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The Washington Republican Has Issued A

The Washington Republican Has Issued A image
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bulletin niodestly markingout tho " work for Congress " at the comiug session. It confesses that as "all the branches of the Government are in the hands of the Republican party, upon it falls tho heavy buiden of aftirmative action." For convenience.the Iïepubliean discusseathe issues and deniand of the day under two general headings : " I. The Financial (iuestion;" and, "II. The Internal Iinpiovement Question." Grouped under the first proposition, comes, first, " the issue of the reserve notes " or so-called $44,000,000 reserve, or in fact retired notes which the Treasury department has no shadow of lawful warrant for re-issuing. It regards this re-issue as a " necessary evil," and eo faüs to disapprove what its master - the Government - seems determined upon. Next, comes " the redemption of greenbacks," the only class of governinent securities which have not been " duly protected," - a confession that they are but evidences of debt and have been rniscalled money by a too confiding public. It thinks that they may be redeeined with five per cent. bonds or coin, but don't teil how or where the Treasurer is to get his coin. The Reptihlican should see that the trouble with the greenbaefes is radical. The Governinent itself has branded them an inferior currency : good enough for the coniinon herd of people, but not sufficient for the bond or coupon holder or the custom house officer. These distinctions must be abolished by buying up the coin-bearing bonds with new issues and making greeubacks receivable for custom duties, or by absolute coin redemption. Two grades of inoney will always be productive of evil. Thirdly, the RepuUican favors free banking under the national banking law : that is opening the door to all capitalists ; but without any weakening of the safeguards or restrictions. And, fourthly, a " Postal Savings Bank," the deposits to draw interest at 3.65 per cent. We are disposed to think that this is not one of the duties devolved upon Government, and that such intormeddling with the business affairs of the general public cannot be too severely condemned. This ends the Iiepullkaii's " financial buiget." Under its second heading the Re-pullican goes in for the improvement of interior river communication ; for a general railway charter - wiping out State linea and regulations; a railway cominission of inquiiy, protection to emigran ts (meaning immigrante) - though we are at a loss to discern the connection with the " Internal ImprovemeDt Question ;" encouragement of ocean cominerce - by giving a bonus of $5 a head on immigrants brought over in American bottoms (why not a bonus on freight P) ; a postal telegraph - another grasping and centralizing scheme; and, lastly, " tree exchanges " for the " press " - which it is presunied will coinmand the support of the press for the preceding schenies. The " budget " is as noticeable for its omissions as its propositions. No demand is made for a repeal of the salary grab law, for true civil servico reform, for an econoiuical administration of the government, or for a return to first principies : that is a subordination of Congress and the national executive to the National Constitution. And right here ia the one over-shadwing roform which must be ïnaugurated. ïhe general government is one of delegated powers, and when the boundaries of those powers shallbe recog nized and no longer broken over day will begin to dawn. And then the Hepublican's " budget " will be but waste paper. That exclamation of Wendell Phillips, so full of irony and sarcasui, " After Gbant, What '" is yet unanswered : but Ckeswell's " Postal Savings Bank " no longer stands a lone monument of financia! genius. Eadioal as is his proposed innovation it has already been eclipsed. In evidence of the truth of this assertion, witness the following paragraph copied from a postal card mailed to ua from Philadelphia, though dated Washington, and po8t-marked the 8th inst. : " Washinoton, Nov. 8, 1873. - It is rumored that plans are maturing to pass an act, immediately upon the asBembling of Congress, compelling the Treasury Department to loan to individual owners of real estáte throughout the country legal tender currency at a fixed low rate of interest, m such sunis as eau be well secured by their real property ; the Treasury to accept inortgages or deeds of trust as security therefor, and the indebtedness - principal and interest - to be repaid in currency. It is beiieved that several hundred millions will be thus added to our circulatiug medium, for which the Government will hold ampie security. Four per cent, interest is the maximum named for this proposed loan. Outside of the banking interest, it is bclieved the plan will meet with universal iavor." There, let all borrowers throw up their hats and hurrah lustily for a Government of unlimitod power, one that can borrow at 7-30 and lend at 4 per cent. ; one that can outrival all the loan or trust companies in tho world, inasmuch s it can run ita own currency milis and grind out greenbacks at pleasure. Dogs take the money shavers of the Shylock genus, who want 10, 12, 15 or 20 per cent., and blessing8 overshadow our paternal Washington Government, We mean this, and file, in this public way, our application lor a loan say of an indefiuite nuuiber of thousands of dollars. The mortgage shall be ready for the Treasury loan agent at any time: suggesting, howe ver, that that officer be liberal with usand giveusthe '-phunds" at a fraction less thau the "maximum" rato, say 2 per cent. instead of 4. It will suit us much better and can make very liitle difierence to the Government - its manufacturing resources being unlimited. And after this what ! will it be a propositiun to supply lone bachelors with wives, and unproductve and barron families with "love buds," and all from a central bureau at Washington.' More than likely. '


Old News
Michigan Argus