Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-09-06

where they were much. needed. lap
| plause.] r
1t was hardly necessary, at this late day,
| to discuss the question as to who was re-
| sponsible for the public debt. When man
was sick he sent FIR a physician, not to as
certain by whose fault he became sick, but
| to apply the remedies and cure the patient.
We had this enormous public debt, and
| must get rid of It,. I. f
There were two forms of public debt
ODewa in the, form of pensions and boun-
ties to the soldiers who fought to put down
the rebellion This debt sacred, and
should be paid. The speaker said he was
ene of those who opposed the war. because
he knew it could be averted, and the ques-
tions between the two sections settled on
| Constitutional principles. He would not,
| if he could. change one vote or one express
sion OF opinion made during the war; yet
he proclaimed now that he held this debt
to the brave soldiers who fought for the
suppression of the rebellion was sacred,
and must be paid to the last dollar
| [Cheers
Bntthere was another form of the pub
j lie debt. There were bondholders who
/ held large claims against the Government,
men that never carried muskets. If they.
were in the field ut all, it was in some fat
| position in the Quartermasrer's Depart
ment; orthey were members of the Chris
tian Commission; at any rate they new
er smelt gunpOwder. This debt was also
just, and should be paid. The Govern
/ ment would not do its duty till it paid the
last farthing of this debt. But the cur
rency that was good enough for the SOL
dier was good enough for the bondholder.
i1f one could be paid in greenbacks the
other should. [Cheers.] But the Repub-
lican party said mol Greenbacks were
good enough for the soldier who had lost
his arm or leg in the service, but the bond
holder must have his nav in gold.
T. When the Democratic party went out of
! power, the public debt did not exceed six
| ty millions; now, after the control by the
Republican party of seven years, the debt
had increased to three thousand millions.
| No Republican Government could exist
with such debt hanging over it. 1t was
the design of the Republican party to keep
| up this debt, because 1t is just the instru-
ment required to further their erds and
subvert the liberties of the country. For
that very reason the Democracy wished to
fiiquidate it.
Bur Senator Sherman said the Constitu-
] ton stood in the way. The Supreme Court
had so decided. Who did not recollect the
contempt with which. the Supreme Court
was treated after the Dred Scott decision
| by these same men who now set up the Su-
! preme Court as infallible,. and as settling
/ forever the questions as to these bonds
When the Supreme Court said military
l commissions were unconstitutional, these
men at once lost sight of its authority; but
/ when that tribunal comedies with them for
the turtherance of their political schemes,
Its decisions are sacred and dare not be
touched.
How dared. these men talk of Constitu-
Ftional barriers, when one of their Senators
has said, "When you hear man talking
about the Constitution, put him down at
lonce as a traitor" They say the National
will, and not the Constitution. is the stan
dard. We retOrt, it is the National will
that these bonds be taxed as other prop
i erty.1 The honest farmer, whose real estate
amounted to fifty thousand dollars, paid an
enormous tax on this property, while hi;
next door neighbor, who was as rich. but
owned instead of farm fifty thousand dol
lars in United States bonds, did not pay one
dime for the support of schools in his town
ship or for the construction of roads anC
other necessary improvements. And moi
only so, while the bondholder paid no take:
for the support of the Government, he re-
ceives his six per cent. interest in gold, anG
the taxes paid by his neighbOr must go tt
. buy the gold at the rate of dollar anC
forty or fifty cents for one. fH
. How long would the people endure this
As the matter now stood, all a rich mai
had to do to escape taxation was TO turI
his wealth into United States bonds, anC
| live off the interest paid by the sweat o
other and better mems brows. The poo
could not do this. They were unable t.
invest in bonds enough to support them BY
golden interest.
EQUALITY OF TAXATION. .-f.
. The Democratic party demanded equal
itv of taxation, and the payment of al
forms of the public debt in the currency
which Congress had declared should be re
ceiyed as legal tender. They had, it wa
true, opposed the issue of leqal tenders
while the Constitution existed, believin!
that, under the Constitution, there was m
authority to make paper legal tender
But the Government had made it so, ant
said we must receive it for everything
under the sun, except the payment of tn
interest on the bonds and duties on i'm
2 1ports. The Democrats claimed if it wa
good for one kind of debt, it was good 70
y another. But it was said this would be re
pudiation, and an infringement of the con
p. tract with the bOndholder. At the tim
- the greenbaeks were first issued, ever
- man had a right to demand payment i
gold. The greenbacks were promises t
Il pay, the bonds were nothing more.
2 would only be changing the, form of tn
fdebt, and the Government was under a
o. much obligation to pay one form as tn
. other. Re- ,--=.-.... .
THE FEAR OF TOO MUCH MONEY. p.
But it was claimed if the bonds wer
5 ! taken up bv paying for them in legal tend
ers, there would be too much money. Th
speaker had been told by those who ha
made the calculation, that if the entir
public debt was reduced to greenback!
there would be only sixty five dollars
piece for the people. He was sure he coul
I. dispose of his share. Laughter.
: Mr.. Bingham, with remarkable financii
sagacity. had discovered that ii the bono
were liquidated in the way proposed,
, would require peck of greenbacks
| hos Aa0 -r.f r1nt0 WI
really no proposition to increase Il
; amount of money. The. question w;
whether it should be in the form of bond
or greeubacks. They were only differer
= forms OF the public debt. The only diffe
:. enee was that the people had to pay, M
to the Government, but into the pockets
!, the bondholders, thousands of dollars II
terest, while if it were all in greenbacl
there would not be a cent of interest
\ pay. i --a ..-
: = But it was said this would be gross j,
: gratitude to the men who came forwal
and loaned their money to the Governme
/, L in its honr of need. They did not ser
: their sons to the field to fight; they'did n
: furnish supplies for the army; but the
loaned their money, and for what? F.
r the fifty per cent. they could thereby NAL
r on their money. There was no gratitut
o due these men. They came forward
e make money, and finding the Governme
4 III GlSnG pace. uTONe stil cACeeutuSly ly Hal
bargain with Uncle Sam. Finding a Gu
toner in necessitous circumstances, the
+ did as other usurers did took advanta;
: of it. [Cheers.l
=. Were these hundred thousand bondhol
p ers to be made forever privileged ella
n in the country, while the millions we
compelled to support them No. The san
49,, money that was good for the claimhold
was good for the bondholder. II gold W
S good for lone, it was good for the othe
J, - Loud cheering.]. o7 --g -z~.
l. The speaker was a hard-money man, b
# he was willing under the circumstances