Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1865-09-29

one say that money could be borrowed by the
Governrcat on as good terms, 81 State lesis-
lasuns had the power Of imposing taxes on
the government bcn6s1 No ssne man will
ay it. The STABILITY of the National obliga-
nospNtbst T., the assurance That the otai-
estioss will remain unchanged and the
asreaat 81 interest stipulated be paid with
cut deduction or delay, and the prmciIai
taid when it falls due-r the very eusiity
of the obligations which makes THIN desir-
able, and therefore causes them to be taken,
though paying iess interest than would
have 70 be said were the obligations oil
risky and fuc.uating character. Who can
suppose Tor one moment, that, II 1t had t.een
stated that TIE United States bonds issutd at
stipulated rate Of interest For money ad-
vanced, during the past four years, Were To
be further SUBJECT to whatever tax might be
imposed on them by the several State legis-
laturcs. they would have been taken as they
were? Instead OF being freely taken by all
who had money to let, either IN small OF
large sums, they would have been taken M
ly. or at bes: chiefly, by Spectators Of large
capital. who would have demanded and oh
taincd very large discount from thtir nomina!
value, To Justify them for the rick OF their
depreciation because Of State taxation OF
up BE- the issuc If so much the more bonds.
and the entire public would be go much and
permanently the sufferer just and equal
taxation for the whole people requires there
fore that the amount of public debt. and of
taxation to meet it. should be kept as low as
possible, and THE could not I've if Govern
ment bonds could in any shape DC taxed ny
the several State legislatures, or by munich
palities deriving their existence and power
Of taxation from them. State and municipal
revenues must be derived from property OF
sources under their control, not from those
which relate exclusively to the National
Government.
The clamor in certain quarters for taxa
tion of United States securities can accom-
plush but two results The frs, and must
obvious one is to stir up party jealousy IN
the minds of the less informed or more ex-
citable members of society, and thus to eu-
large the voting force of thosc more anxioas
Tor party success than for tie stability and
honor Of the Nation. We Judge that much
less will be eff,ctod in thar way than those
who raise tie clamor hope for
The Other result is OF a die ent sort, and
il it can be reached TO any great extent, will
bring injury to many and great profit II a
! few. That Government securities are scat
tered throughout tie community III both
| city and country. TO an extent beyond all
parallel 10 our country, is notorious. Rely
ing on the stability Of their value. people oil
all conditions who lad anything to spare
nave invested in them. The small invest.
,nents-made by persons Of small means
outnumber the large ONES thousand lold.-
Only let deep impression be created that
the value Ut these securitie>, inst, ad OF being
permancnt,is u be at the mercy Of State and
municipal Legislation, and thousands Of iimiC
! persons viii hc an1Iou. to sell even at a los
]
n.d there viii le cunning anu wealt ' Eye
! culntvrr, who, kb wing tia; such an impress
siVr j, a iaiiacI ,us one and that what timiC
bnndhoiG,r can be made to sacrifice will IL
the enc IIove 70 much giin to Lin W.,
buy. ard toIds. will be ready tu rgrrava,,
the Isars Of tie timij, and to take ad,antag,
If 'hoir ig,",r.n0c aud want OF coL6d,nc, il
the luoli, iaiIn.
How murh Of the clam,r u which W. hav,
.,.vcrs'd L. made to fi,c one, and how muct
! lp. iect tn, otter Of the results aboNe named
! We ie.s. 10 others - say.