Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-07-26
dniuu aud 1ispat eh.
SUNDAY. gUBY re. rsss
Largest CircHIatiOn in City and state.
how THE REPUBLICAN PARTY
HAS STABBED THE PUBLIC CRED

tAdFEtNb NtfthfAtiOn ln NtNl hhd Nbhtts
now THE REPUBLICAN PARTY
HAS STABBED THE PURLIC CRED
1T. .u
The outcFy about "repudiation, which
has been started in this country, and is
echoed from the other side Of the At
lantic, is direct consequence, says the
New York World, Of the shOrt-sighted,
Eaeillating, sell-contradietory and unjust
legislation Of the Republican party. The
financial laws passed by the Republican
Congress are a hotch.potch Of absurdi-
ties, 50 that any attempt to introduce
order and equity into Our fnancialsyStem
gives handle to the calumniators Of the
country. This is no reason why the
laundering injustice Of the Republicans
should not be rectifed, but it is a strong
reason why the authors Of the mischief
should no longer be trusted with the
power they have abused.
The London Times has a long article
commenting on the imperfect synopsis of
the Democratic platform which was
transmitted by the ocean telegraph 1t
directs its animadversions to two points
the proposal to tax the Federal bonds,
and the proposal to pay the fye,twenties
in greenbacks. From its remarks on the
first Of these topics We extract the folr
lowing passage f..-a -". 81. ..
The Democratic Convention avors, we
are told, the taxation Of United States
bonds. The phrase is somewhat indefinite,
but il must, Of course, be Interpreted by a
reference 20 the proposals which have been
mooted in the Union, and have found more
or less support among It's politicians. They
are two. It must be promised, to make
them ineligible, thai all the bonds Issued
by the United States since the beginning
Of the war have, either by direct enact
ment or by the incorporation of previous
statutes in the acts authorizing their issue,
been declared exempt from taxation by or
under State or municipal authority. We
have often condemned the policy Of this
exemption, and, recognizing the necessity
of keeping faith with respect to the bonds
that had been issued, recommended that
the exemption should not be extended to
bonds to be Issued in conversion of debts
periodically maturing. No change has,
however, been made, and the consequences
of the exemption are. beginning to be &C.
vereiy felt. All the local taxation within
the Union is raised by direct tax assessed
upon the capitalized value Of all property
of every kind within a State, county, city,
or township. The rate of local taxation in
the Eastern cities has varied from 2 to 5
per cent. on the capitalized valuation,
swallowing up, therefore, a very cOnsidera-
bic part of the income of many kinds of
property; and the Taxpayers who have
been subjected to these imposts see their
neighbors who have invested their means
in Federal securities wholly exempt from
them. The spectacle is to the last degree
Irritating, and IL is not extraordinary that
a cry has arisen demanding that the anom-
ally should be removed Unfortunately,
good faith and justice condemn without
hesitation the plans advocated as means to
lis removal.
The London Times is quite right in
considering the exemption of the bonds
from taxation as an unjust discrimination
against the owners Of other property, and
a natural source of complaint and irrita'
ton. A political party which puts the
public obligations ON such q footing rs to
revolt the general sense Of justice, is the
worst possible enemy to the public credit
No people can be expected to bear heavy
burdens without discomfort, unless they
are equitably distributed. Respect for
human laws, hike respect for the Divine
laws, should rest upon their intrinsic jus
tice as well as upon the authority Of the
legislator. The Republican legislation
has outraged the public sense of fairness
and the Democratic party has merely
given expression to general popular de.
mand in insisting that the public burdens
shall be borne by the owners of all de.
scriptions Of property alike. If the Res
publican party has entangled us in unjust
obligations, that is a good reason why il
should not be kept in a position to per
petuate or repeat the mischief
The Democratic party has no inter,.
ton to repudiate any existing obligafil ION
nor is any such reputation necessary IL
order to remove the evils of which /
complains. The fve-twenty Londs will
all be redeemable in the e4rly part O
the next administration, by the lapse o
the five years. What the Democrati
party proposes is to take up these bond
and to substitute others taxable at. tn
same rate as Other descriptions of pro
| perty. The Platform condemns the ur
| Just legislation which has filled the pub
lie mind with discomfort, and sets fort
the equitable principles which will gov
ern the issue Of new bonds when th
Democratic party comes into power. /
this election, the Republican party wi
be Judged by what it has done for it h;
had power to do anything it pleased, an
has perpetrated monstrous iniustic
The Democratic party win be Judged
what it promises to do; which is, 20 pa
the fiye-tweaty bonds as speedily as po
sible, and so change the form Of the nj
tional debt as to make at taxable iii
other property Reputation would
the certain consequence of continuiT
the unjust Republican system, which Il
Democratic party proposes to chang
Complaints are hest silenced by redres
ms the wrongs which occasion theme
The other part Of the Democratic pla
form which the london Times condeu
Is the proposal to pay the fve-twen
bonds in lawful money If any par
deserves 70 he dashed on this score, .
the organ Of the foreign bondholders,
Is che party which has so wordea the IA,
as to make this an open and lobafab