Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-11-26
THE NATIONAL DEBT.

Reasons why Ia Ought To be R9td In
tween a Bonahoider and a sufIering
Tax Payer.
Bond Holder. Good morning Mr.. Tax
Payer. / called to see You about the rent
for next year.
Tax Payer. Well, what about it?
B. H. What will you charge me for the
house next year? SD
T. P. | suppose | must LET you have it for
the same you paid this year.
BsH. am sstonished; / expected
reduction of at least twenty per cent. Times
are very hard, and everybody is coming
down in rents.
T. p. Times are very hard / admit, so
hard that find it very difficult to pay my
taxes
B. III. Why your property is valuable
and you have a large rent roll.
L. 7. The house you rent from me is as
sessed to be worth $4,000, and the State,
county and corporation taxes, including
taxes for railroads, aud schools, and stamps,
and United States income tax, and insu-
rance, to say nothing about repairs, or wear
and tear, amounts to $4l9 Sc. You pay
me 5000 rent; this leaves me $3.50 IA;
tllS ~ % Sb@1OV pei CSflt WI 4dc7CooCNt
valRe of the house.
B. H. Yes, bat there is the probable in
creased value of your property and,
another thing, you would not take fifteen
thousand dollars for it.
T. P. Well, suppose | could get twenty
thousand dollars cash, for it, and suppose
you value it at that, the above calculation
would only make it yield me 2 9O-100 per
cent.
b. III, Well, cannot help it; rents are
coming down, and / must do the best | can
for myself.
T. p. believe your means are invested
in United States bonds, are they not
B. H. Yes, / have few of them.
T. p. Have you any other property, or
do you own anything on which YOU pay
taxes2
b. II. pay an income tax.
T. p. Do you pay any taxes to the State,
county or. corporation, or for schools or
railroads?
B. HI. Not one cent.
7. P. Do any of your children attend
the free schools
B. H. Yes, my three boys go to the pub
lie schools.
T.. p. On twenty thousand dollars of your
United States bonds you receive twelve
hundred dollars a year IN gold, which, at
forty cents premium, makes $3.50 interest
per annum you get on your twenty thou
sand dollars, on $1,000 of which you pay
an income tax of $54, leaving you with
$l626 a year, or 1900 per cent.
B. Fl. Well, why don't you do like do,
sell your property and invest the money
in Uncle Sans bonds?
T. P. Suppose everybody adopts your
plan, who would own houses? 2
B. III. That's not my look out-every
man must take care of himself am not
to blame for your property being taxed.
/ neither made the public debt nor passed
the law exempting it from taxation.
T. P. l am not complaining that my
property is taxed what / do complain at
is unequal tardtion. / contend that it is
contrary to the spirit of a free gov
eminent to tax one portion of the
people for the support of the other,
and / contend that the public debt
ought to be paid off in greenbacks, which
would put stop to this everlasting tax
alton that is making the bond-holder
richer, and the taxpayer poorer every
day.
B. H. You seem to be wandering from
the subject. l called to see you about the
rent. / suppose you think as houses are
scarce you will be able to maintain these
high rents.
L. p. l think have shown you that even
what you call high rents, property-owners
are getting very poor rate of interest on
their investments. If houses are scarce,
why don't you and other rich bond-hold-
ers sell your bonds and build houses-if 1
have shown that the price you call high
which / am charging you for my house is
nearly all taken from me in taxes, while
you pay none-why don't You remedy the
evil by building, thereby increasing the
number Of houses, and consequently lower
ing rents? When the bonds are all paid
off and the money invested in houses and
manufactures and other enterprises, stim-
ulating the industry and developing the
resources of the country, you viii hear no
more complaints about high rents, hard
times and scarcity of money.
q. H. Your argument proves then that
l should invest my money in something
that would yield me less interest than
now get. What advantage will l derive
by that course?
T. P. The oppressive load of taxation
now on the country to pay interest on the
bonds, and salaries of Revenue Collectors
will be taken off; your property will rise
in value; there will be a demand for
houses business will be revived, and you
and all other bond-holders will be i'm
mensely benefited directly and indirectly
by living in free, happy and prosperous
country, blessed with more natural adj
vantsges than any portion of the habitable
globe.
B. H. l must confess this is a very pleas
ing picture; something is wrong now
trade is dull agricultural pursuits are
languishing; manufactures are stopping
money is scarce people are disheartened.
7. P. There IS but one remedy, the national
debt must be paid, and it must be paid in
greenbacks, and the taxes must be stopped
before the substance of the nation is con
snmed VINDFx.