New-York tribune., 1867-08-23

sos43e bat OF this in greenbacs and frao
oas currency not Paypg interest leaving G the MEMS tSs
debt will not be increased dollar any pretense
is said that this debt subject taxes this dis
elimination unjust TO other tax-payea Now TINS deDt
property In income held by citizens is subject to
taxes by tine United States Congress may mpose taxes
Oh II as does or income ihese bonds
now pay income tax But 10 ~ not suncct 70 state tax
This true, but whose FAULT sIi Did the Union party
make this exemptioni Not at all IL is made BY the
Constitution OF the United States for which our Demo
cratic friends when 1t suits their purposes profess such
profound Difference. The supreme Court OF the United
States early as 1919 decided that bonds Of the United
subject 10 any tax by under state author
iy. This decision has nfoowes in multitude of cases
since It SO happens that every Judge that has
the Supreme Bench from 1919 TO this time has had this
question before him, ana each one cOnenrs IN the same
opinion The prucpe II obvious That the power OF Con,
ess 10 borrow money paramount and caunot be taxed
or inerfered with without destroying IT. To allow
State to tax national loans may enabe Sae TO prevent
the nation fpm borrowing money Now, these decisions
very well known to as good lawyers az IIl1an OF
Ranney. but, instead OF stating them taly they blame
the Union party for eSemptng the D0hds' WINE an
snce the foundation of the Government by the t9nsu
ton itself, and has been acquesced III Dy every Ads
to this constitutional exemption but IN subsequent
laws after recent decision by Judge fancy IN Decen-
ber 1884, that United States bonds could not De taxed
we inserted declaration III one OF our I ioah laws w.
that United States bonds were not taxable Dy or
gDdE as @ They IN S f' o s ge
and OF the certainty that when the war was over ou re-
favorable terms, we always kept IN view IN issuing
bonds the principle OF redeemabiity at the pleasure OF
your financial agents. This is the of your 6o
and The United States may pay eff any portion Of
rowing money on favorable terms Nothing stands
in the way except the Treasury notes known as the
cOmpshed the whole public debt Is In the most favora
BILE shape, and may from time to time be funded At a
lower OF interest and TO adjust our condition
proper and right both to taxpayers and the public cred
ltors, on the question Of taxation. u we can sell
them we can issue bonds expressly subject to
State taxation, and with the proceeds pay OFF our
outstanding bonds as they accrue, or may-and
which l think far better-retire our present
bonds with bonds lower rate Of interest the reduc-
ton Of interest being IN the nature OF National tax on
arrangements must be upon the pasls OF the slcest OBJ
reliance In times OF peril Debts cannot be enforced
against nation by courts Of law, and rest only upon
honor and faith. We cannot afford TO tarnish these All
that may be done consistently with these to tighten our
burdens, will be done by the Union party; put the
malignant whsperings Of Copperheads who talk about
repudiation Now, there is good deal said about our
National banking system AS this is creation OF Con-
cress the right 10 change modify IL is expressly re-
served Their right TO issue paper money rests only upon
the consent OF and may be Withdrawn at any
time Let US see how this system stands. To secure
the privilege OF issuing notes the banks must deposit
with Treasurer Of the United States Government bonds
exceeding by per cent the amount OF their crela
ton thus furnishing stable market for our bonds They
must redeem their notes az Their counters ana az ceheIs
of redemption, thus furnishing convertible currency
They must keep hand In United States money or green
backs about 25 per cent OF their Geula'h as deposits
They must pay heavy taxes % the United states amount
ing last year. 10 SsoG9,s5S and 10 the States amounting
10 over sly millions more. All their interests inter
laced with the credit Of the National Government They
absorbed and took the place OF state pang system @
which utterly destructive to the National credit dnr
ing war, which furnished currency without security
and which the UnHed States could neither receive nor
pay out They are convenient agencies IN coneetg te
revenue and promoting exchanges among our peoPie
tese enen Te%t w g e nUd swarms OF state banks viii
spring again BY adopting thls system we aDsorDed
drew OF existence state banks whose aggregate
circulation was sls00OONO which paid Us 10 taxes re
dered facilities, and preserved no financial credit
We made basis which yields us now &O1O0O Ia taxes
holds Si00OOO0O OF our bonds ana near fOVOOo oi our
without interest 1t is oftentasied why not issue
SOOOOOOO gTeenbacks aud retain the bank noesf Won't
we interest by ths We certainly can do so, Dut
lose the market for larger amount or our bonds we
then provide for the 0o0 or our legal tenders
securely retained from circulation ia the vaults ot
banks, aud kill the goose that yields us sso IN
system works WELL and should not be tampered with, ex
ccpt TO faer opportunity among the states 10
time to make national center OF redemption clearing
house Isever much Of q bank man, but while such
agencies demanded, they IRE III all new countries
when capital is scarce believe the present system Is FAR
better than have ever had aud ar better han Or he
United Staes Government to assume directly the banking
operations OF the people. And now, fcow-etzens, "a
few words TO taxes, aud oIn done The general prn
cpe OF our law is 20 collect much possible fro
duties imported goods. The reasons are th9t sueh
taxes are most easily SoneS.ea ~ sne e r
mainly articles of luxury, sch as silks DrCaaclohs
TO the extent that levied upon articles that
may be manufactured here they protect our own INDUS
tryand diversity our products, aud increase wealth
We levy these taxes in gold, because gold Is the
basis Of all foreign commerce, and We are mus pro
yidcd with ample means to pay the interest OF our
debt Now IN eyying other taxes select incomes
81 900, aud impose per cent duty upon sucn hlcolhes
THIS i the fares mode of taxes. The dithcuy l. n as
certaiung the amount of income but as the revenue on
GER. become acquainted with the business OF our Cdes,
tL tax Is more equally assessed and yielded sast year
over $50 100000 Ia England this the most uniform and
stable tax and will he here. HcTewe select FOR taxation
such articles the consumption or winch i not hece>N
such Nures tobacco and whisky. To the extent that
the tax prevents consumption no harm Is done Ihe Ia-
ure 10 collect the whisy tax Is tho scandal ana letOdcl
OF our system. IL ought To, aud VIII, when cOletcu
Weld 100000 These taxes imports incomes whisky
and tobacco, in nv Judgment Will now be amply SUIT
cent To pay the iutet our debt ana meet necessary
eXpeud lures The way Therefore. from time 10 time IS
throw of system OF internal taxes ana YET preserve
untarnished our national credit. agree Win Judge
Ranney that greater and care are necessary IN
our public eNuendtcs. The spirit OF the age tends 10
vast improvements. inventions. restless activity IN
All depgrtments OF business and industry are the order
of the day / believe the United states can leave all
these 10 our people, and COnnc the operations or the
Government to tho protection OF the life ana property
aud rights OF its citizens ut homo ana abroad ana 10
he performance OF it, national cations But how can
tins be Accomplished Is II by pattlSans whO hlahs
promise to ride into oice Not at all notice that al
most every scheme for drafts the public Treasury
are supplied by nearly every Democrat IN Congress Inc
way TO secure Ia by In elecng ueiuer- OF
Congress This personal and not political question
After reconstruction IL settled the highest attribute IN
my Judgment for a representative OF the people, VIII De
his care and scrutiny IN public expenditure DeieNe
from indications already shown, that the next congress-
composed almost entirely of RepubcgRs viii furnish us
with examples OF strict economy In puDuc expenditures
and wise aud prudent OF your financial interests
A COPPERHEAD SQUABBLE.
CINCINNATI, Aug. 23.-The Democratic Con-
...,f., 40 ,owg,,,to c,ndidate for CongrpsS the