The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1871-10-05

l. / DOndS might De paid by the issue
greenbacks, the public 7redit woul
have been still further impaired, an
+, the substitution of bonds, at a lowe
r rate Of interest made impossible.
: was noticeable that the Interest pal
2. by our government on the public del
, was the standard for the interest rat
> throughout this country, and 10 SOM
extent throughout the world, for tn
= bonds of the United States were ne
q gOtiable at more commercial point
z outside of this country than the bond
- Of any other government. This wa
= due to the implicit faith of the peOpl
: Of other countries, inspired by the dec
larations of the Republican party, an
sustained by the evidence given in tn
daily reduction Of the public debt. H
= believed a very considerable paymen
should be made to reduce the debt
relieve labor from tax burdens througl
! many generations, and, above all, 4
a place the nation in such a position
z that in an eXigency large loans nigh
be obtained at home or abroad. Tht
= public debt should be reduced at leas
. fifty millions yearly, and this cOulC
be accomplished with such a redtic
ton Of taxes, as would meet the de,
Inands of business and remove mos
Of the Objectionable features of the
. tariff SYSTEM The amendments ID
the Internal Revenue system, had re-
lieved the people from most, if not all,
of the really burdensOme taxes, while
, from the seven subjects now taxed,
about one hundred and twenty-five
millions would be received annually.
The improvement in our credit at
home and abroad had emanated from
the difference between gold and paper
all that was due to the want of faith
in the financial character Of the cOun-
try. The remaining difference could
be overcome by awaiting @ths-srowth
of the ccmtly, until its demand for
p1ouev shouIS1 De equal to the present
/ sRnnfy az Inv reducing the volume of
/ tba onTrancy for an amount not OK
ceedinO two miIIi0ls per month. 1t
was no doubt true. flat- theT present
volume might be emtitiiggta gtal' WIFI q
good harvest and general Tosperlty,
and the difference between the-Salue
of paper and gold annually decreastd.
1t was the purpose of the Republicaf |
party, of President Grant and OF those
associated with him, to do what was
practicable to render the paper of the
country as valuable as gold at the ear
lest moment without injury to the
business interest The means were
left sto Congress, and there was, ne
took it, no difference in the Republic
can party, that the volume of paper
money was under no circumstances to
be increased. In this they made q
distinct issue with the Democratic
party.
Mr.. Boutwell, rcapitulated the fInan-
cial results Of Grants administration,
and N cOnneetion with the statement
that the taxes had been reduced eighty
millions annually, he said he could |
reasonably expect that a further re-
duction OF thirty millions might be !
made. He said the net expenses, in !
Guiding the interest on the public !
debt, pensions, bOunties, the cost of |
the internal revenue bureau, and all |
the expenses resulting from the war,
had been reduced from one hundred /
and seventy-three millions, five hun |
dred and twenty thousand, three hum |
dred and seventy-One dollars and |
seventy-seyen cents per year, ending /
June 29th, 1865, to ninety-five mill /
lions, six hundred and forty-eight |
thousand, five hundred and ninety |
two dollars and thirty centsy for the |
year ending June 30tlB 1871, showing |
the actual cost of the peace establish /
ment to be less than one hundred |
millions. ''-tt .f
Mr.. Boutwell, then said The course
of the Democratic party in reference |
to the debt was substantially thesame
in effect, that its course was during /
the war, and since the war, the prin-
cipal obstacle to the Improvement Of |
the public credit, has been the declar-
ed purpose Of the Democratic party to
compel the holders of $50 bonds, to |
accept greenbaeks in their place,
coupled with the condition that
greenbacEs might be converted at the
holders will into naEEr three p. sssse.
hoTda He traced the unfavOrable /
enecJ OF Jne Democratic policy on our
credit in Europe, and said the Ohio
Democratic platform seemed to en-
tirely disregard the stipulations of the
act of February %, 1862, providing
that duties on imports, should be
calculated in coin and thatan amount
of coin equal to one percentum of the
public debt, should be annually set
apart as a sinking fund, and that the
interest on the public debt should be
paid in coin. The Democratic prOpo-
sition TO pay the fiYe-twenties in
greenbacks would require an adj
ditional issue of 81 800, 100000. If
the European holders accept green
backs they would convert them into
gold, by which this country would be /
drained and the currency deprecated
to the rates ruling during the last
wear of the war. The irredeemable
paper money would be invested in
lands and other property, the most
valuable and the least affected by a
currency. The currency
itself would pass rapidly from the
capitalists to the middling interest and
laboring classes, who would be the
losers of land for agricultural purposes,
and labor would be the last to feel the
while clothing and living
would advance at once. II would be
difficult to conceiye OF q proposition
fraught with such evil to all classes,
as that presented by the Democracy |,
of Ohio. If the 500, 900 OF paper
here was increased to $4,000, 900, 900,
he asked if $50 or 500 of such paper
would buy a gold dollar or bushel of
wheat. In conclusion, he said the
future was in Uur hands. Our first
duty was to providefor the payment
of the public debt in coin, or its
Next, for q considerable
annual payment on the public debt.
Delay transferred the burden more
and more from property to labor;
postponed the time for national in
at home and powerful in-
huence abroad; retarded immigration
and hindered the settlement Of new
States. Payment freed capital for
other uses, lowered the interest rate,
showed the superiority of our country
and institutions, and gave America a
new claim to be the leader and teach
er of mankind.