Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1871-09-21

a tax of 1896 per year, and the owner
of the bank stock, S3,4T6; the latter
paying on the entire value of his in
vestment, and the former only on a
small portion. And it will also be re.
membercd that while the National
Banks pay tax on their capital, the old
State banks formerly only paid on the
profits.
And, my friends, is it true the gov
ernment pays SIT, ,280,000 annually for
nothing? | have shown thata big por-
ton of this sum returns in the shape
of taxation. The banks are, more
over, responsible and accommodating
agents to dispose of the United States
bonds, and are themselves heavy pur-
chasers of the same. In the next
place, by furnishing a currency which,
under the policy of the Republican
party, has been rapidly approximating
to the value of gold, the worlds stand
ard, the government is enabled to pur-
chase al! its supplies for the army and
navy, and for the public works, at far
lower prices than could possibly pre-
vail under the greenback imitation sys-
tenn. And, finally, the people are vast
ly benefited in the reduced prices for
which all the necessities and comforts
of life may be purchased. The Nation
al Bank system gives us a uniform
currency. and, best of all is absolutely
safe. The banks deposite 100000 of
bonds at par, which are worth pre-
MUM of II to 15 per cent, and get in
return $50, 900 in circulation. and so
on in proportion. By purchasing and
disposing of U. S. bonds in such large
am cunts, the banks have kept up the
credit of the country abroad, and have
made it possible to lower our rates of
interest on the public debt. 1t is now
apparent, that aS no distant day, fur
ther reduction can be made.
Gen. Ewing then complains of the
present policy of contraction, which
has brougt this currency so nearly up
to the valne of gold. He says: ct is
demonstrable that, other conditions
being equal, a reduction of the vel
ume of currency of country reduces
the value Of labor and all products, as
compared with money and all securi-
ties, or property producing fixed in
terest or rent in money. The expert
ence and observation of every one for
the past six years have shown this. .
Ills is, in manner, and in certain
sense, true; but the fact is, that the re-
duetion has been SO gradual that val
ues have adjusted themselves readily
so that no serious losses have beer
sustained by business men and The
!, persons employing capital in trade OF
manufactures have been able to antic
ipate changes made with system anC
+ certainty. The absolute value of ag
ricultural products has indeed been re
duced, but not their relative value tht
farmer sells his corn and wheat for
lower price than when the currency
was more inflated, but then he buys il
turn every thing he needs for prices
correspondence low The common
flaborer gets almost as much per day
as he did when -four was $40 per bar
rel, and pork SO. Now he can talk
his earnings and buy flour at Sc ant
pork at $3.50, and every thing els
in proportion. 1t makes very littl
difference to the rich man whether hi
household expenses are a few hundred
dollars a year more or less, but to
common laborer, whose work onl,
commands $500 or $40O a year, $40
is q matter of moment. l believe tn
experience of my hearers will bear m
out when say that the working classe
Of Ohio were never more comfortabl
than now and their condition will i'm
prove as the currency approaches til
value Of gold. Initiate as Gen. Ewin
desires, and substitute irfedeemabl
greenbacks, which will be continual
fuctuating in value, for the present SITS
BILE National Bank. notes, and instea
Of interest at per cent, as we have
now, and plenty of money seekin
e borrowers, it will leap to u, Is, an
Is per cent, as it was a few years age
! Wild speculation will be encouraged
4 and money will be in great demand
/ And, besides this, confidence in the f
nancial condition of the country wi
{ be shaken, and inevitable embarrass
ment and ruin to the business me
e must follow. Money, so far from seel
: ing investment in three per cent. bond
/ will form the basis of speculative swil
" dies and insane business transaction
g 1t seems to me that Gen. Ewing pr
l. diets precisely the reverse of what
q sure to happen in the contingency
, names.
TARIFF.
re For a long time it will be necessal
or to raise very large revenue from Il
If duties on imports. To this, all agro