The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1867-11-20
BaUAL TAXATION.
THE BOND FILE.

''Where we promised Gold, let us pay
Gold; where W. promised lie etal-tender let
us pay legal ten Ter" -JWIJ3 Thurman, at
Pitts6ayh.
This is the true doctrine, Let us live up
20 the contract, and do exactly as we prom
lscd to do. But the Tribune, Hnper's
Weekly, ana the leading organs of the
Bond holders say, this is repudiafion a
violstion of the 'plighted faith of the
nation. Has the world turned sup side
down, words lost their meaning, and the
people their common sense? 1t would seem
that the goll-mongers think so. If to
perform your contract according to your
promise, be reputation, what shall we say
Of those who refuse to live up to the con
tract? Now, it would seem to common
sense people that this matter was too plain
for argument.
When an individual refuses to perform
his contract or obligation We say he repudi-
ates the obligation When State refuses
10 perform its contract, either in part or
whole, we say it has repudiated in part or
whole--it has violated its ''pIightcd faith"
The State or nation "pightS" its faith by
thc contract The terms of the contract
must be authorized by Luo, or the contract
itself is unauthorized
The people wished to borrow money
They, BY their agent, the Legislature, give
their consent by law, to the terms Of the
loan, its amount, rate Of interest. etc. The
money loaner accepts the terms and loans
his money. He does this on the faith of
the law, and the contract is made in pursu-
ance of it. Now let each party stand to the
contract as made and all will be well.
But it is admitted, that by the terms of
the law and the contract, the peorle did not
premise, and are not bound to pay the prin-
cipal of the Five Twenties in Gold. Then
why shold we be saaded with an additional
burden of $500, 100000, being forty per
cent on $4,000, 100000? Why should VIC
be ground down by taxation to raise this
largo bonus which we nover received by
way OF loan, and which we never promised
TO pay?
Why, they say that the Tribune and Jay
Cooke & Go. said the principal would be
paid in gold; and further, that there was a
general expectation in the country, that
specie payment would be resumed before
the bonds became due.
The authority and terms cf this loan were
fixed by the law The people are, Of course,
not b,unl by any statement mlh by Jay
Cooke & Co. in the sale Of b,nl1, not an
thorized by the law lfany su ,h statement
was male, and anybody WIS fool enough to
rely on it, in the face Of the law, which was
plain to the contrary, let him look to Jay
Cooke to make i. g))l Il is noasen1o to
say that the people are bound by any such
unauthorized statement.
The cry Of repuliation will not prevail
over the common sense Of the people, and
i, the bondhoder will not take what the
contract and the law promised, il is he who
is the rcpudator, and by attempting to
grasp more tnn the contract gives him, he
runs the risk Of bringing about the very
evil he processes 10 depiorc.
The people are determined to be relieved
from all unjust aud illegal burdens How
ehall they d, ii
/. Wbca tl4 law alloys it, pay off the
bonds 10 greenoaeks as they become due.
2. Yon will thus save abou, 500. 030, 900
q year by way OF Interest, in gold.
!. You will bring the rast sual thus paid