New-York tribune., 1871-06-05
FYNANCIAL BEARINGS or THE "NEW DE-
P4RTURE."

FfN1NCl3L DEBhiNbN VT iHE AD' nm
PARTURE."
II must he admitted that paper promises to
pay, carrying no interest, and only redeemable
At some indefinite future time, are part OF the
financial system of the United States. In spite
of this supposed element of danger, the iinan-
cial machinery of the Union since the close of
the war has worked easily and 80 success
fully that the wisest heads. both in this cOun-
try and Europe, have found all their predic-
tions worthless.
1t seems that the Vallandgham Democracy
of Ohio are not satisfied with our financial
condition; they are not willing to let well
enough alone. We have kept faith with the
national creditor: the Ohio Democrats propose
TO cheat him by paying him off in greenbacks
instead of gold For several years there has
been a belief-a superstition, if the reader
peases-that the principal OF the United
States tive-twenty bonds il payable in gold.
No other view of the obligation has ever
been held by the Government at Washing
ton; and foreigners savings banks, and other
purchasers have all bought under this sup
position The moral obligation is complete; ;
and confidence that it would always be re-
garded "a binding on the Government has
done more, perhaps, than all other influences
combined to rescue Us from the troubles which
threatened when the war came to an end. AS
the first step in their great scheme of reform
ing Mr. Boutwell's department, the Ohio Demo-
Gratis would destroy the Government credit by
forcing every holder of Government bonds to
surrender them for ten per cent less than their
present market price, which is still below par
in gold.
Next, the Ohio Democrats would convert the
Secretary of the Treasury into great specu-
latOr in gold, by making the duties Oh foreign
merchandise payable in currency, thereby de-
priving the Government of its only way of
getting gold for the payment of interest, and
forcing it into the market as a buyer instead
of a seler-a measure which probably WouId
elevate" the credit of the Government. AS
third improvement, the Ohio Democracy
propose to destroy the unconstitutional, Op-
"pressive, and extOrtionate system of bank
"ing, whereby money is made scarce and
Interest high" They propose nothing instead
of the National Banks, but clearly hint at re-
placing their circulation with greenbacks, when,
we suppose, money would be abundant and
interest low.
Finally, they declare in favor of the collec-
tion of the internal revenue by the State au-
thorites Between the Tammany Ring i'll New
York and the Nallandigham crowd of fam
ished wanderers, if they should ever happen
to get into power in Ohio, the internal rev.
enue would be apt to sink to insigniticance,
especially as most of it is now levied on
whisky and other alcoholic liquors, which DEM
ocratS think it unconstitutional, wicked, and
tending towards Capitalization and military
despotism TO tax at all. With the Democracy
of Ohio, Indiana, and Kentucky collecting the
whisky tax, and with IA free-trade tariff,
"strict economy" indeed would be necessary
10 carry on the National Government we
doubt if the National Government would DE
able to survive four years course OF such
economy"