The Wyandot pioneer. (Upper Sandusky, Ohio) 1853-1868, 1867-09-19

AiO 0NHOOleCN
first at six and then at five per cent.
There were a few large amounts, but
most of the $3,000,000 which was at
one time held, was made up ofsums
ranging from 500 to 81, 600. Go
to the depository in Cincinhati now,
and inquire rs to the class Of people
who call there to collect coupons,
and you will find the people in force.
Go to the bankers and brokers on
Third Street, where cotpons are
largely sold for convenience Of col
lection, and you will find them com
ing in largely from the people OF the
city and country. Go to the State
Deposit Bank Of Cincinnati, of which
Joseph c. Butler is President, ,and in
quire as to the character of the peo
pie who deposit bonds there for
safe keeping, and you will discover
that the "aristocracy" do not hold
the bonded debt.
Then look at fhe savings institu-
tions Of the country, whose securi-
ties are largely made up Of national
bonds. AS nearly rs can be ascer-
tanned; re find the saving banks of
New York. Massachusetts, Connect
cut, Vermont, New Hampshire and
Rhode Island, hold on deposit $685.
1G7, GA, belonging to 100000 de-
positors. Taking other Northern
States, and we suppose it would be
found that 250,0aG0Go are deposit
ed altogether, and that there are l.
100000 depositors. Then, take the
insurance companies, the capital of
which is invested largely in national
bonds Every man who insures his
property is interested in these.
Destroy the national debt, or lie-
preciate it by issuing grecnbacks, and
You would break savings banks,
banks Of issue and insurance com
panies. Who would suffer most p
The people of small means or the
capitalists Both; but the former
more than the latter The weeping
of the women in and around Bethle-
hem for their children would appear
as a trife compared to the weeping
Of the people of small means, i'll the
United States, if the Democratic
policy ofrepudiating the debt should
Ipreyail.
No, fellow citizens, tits a mistake,
q great mistake. to suppose that the
bonds are held chiefly by capitalists.
Show me one rich man in Cincin-
natl Who holds bonds, and~I will
shc# you ten persons OF small
means, including widows and OF
phans, who hold them, and have
their all Invested IL them.
! The rebellion was the great Grim e
recorded in history. Next to it
would be the crime of destroying
the natioral honor by violating the
national faith. s--a
The fact that those who were gull
i ty OF the former propose the latter,
should put the people upon their
guard. li'-sa7z
The exemption ofthe United States
bonds from State Or municipal tax
alton is a handle which the Confed-
crate Democracy use vigorously to
prejudice the people against what
they call the ''bonded aristocracy.'
Now, these. Democrats profess tc
excel in their devotion to the Con
stitution of the United States anc
{ the decision Of the Supreme Court
Yet, it would seem, they have reae
, the Constitution to little purpore, i
they read it at all Otherwise they
would have discovered that the Con
: stitution protects Government bond.
from local taxation. Section s o
Article l Of the Constitution confer'
on>Congress the power to borrow
money on the credit Of the United
States. Story, in his Commentarie
on the Constitution, Page 2 says
F"The power to borrow money by th
4 United States can not, Gas has al
: ready been shown, in any way, b
controlled or interfered with by tn
. States, The granting Of the .powe
5 is incompatible with any restraininI
!; OF controlling power and the dec
0 laTation that no such restraining o
G controlling power shall De exercis
: ed D. In the case OF Weston VS.. Cit
: of Charieston,Y 9 Peters, z49, ,465, til
n United States Court decided that tn
4 States have no power to tax til
It loans of the United States.
d Thus we see it is not worth Will
d to talk about the part of the Demo
T cratic programme. Congress, in es
d empting bonds from local taxation
n merely did what the Constitution II
IS quired. There is nothing in tn
'e1 Constitution, and there is.nothing i
= the contract with bondholders, TIL;
y would prohibit Congress from sui
h jecting the bonds to a national ia,
,e and / think it. woul.i, be wise SD
t, just to provide for such tax. 3
+ taxing the bonds, and by taxing Il
le circulation of National Bank nott
during the!perioG Of the suspensio
"a Of specie payments, "a revenue Of S3
D 000,000 might be obtained, the CO
% lection Of which would cost ITothfn
,e This should be applied regularly
le the payment Of the principal deb
If Tt should be constituted. sinkil
,e fund for that purpose This wou'
IN enchance the, value Of the bonds
- an extent THAT would more than O.
er set the tax. 2. -
a But in the line Of taxation we mu
Y so further than this. We must pr
s. vide foran honest execution; OF {
ir fax law. Ehe whisky tax last ye
is shouts have welded S90,000,00G..
y It did not Yield S30,oo0,o0o. !.
a. equal proportion the tax on tobac
IL was evaded. Thus, full 500, ,00O, ,0t