The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1867-09-05
Taxing Government Bonds.

The Democracy are soreIy aggrieved
because United States bonds, given
forsthe s'sinews Of war" wherewith tc
igrush the rebellion, are exempt from
taxation. Their groans over them. and
their agonies over a "privileged class
and a "bonded aristocracy" are dis.
tressing to contemplate. One would
think from their virtuOus indignation
that such a thing had never before
been done-that it was a heretofore
unheard-Of wickedness, and Il mons
trOus uncOnstitutionality of which the
immaculate Democracy had never
been guilty. What are the fncts? The
Indianapolis Journal has been exam.
ining the record upon this subject, and
finds that between the first day of Au-
gust, 1890, and the first day of March,
1861, more than fifty acts were passed
by Congress authorizing the President
or Secretary Of the Treasury to borrow
money on the credit of the United
States, and there was not In any one
Of them a provision that the bonds, or
other evidences Of Indebtedness issued
to those who loaned their money to
the Government, should be subject to
State taxation.
The Democracy boast that they rul-
ed the country with rare intervals
from the organization of the Govern
ment till they plunged it into rebel
lion in 1861. Passing over the loan
acts of the Democracy in its earlier
and better days, let us see whether
they did not authorize the issue Of un-
taxable bonds within the personal
recollection of many of our readers.
On the 22d Of July, 1846, a Demo
cratic Congress passed an act authoriz-
ing a loan of S1O,OO0,OOO, free tax, by
decision of the Supreme Court. This
was approved by James x. Polk, a
Democratic President. On the 28th
Of January, 1847, the same Democrat
ic Congress passed another loan act of
S23,OOO,O00, which was approved by
the same Democratic President. States
were not allowed to tax the bonds
thus authorized.
On the 3Ist of March, 1843, a furth-
er loan of SIG, 100000, free from tax,
was authorized by a Democratic Con-
gress and approved by the same Dem
ocratic President.
In 1853, loan of $4,000, 900, was
authorized by Democratic Congress
and approved by James Buchanan
exempt from taxation.
On the 22d of June, 1860, the same
President approved another loan Of
$21,O0O,000, in bonds, free from
taxation, passed by Democratic Con-
gress.
On the 8th Of FEBRUARY; 1861, the
same President, feebly tOttering to the
close of his imbecile administration
approved a loan of S25, 100000, author
lied by a Democratic Congress, and
exempt from taxation.
These loans were made when Gov
eminent credit was not shaken by a
gigantic rebellion, and when Govern
ment loans might properly, If ever,
have been subjected to a tax. If it is
a Democratic principle that Govern
ment bonds should be taxed, why do
not their acts illustrate their princi-
pies? Why does their former prac-
tice give the lie to their lOUd-mOuthed
professions now? There Is but one ex-
PLANTATION. The Democracy desired
the rebellion to succeed by force Of
arms; failing in that, they seek some
other crisis in which they hope to
seize the reins Of power, and establish
the principles for which the rebels
fought, aud which were decided
against them by the bayonet. For
this they are insidlOu5ly working to
create a financial revulsion, for the
Of the Government credit.
Let every man who has dollar to
lose examine their schemes, be fully
persuaded in his own mind, and so let
him act as either to help or hinder
such wickedness.-CO Columbus Jour.