single wave of financial panic. In hu-
man. life the most prosperous aud
healthy man is rarely contented with
MS late; but surely +. our nation
should be satisfied with its financial
prosperity, under the greatest difficult
Ties eVeroyercome by people. T
OUR BANKING SYSTEM.
As to our banking system, it was but
the choice Of expedients, andEit was a.
happy choice. 1t subverted an incon-
gruous hotch potch of the state banks,
without security, without uniform val
ue, of local circulation, and endangered
by swarm of eOunterfeits. These
state banks were spawn of the extreme
doctrine of state rights. If anything
should be national, itshould be bank
notes. They are the blood of the sys-
tenn, and should flow freely through
the system. a centralized bank, like
the old bank of the United States, was
dangerous from its unity and power.
1t was managed by few who were en-
couraged to use their power for politi-
cal ends. Our present banks are un-
ite only in their security, form and |
circulation. They can not combine. |
When care fully supervised and regu-
lated by law, and well distributed, |
they form the most convenient finan-
cial agentsof the people. In compar-
son with the old state banks, they are
preferable in ever respect. The only
question that can arise in the future |
about the national banks is, whether
notes issued directly by the govern
ment, and redeemable by the govern
ment. may notsupersede the necessity
of bank notes.
This would save to the people the in
terest of the circulating notes. So far,
good. The credit depends mainly upon
the security of the government, and the
should share in the profit.
But, on the contrary, the general OBJ
jects of governments are not consistent
with other necessary functions of a bank.
The operation of loaning and redeem
ing notes cannot safely be performed
by government agents.. 1t must be
done by private parties personally in
tereSted. Government banks could not
be properly distributed. Even offices
of redemption are subject to many
dangers. Without going into details
upon this subject, we can safely follow
all modern experience by leaving the
business of banking, like other business, II
to the free and interested agency of pri-
vate citizens. The function of the gov
ernment Is fully exhausted when it
secures the absolute safety of the note ,
holder, when it prints, in the best form
and devices, the bank note, and then {
leaves to private parties, without favor,
the circulation and the redemption of {
the notes. This is the basis of our pres
ent system, and the United States {
shares in the profit by an annual tax of
nine millions, and the states and muni-
cipal corporations in another tax of nine
millions, while the people enjoy local
facilities, unquestioned security, free 6
dom from counterfeits, and the uniform
credit and value of the note in every &
part of our wide extended country u
With this admirable system; /, for one I
am not disposed to interfere except to {
cure such defects as may appear in its
practical workings. It
THE REPUBLICAN SCHEME OF TAXA
-t t TION. 9
The policy of the republican party in
levying taxes is also shown by what we
have done. During the war it was
money that we wanted, and from all I
sources and quarters. We were fight
ing for national life, and we took where :
we could take easiest, and the people :
US in it. But from the close !
Of the war to this hour we have been !
taxes. Each congress has re-
Iieved the people from taxes. Most of /.
our internal taxes levied during the
war are now repealed. The last con-
gress threw off fifty-six millions Of such
taxes. AT the next session of congress
the whole system will go by the board !
except the taxes on spirits, beer and !
tobacco, and perhaps few stamps
Those that remain win be simplifed so
that the taxgatherer need only look to
the distilleries and breweries. Taxes 6
on imported goods must now, as before s
the war, be the main reliance of the
government, and even there, I promise ,