Weekly Chillicothe crisis. (Chillicothe, Livingston Co., Mo.) 1878-19??, 1882-01-26

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d per cent tax on the notes, and as muc
g more on their deposits. Althoug
l. among the richest corporations in th
) nation aud taxed the least, and the
get money for nothing, the bankers ar
: about the only parties who complai
of excessive taxation.
There is another suggestion or tw
/ In your report that it seems to m
l. would be very inexpedient to hav
adopted, and that is, to modify tn
9 tariff, reduce the revenues, and defe
+ the payment of the public debt.
: AS you veryascOrrectIy say-"th
d business of the country so thrives as t,
: endure the OnerOus taxation and We
grow in volume and in profits, and still
I yield the government asurplus over it!
I needs" If the country is thus pros
porous, and nobody complains of taxa
tion but the bankers, and there is 81
large a surplus as to "embarrass tht
government to dispose of it." why ask
the next generation to pay the public
debt? Why not apply every dollar OF
these surplus funds to pay the 81 pei
cent bonds, and in three years have
them all cancelled, and have the money
now invested in them put into business
: to employ labor, where it will bear its
portion of taxation and contribute fur
ther to the increased and permanent
prosperity Of the country?
L am aware that $242,000,OOO of
these 3! per cent bonds are held as Sc
curity for bank circulation, and there
IS where the principal source Of trouble
arises; but if you had simply suggest.
ell to congress to pass an act TO provide
for issuing legal tender notes to take
the place Of any retired bank notes.
you would not only have prevented any
contraction of the paper currency, but
greatly facilitated the rapid cancella-
ton of the remainder Of the public
debt, and settled all difficulties about
the currency.
When the 3! per cent bonds are all
paid, would 1t not have been a wise
suggestion to have made to have con.
gress provide for investing the surplus
revenue sufficient to Offset the balance
OF the bonded debt, so that to all in.
tents and purposes it would be all paid
within the next few years.
The present revenues of the govern.
ment, with judiciOus management, are
sufficient to practically cancel the entire
public debt in eight years. 1t seems
to me, from reading your report, that
these financial questions have not re.
celved as careful consideration at your
hands as they should have received.
and thatyou have looked at them from
the standpoint of the banker the bond
holder, and the mOney.lender, and not
from that of the masses of the labor
ing people, who create the wealth of
the nation and have its debts to pay.
l think it would be sounder linan.
cial policy to reverse the legislation you
have advised,
lns cad of withdrawing the coin Ger.
tificates, issue others on all the gold
aud silver coin and bullion that is ire
sented to be exchanged for them, and
have those certificates redeemable in
either gold or silver coin, or legal-ten.
der notes.
Instead of stoping the coinage of
silver dollars, make its coinage unlim-
tied.
Instead of withdrawing the legal
tender quality of the greenbacks and
issuing the paper currency for the
banks only, retire all bank currency
and issue an equal volume of legal ten
der notes to take its place.
Instead of taking the tax off the bank
deposits, put more on their circulat.
ing notes, and tax them out of exist.
ence.
Instead of reducing the revenues SO
as to get rid of paying the bonds, let
the revenues increase and pay the bonds
off as soon as possible.
Instead of forcing the next genera.
ton TO pay a part of the public debt,
let it be all paid by this generation, and
as soon as the revenues of the govern.
ment will permit. Debts are bad
legacy to leave to posterity.
Instead of contracting the currency
and running business men, and forcing
laborers into idleness, let the volume
gradually increase per capita as the
population and business increases. and
.hus secure to our country CURRENCY
as uniform in its measuring power as
the yard.stick or pound weight, and by
this means keep up the tide of prosper.
liy that is now spreading so beneficial
ly over the country.
Let the legislation be for the bene- {
ut Of the people who create the wealth
Of the nation, and not solely for those !
who absorb that wealth by monopoliz.
ing the currency.
see that Senator Sherman, who for
four years was in control of the treasu- ,
~ department, has submitted a bill to :
congress to refund the 81 per cents in ,.
% . per cent bonds, payable after FIVE :
'ears. The sole object of this bill is '.
% help the banks out of their present !
iifliculty, and aid them to fasten the !.
lObt on the people. They must now 4.
purchase 4 or Al per cent bonds at a
or retire their circulation. or
lew bonds must be provided for in
to secure circulation. All
trough Mr.. Sherman's administration :
II the treasury department he managed . .
he finances of the government, as !.
much as possible in the interests of the U
ankers, and now as he has become a
enator he is at work for them again. =,
From statements made both in your
eport and in previous reports of Mr.. II
herman, of the probable amount of +,
urplus revenue, it is evident the 81 r
er cent bonds can be paid in less than 2,
our years. Why put them where they h
annot be paid thenp Why not man. u
ge the treasury for once in the inter h
st of the people and not for bankers 10
olelyP ~ ~
My attention was called to the dam in
elous power banks hold, and the wide. cl
bread ruin they can bring upon the W
)untry by imitation and contraction. q,
tty years ago, through kno Wedge OF VI
le mal-administration of the Second in
nited States bank; that bank, we are 10
I'D, paid one million Eve hundred al
lousand dollars for its charter. 1t or
nd a capital Of $38,000,000, with the IN
NJ iVilaua of isou;na ron,, louo.- . - 1 -