Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1875-08-26
Ohio State Journal
Killing the Goose that Lays
the Golden Egg.


nassed there were in the hands of capi-
talists. 1856 millions of bonds, from
which neither the States nor the Gene
raj Government derived one farthing in
the way of revenue. The banks were
organized, and these untd1ed bonds de-
nosited with the Government as securi-
ty for circulation. What was the re-
suit? The 1856 millions at once became
subject to taxation, and a source of rev.
enue TO the States and the general Gov
ernment; or in other words, the mo-
ment the banks were organized and the
bonds deposited, 3S5 millions of proper
| ty, before exempt from taxation, was
put on the tax duplicate, and now yields
an annual tax of. 10 millions to the
States and millions to the General
Government, making a total of IL mil
lions that the banks pay on property
which, before their organization, paid
no tax whatever.
But this is not all. When the 3S5
millions of untaxed bonds were depos-
tied with the Government, 354 millions
4 of National Bank notes were issued,
and these notes are subject to taxation
also, and now yield to the States rev
enue of not less than millions annual
ily. Thus we get from the banks IL mil
lions, and from the holders of National
Bank notes millions, making total OF
26 millions, derived from property which
either did not exist, or if it did exist,
paid no tax whatever, prior to the organ
iZation of the banks. Will General
Ewing tell us how the people have lost
anything by this conversion OF 3oo mil
lions of untdJed bonds into 739 millions
of taxable property?
But it will be said i'm reply, that If we
abolish the banks, issue greenbacks to
purchase the 1856 millions bonds owned
by them, cancel the bonds and substl-
tute non-interest notes for bonds bear
ing interest, we shall save 20 millions.
Let us see: These bonds must be paid
| i'm gold. To buy 3S5 millions gold bonds
YOU would be compelled to issue not
: less than 450 millions of greenbacks
The greenbacks which you issue are moi
taxable. The banks which you destroy
are taxed. Now what is the result
Simply this: You save the interest OF
1856 millions by cancelling the bonds
and You lose the tax on 739 millions by
| DESTROYING the banks, or in other words
you save 20 millions in interest an1
lose &c millions in taxes, and in addition
a1 to this, increase a debt which all sensl
Bile men concede must ultimately be pald
in gold, to the extent of 20 millions
In this connection bear in mind, tha
| the men who receive the interest on tn
3S5 millions bonds, are the Identical mel
who pay the taxes on $50 millions Danl
s stock, and the men WHO pay taxes OF
= the 354 millions National Bank note
are. according to Democratic authority
e the capitalists and moneyed men OF tn
n country, who should bear their fui
share of the burden of taxation.
$ There is still another point to Whlel
: the taxpayors of this State, and especial
ly the farmers and manufacturers
should give serious consideration. w
C have 81 millions of National Bank capi
. tai i'm Ohio, and 30 millions of Nationa
II Bank notes, which contribute annual
n for local and general purposes not les
9 than fifteen hundred thousand dollar
in the way of taxes. Now II you ue
e stEoy the banks and substitute green
n backs, which cannot be taxed, for tn
National Bank OiFeHlatiOn, this fiitee
l, hundred thousand dollars will be abso
o. Iutely lost to the revenue OF the STATE
and must of necessity thereafter be col
G iected from your farms, houses, mel
chandise and manufactures, IN addltio
to the amount now raised from giies
sources. In fact if the DemOcfatl
81 scheme of destroying the banks Shout
l. be carried into effect, the money OF tn
State would afford no revenue to til
i, State, and fifteen per cent. you'd be az
n ded to the taxes of every farmer, mt
c clanic and manufacturer.
But there Ia another point Wine
IS should be well considered. The N;
,r tiOnal Banks have loaned to the peOpl
nine hundred millions. Merchant
e manufacturers, builders, miners, an
% buyers of wool, grain and cattle ha'
- borrowed this money on notes whlc
u mature within sixty or ninety day
1f Now, carry cut this Democratic schem
q abolish the banks, and they must
necessity call ip their loans to enab
them to settle with the Government
with their depOsitors and With the
, Stockholders. What would be the effe'
- of compelling the borrowers to pay Il
i nine hundred millions within three, ST.
Is nine or twelve mopthss 1t would CIR
ate such a panic as we have neY'
l. dreamel of. Three-fourths of our bus
T. ness mea would be broken, and the
:, you might indeed look for the years ,
J, the lean Kline, when labor woul
Y find no reward, when capital would IN
no profit, when that confidence whie
- lmparts life and energy to business wi
Id baye disappeared, when, in short, di
10 comfort, bankruptcy and ruin will b
come general throughout the land.