The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-02-06

The Administration and the Finances.
To the Editor OF the indianapolis Journal
1t is matter of some Importance to the farm
srs, merchants, and other taxpayers of the
eouutry to note the policy Of the administration
In regard to finances, and especially with the
currency and national banking system
That there has been and now is a studied and
persistent effort upon the part of the admins
tration to destroy the national banking system,
j think there can be no question.
assume that the business of the country can
not be- properly conducted without some system
of banking. and think the national banking
system is the best of any yet devised for the
the people. Under its operation exchange is
merely nominal; its circulation being backed by
the bonds of the government makes it good in
all parts of the country beyond question, and
its capital is made to bear an equal part n the
taxation of the other property of the people.
That the present Standardization is hostile to
it will be apparent to any one that will for
moment glance at the policy pursued by it's
managers since it assumed control of its affairs.
Gu the 31st of October, 1884 it's circulation was
1921, S49, $50, and on the 9Th of October. 1887,
the circulation for which the banks were respon-
sible was 1851 2S3 343-a reduction in.three years
of $l24. SGT. 307. most of which. viz the sum of
$l07, 069, l22, within the last two years. At.
this If the present policy is continued. it will
require but short time to destroy the entire
circulation OF the banks.
What 10 the purpose and object of those that
favor and pursue this line of policyl Surely it
is simply to avoid the payment of taxes and give
the administration more power and control in
the management of the financial affairs of the
country. Now, the national bank note is taxa
bic; the lekal-tendsr note tgreenback) the gold
and silver certificate and certificates of deposit
are not. We have feb. 1, 1857 of this non
taxable currency, viz.
Gold certificates. $50 97I
Silver certificates Observation-Disclosures 179. 32lO53
Certificates of deposit ------------- lO,645 600
Legaltender and old demand notes. BAG, 1877, 956
Total -$641 ,557 $50
And this $641, 557, $50 for purposes of taxation
is transferred from hand to hand and one State
10 another by the bankers, capitalists and others
of the country. and so used as to avoid the pay
ment OF taxes on fully three times that sum-
viz, 81, 924, 673. $40, which at per cent-and
assume that the city. town, county and State
tax will average tbat-we have the sum of S3S-
493. 476, which vast sum has TO be made up by a
tax on the real and other personal property of
the Countrywide holders OF this $64l 557 $50 pay
nothing.
Suppose the government call in this S64I 557-
$50, upon which the people pay no tax, and issue.
for the purpose of banking. bonds running
fifty years at 3 per cent interest to the amount
of $500, 600 The interest thereon would be an
nually $l5, 600. 600. which. being deducted from
the sum of s3s. 493 49, would leave balance of
s23 493, 476 net saving the farmer and other
taxpayers of the country, and then you would
have use for the gold and silver. as the banks
would have to have, and hold it. for the redemp-
lion of their circulating notes
have no doubt but that IL the government
would give the, banks for circulation notes to
to the par value OF the bonds. a two-per-
cent. bond would readily be taken, and thus
leave balance in favor Of the property-holders
and taxpayers OF s26. 493. 476. This question of
taxation is one that the people are about ready
% take hold OF The expenses are too large,
ihe TAXATION too great, the people are finding it
but--they know the remedy and will apply il.
CoNNERsvILLE, Ind, Feb g. @.