The Findlay Jeffersonian. [volume] (Findlay, Hancock County, Ohio) 1870-1881, 1876-08-11
NO.. IL.

versal disaster The Federal taxes of
j the last eleven years reach the gigantic
/ sum OF II, 500. Goa. coo. Local taxation
has amounted to two-thirds as much
more. The vast aggregate is not less
than 81. 500, 600. 600. This enormous
taxation followed civil conflict that
had greatly improed our aggregate
wealth and had made prompt reduc-
ton Ot expenses indispensable. 1t was
aggravated by the most unscientific
| and ill-a6iusted methods of taxation,
! that increased the sacrifices of the
| people far beyond the receipts of the
| Treasurer. It was aggravated more
over by a financial policy which tended
to diminish energy, skill, and economy
OF production and frugality of private
consumption, and induced miscalcula-
ton in business and an un-emunerative
use of capital and labor. Even in the
prosperous times the daily wants of
industrious communities press closely
upon their daily earnings. The mar
gin OF possible National savings is at
best a small percentage of the Nation
al earnings, yet now, for these eleven
years, the Governmental consumption
has been a larger portion of theNation-
al earnings than the whole people can
| possibly save even in prosperous times
| tor all new investments The conse-
| quences of there errors are now a pres
ent public calamity; but they were
| never doubtful, never invisible, and
Were fOreseen ard depicted when the
waves of that fictitious prosperity ran
| highest. In a speech made by me on
| the 24th of September, 1868, it was
said of these taxes: '"They bear heav-
lily on every mans income, upon every
industry, and every business in the
country, and year by year they are
destined to press still more heavily un-
less we arrest the system that gives rise
to them. 1t was comparatively easy
when values were doubling under re-
peated issues of legal tender paper
money to pay Out of the froth of
our growing and apparent wealth
these taxes, but when values recede
and sink toward their natural scale
the tax gatherer takes from us not
only our income, not only our prof
its, but also n portion of our CAPT
tai. do not wish to exaggerate or
alarm. | simply say that we cannot
COSliN anu pOllCN VI
the Radical majority of Congress. We
cannot afford that policy toward the
South. We cannot afford the magnifi-
cent and oppressive centralism into
which our Government is being con-
verted. We cannot afford the present
mos, ,uilo-nL stale OF IaXaIIOn. 10 the
Secretary of the Treasury | said, early
in 1864: There is no royal road for
a Government more than for an indi-
vidual or corporation. What you
want now is to cut down your expenses
and live within your income" would
give all the legerdemain of finance and
financiering: | would give the whole of
it for the old, hoIhely maxim. Live
within your income" This reform will
be resisted at every step, but it must
be pressed Iersistently. We SEE to-day
the immediate representatives of the
people in one branch of Congress,
while struggling to reduce expendi-
lures, compelled to confront the men
ace of the Senate and Executive, that
unless objection able appropriations be
consented to the operations of the
Government Hereunder shall suffer
detriment or cease. In my Judgment
an amendment of the Constitution
ought to be devised separating into
distinct bills appropriations for the va
rious departments of public service,
and excluding from each bill all appro-
priations for other objects and all in
| dependent legislation. In that way
alone can the revisory power of each
| of the two Houses aud of the Execu
! tive be preserved and exempted from
| the moral decrees which often compels
Objectionable appropriations rather
than stop the wheels of government.
An accessory cause embracing the
| distress in business is to be found in
the systematic and insuppOrtable mis-
government imposed on the States of
| the South. Besides the ordinary
| effects of an ignorant and dishonest
| Administration, it has iflicted upon
| them enormous issues of fraudulent
bonds, the scanty avails of which were
wasted or stolen, and the existence of
which, a public discredit tending to
bankruptcy or reputation. Taxes.
| generally oppressive, in some instances
/ have coniiiscated the entire income of
property and totally desrOyed its mar
ketable value, 1t is impossible that
these evils should not react upon the
| prosperity of the whole country. The
nobler motives of humanity concur
with the material interests of all in re-
| quiring that every obstacle be removed
| to a compile and durable reconciliation
between the kindred population, once
| unndturally estranged, OIL the basis
recognized by the st. Louis platform.
| of the Constitution of the United
| States with is amendments universally
| accepted as II final settlement of the
| controversies which engendered the
civil war. But in aid of Il result so he
neticent the moral influence of every
good citizen as well as every Govern
mental authority ought to be exerted,
not alone to maintain their Just equal
| ity before the law, but likewise to es-
tablisiI a cordial fraternity and good
will among citizens whatever their race
or color, who are now united in the
one destiny of common self govern
ment. IL the duty shall be assigned
to me | should not fail to exercise the
powers with which the laws and Con
stitution of our country clothe its Chief
Magistrate to protect all its citizens,
whatever their former condition. in
every political and personal right
'KeforIu is necessary" declared the St.
Louis Convention ''to establish
sound currency, restore the public
credit, and maintain the national hon
orr and it goes Oh to demand Judi
cious system OF preparation by public
economies, h7 official retreLchments,
/ nd by wise finance which shall enable
the nation soon to assure the whole
world of its perfect ability and its per
feet readiness TO meet any of its prom
ises at the call of the creditor entitled
to payment" The object demanded by
the Convention is a resumption of spe-
Gle payments Oh legal tender notes of
the United States that would not only
restore the public credit and maintain
the nationalhonOr, but it would estab-
lish a sound currency for the people.
The method by which this object is to be
pursued, and the means by which it is to
be attained, are disclosed by what the
Convention demanded for the future,
and by what 1T denounced in the past
Resumption of specie payments by the
Government of the United States on
its legal tender notes would establish
specie payments by all the banks on
all their notes. The official statement
made OH the 18th of May shows that
the amount of bank notes was $780,
900, 900, less $50, 900, 600 held by them
selves. Against these $3.50, 600, 600 of
notes, the banks held S141 900, 900 of
legal tender notes, or little more than
fifty per cent. of their amount; but
they also held on deposit in the FEEDER
al Treasury, as security for these notes,
bonds of the United States worth in
gold about ;S:}GO. 900 900. available and