The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1867-12-06

n Z
four per cent interest, would require |
sixty millions in coin annually for the /
interest, with the customs revenues
pledged for the payment of the inter-
est and the principal within fifty years.
That beng substantial ~ all the inter- /
est bearing debt of the country, who .
can doubt, If the system here recon-
should be adopted that the
holders of the 5 Dos aud other indebt- |
eduess would gladly exchange them |
for the fifty year loan 1t would be a
better investment for the foreigner
than he could make in his own coun-
Try; and for our own people, with its
exemption from all taxation, it would
be equal to SIX or seven per cent in
gold
With regard to taxation of bonds, ]
think it far better TO settle that ques-
tion as well as the manner of payment
III advance. Let the equivalent for
taxation be the low rate of interest If
the bonds are liable 10 taxation, but
feY viii ever be reached for that pur-
pose. 1t is desirable to have the bonds
taken ut the lowest possible rate of in
terest, and to accomplish this result,
the bonds must meet the wishes of
those who have capital to invest The
Investor in bonds desires permanent
investment, a certain and fixed return,
not liable TO diminution from taxation
or any other cause Therefore let the
gt i1t.t ltf i
bonds forever free from all taxation,
the principal and interest payable in
gold, and pledge the revenues from
customs for the payment of principal
and interest.
Having the character OF permanence
and n certain and materable annual
return in gold these bonds will be II
tayonte investment Tor tlus funds,
Savings Banks, Insurance Companies
and all Capitalists that desire a safe
and permanent investment.
The next question to be considered;
is the plan proposed, reputation ?
/ ] insist that it is not. It IS carrying
out in good faith, according to their
letter and spirit, the Acts Of Congress
authorizing the various loans | insist
that it is.
In short, whenever the Government
hiss stipulated to pay gold, let gold be
paid; but let the Government 20 no
further
Let the Government be Just, but let
it be just to all Let it not mete out
one measure Of justice to the bond
holders, and another to its taxpayers
Let 1t not. unless nominated in the
bond, pay to the Bondholders gold
while it pays paper money to the
manned soldier, and the widow and
J.. orphan Of those who died Oh the bat
tie field to save the life Of the nation
The pensions paid to wounded soldiers
and the widows aud orphans Of sol
diers are a debt of the United States
| Who ever heard jay Cooke, or my O
the hordholders, lamenfiug the baC
faith Of Government towards the Sol
diers or their widows and orphans
Their sympathes are for the bond
+ holder, and they express a holy hor
ror OF reputation when it IS proposed
to pay the bondholder precisely &C
cordmg to the terms authorizing tn,
loan
Since the passage OF the legal ten
der act, contracts made by the Gov
eminent and existing at the time Of it
passage, and all nude since, are helc
, to be payable in currency, or were S,
treated as matter Of fact, except til,
long bonds. The Government, in it
discretion, has decided to pay il gol(
It's long bonds issued before the pas
/ sage Of the legal tender act
q he Government is sovereign in tn
M a ement Of is finances, rs is o
G mast be admitted, n view of the lie
a gal tender act. Ii has all the power
| from which there is no appeal, an,
! that power should be exercised Will
; justice to all its own people, whethe
[ creditors or taxpayers, and to tn
foreigners who hold our bonds.
= The country Is being impoverishe,
> 10y system of finance and taxation
tn It would bankrupt any othet Natloi
E Oh earth. | take it to be equally TO
: the interest Of bond holders and tn
taxpayers that this state of things b
reformed, and reformed at once. =
! Measures that comprehend the Who'll
j. subject must be adopted.
+. The attempt which is now beini
Y made to perpetuate the present sys
tenn will bring about what the author
= OF 1t 80 much fear-repudiation
The present system, which take
q from labor more than half its wages
Y and makes the rich richer and the poo
4 poorer, cannot long stand in q coun
II try where all the people vote. If thi
Congress does not adopt some compre
It henslve measures, to adjust this Who'll
IS question upon principles of justice t
i the tax payers as we'll as to the bond
|. holders, the people will elect anothe
., Congress that Will.
r. 1t will not do to attempt to satisf
a the people by Withdrawing the circr
ation from the National Banks. Tha
II meas ure alone, without q settlemer
= of the bond and taxation question
If will be little better than an aggrayl
is ton OF existing evils.
= 1t may be thought by the bondho
% ders to be sufficient tub thrown
" the whale" to satisfy the people, viii