The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1871-08-31
THE JEIT GOVERNOR OF OHIO.
Speech OF General Z. =. XOyeS at Co
lHmbGS-A Brief Synopsis Of an Flo
quent Address

. Speech Of General Z. +. HOyeS at CC
lHmbIS-A Brief Synopsis Of an ElC
quent address.
MR. CHAIRMAN AND FELLOW-CII
IZENS The time has come when th
people OF Ohio are called upon one
more to make proclamation of thei
political faith ; to critieise the prinei
pies and policy of part organizations
to pass Judgment upon the conduct @
their public servants; 10 take cOunci
together how best they may subserv
the highest interest Of the State an
nation. The more faithful and intel
ligently this duty shall be performed
50 mneh the greater good will result 4
the country.
NEW YORK RIOTS.
And, my friends, the same spirit o
{ intolerance, mean prejudice and dis
1 loyalty which has wrought such fear
! ful work in the South recently devel
oped itself in the New York riots
I let ME not be misunderstood. / hole
no man or class of men, OF whatever
nationality, religion or political pre-
ferences, responsible for these riots
| provided that man or class Of mel
| discouraged them beforehand and lie
nOuneed them afterwards. Bnt Their
are two classes who cannot be sufficient
! " held up tO public Fepr0batiOn an,
scorn the rioters themselves, and tht
cOwar3ly,. pnsillanimOus and weaE
politicians who, for political ends, in
disregard Of their public duties, and
in violation Of their official OathS, per
mitted one of the most Gisgracefu
breaches Of the peace which has Oc
CURED ia our history. Whatever cred
10 IS due 10 Governor Hoffman for hi,
Interference at the. last moment, and
when il was too late tO prevent tho
disturbance, let him have. / only
wish that information a5 10 what was
going on in his own State had reach
ed him as early As it did us, so that
his final conduct might not be liable
to the suspicion of having been
prompted by the exigencies of his par
ty, under the pressure of a public
sentiment which had not been antici-
pated. AT all events we hope this
lesson is such that no political leader
or party will hereafter attempt ia
make capital out out of riot and blood
shed. We have no safety in this
country but absolute freedom for all
men of whatever creed or nation
the end of free institutions is not far
of when it shall come to pass that the
representatives of whatever belief can
not peaceably pass along our streets,
to go whithersOever they will. | am
nrla n n. rka -
our foreign-born population in Ohio
regard the tOleratiOn of sucu riots a
fraught with great danger TO all class
es and conditions.
NATIONAL BANKS.
Gen. Thomas Ewing, in his speech
delivered here August Ilth, chiefly de-
voted to q considerable portion of the
financial policy of the Republican par
ty,makes some very remarkable state
ments, and indulges in a course OF
reasoning anything but satisfactory
and conclusive, lam not an advocate
of the National Banks, and care moth
ing about them except in so far as
they subServe the public good. own
no stock in them and have never been
their agent or attorney. 1t is prOba-
BILE that they have found their busi-
ness under the law sufficiently remun-
eratiye, so that we owe them nothing.
But recognize the fact that they
have been of great service TO the
country, and in more ways than
one. II no other good had result
ed from their establishment than
the destruction of the old State bank
and wild cat systems, and the
creation of a safe and uniform curren-
cy, it would be sufficient; but there
has been much else. It is, therefore,
only fair that we should not misrep-
resent them, and refer to them now
only TO correct what I regard rs mis-
statements made by General Ewing.
He says: "If we would now substi-
tute greenbacks for National Bank
notes we would save 81, 7,2S0, 900 in
greenbacks annually. This is exactly
the sum this ciiEeulation privilege Civ
yearly, after crediting the one per
cent. tax paid on circulation. Mr..
Sherman implicitly denied this fact,
asserting that the banks pay other
large taxes, State and national. But
the fact is, that with the sole excep-
ton of the tax on circulation, there is
not one tax levied by the General or
local Government on banks or their
Stockholders which does not fall on
national and private banks alive, or
which would not be paid, if the Ma
tiOnal Bank circulation We're substi-
tuted by greeubaeks.n - Now / happen
TO know that, practically, what Gen
eral Ewing states is incorrect. For
instance: Side by side in the city Ol
Cincinnati are a national and private
bank, both employing a large capital,
both doing an extensive business, and
both highly reputable. The National
Bank pays the following taxes, name
ly: One per cent. on circulation, one
fifth of one PEI cent. for license, two
and half per cent. on deposits, and
three and Observation-Disclosures per
cent. on its entire capital and surplus
fund for State, county and municipal
purpOses-in all five and siXty-seven
hundredths per cent. And there isuO
way to eVade this, or any portion of
it, as sworn statements have 10 be
made under the law quarterly and in
detail. Now the private banking
house invests its capital in Govern
ment bonds, deposits its bonds with a
New York firm, and draws against
such deposit as money is needed. As
the whole capital remains invested in
bonds during the year, no tax what
ever is paid on circulation, or for
State, county and municipal purposes.
Ii is absolutely lost to US for taxation.
Yet General Ewing says there is no
difference except aS to the one per
cent. on circulation.
Again, the same National Bank /
have spoken of does business on Third
street, in the city of Cincinnati, in n
building owned by one of our wealthy
citizens. The rent of the building
amounts to 81 900 per year One OF
the stockholders Of the bank owns
stock which yields him an income OF
Sll 900 annually. You will perceive
that the income of the two is equal.
And yet the owner of the real estate
pays tax of 1887 per annum, and
the owner of the bank stock S3,476-
the latter paying on the entire value
of his Investment, and the former on
only small portion. And it will al
so be remembered that while the Ma
tional Banks pay tax on their capital,
the old State Banks formerly paid
only on profits.
And, my friends, is it true that the
government pays Sl7, $50, 900 annually
for nothing? / have shown that a
large portion of this sum returns in
the shape of taxation. The banks are
moreover, responsible and accOmmo-
dating agents to dispose of the United
States bonds, and are themselves
heavy purchasers of the bonds. In the
next place, by furnishing the curren-
cy which, under the policy of the Re-
publican party, has been rapidly ap-
prOXimating TO the value of gold, the
worlds standard, the government is
enabled to purchase all its supplies for
the army and navy and for public
works at much lower prices than
could possibly pre- vail under the green
back initiation system. And, finally,
the people are vastly benefited in the
reduced prices for which all the ne.
cessaries and comforts of life may -bt
purchased. The National Bank sys-
tenn gives US uniform currency, and
best of all, it is absolutely safe. The
banks deposit S10O, 900 Of bonds at par
which are worth a premium of twelve
to fifteen per cent, and get in return
only So, 900 circulation, and so on in
proportion. By purchasing and dis.
posing of United States bonds i'm such
large amounts, the banks have kept
up the credit of the country abroad
and have made it possible to lOwel
our rate of interest on the public debt