Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-08-02
The Caving I'm of Radicals ON the
Bond Question = Who are the
RepudiatOrs Now 3 =, \ ~

The Caving I'm of Radicals ON the
Bond Question = Who are lhe
RePudiatOrs Now. \A.
The Republican Senatorial Nominating
Convention, which met at Logan, in Hook
ing county, on Saturday last, adopted the
following:
WHEREAS, The national debt funded and
unfunded varies not much from S. SOC, ,O0O,-
| 600 of which near $2,0000O0,OOO is funded,
a profitable investment of property and
wholly exempt from local taxation, and
whereas, the United States Government is
not bound to pay the principal of any part
of said funded debt in coin, excepting the
interest on the 5-20s and 10-40s and or one
or two of the issues, and believing that
there is nothing in the laws, constitution
or obligations of duty or honor that pre-
vents the Government from refundiDg the
funded debt of the United States in tax Il
bic securities, bearing interest in coin, and
such securities redeemable at discretion of
the Government as to time, in coin, after
first taking up the untaxable debt, with
legal tender currency; therefore,
| Resolred That we favor the policy of en-
ploying all legal and constitutional means
of suhjecting the vast amount of untaXed
property evidenced by the United States
securities to an equal share of the public
burdens, national, State and local. .-l-.f-
The Convention requested the Journal to
publish the proceedings, and that paper
complied with the request, and had an
editorial calling attention to the resolution.
All attempts of the Democratic party to
have the national bonds, or any portion OF
them, taxed for State purposes, has hereto
fore been denounced as leading to repudi-
alton. Here we find a so-called Repub-
Ii an Convention endorsing the necessity of
readjusting the funded debt so as TO make
those holding it pay their lust proportion
of State, County, Township and city taxes.
| The taxation of Government bonds is
not the only caving in that this Preamble
and Resolution discloses. 1t advocates the
payment of bonds in greenbacks, the bare
mention of which, heretofore, has thrown
the Journal and its Kindred sheets into
spasms. Admitting the fact that the Uni
ted States "is not bound to pay the princi-
excepting the interest on the 5-2O's and
10 40's," and the whole question OF paying
the debt by an issue of greenbacks is mar
rowed down to one of mere eXpedi-
ency "a question easily settled when
one hundred and fifty million dollars
per annum is saved to the people in
interest on the S2Oo0,OO0O00 invested in
Government bonds, and with it they have
a currency sufficient to do all the business
OF, the country, without calling on the Ma
tional Banks for one dollar of their notes.
All of these bonds were purchased with
greenbacks-many of the purchasers selling
their gold at one dollar in gold for three dol
lars in paper. With the proceeds they pur-
chased bonds on which they have received
seven and three-tenths per cent. interest,
payable half yearly. without taxation,
which made the interest, at the lowest rate,
nine per cent. per aunum. But put the in
terest at the Government rate, and the men
who sold one hundred dollars in gold. when
it ranged at 300, and put the proceeds in
bonds, will, in five years time, have receiv-
ed nine dollars and fifty cents more than
the 800 invested, and in addition will
receive, in legal tender notes, $500, making,
in five years time, four hundred and nine
dollars and fifty cents. in greenbacks, for
the one hundred dollars originally invested.
The great hardship of forcing the cred
itors of the Gov ernment to take legal ten
der notes for Government bonds can thus
ha soon