Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1875-07-29

- @elsS9lsASk
r,l'o Total al taxable AZ s62a 1891
This at "a per cent ......... SSi 1885 66i 0s
1t is thus seen that the national
banks pay an annual tax-nationaI.
State, and municipal-Of $9I, ,135, ,66I
%, or course, portion of this capt.
.Sl would be reached by local taxation
II the banks were abolished, only a
very small portion. It is well known
tnaI private bankers pay very little tax
Wnlle money is hardly reached at all
Take Hamilton County for example.
With the exception of the national
banks, little money is returned for
taxation. United States bonds and
greenbacks are not taxable, but nation
al banks can not escape. -
Now let us see Whist the government
would save by substituting greenbacks
for national bank notes. There are
1888, 100000 of bonds on deposit te
secure a circulation of 1858, 900, 900.
Suppose these to be per cent bonds,
as large part of them are, and as all
soon will be, the interest would foot
up $19,4OO,O00. If the government
| should call these in, it would have to
redeem them in gold, which is Is per
cent. premium. 1t would, therefore
require $446, 200, ,O00in greenbaeks to
redeem the bonds deposited by banks
to secure their circulation. Thus, in
order to retire $353,000,000 of nation
al bank notes would require SAG, ,2OO,-
| 900 in greenbaeks, and, by the oper-
alton, the saving in interest would be
! $19 10000 while the loss in taxes
would be-
State and municipal. S4jG5S3 3S6z %
Total .................... S8I, ,1sS.661 os
The national government would
save about II millions by the opera
tion, but the State and municipal gov
ernments would lose over $24, 200, ,000,
and thus instead of a gain, there would
be loss to the people ofs12 millions
per annum in the line of taxes alone.
But it may be said, why not tax green
backs and United States bonds? Why
not, we may reply, repudiate the debt?
One course would be as honorable as
the other. United States securities
are not taxable. This is written in
the contract, and the principle has
been settled by the Supreme Court.
8. The Banking System. Is it pro
posed that the government of the Uni
ted States shall permanently engage
in the business OF issuing paper NOM
ey that shall be legal tender for all
debts. except duties on imports? If
this is to be the policy, then a strong
argument might be used in favor of
having a uniform greenback currency !;
but no one who desires g sound fnsH
cial system that shall not fuctuate
with every blast of political wind can
favor any such plan. Greenbacks were
issued as a war measure, and as, soon
as practicable the government should
return to gold and silver and the only
. legal currency, leaving it to private
, capitalists to issue paper money; uadea
. a national law, which currency shat
! be convertible into gold at pleasure ID
the holder. This is the only ground
. upon which specie payments can lbs
\ resumedand maintained. To, this end
the national banking system was es-
: tablished, and to this end it should be
: maintained It is the best banking
system we have ever had in this 'coHn.
try The circulation is absolutely safe
There is ne opportunity undeToitfo1
: wild cat banking. 1t has rooted oal
: the State bank system, and secured
. the people q uniform and absolutely
safe currency. To abolish the nation
al banks would be to open. the wa
for the establishment Of State banks
These banks, before the war, cost th
e people, in various ways one hundret
e millions year. They1did not always
Il see it, because the loss aWaslcalled !
): premium on exehangezor golds iHstea
<. of discount On the, currency, .lhu
N the loss fell and was felt, --.--.-. ~
ir Furthermore, to upset our -presen
st banking system would be to precipi
70 tate a panic such as We have not hh
t. in this country. The loans and dis
lie counts of the national banks in Octo
ut Der, 1874, were $3.50, 600 5o0e9 The frs
) step in the process ofwindingup Woul
r be to call in these loans. The disturb
l. ance that would in that way be create
j. can be imagined by those who hay
> experienced the effects and survey th
is ruins of sweepiRgfnaneial panics.5:.I
>, One thing may safely be. assumed
IS viz: the greenbacks will, as soon q
= practicable, be retired from circulation
E. and that gold and silver alone wi
IS bear the impress Of the United State
Id Government: and that all paper mon
Of ey, under provisions of1national bond
- will be convertible to-gold and 81
le yer. This being the case, the peopl
d, should be careful: to hold on1to th
m national banks. This is the best sys
tenn we have ever had, and it is $
as nearly perfect that there is little rooI
Dis for Improvement ...:as....E x l3..A