Baltimore daily commercial. [volume] (Baltimore, Md.) 1865-1867, 1865-10-14

Fl wa, with satisfaction we noticed among
The resolutions of the recent Democratic State
Convention of New York, some strong words
declaring that the interests and honor of the
calutrv are involved in the ''fathful fulflment
o. the pledge of the whole resources of the
country to the payment of the public debt.
This debt carries with it the exemption of |.
s. Bonds from State taxation. Whether this
exemption was judicous or not-whether we
could have raised without it the necessary
means for carrying on the warfare questions
wholly impairment al this time. The nations
life was in jeopardy -moner was at once need
ed to supply the sincws Of war-and, as an
extraordinary indictment to those who were
willing to hazard their money under such cir
cumstanccs Of peril, and exhibit their conf
dcncc in the power and future Of the Govern
mcnt, This privilege of exemption from State
taxation was attached to the nation promises
10 pay.
The money was lent 10 Government under
its solemn pledge that it should be subject
only to a certain limited taxation. Of the
constitutional power to create this exemption,
no respectable legal authority has expressed
any doubt. Twice has It been decided by the
Supreme Court of the United States, once
under Marshall, and once under fancy, that
no national bonds are taxable by amy other
authority than by the National Government.
1t is with regret, therefore, that we see among
some of the Democratic bodies and their
leaders disposition to rcpudiate this obga
ton to fulfill its promise in respect to State
exemption. In the recent discussion in New
Jersey between Mr. A. J. Rogers and General
Fitzpatrick, the former devoted his half hour
to a speech in favor of reputation by the
United States Government of this part of It's
pledge TO the national creditors. He under
took to excite the prcudces of the poor
against the rich by talking of bonded
aristocracy,' the unjust taxation of the poor
working classes" the tender mercies of the
Federal Government" &C., &c. He declared
that there is nothing i'll the Federal Constitu-
lion preventing the impairing the obligations
of a contract, or preventing even reputation.
This is wild and dangerous talk. The
speaker virtually admits that any action on the
part Of the National Government withdrawing
its pledge in regard to State exemption, would
be nothing else than reputation pure and
simple And because the Constitution does
not expressly say that Government shall not
swindle and violate its contracts, this silence
of the constitution is construed into an argu-
ment i'll favor of measure Of the grossest
public immortality.
At Democratic meeting in Albany, New
\ ork, the other evening, one of the resolutions
they adopted concludes rs follows: Z" We re-
gard the exemption Of Government securi-
st ties being equal to nearly one-fourth of the
. whole property of the country from taxation,
''as a most unjust discrimination against the
''rghts of the masses of the people, tending to
" create moned aristocracy in our midst
= to make the richrichcr, and the poor poorer,
- and to weaken the obligations Of public faith:
- and we pledge ourselves TO increasing efforts
" to secure such a change of national and State
" laws as will insure equal taxation upon all,
" including Government securities acihom any
4" exemption lchdterer."
When it is considered that the L. S. bonds
thus exempted have but two, three, or four
years to run before they will be redeemable,
and that then they can be replaced by others
to which no such exemption shall attach, the
proposition to infict the foul stigma of rcpu-
didti0a, for the first time in its history, upon
the National Goyernme nt, may well wiring from
all honest men cry of Indignation and shame
The reputation of one part of the Govern
every other direction. Should it be guilty
OF such an infraction of the commonest laws Of
fair dealing, il would have to pay a much
higher premium for any new loan it might
wish to put upon the market Such an exam
pie on the part of our highest known authority,
practically considered, could not fail to
weaken the bonds of social and commercial
morality throughout the land to an alarming
extent, What could be expected of private
debtors II the Government itself should thus.
IN time OF peace, and under no memorable
necessity, blazon and parade its dishonor?
Moreover, the reputation of one part of the
Governments obligations would make the way
easy for the reputation of the rest. Its losses
in the depression of its credit would alone
more than cover the whole amount exempted
from State taxation for the next two or three
years. The Government could much better
afford to pay the State taxes itself than to be
guilty of so infamous and unnecessary vio-
lation of its pledged faith We do not believe
that any party can make much political capital
by urging measure so short sighted and dis
graceful. They can only hope to catch the
ignorant and the unprincipled by their cheap
appeals to preiudices against bonded aristo-
crazy. Any man who is neither fool nor a
knave, must see that with governments as with
individuals honesty is still the best policy;
and that so mean . violation of the public
faith, as that recommended by Mr.. Rogers and
others, would be not merely an abominable
crime but stupid blunder
We make these observations in no partisan
temper. Whichever of the great political di.
visions of the country may advocate repudia-
lion of the least part of our national obligations
will receive only our condemnation. The in
tegrity and honor of the country are above all |
party considerations, and we shall know
neither Democrat nor Republican in an honest |
endeavor to maintain these untarnished and !