The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1868-09-01
WHERE WIFE YOu GET YOUR
0R0 0UDAOk9 n

Under this caption v and "a editorial 10
the Constitution Of Friday last, which on &C.
count Of the candidacy Of the editor Of that
shset deserves nstise. TIKI artice is but .
rsDdtilisn 81 III brlisatl scheme which
Clasett put forth some time ago, Of which
the following ars the main points
l. Issue Eve hundred millions ef dollars
in greenbscks in addition 10 what We NOW
hase.
1, Abolish the National Basks and sub
stituts greenbacks for national currency.
8. Pay of with greenbaeks $500, DOC, 900
of bonds.
4. Then levy tax toset the gree nbacks
which have been paid out, back again into
the treasury, that is a tax Of FIVE hundred
millions Of dollars. the tax payable in green,
backs.
when this tax is collected pay another
batch Of bonds and proceed again TO lery
tazesso get ap the grsenbacks.
8. Continue TO rspsss this process col.
lscting $500, 00O, 900 Of ereenbAcks every
year BY taxation and paying the aame out
on bonds, until the whole debt is paid, which
according to ClaRett will be in Eve pears.
If anybody besides Clagett ever conceived
or brought forth any suh scheme Is this.
We have never heard Of it. Let US look
tit.
We observe that Clagetts plan is not
in the democratic platform. There is not
one word in the platform which proposes or
promises either to abolish the National
Banks, or issue more legal tender notes, snd
We suppose It is we'll known to every we'll
informed person that Seymour and the East
srn democracy are uncompromisingly cppo-
ssd to both.
But the plan i.self, considered upon Is
merits, will b. found to be utterly lmpraeti-
cable aud thoroughly absurd. One fatal OBJ
lection to il is to b. found in the fact that by
the act Of 1864, which ~ have heretofore
published, the United States solsmnly prom
ised ~erer to ssceA tie uol4me Of legal tender
note ADORE $3.50 900, 900. This promise vas
n.sds TO induce the people to buy our bonds
and help US through with thsswar. Shall We
repudiats it? Every homes. loyal man viii
say no, never
Again, this plan OF Ciage'ts viii
crush the people with taxation. Look 1t it
for ono moment. He will levy tax Of
$500, 0O0, 900 to pay bonds. II will require
$500, 900 900 to pay bounties, pensions and
interest on the public debt and other sxpen.
ditsrss Of the government, in oil tax Of
$500, COO, 900 per annum. This Is 800, GOO,
600 more than oil the greenbacks which
there will be in existence even after CaRe2t's
plan has been put into operation, and the
amount Of these notes increased to $780,.
100000. Such taxation - this wild scheme
proposes, has never been seen in this coun-
try. and the party that would attempt it
would be swept from existence by an indig
nant and outraged people.
The Federal tax, under this plan, would
amount TO 5 per cent. on all property inIthe
United States, and when you add the State
county, city, school, poll and road taxes, you
would simply ruin the people and destroy oil
their prosperity.
II u WEKVQ s0Ut tA1SS viii DC WOf6 a.
ally paid, becapse money viii be made more
plentiful.
This argument i answered in the very edi.
tonAl ~ are comAe ltiag upon, for in that
editorial il is Unlisted that the amount ofc1r-
rsncy i not 70 BE- increased, but to be kept
$7o0, 00o, 600, the new issue Of green backs
being used 70 replace the National currency.
How his that the same greenbacks can be
used to taks up OF replace the Nas;oaal
bank notes. and also to pay bonds, is one Of
tn n4stsssss Of Democracy Of the Clagett
stripe. We will suppose, however, the thing
possible, and what is the consequence? What
will heceme Of the grsenbacks when they
ars ssed 10 taking Up bonds7 VIII they 60
into he haads Of the psopls generally, OF to
the bondhuider1l Evsrybody knows that
VIXEN yoa pay The bonds in srssnbsen, you