Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1867-10-04
The Bonded Debt-Sha1Ii il be Paid
i'm Greembacks.

D. - OAhAdsVILLE, W., Otpe. VVO1i' AsoSO''
EDITOR STATEsMAN-Sir ;-In a former
communication argued the justice OF re-
kdeeming the $40 bonds of the Government
with legal tenders, and that in case this
should be done, the bondholder should be
the last one to complain, from the tact that
The has had, for the last five years undersS.
P. Chase's financial system, legal adyan-
Itage over the laboring masses of at least
IA per cent; for instances: He deposited
his bonds with the Secretary of the Treas
Jury at Washington, on which he receives
6 per nt.sinterest In gold at the aver
lnge price of gold for three years,
tsay 80 per cent, making, 8 per CENT,
and he also receives national currency OF
the Secretaryito the amount Of his bonds
lthus deposited less 10 per cent, banks on
THAT, 10 per cent. and he pays no taxes.
thus saving III per cent. Total 2O1a per
lcent. IlEssls4 aas..l ,teia-i's t's' "
/ Now any man in Ohio loaning money
Outside OF this system, and charging more
than 6 per cent, is liable to have it reduced
to 6 per cent. by the party paying.
Can any man tell why this Financial scheme
was adopted if it was not for the benefit Of
l,thecapitalists? Ifthink not, for as before
4 stated. the wealthy capitalists of New York
and other places. were always consulted in
tregardJ to these, measures before their
ladoption.s 10 noiiE-iioii.tap 5 o1
p have neighbor who was so over-loy-
al that he bought $40 bonds to the amount
of sixteen thousand dollars, claiming there
tby of course to support the Government in
Tits time of need. Having purchased these
bonds he had nothing left of property
kind, all invested in 5-20's. The assessor
came round; he exhibited his bonds as The
only property he possessed of a personal char
lacter. Well, says the assessor, soc DOM
tar bonds y ~Ail right then. Well, here
comes the district assessor; he taxes vari-
Gus kinds of'property, but allows the party
assessed to deduct from his Inventory 81, 600
1 allude to tax on incomes. 7uari ..- ~
Now this loyal gentleman pays no taxes
to the State, county or to the General Gov
ernment because the interest ON his $4,000
in bonds at g per cent. amounts to just
$500. Now the contrast. Hegoes just across
the street to war widow, she has but $40,
the balance of pension from the Govern
ment, the merchant has trusted her to that
amount in goods to feed and clothe her chill
dren. What does the assessor do? What
does the law say he. shall do? Why, as
your debts cannotibe deducted from money
on hand, you, WAR WIDOW, must give it in
for taxation. Now this widow, lady who
has lost her companion in this '.war for the
Union" must pay not only ''the pound OF
fesh,'', but also the 6s3od of her husband
/ But the bondholder who lodged the bull
lets during the,rebellion also shuns taxa.
tion with impunity. His income on hi:
bonds, as before stated, is S960.0O in
gold, remember, which, if reduced tc
a currency basis, will make nearly
81, 800 90, but still exempt under the
law; but the farmer, whose income is ST.
800 90 is compelled to pay on $4,000 ofait
in addition tollis State and County taxes
What have tyrants not done in the name
of liberty? How long will these things
be P Just as long as 'smight makes right
and reason is dethroned by passion.
1 was opposed to the institution of slave
! ry; to the immense power it placed in thu
hands of a few; but that power is only
Transformation the Shareholder to the bond
holder-as Henry Clay told me once. Sale
he: I" If we had no black slaves we woulC
have auhtte ones" I did not believe him
although he was my right hand man fol
thirty years; but now am convinced thai
he knew more of human nature than 1.
Senator Sherman, in his speech at Gin
cinnati, September 21st, said that there
was contract between the Government
and bondholder that the former should
never issue more than s4OO 900 10000 ir
tgreenbacks, with $50 100000 90 in addition
to pay the temporary loan of the Gov
ernment, and further, that the Govern
ment is bound to pay the public debt
I principal and interest, in coin, and tina
certain men in thee Democratic party
prefer to pay the principal in green
backs-that is, the bonded debt land tina
that system would not only be vic
llation of faith on the part of the Govern
ment, butt it would so increase the circula-
ton that it would take a peck of green
backs to buy a bushel of potatoes. Now
these men in the Democratic party claim
one currency for all" IF the temporary loan
of the Government can be paid in green
backs, the permanent should be paid like
wise--and that the war widow ant
4 the pensioner should receive tn,
lfsame currency that the bondholdel
! receives, let that be coin or ,pape
currency-ttat the bonded issue of the
Government is no more sacred than thu
greenback issue-and that the Government
has not always, nor does it now, pay its
debts in coin. 1 can recollect when she
paid her debts in the United States Banl
Gu rrency. r,,. f. ~ IT.. ..-- - ..r-r
The Secretary of the Treasury, McCul
loch, says that the public debt has been re
lduced more than S200,000,000 in the las
three years. Can Sherman believe it wa
paid in coin. if: t. .'i e. 20. ,=eg ft.T-
Now claim that the Government al
ways paid its debts in paper or coin, as i
saw fit, and why not now, when Sherman
and his party have made paper legal ten
der for all purposes except duties on i'm
ports and interest on the public debt in tn,
hands of bondholders? 1t was conte m
plated at the issue of the $40 bonds, tina
the principal should be paid in gold, bu
thew were redeemable at the pleasure o
the Government at any time after fiv,
wears. Now there is $2s0000,O00 subjec
to redemption, and why not redeem thes'
bonds with greenbacks according tc
tue stipulation when issued, and save tn
interest? Sherman says it would be to-
much initiation. Let's see. Repeal tn
national banking law, redeem the bond
| -. ha1do,, fnr THAR sennritu and Tim