Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1865-08-25

% TAKE po.hios. frsi. in favor Of Tspcal-
ing the solcsan plrdsc % the goSeruncni
exempting L. : bonds and nofcs fro-a tan
siion and second. pn favor Of rcpudiaiing
The debt issef. Ga the latter point there
need be no argument. No party. rcly'ns
upon the votes Of lie people for rs strength.
VIII dare 90 seriously entertain a propose
ton 20 repudiate debt due 20 the same
people e looks % for IL votes.
In ne matter Of exempiing the securities
o. The United States from TAXATION. were l.
an advAntsge. whlch many people arr pleas
ed 70 call fsvorifism; and IN a measure Il l.
50. But this advantage was only gwen -
a matter &c necessity. vas open u one man
equally Nth another % accept. and j. ore
from which even those Who tlta not invest
actually rearei advantage
During the adniaissration ofJsnes b.
chanan the creSs Of the United State. was
dePrceiated - per cent. That =. rs Sc
retarv q The Treasury IN the eariy part q
the administration. used he surplus N hrs
possession 10 redeem the pablic deb; a. =
per cent prcu,iuu. While AZ tie ciose a snail
loan couid no, be placed a. 10 per cent dis
count. Il bequeEfhed % Mr.. Lincoln an
empty Treasury. without the means Of re-
plenishing H.
In this condition q the Treasury. Mr..
Chase's 6rst csFors wss 20 SEX some plan
~ ~hich the Necessary funds cosi3 De rsis-
"a without the sale q ifs bonds ~ a ruia-
Gus discount. Il has heea charged that "a
would have been better had b. soid the -.
curities for What they would bring; bst -
usiutain thzs such Pohcy vouid have been
suicidal IN the unscttiinE % all values. "a
this stage the policy Vas sdopted 81 issuing
a loan PAYING two cents per dav on each
hundred dollar borroWed. Which ~as the
beginning Of Tie popular Sevcn- Thirsy
loan. The second loan vas one paving
s Per cent. with the SPECIAL advantages 81
exemption irom taSation. and the payment
81 its interest IN coin. This vas taken W
rapidly s-d NOR. would have been soid.
bat Sor the fact shs' "a vas probable that
tbc spccie liabilities 81 The cove-nnen;
wosld excced its coin reoripts. Tbs led
TO loan differing from the frSt both in rate
and amount Of interest. also exemps from
taxation. AL % these loans have been
taken al or above par. The people have
taken che loan. and With pride have seeu
the predictions 81 tn croakers silcnced.
History has no parallel. either for the .uc-
oess o. the loan. OF the PATRIOTS aiacriiy
With which The people invested their earn
in.-s IN q. 10 does shoE. hoscvcr. tLai
other governments. thai have adopted other
expceients Tor raising money. have cousid-
cred themselses iortgnate in procuring from
capitalists. a. much a. 90 cenis on iie dol.
lar on tbeir securities. a poiicy. the cost q
~hich can easily De- calculated BY any one
Who VAL sec how much our debt uoull he
a. the present time. bad a dollar q oar
bonds pad bui 80 cents Of our debt.
Tbi. explanation j. suficicn; 20 satisfy
any loyal man Of thc necessity q the al
vantages given. AID this does not apply
20 the lafgs suns required as basis for
National banking. Which Is taxable. f.
should be further stated thar the govern
meut has the right on all these bouds O. paw
thea a. any time after I've wear This
opens The way for honorably meeting So ~
Eagemcnts. Il has Il IN its power 90 raise
money on any other plan. and liquidate this
~hoie class Of favored notes; and tbs VII
be done - the earliest pract.cable moment.
The weakness % tbs cry q avoriiism Is
apparent. from the iact that notsithstanl-
ing the advsn'Aces offered. these men couII
seldom he indsoed 90 take dollar Of the
loans They preferred 70 pat thcir money
into other securities. aud leave 90 other,
that they vere pleased % term tbe worth
less paper. Ii Is nov 1T jasi ihai thoss
who took he risk should reap The advanta.
gcs.
There - muoh misapprehcnsion g. % che
extent % ~hich capital - released ~ tbe.c
notes. u j. h1f periectiy -cll- kpoun
thar comparatively large poriioa q cap.
Cal evadcs the vigilance Of the ASSESSOR.
in The hands Of capitalists. While tbossand.
81 men have never paid TAI on money A. is.
ierest. The latter j. the class ihai has 10
ves'ei nosi largely in government securi
t'es ard Of coure pay jsst al much tax ..
ever. The Former in some cases will as
tie bonds a. a Blind. and uii tb1s rcdao,
TIE vaiua'ion sightiri but careful exam.
inaiion ~ili sbo~ comparatively iiuie rcaso.
ton iE che vaiuaiioa The borden ull hr
far more hzht.y than vosll an di-ecs tas
that could D. pad