The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1867-09-19

| by the people who make their liv
: ing by the sweat Of the brow. / d,
. not think it out of the way TO esti
mate S60O,000,OOO as the proper
lion Of our bonds, held directly O
: indirectly by people of moderate
or small means.
!, When ihe Government authori
, zcd the Collector ut Cincinnati Il
receives temporary loan, we hap
pencil to inqaire as to the charac
Ter Of tho people who deposited
: money there, tirstat six aud ther
! at five per cent. There were I
few large amounts, but most of The
$4,000, 900 which was at one time
held, was made up of sums rang
ling from 500 TO $1,000. Go tC
tho depository in Cincinnati. now,
and inquire as to the class Of peo-
pie who call there to collect cou.
pons, and you will find the people
in force. Go 10 tho bankers and
brokers on Third street, where
coupons are largely sold for con.
venicnce of collection, and you
will find them coming in largely
from the people in city and coun.
ry. Go TO the Sale Deposit Bank
of Cincinnati, Of which Joseph G.
Butler is President, and inquire as
TO the character OF the people who
deposit bonds there tor safe keep
ing, and you will discover that the
aristocracy" do not hold the bond.
I'd debt.
Then look at the savings insti.
tutions of-the country, whose se-
curitics are largely made up ofna.
tionaI bonds. AS nearly. us can
be ascerlained, wo find the saving
banks of New York, Massach usetts,
Connecticut, Vermont, New Hamp.
shire and Rhode Island, hold on
ieposit S209, l67 OH, belonging to
100000 depositors. Taking 9th.
'r Northern States, and we sup
pose it would be- found that $780,
100000 are deposited altogether,
md that there are l,500.0OO do.
positors. Tnen, take the in
urahce companies, the capital Of
which is invested largely in ma.
eional bonds. Every man who in
'ures property is Interested in
these.
Destroy tho national debt, or
depreciate it by issuing green
Oacks, and you would break saw
ngs banks, banks Of issue and in.
9urancc companies. Who would
suffer most? The people of small
means or the capitalists? Both;
out the former mole than the lat.
Ter. The weeping Of the women
n and around Bethlehem for their
children would appear as trifle
compared TO the weeping of the
people of small means, in the Uni.
led States, if the Democratic policy
of repudia!ing the debt should pre-
vail.
No, fellow citizens, it is mis-.
lake, great mistake, to suppose
that tho boEds are held chiefly by
capitalists. Show mo ono rich man
in Cincinnati who holds bonds, and
| will show ten persons of small
means, including widows and or.
phans, who hold thom, and have
their all invested in them. |
The rebellion was the greatest
crime recorded in history. Next
to it would bc tho crimo OF de-
Stroying the national honor by vi.
Dating tho national faith.
The fact that those who were
guilty Of the former propose the
latter, should put the people upon
their guard.
TAAATION OF BONDS,
The exemption OF United States
bonds from State or municipal
taxation Ia q handle which tho
Confederate Democracy use vigor.
ously to prejudice the people a.
gainst wha, they call the "bondcd
Now, these Demo.
,rats profess to excel in their do,
'otion to the Constitution of tho
United States and the decision OF
.he Supreme Court. Yet, it would
!eem, they have read the Constitn
ion to little purpose, if they have
'ead il ct all. Otherwise they
would have discovered that the
Constitution protects Government
)onds from local taxation. Sec
ion 8 OF Article of tho Constitu.
Ion coniers on Congress tho pow.
If to borrow money on the credit
II tho United States. Story, in
lis Commentaries on the Constitu. |
ion, Page 2, says: The power to !
'orrow money by the United
'tatcs can not Gas has already been
hown) in any way, be controlled
rirtcrtcred with by the States. 4
'hc granting Of tho power is in. |
with any restraining or q
ontrolllng power; and tho dcclar. 8
ton ofsupromacy in tho Consti. T
ltion IS a declaration that no such Il
eslraining or controlling power 8
nall be exercised" In the case OF c
Weston vs.. City Of Charleston, Q c
cters, 4l9, 465, tho United States "
ourt decided that the States have u
0 power TO tax tho loans Of the n
Inited States. :
Thus we SEQ 1t is not worth while to "
Tx about this part of the Demo. b
attic programme. Congress, in 81
bonds from local taxa. n
on, merely did what tho Consti. d
ltion required, There is nothing lu
the Constitution, and there is ii
'thing in tho contract with bond. e,
'lders. that would prohibit Con. m
,naa I,n,,, .,,l.s... a. ,