Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-06-29
speech of Hon. fToratio seymour.

on the night of the 25th of June. Unques-
tionably, it is an able speech; but able and
searching as it is, it does not quite fill the
demand of the hour. Mr.. SEYMOUR fully
appreciates the situation of affsirs-the
peril Of the country and the peril of the
Bondholding and non-tax-paying inter-
ests of the country, and yet is fearful of
one OF the reformatory measures that Mr..
PENDLEToN holds to be necessary to work
the needed relief.
Mr.. SEYMOUR points out that the Eastern
States are chiefly the Bondholding Stat. s,
and that the Great West are the nom Bond
holding States, and that they have been
created the Debtor and Creditor States,
building up special interests and crushing
the industry of other interests; taxing
t)l and letting some other forms of wealth
20 free of the cost of Government; giving
TO toll and industry debased money, and
to the untaXed Bondholder sterling coin.-
Governor SEYMOUR warned against these
things in 1852, as calculated to produce
angry discussions, and an inveterate ha-
tired on the part of the West against the
few Atlantic States by which these Bonds
would mainly be held. He shows very plainly
that the laboring man and mechanic have
to work now ten hours to earn as much as
they could earn in six hours were there nc
direct or indirect tax upon them; and that
this taxation springs from bad Government:
and he is altogether correct in his state
ment, that the Republican party, sin order
to curse the South with military despot-
ism, Negro rule and disorganized industry
and labor, they cursed the farmers of the
North with taxation, the mechanics with
more hours of toll, the laborers and PEN
sioners with debased paper; the merchant
| with shifting standard, and the public
creditor with dishonored and tainted
national faith;" and that if the "Republi-
can policy prevails, either the laborer OF
the capitalist must 60 down. Both cannot
live under it."
In contest of this sort, it is easy to see
which will go to the wall. Numerically,
the laborers, mechanics and business men
are largely in excess of the bendholders.
and they will not many years patiently toll
and sweat and starve to make up the def
cheney in taxation caused by the exemption
of one-fifth of the property from contribut-
ing its just share to the support of the va
rious Governments-Federal, State, Muni.
cipal, County and Township. When the
laboring man and mechanic ascertain that
they can cut off four hours of their
toll and live as well as they live
now, through Repudiation-when they
see the Bondholder paid in ster-
ling coin and exempted from taxation,
while they are paid in debased money, and
out of that debased money have to contrib
ute to pay the taxes that the Bondholder
should pay, but does not--how long will II
be before they will raise aloft and carry in
triumph the banner of Reputation? A
Government that stakes toll ard lets some
forms of wealth go free from the cost of the
Government" is an imposture and should
be broken without qualms of conscience.
MIR. SEYMOUR's remedy for the deplora-
Bile plight the country has got into, is to
change parties in the administration and
to substitute economy and civil govern
ment south for the military usurpations
that there now awe the whites into subor.
dination to the lately set free negro slaves,
and thereby make saving that will create
a sinking fund with which to pay off the
Public Debt, and through such payment
remove the taint which now effects the
public credit, and at the same time gradu-
ally prepare the way for the resumption of
specie payment. For the Greenback poll
cy he avows an adherence, as though it
would blight public credit, and overwhelm
with distress the whole country. This is
the sting in the speech, doubtless, designed
to sting to death the crowning popularity
of the taxpayers candidate, GEORGE II.
PENDLEToN.
Mr.. PENDLEToN's policy is not de-
signed to vitiate the public credit or
to debase the currency. 1t con-
templates the Improvement of both.
The one-fifth of the property now exempt
ed from the burthens of Government must
be brought upon the tax duplicate for all
taxable purposes; and this is to be done by
the payment of the Public Debt according
to tie letter of the law by which it was
contracted-dollar for dollar and cent for
cent. Mr.. PENDLEToN proposes to admins
ter this Government Independently of pay
ing the interest and principal of the Public
Debt), for one hundred and fifty millions OF
dollars year. He thinks it ought to be
done for less than that-for one hundred
millions; but he will do it for that. That
is his bid, and every dollar realized from
taxation and revenue above that amount
will be applied to the payment of the prin-
cipal and interest of the Public Debt. II
is his candid opinion, after having made a
careful estimate and allowing liberal mar
gin in everything, that in pursuance of the
policy in which he proposes to administer
the Government, the whole Public Debi
can be paid off within less than fifteen
years, without adding one dollar to the tax.
alton of the people, or one dollar to the cir
culating medium; that when five years
shall have passed one hundred and fifty
millions of dollars of the taxation can bs
reduced, and yet be able to pay the three
hundred millions of dollars of the Public
Debt that falls due in 1874 that then th'
taxation can be reduced two hundred mil
lions of dollars more, and that by retiring
the Greenbacks as the great burthen o
taxation is reduced. the Public Debt ma
turing in 1881 can be paid, and at the sam,
time the country can return to the consti
tutional currency. Meanwhile the countr.
will be prosperous, and the toll and hard
ships of the laboring man, mechanic ant
business man will be lightened. There i
no policy that will so effectually benefit al
classes as the Pendletonian policy.
The LabOrins Peoples Friend
The Democracy of Armstrong count
(Pa.) held their County Convention on las
Tuesday. They declared Mr.. PENDLETol
| their unanimous choice for President, an