Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1871-06-29

are the blood of the system. A cen
tralized bank, like the old Bank of the
! United States, was dangerous from
its unity and power. 1t was managed
by few who were encouraged to use
their power for political ends. Our
present banks are a unit only in their
security, form and circulation, They
cannot combine. When carefully su-
pervised and regulated by law, and
we'll distributed, they form the most
convenient financial agents OF the peo-
pie. In comparison with the Old State
Banks, they are preferable in every re-
! spect. The only question that can
arise in the future about the National
Banks, is whether notes issued direct
ly by the Government, may not super
sede the necessity of bank notes.
This weuld save to the people the
interest on the circulating notes. So
far, good. Their credit depends main
ly upon the security of the Govern
meDt and the Government should
share in the profit But, on
the contrary, the general objects of
a Government 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 It 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, TO the free and inter
ested agency of private citizens. The
function ofthe government is fully eX-
hausted 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 pri-
/ vate parties, without favor, the circu-
: lation and the redemption of the notes.
This is the basis of our present, sys-
TEN, and the United States shares in
; the profit by an annual tax of nine
millions, and the States and municipal
corporations in another tax of nine
r millions, while the people enjoy local
l facilities, unquestioned security, free
dom from counterfeits, and the uni
| form credit and value of the note in
; every part of our wide extended coun-
; try. With this admirable system, I,
: for one, am not disposed to interfere
except to cure such defects as may ap-
; pear in its practical workings.
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
sources and quarters. We were fight
ing for national life, and we took where
/ we could take easiest, and the people
e sustained us in it. But from the close
e of the war to this hour, we have been
} reducing taxes. Each Congress has
: relieved the people from taxes. Most
e of our internal taxes levied during the
war are now repealed. The last Con
: grees threw off htty-siX millions OF
: such taxes. At the next session OF
f Congress the whole system will go by
!, the board except the taxes on spirits,
: beer and tobacco, and perhaps a few
e stamps. Those that remain will be
simpliiied SO that the tax gather need
n only look to the distilleries and brew
cries. Taxes on imported goods mus
}, now, as before the war, be the main
e reliance of the Government, and even
these, l promise you, we will reduce
u ~ GuG CAICub Vi dG 1CaSG LWGuIY
!. lions, and as much more as our necessa
i ry expenditures will justify. The ar
i ticIes upon which this reduction will
e be made will be the subject of long
e dispute. The mere catch phrases will
i which platform makers tickle and de
5. ceive will not answer in this work.
/. is practical duty, and the only tes
d will be to reduce or appeal those thai
d bear most heavily upon the people.
r My official duty requires me to thinl
l. of these questions a good deal, and
t, shall, without evasion, in the coming
le canvass, enter into details. 1t is nov
10 sufficient for me to say that am utter
e Iy opposed to continuing at high rate
+, the taxes on articles of prime necessity
20 in common use among all our people
le merely to be able to reduce the take
o on those articles which enter int
e competition with our own industry
le Nor is it wise by protection laws t
I'd force our home industry into Immature
S, channels. A reduction of duties o.
# necessaries, large duties on luxuries
e, and average duties on articles compe
d. ting with our own, this is the geners
: idea which, in my opinion, shoul
a. guide us in reducing our tariff, an
% they surely will guide me. Under on
i'd present tariff laws are departments c
10 mechanical industry have sprung int
Te healthy life. diversIfying our product
" consuming our farm products and e1
be tending our railroads.
We am for the reduction of taxes
n the repeal or modification of all til;
We are excessive, but I am not in favor
We following any wild theories of politic
Inn econimists to the destruction of an
ed home industry, or to the diminutio
of of our revenue so as to endanger d.
by ficiency.
~ 1t is a charming business to repei
ID taxes, but we must remember that b
Id taxes alone we have been able to pa
lst off fully 800 millions of floating del
&c, and claims since the war was owe
ae- We have also paid off since the We
to nearly five hundred millions of the fuI
cir ded debt. Since General Grant WI
he inaugurated, We have paid off 230 mi
m lions of the bonded debt, and thl
Ike saved fourteen millions of annual il
IN terest in gold. We have also diminisl
if ed the interest on that which remain
in unpaid. Our financial condition is no
he so assured, that after all the strain {
ng the war, our credit is now better tina
or bpfOrn thn war Tho debit is no Ion