Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1866-01-24
secretary Mcculloch,s Proposed

Secretary McCulloch's Proposed
Scheme. 80
Net having room to publish The entire Report
# dh. Secratarysof the Treasury, We contina,fto
rasiessaah perdons as are mast intero.tiTg and
mpSftsnt.s Secretary MoerIIssa 4aays thai
: Taxasr rsry largely in difsrs nj States, and in
liGcrent eountiis and cuties, ofthe SAM State,ll
md are srtryNhers 80 high that spplssa ptoteOtea
against them, the bonds into: ahish thdspreIept
debt (mcaning Abe e'na,ional dsbt of the United;
states) mustshe fuaaed, cannot bO distributed
among tho people, except in some favored locali-
tics, unless they bcHr rata Of interest 50 high
as TO mako the-debs soyorelye oppressive. -and to-
render the prospect Of ex,insn;shment well nigh
hopelOs'. Exempted ffom aacal taxation ny
which Mr. McCrLLocu means State ta1ati'n)
The debt can, expectds. be funded atan sarly
day at lSo pereent if locaita1 be allowed,
no considerable portion ofstbeedebt which fails
due within tho nexe four years icani bcfun1cd at
home at less than eightpcrcent. The Tas.paysrat
of the United Stntas cannot afford to have their,
burdens thus i:oreassd.p'- 49, .: ea-;-i's.' !
!. Itis aisndcr regafl then for thsTaax.paysrs
Of tho United staissr hat inducys,I Treasurer
TO pro; oso his present scheme, Struggling under
the in.tlctsbio burden. OF Three Ghsusaad Nil
liun Dollars Of public debt, has Mr.. &cCrLlocn's 8
brain lbesunle added, OF is j calculstipg upoH
the isnsranee Of tho psOpleinpat,i 6 'forththi'
scheme, and telling Them it Is For their intsrss.
The scheme with be PROPOSES is simply this;
that The pubic debt, amounting to Three Thtai=
saud Million DcIlars, be funded, /. that tho
asre,ntpens puts in market ana soils its Dondstto
the amount of Three Thousand Million. Dollars;
and these bonds are to be forever held frcs io'
taxation. He tells, US elscwhOro that the. WI olr
properly Of the United States amounts, Four
teea Thousand Million Dollars. He proposes
therefore that about oaeiffth of tho ontirc pro-
| pcrty OF the United States be made e1emptfrom
| taxation. And what class Of properly does ne
| propose thus to oxempt2 Is it tho property Of
tho poor; of tho, -laboriug class of the people;
o. smal f.rlners; or tho heoessaries of life? just
/ thsreverss. He proposes to exempt three thou
sand million dollars worth of Goyurnmont bondt
from ta ayation. And Who wil be the holders ol
these bond, Why tho capitalists, the moneyod
men Of the country. merchant princes, Wal
Street Bankers, stock. .jobberr; and the shyieels,
| generally Of tho land. The con,ummation o.
i this sckomo would erect in . republican, Govern
! ,meut the most odi6us .m.neJed aristocracy th'
! world ever,saw.s Jews and stock jobbers holding
! Three Thouiaad Million Dollars FREQ Of taxation
AID the small farmer, tho mechanic, the trades
man, and the poor Of all ela,ses, hcsvily taIs'
to pay the interest upen this gigantic debtto sup
port this numerous and nasty nobility! Woult
the people Of the North, and especially of th'
North Nest, pay a tax OF a million and q hal
i0llnrs, the interest upon fuch D. debt as this
We have strangely ,miatAken their intelligence
they do - -s A.a9 - -,.sf--i
Therc must undoubtedly be some strong reaso
: that urges Mr.. MccuLLocH to put forth such
scheme. And We accordingly find that reason i
his admission that unless these Bonds nre sz
smpted from taxa:ian, they Oaanof be sold. Thi
We admit will very certainly be tho result
,hrse ,hourand millisn dollars worth Of GOvsrr
ment Bend, subject to taxation be thrown upo
the market, there will be few or no purchaser
Nor.yod men will be very shy ofsinyssting ges
,non.y in Bonds which may -nGvsr. be- pait
Whether sueh Bonds will EVER be redeemed d.
ponds upon tho voters in The United Statos.
maj srity Of The voters in tho several S ates al
opposed t, paying the interest upon these Bond
thsy hare but to select members Of Congress VII
will ote for their repudiatioI--and there will
an end o! tho Bonds. To conjecture what II
people will choose to do in such \ case, it woul
be we to inquire what will be their :ntoresi; as
is pretty safseslculation to suppose that men vi
befunded, whether these Bonds bo exempt from ia,
a.un or not, there will not bs one man in ton VII
, will be Bond-holder; or suppose thoro bs ono
three. Two men then out Of every three in Il
country will bo taxed to pay tho interest on Bone
in which they have no interest; and tho tax, M
McCuLLocH himself admits, will be flee per cer
on the resources Of the country. Will the grcs
mass Of the llborlng people Of the country, t..
two-thirds. agree to pay this tax, for the bunof
Of the remaining third-and that third the mon
sJsd aristocracy Of the lazdY
| .Theio are questions that capitalists will loo
cautiously into befsrc touching Gorernmer
Bonds; and this the Tressursr.is txoll aware %
Hcncs his anxiety to have tsssO Bonds exempto
from tsxs,ion as otherwise thore will be no hop
Of selling them. We have shown the monstrou
injustice which such scheme would work to th
poor and tho laboring mon Of tho country; an
It is for them to decide whothor or not they vii
erect q permanent moreyed aristocracy in th
country. 49, 80 t,-,st -
The Anderson Intellisencer.
In Anderson we feel tho greatest interest, an