Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1866-01-24
Secretary McCulloch's Proposed

Net having room 10 publish me cnuro lteport
t th. Secretary of the Treasury, wo continue to
otieo suoh portions as arc mast interesting and
important. Secretary MccrLLaeH says that /
Taxes vary largely in different States, and in
md are everywhere so high that, uuless protected
against them, the bonds into which thoprcsunt I
lebt (m Gaming the rational debt Of the United
5tatcs) stsbc funded, cannot be distributed |
among the people, except in some favored locali-
ties, unless ttcy bcnr rate Of interest 80 high
rs to make the debt severely oppressive, and to
render the prospect Of extinsu:shm hmsnt well nigh
hopeless. Exempted from local taxation ny
which Mr.. McCrLLocn means State ta1stisn)
The debt can, is expect. d. be furded atan early
day ut five per cent if local taxation be allowed,
no considerable portion of the debt which falls
due within tho next four years can bc funded at
home at less than eight per cent. The Taxpayers
of the United States cannot afford to have their
burdens thus i:oreas'd."
l, is tender rcgarl then for the Taxpayers
Of tho United Status" tha: induces tie Treasurer
to pro; osu his present scheme. Struggling under
the inulcrabio burden Of Three Th"usald Mil
lion Dollars of public debt, has Mr.. McCrLLocns
brain bee.me added, or is lie calculating upon
the ignorance Of tho people in put:i forth this
scheme, and telling them it is for their interest
The scheme wliuh he proposes ia simply this:
that the pubic debt, amounting to Three ThCt-
saad Million Dcllars, be funded, l.. that tho
Government puts in market and soils it, bonds to
tue amount of Three Thousand Million Dollars:
and these bonds are to be forever held Tres o.
taxation. Hc tells US elsewhere that the whole
property cf the United Suites amounts to -Four
tcen Thousand Million Dollars. He proposes
therefore that about one fifth of tho entire pro-
pcrty Of the United States be made exempt from
taxation. And what class Of property does be
propose thus to exempt? Is it tho property of
the poor; G: tho labosing class of :hs people !;
of smnll f.rmsrs; or tho htoessaries OF life! Just
tho reverse. He proposes to exempt three thou
sand million dollars worth Of Government bonds
from taxation. And Who will be the holders Of
these bvnd, Why tho capitalists, the moneyod
men Of the country. merchant princes, Wall
Street Bankers, stock .jobbsrf, and the shylsrks
generally Of tho land. The contamination OF
| this scAomo would erect in republicans Govern
muut ,hs most odieus mDneyed aristocracy the
world ever saw. Jews and stock jobbert holding
Three Thou.and Million Dollars FREQ of taxation
AID the small farmer, the mechanic, the trades
man, ard the pocr Of all ela.ses, heavily taxed
to pay the interest upon this gigantic debt to sup
port this numerous and nasty nobility Would
the people Of the Nvrsb, ard especially of the
North West, pay tax Of u million and hal
cellars, the interest upon fuch debt as this
We have strangely mistAken their intelligence i
they do.
There must undoubtedly be some strong reason
that urges Mr.. McCULLocH to put forth such I
scheme. And we accordingly find that reason il
his admission that unless these Bonds are ex
eIapted from uIa:iaH, they eaanot be 'old. Thi
we admit will very certainly be the result. I
,hrse thousand millisn dollars worth Of Govern
ment Bends subject to taxation be thrown upol
tho market, there will he few or no purchasers
None, cd men will be very shy OF investing gos'
non.y in Bonds which lbay nGvrr be paid
Whether sueh Bonds will EVER be redeemed de
panls upon The voters in The United States. ]
maj .iity Of the voters in tho several ates ar
opposed t, paying the interest upon those Bonds
they have but to select mombsrs Of Congress VI
will ute for their repudiaticE--aud there will b
IN end o! tho Bonds. To conjecture what tn
b.ople will choose TO do in such ease, it woul
DO vol to inquire what will be their interest as
is pretty safe calculation to suppose that man wi
be funded WI other these Bonds be exempt from tax
a'ivn OF not, there will not bs one man in ton VII
will be Dond-holder; or suppose thoro DO ono il
three. Two men then out Of every three in til
country will be taxed to pay tho interest on Bond
in which thoy have no interest; and tho tax, MI
McCuLLocn hilnssK admits, will be .drs per cen
on the resources Of the country. Will the grca
mass Of the lAbOrlng people Of the country, i. Q
two-thirds agree to pay this tax, for the bunOii
Of the remaining thrd-und that third the mon
eyed sristocracy Of tho LAID!
Thcso are questions that capitalists will lool
cautiously into bufsre touching Government
Bonds; and this the Treasurer is we'll aware of
Hcncs his anxiety to have t!sso Bonds exempted
from tsxstion; as otherwise thore will be no hop,
of selling them. We have shown the monstroul
| injustice which such scheme would work to th,
poor and tho laborirg men Of tho country; ant
1t is for them to decide who.hor or not they viii
country.
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