The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-10-05
FIRST EDITIO N
NATIONAL FINANCES.
Dan. Voorhees, on the Stump in
ohio - His Advice to
Democrats

Hon. Daniel W. Voorhees,, ex- Congressman
from Indiana, addressed an immense meeting
tember q. After an exhaustive review OF the
Congressional policy Of reconstruction, Mr..
You have a mighty financial question before
you. do not pretend to 90 the greatest fnan-
cler In the country; make no professions upon
that subject at all But there are certain great
bold, plain facts that you and can talk about
here to-day, in plainness and simplicity, as we
would ground the fireside. During the war we
became deeply indebted. The public debt now
amounts to about S2600,000,00O. A large por-
tion of 1t, nearly $1,000 100000, is in what may
call the peoples prOmlssory notes. Tney are
generally known as Government bonds.
What is a aGovernment bond? 1t is paper
issued by the Government, by your representa-
tives, in behalf OF you, the people, upon your
credit and your credit alone, and Is your note
made, executed, and signed by your agents at
Washington, to pay so much money in a GER
tain length of time. You have nearly $4,000
100000 of these notes out, that some day or other
and in some way or other you or your posterity
will have to pay. Gentlemen of OHIO, men of
Morgan county, you are in debt. Your farms
are all mortgaged, every foot and acre that you
own is mortgaged TO pay your notes that are
out. They are called bonds, but they are simply
your promises to pay. They are IN the hands i
terest. Twice year; the tax-gatherer comes to
collect from you: yea, he is about you every
day. You pay taxes In every form. The tax
gatberer is invisible; ne is about you all the
time. You pay taxes on these bonds while
you eat. and while you wear out your clothes,
even while you sleep you are paying taxes on
this mighty debt. Remember the tax you are
paying now does not reduce the principal, IL
You viii say at once, "That is an appalling
spectacle for us and for our children after us to
look upon" Two thousand six hundred mill
lions of dollars is an immense sum of money,
amounting, according TO an estimate saw the
other day, to large sum for each voter, and
then for each man, woman, and child in the
United States. will not go into these mtnutiR.
You will ask me how these men received your
notes When your currency was deranged,
and, in order TO induce the people to purchase
these notes, law was passed by which they
should pay no taxes upon the Government
bonds that they held. The deranged state of
the currency enabled them to buy these bonds
at rates of from forty to sixty cents on the dol
lar. If to-day the people should repudiate the
entire public debt-whtch am not for, but OPP
posed to-the bondholders, by the interest they
have already received, would be paid nearly,
If not quite, all that the bonds originally cost
them.
The remedy proposed by Mr.. Voorhees, was
that the bondholders should pay taxes upon
their bonds.
If they win not submit to taxation, what then
am for? am then for doing what all ma
tions have had to do before, that Is, to reduce
the rate of interest. Our debt, bears an average
it to three per cent, If no further. One half of
your interest shall go, you bondholders, If you
won't pay taxes. If you won't pay taxes, we
won't pay interest. We will send you only half
of what you send for instead of all of it. What
do you think of that, then? That is way OF
lessening this burden just one-haM If they
won't submit to that and keep the power. there
be done. Let us commence paying their bonds
as they fall due, in thesame kind OF money that
they make you take for whatever you own In
this world.