, 1876-02-19
FINANCE.

speeches In ConErcGB, understand tho whole
Affair to DO tho Sans with tho Gov
crnn,ent A. II is With themselves. II q man owes
smother, tho bill ia preoantud for payment, Tho
account is thon oithcrI aottlcd, or note, With
fixed date for payment Of tho nmount with iu-
forest, ia givcn. This uoto, whom so fixed, be-
conca nra,lable asaeta in tho hnnds OF the cred.
itor, which ho can koop or sell for It's value In
gold. Now, It is just tho samo thing ns to
this greeuback Indebtedness OF tho Government.
ALL that 10 needed ia for tho Government to give
ts bond OF noto to Its creditor or creditors boar
Ing interest payable In gold, md tho whofc thing
ss sottied In nutshell. Tho bond, once being
raceiycd. will at onco be converted into gold !;
tam purposes will hold tho gold In tho same
place for tho identfcalIy sama purpose.
The great falacy ID the currency discussion IN
tho prevalent idea that II a man rarts With his
gteenbacsa for bonds, Ito thereby parts with all
bis ready cash but tho fact Ia, ho is only con-
verting Notwithstanding piece Of paper tn-
to an fntercst.bearing piocs Of paper Or oblfEa-
tion, md which thereby becomes Batabto or eI-
cllanscabto In the martets Of tho world, and,
whou ao!d, is paid for in the worlds currency.
Unltsa 9tatoa could DO converted into gold inside
Of ono year without rulling sInglo htir OF tho
com1norcs o! tho country,
suppose that my one Of the National banks OF
orecn6acks for tho purpose OF sodeana-
ing its circulation, bad tho privilege or
Fight to forward that aso, Geo to Washington,
mud receive III leu thereof like snrn OF S50 000
in United Htasoa bonds,, pAyaable, say, in twou!y
or sixty yenss, and boaEtuG lntercst payable ia
gold, acmt-annualiy, at from to per cont per
annum; huw long voull 1t taho that bank to ssil
thoHo bonds, mud ptnco tho gold in Just exactly
tho satno spot whero tho gracnbacla laid, aud
hold it there Tor precisely tho nau1o pu1poBa that
it held tho gsoenbacts 2 And, further, tho very
fizat tmo ono OF ita notes abould como to hand
for redemption tho gpid you'd como out instead
Of tho ragp. Tho bonds would naturally gray1-
tato into tho hands Of these who would seek
won!d do tho moAt good, "-uo alteration or change
tn tho NatsonaI-Banking system being necessary,
but merely cosavarsien 81 rags in1o gold.
Dut ob}ectors say that cur bonds Wontd 20
If that should bo tho cauo, 1t is just who're thoy
ougllt 10 20. THO mere Of our homla Europe
mas this more Of Europo's cnshwe will hAyo. And
there Is nothing that w0 want 90 much ns req!
pooplo. If EUROPE would carry for ,,s every
0overnuoot bond. every doltar'a worth Of rail-
road stock, and every railroad bond, together
with all mortgages upon iauds. both private and
public, 1t would not any moro thnn give ua tho
necessary means upon which to trade. Lot tho
borrower borron whore he can borrow tho cheap
eBt. Take tho instance Of the $50, GOO above
statoa- suppose thoao bonds Rhould fall Into
tho hands Of tho 1sotABchil1s, how
%9aa so, 1 Tho n,,s, stfnd Soa then IT. 1h9 hoa
bank tho gold. What thon7 Tho Rothachi!ds
would rot per cent pcr annun on thoir ioyeHt-
tnent, w4ile tho Chicago bank would earn "a por
cent per aunum, and possibly more. Tho laws
tho vllolo matter, il tho Government viii only
adopt tho simplest blsinegs principle, Of taking
up ita pas. duo papar ana giving therefor
tina paper NTH interest from da.e;,
:, T. L. DAWSON.
AFEW REMARKS ABOUT TAXATION.
r. thu Ea4tor af Ite CAledaa tribune:
CHICAGO, Fob. 1G.-Somo Of your lato aeusiblo
articles on tho tarin havo suggested to my mind
tho following general principles Of taxation; -,
FI&-That all tho benefit arlsing from tux
shon!d 80 into tho Golfers Of tho Government.
Eecond-That taxes should be levied 10 - to
fall only on That portion Of any article which IL
consumed III tho country taxing.
Tho first proposition ia Belf-evldent. Tho
second, think. Is oqually 80 in Wow Of the fact
tlAt cur manufactures and products, In their
struggle for tho marlets OF the world. should
not 10 Weighted down my mote than ID absolute
ly den1anaad by the cokt Of production.
With respect to tho classification Of snbjccta
for taxation, 1t eao1ns To me- that they may bs
arranged under two hoadas
Nrst-rhose which arc not produced in tho
country and are not necessatiss of life in tho
Btricsest ss,1so of tho term.
Acond-Thoao Of largo consumption, which
are produced In tho county. sud aro nnt necos-
Hafies OF iifo psoferring shcn, iu order - they
cost less to collect, and are easlcr aud auror ot
collection.
Tho chlef reasous for placing those Which aro
not produced 10 tho conntry in ths lsAt class
aro tue caau Of collecting them, and tho cor
ts!nty that tho Government receives the whole
OF the ta1 imposed. aud doos not divide with tho
pfut.fS hoF Ia