Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1868-07-03
Taxation of Ut. S. Bonds.

In special telegram to the Chicago Re
publican dated Washington June 90, We
find the following:
"The event of the day in the House was
the adoption, after sharp contest, of Gen
Cobb's resolution instructingth the Ways and
Means Committee to bring in a bill levyine
tax Of not less than ten per cent of the
interest on United States bonds. Propo
sitions to refer or to lay on the table were
rejected, and the resolution was carried by
a vote of 90 to 5l-only one Democrat vo.
ting against it. The weakness of the bond
holding interest, as exhibited by this vote,
created general surprise"
We know it has been and still is the
policy Of the Republican party not to break
faith with the creditors of the Government.
Tt is Justly held that the bonds were given
and taken in good faith, and should be
paid, interest and principal, in like good
faith. This we hold to be true, and the
party, set of men or man who would up
hold and advocate reputation of these OBJ
legations we hold as an enemy to good gov
eminent and without the ingredient of hon
esty in his composition. But this propo-
sition Of Gen. Cobb is not reputation or
anything in any way approaching to it.
1t is merely placing bond holders on the
same footing as holders of other property
merely requiring the man who has an in
come of $4,000 all derived from interest
on U. s. Bonds to pay the same to support
the Government as the man who has a
$4,000 income derived from railroad
stocks or any other species of property.
AS matters now stand the burdens Of
taxation fall heaviest on the poor producing
classes-the classes who do most for the
prosperity and advancement of the coun-
try and have the least need Of protection.
This is not as it should be. All classes
should contribute alike to pay the indebt-
edness and uphold the Government. 1t is
no reason because moneyed men came for
ward in the hour Of need and loaned to the
Government, taking bonds below par, and
paying in greenbacks when gold was two
hundred and fifty, and receiving large gold
interest, that they should forever after be
relieved from supporting the Government.
1t has long been quandary in the minds
of honest men how the evils Of this bond
system could be avoided and the credit
and integrity of the Government main
tained.
This problem has been solved by the
foresight. and craftsmanship of Gen. Cobt
in manner which will work equal justic'
to all, and cannot injure any. 1t viii
maintain the credit of the Government
and greatly relieve the heavy burdens o
taxation which are now uncqually borne
by the producing classes.
The Chicago Tribune and the bond hold
ing interest generally cry out against th
move, and denounce it as reputation il
the first degree. The Tribune pronounce.
Gen. Cobb and those who voted with hin
as faint hearted, and as taking this move
to secure reelection. This is not so. Gen
eral Cobb's denomination and election, i
desired, is sure, and he does not need t.
fish for Democratic votes to secure it
Again, this move is unpopular, and agains
the expressed policy of the Republican par
ty, and such measures are not introduced
by faint hearted or weak kneed men
They invariably keep in the old beater
track and follow the lead of others.
fW Our Chicago correspondent unde
date of June 10Th, says:
We have had a murder during the weel
but there was no romance or poetry con