Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1881-02-24

Mr.. De La Matyr. MIR. Chairman,
am decidedly in favor of three per
cent bond, and optional after short
term, if any at all. From the facts
that have been clearly stated by gen.
tlemen familiar with these matters on
this floor, it is evident that such a
bond can be hoated at par. But suppose
it could not be llOated at par, let us see
fora moment what great disasters would
come if the debt remain as it is, to be
paid out of the surplus revenues of the
government.
If this bill becomes law, it will cost
the people to pay u debt of S637 $780, 500,
the enormous sum, in principal and in
terest, of $1,019,760,96O.
The comptroller of the currency in
his annual report for 1880, says:
"Were the entire tax upon banks and
bankers of the country including the
two-cent check tax, (Which is not like
ly.l as well as the tax upon matches
and patent medicines removed, the
amount of revenue received by the
Government from the tax on spirits,
bcer and tobacco and from customs
duties would alone be sufficient to meet
the expenses and reduce the public
debit at the rate of at least seventy
million dollars annually"
If the nation retains the option to
nav the debt, even with the present
rate of interest, by paying SIC, 100000 a
year. it will be paid in less than nine
years. On the plan Of the bill, the
simple interest will be $382,4lO,36O.
On the plan of paying at the rate of
S7O.OO0OO0 per year, even with interest
unchanged, it will amount TO only
slGf473AS9, saving $217, ,936,S1.
The secretary of the treasury, in his
annual report for 1880, page Z, esti-
mates that the surplus revenue to be
applied to the payment of the public
debt over the amount required to meet
MI other demands for the year 1881,
viii be S9O,OO0,000. A similar est-
mate on pages Z and s, for the year
1882. places the surplus revenue to be
applied to payment of the public debt at
S90,0S5,7l7.
If the surplus revenue should con
iinue TO bc $9OO00,000, the debt could
he paid ont of it in little over six
years, at Il total cost of $756,92S,9l2,
principal and interest. That would be
4 saving over the scheme of the bill of
*262, 032,O ,OlS.
Again, on pages i and of the re-
port of the secretary OF the treasury,
he informs us that:
"Comparcd with the previous fiscal
wear, the receipts for 1851 have in
creased S92 1920, ,43S.23, giving Il net
increase from all sources for the year
Of $4,000, 1862"
By this statement we see that the
net increase Of surplus revenue in one
wear has been $4,000, 9,l26.52. Those
interested in the passage of this bill
assure us that we have entered upon Il
career of unparalleled prosperity; that
our financial system is nearly perfect,
and that only some proyidential cal
mitv can check this marvellous pros
perity. | think on their views of the
situation we can safely depend on ay-
erage surplus revenue of $lOO,OOO,OO0
n wear for the next six years With
the interest remaining at present rates,
that will enable us TO pay the debt
within five and u half years. The to-
tai amount we should have to pay
would be $7l7,l05,270 principal and
interest. This would be a saving of
s272 6556gO over the plan which the
bill proposes.
But, Mr. Chairman, declare with
utmost emphasis that there is still a
better plan. BY using $l50,OOOOOO of
the idle cash in the treasury, we can
reduce the debt to s4S7, ,350,GOO. Then,
by substituting treasury notes for
national bank currency, the amount
could by reduced to $l33,5lG,493.
If any. Of the holders of the bonds
demand coin, silver could be purchased
sufficient to meet the requirements Of
those foolish enough to prefer the sill
yer dollar of 4I2l grains to treasury
notes, The remainder could he paid
ont of the surplus revenues within two
years, draining out of our oyertaXed
people less than seven millions of dol
lars of interest. BY this last plan the
power to regulate the volume of our
currency will be taken from the
national banking association and re-
stored to the government, "where," in
the language of Thomas Jefferson, "it
belongs"
The president-elect, Mr.. Garfield, de-
clared in his place on this floor "that
power to regulate the volume of the
currency made its possessor absolute
dictator of the financial and business
Affairs of the country. That power is
in the hands of the national banking
association. How it is used is init
mated by the treasurer of the United
States, in his report, pages 10, 20, q,
-. Quotation omitted by the Senti-
mel for want of space)
=
The leading editorial of the New
York Times of the 10th instant, com.
plains us bitterly of the management of
the "absOlute dictatorship of the linan.
cial and business affairs of the country
Dy IullOllUl Ddlhclo It's lllt llcdSultT.
These complaints come, not from
Grecnbackers but from the most ar
dent supporters of the national bank.
ing scheme for issuing the currency
1t has been affirmed in this debate by
the friends of the national banks that
if an attempt is made to force upon
the bankers a three per cent bond they
would retire their notes rather than
submit, and by contracting the currency
bring disaster upon the business inter
ests of the country.
We are not in favor of substituting
the old, corrupt state banking system
as the gentleman from Maine (Mr
Frye has just intimated, for the
national system. We are in favor OF
the people, through their government
issuing all currency needed and regu
lating its volume. BY doing so, they
can fund this interest-bearing debt il
Notwithstanding notes to be used as
currency, instead of the national banl
notes, based on interest bearing bonds
and at the same time, take from privat,
and irresponsible corporations the powel
10 ttrronIy tbo 1p,;,oc, ;,to,no1, 80 A.,