The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1875-08-26
VOLUME 27-NUMBER Al.

backs to purchase the 1885, O9O. .OCO
bonds owned by them, cancel the
bonds and substitute non-interes I
notes for bonds bearing interest we
shall save S20,000,UO0. Let Us see :
Ihese bonds must he paid in gOlC
To buy S3S5. 900. 010 gold bonds you
would lie compelled to issue not less
than S45O, ,Otl0, ,O0O Of greenbaeks. The
greenbaeks which you issue are Dot
taxable The baHks which YOU de p.
stroy are taxed, and their circulation
Is also taxed. Now what is the re-
suit Simply this; You save the
interest on S3S5. .OOO, 900 by eaneeIIing
the bonds, and you lose the tax on
S759, ,OOO, 900 by destroying the banks.
or IN other words you save S2O. 600 600
iu Interest, and lose S26 900 900 in
taxes, and, in addition to this. in
erease a debt which all sensiOl. men
coneede must ultimately be paid in
gold, fo the extent Of S65, ,OOO. 900. In
this connection, bear in mind. that
the men who receive the interest ON
the S3S5, ,OOO, 900 bonds, are the identi-
tical men who pay the taxes on the
SSS3, ,OOO,O bank stock. aud the men
who pay taxes on the S354, ,O0O, 900 Ma
Il0nal bank notes are, according to
Democratic authority, the capitalists
and mOneyed men OF the country
who should bear their full share ofthe
burden OF taxation.
There IS still another point 70 which
the taxpayers Of this State, and espe-
claliy the farmers and manufacturers.
should give serious Consideration.
We have S34 000, 600 Of national Bank
capital in Ohio, and $1,000. 600 ofl
National Bank potes, which eontrib-
ute annually for local and general
purposes not less than 81. 500 O9O in
the way OF taxes. Now If you DESTROY
the banks and subtituta greenbaeks,
which cannot be taxed, for the Ma
tlonal Bank circulation, this 81 800. 900
will be absolutely lost to the revenue
OF the State, and must of necessity
thereat-r be collected from your
farms, houses, merchandise and
manufactures, in addition to the
amount now raised from these sour
ces. In fact ifthe Democratic scheme
of destroying the tanks shOuId be
carried into effect, the money Of the
State would afford no revenue to the
State, aud 10 per cent. would be added !
TO the taxes OF every farmer, mecksn-
&c aud manufacturer.
But there IN another point which |
should he Well considered. The Ma
tiOna! Banks have lnsned to the peo-
PIE 5000, 900, 900. Merchants, manu-
facturers, builders, miners and buyers |
OF wool, grain and cattle have borrow.
ed this money on notes which mature |
within 80 or 90 days. Now, carry out !
this Democratic scheme,. abolish the /
banks, and they must OF necessity call
in their loans IN enable them to settle
with the Government, with their de-
positOrs and witt their Stockholders. |
What would be the effect OF cOmpeH- I
ing the borrowers to pay up $500, ,0O0,- /
OOO within three, six, nine or twelve
months? ? It would create such a pam
lc as we have never dreamed. Three
fOurths of our business men wOGld be
broken, and then yOu might indeed
look for the years Of the lean kIne,
when labor would find no reward,
when capital would find no profit,
when that confidence which impaFts
life and energy to business will have
disappeared, when, in short, discOm
fort, bankruptcy aud ruin will become
general throughout the land. ia