Weekly Chillicothe crisis., 1881-01-20
Government will collect from the peO-
pie, with the Army and Navy, il
necessary,taxes to this amount,
and pay in quarterly in
stallments for the
,,o,-t +,yo,,t,, ,,oo,,

HcCtoodly ,IttAco W VillS dllOullt,
and pay in quarterly in
stallments for the
next twenty years.
n. B,-Ninety per cent of the purchase
money will be returned upon lawful
application, in national bank notes,
so called, issued by the treas
ury, guaranteed by the credit
Of the people and a par
tial legal tender
Ny collegue Mr.. Price introduced a
bill to abolish the two cent stamp upon
bank checks, and his argument yester-
day was that this tax was war meas
ure, and therefore should be abolished.
This same argument was used against
the income tax which was abolished
and against many other taxes that have
been repealed, | wish to remind the
house that these bonds were a war
measure only, and therefore. should be
abolished. They are the black monu-
ment to commemorate, like Il horrid
nightmare, that faatricidal war; and in
the name of peace and unity and
brotherly love, in the name of our COM
mon country, l demand that they be
abolished forever.
The pending substitute for this re-
funding bill which had the honor to
submit, proposes topay these bonds, not
to reissue them; toreduce the interest,
not to per cent, with exemptions from
taxes and other advantages, but to re-
duce it to nothing. 1t proposes to end
dangerous monopolies, not to foster
them. 1t restores to the people the
highest prerogative of sovereignty, the
direct issue of the money. 1t divorces
the political from the money power.
1t converts bank notes into greenbacks,
and thus enables lis to pay $344 100000
of these bonds at once, without in
creasing our currency, without taxation,
and without injustice. Section sixty
four of the national bank act provides
"that congress may at any time alter,
amend, or repeal this act" Ny bill re-
imposes the income tax upon large
receipts. thus compelling the wealthy
to help lift this load.
If adopted, it would be the second
emancipation proclamation to the peo-
ple from the slavery of usurv and the
domination of banks. 1t utilizes most
of the idle money in the treasury and
sends it out to bless the country and
relieve the great stringencv in the
money market.
Such famine for money exists in
our great money center, New York
CITY, that it has recently commanded
100 per cent interest, and | clip from
last evenings paper a statement that
some bankers are begging for n new
kind of paper money:
"Application was made last week to
COMPTROLLER Knox by certain New
York banks that they be allowed to use
ASSAY Office receipts as part of their
reserve in order TO relieve the money
market"
In the face of this alarming condi-
tion Of things we are Indifferent rs n
Chinese 0od and talking about issuinr
more bonds instead of paving them off
and supplvinr business with its vital
breath money
Nv bill is drawn in the interest of
labor of business. of the people. II
would pav these bonds as follows:
with S31i, 100000 of greenbacks issued
in the place of national bank notes re-
tired: with Sl5OOOOOOO of useless coin
now boarded atg an eyppnsc 10 tay-pay
ers of over s601O.OOO per annum. The
remaining Sl5O0OOOOO would be paid
from surplus revenue and income tax,
es in less than two wears
| appeal to members of the House
without regard to party, to substain
nv substitute and vote down this
) scheme to issue 2O-4O bonds. | believe
the men who lend themselves TO this
measure will be held to strict account
} by their outraged constituents.
} Mr.. Chairman, | oppose this refund
inr bill because il conflicts with free
institutions. because I am unwilling
: this Government should continue t0
collect taxes for the support and emol-
: ument of private citizens. onpose
il because II subseryes the few at the
eypense of the many. and is n proposi-
/ tion TO issue letters of maroue 40 inst
, our own pcople. I oppose if because
| il places a premium upon idleness. and
: a tax unon Industry. I opnose if bc.
t cause 7 am unwilling TO see the next
generation of toilers mortrared in nd.
= vance TO the Floods. Vanderbilts and
others onnose il bocouse If will
build nm caste and classes in Amer,
lean society-for every bond is NAT.
d. emf of nobilitv-and because there is
!. no eycuse no necessity whatever for II
7 7 onnose II because il is dnsignod no !
|. cornar-stona 70 hn n,aced nnJor tbo,
} fungous out.mowtb If war and dabt
: the national banking svstem onnos,
II because want tRe ninetv.odI mil.
lions Of Interest now extorted ANIMAL,
Y from tbo noonlo for hondboIdors mSoG
: to huild national roilronds md sbi,
{ conn,s to furnish orr yost commorni
1 tho cheanest noss;hIo tronsnortnt;on @
1 onnose If hecauso 7 wish ta ovorthrou ]
0 that combination Of bankers and ran,
4 hlcrs who now at nIeasnro " nroaio T .
4 to 100 per cent in Yew York CITY and
: ruin business men. I oppose il becansr
+ | hear the millions of freemen calling