Fremont journal. [volume] (Fremont, Sandusky County [Ohio]) 1853-1866, 1865-09-08
REPuDTATION.
The State Convention Of the 80 called
Democratic party Of Ohio adopted the following
resolution "a mart of its platform: --

tempting to exonerate the holders thereof from
all obligation to pay their Just proportion of tax
es for the support of the States in which they
reside, and thereby creating an odious and pri-
vileged moneyed aristocracy; and we declare
IT to be the immediate duty Of Congress and The
State Legislature to use all legal and Constitu-
tional power they possesses to subject money so
invested to burden Of taxation equal 60 that
imposed upon our property for Federal, State
and municipal purposes.
This resolution embraces two diatinct propo-
sitions: LIST. An explicit condemnation of the
creation OF the war debt; and ID. an edu-
ally explicit reputation ofone Of the important
terms OF tnat indebtedness. From this we are
to understand that had that party been in pover
during the past five years, no national debt
would have been incurred. The unsophisticated
reader may ask how it could have been avoided.
The answer to this Is furnished in the record of
O. L. VALLANDIGHAM A. G. THURMAN and 9TH
er members of the committee who framed and
reported the above resolution. 1t il the boast
of VALLANDIeHAM that not a dollar or nan
was ever granted to carry on the war against
the rebellion by any act of his; he having uni
formly and from the first voted square against
every proposition to raise money for thar pur-
pose. 1t was in his view "a wicked, uniussid-
able war" on the part of the Government which
must inevitably result in failure; and even If
successful as against the South, would involve
the destruction of everything like free govern
ment Judge THURMAN was the author of a res
olution adopted by Democratic State Conven-
ton in January, 1861, declaring that il would
betime enough for the North 20 talk about CO.
ercing the South, when it had done It's own duty.
From first to last, these two men, the ruling
spirits in the Convention that now cOndems the
creation of the national debt and proposes to re-
pudiate its terms, have resisted every measure
that looked to the defense of the Union against
its armed enemies. @Not a dollar" has been
furnished with their consent to pay, or even to
feed, the brave men who volunteered to save
their country from ruin; nor "a man. been ra-
ised to recruit the depleted ranks of our glorious
armies. Hence, no one need be surprised
to find the Peace politicians and the party they
lead denOuncing the creation Of the national
debt, without which the war would have been
the failure which they confidently pronounc-
ed it Just one year ago. And in this connection
it should be not forgotten that the Eams VAIL
AEDIGHAM who hsd a prominent part IN framing
the above resolution, dictated the infamous Ohi-
cago platform which last summer declared Ehe
rebellion sueeeSs, and encouraged iss leaders 70
hold out a few months till these politicians came
into power when the war would be stopped
| and craftsmanship" substituted therefor.
1t is proposed in this resolution to ignore the
condition of the government bonds which exon
crates them from taxation; In other vorda- to
| repudiate the agreement upon which they wers
| sold. OfcOurse, if the terms Of their sale may
| be disregarded in one particular, they may In
| another and in all others. This il vel under
stood by these politicians. They are too shrsvd
| to announce their full programme as 6rst and
deem it better to cover their real design with
cry about ''an odiOus and privileged noneyed
| arist0craey," knowing full well that With the
first point gained, the rest viii necessarily fol-
low
Nobody knows better than the men Who dIsft-
ed the above resolution, that all thei1 talk about
/ illegal and constitutional power" Of tie State
1 legislature TO tax governments stocks, u mere
| bosh. Nothing of the kind eIis;s. No ques-
ton has been more clearly settled than thai, and
by authority which those claiming 20 be Dem
Ocrats ought to respect. Among the many cases
1 in which this matter was decided by the Su-
| preme Court of the United states, was that in
/ which the city of Charleston, s. c., undertook
| to impose tax upon the "Stocks Of tbe UCited
| States" The ordinance being resisted, the case
| was taken to the Supreme Court, where Chief
| Justice MARSHALL delivered the opinion, hold
ing that
IA tax on stock of the United State, held by
an individual citizen of State, is tax on the
power to borrow money on credit of the Unit
ted States, and cannot be levied by or under
the authority Of State consistently with the
Constitution.
Accompanying.this opinion was statement
of the reasons or which it was based, among
| which were the following:
| as the stock issued for loans made to the
Government of the United States liable TO be tax
/ ed by States and cOrpOrations2 Congress has
power to borrow money on the credit of the Uni
ted States The stock it issues is the evidence
of debt created by the exercise of this power.
The tax in question is tax upon the contract
subsisting between the Government and the in
dividual. 1t bears directly upon that contract
while subsisting and in full force. The power
operates upon the contract the instant it is form
ed and must imply right to affect that con-
tract. If the States and Corporations, through
out the Union, possess the power to tax con-
tract for the loan of money, what shaH arrest
this principle in its application to every other
contract? What measures can the Government
adopt which viii not be exposed to its inAuencel
But it is unnecessary to pursue this principle
through its diversified application to al the con-
tracts, and to the varied operations Of the Gov
ernment No one can be selected which Is OF
more vital interest to the community than this
of borrowing money on the credit of the United
States. No power has been conferred By the
American people on their Government the free
| and unburdened exercise of which more deeply
i affects every member of our republic. In wsr
when the honor, the safety, the Independence of
| the nation are to be defended when all its re-
| sources are to be strained to the utmost credit
mast be brought IN aid Of tdzGiOn and the sbund-
ant revenue of peace and prosperity must be an
| ticipated TO supply the exigenciss, the urgent
demands of the moment.
"The people, foE objects the most important
which can occur in the progress OF nations. have
empowered their Government 70 make these an
ticipations; to borrow money on the credit OF
the United States. Gan anything be more dan-
gerous or more injurious, than the admission Of
a principle which authorizes every State and
every corporation IN the Union, which possesses
the right of taxation, to burden the exsrciss Of
this power at their discretion? If the right to
impose the tax exists, it is a right which, IN It's
nature, acknowledges no limits. It may be car
ried to any extent within the jurisdiction ofthe
State or corporation which impose it, which the
will of each State and corporation may pre-
scribe. A power which Is given By the whole
American people for their common good, when
it is to be exercised at the most critical PEN
ods, for the most important purposes. on the free
exercise Of which the interests certainly, per-
haps the liberty of the whole msy depend, may
be burdened, impeded, If not arrested, by any oi
the organized parts Of the Confederacy.
A contract made by the Government N the
exercise Of its power, to borrow on the credit Of
the United States, IS, undoubtedly, SsdependS1
of The 1olZ of ana StGts ir sohiGS ths tadiCSduo
operation essential to the important objects fol
which the Government was created. Itought
therefore, on the principles settled in the cess
of McOullOch vs. the State Of Maryland. 10 bt
exempt from State taxation, and consequently
from being taxed by corporations deriving theiI
powers from States. !"
The same question subsequently csms before
that Court from the State Of New York, when
the decision was declared by Judge hELsoS
(Democrat.) Il was held:
l. "Stock of the United States is not Eubies
to taxation under the laws of q State"
2. "a State law for that purpose is uneOn
stitutional, whether it impose the tan on unitsC
States stocks 60 HOT1ine or included L Ii th'
aggregate of the taxpayers property, 70 Be val
ued like the rest, at its worth" See Bhsl
620.)
Chief Justice TANEY (Demoerst) was pEessn
and assentsd to this decision.
In view of this State of the matter, what II d
be thought of the party which openly condemns
/ e Iabk Whfrh aI0nl