Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1865-09-09

Britain--our means of payment the same,
but our rate of interest double" Our debt
win be as onorously felt as il twice ais large
as the other. This is the case with the Two
debts. AS, to supposed bad faith in subject,
ing U. S. bonds to taxation, 1t must be re-
membered that before any Of the principal
is paid the debtwih beindiGated by dollars
in gold, while one dollar and a. halt, tYo
dollars, and two dollars and a half in bonds
have been purchased with a dollars worth
measured by gold-and they will, foryears
to come, be bought and sold for less than
dollar for dollar. AS to their having been
patriotlcally purchased to sustain the Gov
ernment on the faithful they wouldnot
be taxed, it is enough to say, that by the
time they are taxed, they will mostly have
found their way from original hands to
those OF comparatively aIfew capitalists
This will soon happen, and to him who has
most OF his wealth in something else, IL
will make little difference, because, If his
bonds are exempt, he must pay SO much
more tax on the residue of his property.
The burdens of most Of this class will be
| Ightened by bringing all the, bopded wealth
on the tax list. When bought, all knew
that Congress could tax them and provide
for the States taxing them also, whenever
it chose OF thisb Congressional power
/
have decided that, "There Is nothing iliithe
| Constitution which forbids Congress to
pass laws violating the obligation of con-
tracts, though such q power is denied to.
323.) any WI '7Hh 'Isl" - 'jhh e19Nfj
Congress has attemptedto impair the OBJ
legation OF, contracts by making debts con-,
tracted on gold basis, and even, specially.
made payable in gold, dischargeable in le-
gal tender n0tlsT7though. they should not
be worth half their face in gold.
Under oar State Constitution, for the pres
ent, taxing the incomes derived from these
bonds cannot be done. In Ohio the system
OF taxation is the tdirect-simple-not the
indirect-complex, or combination Of the
two! All fropertyis to be taxed, byoa ttfti-
form rule, ace0rdiligto its true Waluei in mon
eysD The thing taxed must be in existence.
An income, may have been, received and
spent; in which case it cannot be taxed at all,
and that on hand must beitaxed as other
money,bY adniform rule Thatnot received
cannot be taxed. The, Legislature can pro-
vide for submitting to the people an amend
ment to the Constitution In this respect
Ihat was one thing contemplated by the
l4th resolution adopted by the State Con-
yentlon, II Congress should tail to do its
duty. The opinion of the distinguished
| gentleman who drew 1t, Is exactly mine, as
Dhappen to know from himself and he was
aleading member of the Convention that
framed the. Constitution of Ohio. That
resolution looks to no more. 1t demands
legal and Constitutional measures, from
Congress and the Legislature, to tax these
bonds, AS TO the S4.00, militia tax, when
the people were organized as militia, as the
state constitution contemplates, the oppo-
repealed the law. organizaI tha stTotions1
'GliarTl, niand nIahed r. bnrIe,, ,trantoni,,
upon the neoiije. Sbo,ild T he in tha s,axt
Senate of Ohio. shaii nronose ts re,,eaI tL q
first thing / do, If some other Senator does
not offer Il before / can. A"''- N'N'
AZ the yerv I'M, 80 &c
observed that fha ,,asent tU III sS Umer'
which has simon assumed an I,n,,,, S"a p ~ w !,
and names. headed its boat with tbe strapn, snpre
| of corruption. and rot acainit IL III ;s ~
day more notorious for frand. neculatjSn
extravaganza, and usurpations of iawless
power than any party that has ever existed,
With all its wealth, Intelligence and num-
bers, it has no moral power to resist despot-
ism, for it has practiced II iinon others and
could interpose no moral ot9position II the
same thing were practiced upon it's mem
bers and the country. This is a most mel
ancholy reflection: but. In the Democracy
alone. does sueh newer reside, 7 was rs
much convinced, when I united with the
Democracy seven wears ago. as am TODAY,
that, from their relative mowers. facilities
and circumstances, all of the territories we
then had would in any event. become free
States, while the South, conscious of its
growing Comparative numerical weakness,
and fearful of aggressions i'm consequence,
| WOuld attpmnt the very thinO thav have If