Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1868-10-14
WHO HOLD THE BONDS.


In the first place, there are four hun
dred and twenty-five millions of the
bonds, that form the basis of the capi
tai of the national banks. The share.
OF these banks are taxed, both by State
and national authority. The tOta
amount of taxes thus levied during the
past year, amounted to nine million.
of dollars under State laws, and nine
millions more under Federal laws
Thus the national banks paid eighteen
millions of dollars taXes-mOre than
four per cent. on the capital invested
What other species of property bear
so large a share of the public burden :
Would the agricultural and manufac-
turing interests in this country quiet
ly submit to that percent. of burden :
In the next place, there are at least
six hundred millions of our bonds
now held in Europe. Are we ready tC
levy taxes on foreigners? Are we
ready to assume the right to tax the
subjects Of France, Of Great Britain
and of Germany? Are we ready to
stir up all the questions of internatiOn-
al laws likely to arise from such a
policy? Are we ready to involve our
selves in a European war in eOnse-
quence of such a scheme? If We are
not, we should pause before we enter
upon such a sweeping policy as that
indicated in the Democratic platform.
Again, SI50, ,O0O, 900 of the bonds are
held by savings banks of the country
rs the best and safest method of secur-
ing the funds of these institutions.
These savings banks, as you are aware,
are the repositories of the small means
of labOring men in sums ranging from
fifty TO five hundred dollars. Is il
wise craftsmanship, nay, is it just, 10
levy n tax ON the earnings of this
class of our community?
One hundred and seventy-tive mil
lions of our bonds are held by the fire
and life insurance companies of the
country. Is it desirable to levy a
heavy tax on these institutions, every
dollar of which will be charged over
against the people whose lives and
property are insured against disaster
Not less than SO, ,OOO,OO bonds are
held as endowment funds by our collie
ges, and institutions of learning, and
by benevolent institutions.
\ large number of the bonds are
held by guardians and trustees for
orphans and minor children. This
exhibit shows that nearly three
fOurths of the bonds are either beyond
the reach of legitimate taxation, or are
so invested as to make a heavy and
taxation impolitic.
Who hold the remainder of the
bonds? There seems to be general
that a few capitalists OF this
hold the bonds. The Demo-
cratic press and speakers talk about
the "bloated bOndhOlders, &c. l am
satisfied that comparatively few of the
bonds are held by capitalists.
From the records of the Treasurer's
office | have obtained a statement of
the number of the different denOmina-
tions of the bonds now in existence,
and | find that seventy per cent. of all
the bonds are of the denomination of
81 900, and these large bonds are
mostly held by the banks. But of
hose held by the larger portion of our
people, more than seventy per cent.
eighty per cent, are in small
denominations.
THE UNION PROPOSITION TO LIGHTEN|
TAXATION.
Now, fellow-citizens, in opposition
o all this wretched trickery in finance
turn with pride and satisfaction tC
he noble declarations of the Chicago
that the best method of
tightening the burdens of taxation is
o improve our credit, so that capital
sts will seek to loan Us money at n
over rate of interest. The average
ate of interest throughout Europe is
lot more than three per cent. We
re paying six per cent. in gold for all
he money that foreigners have loaned
IS. They buy our bonds at seventy
ents on the dollar, and we pay them
iX cents for each seventy cents they
pan us. We pay them four and half
Ier cent. more than they obtain from
heir European customers. This adj
itional sum is not interest, il Is insur- |
nee. 1t is the guarantee which we
ay them against their being cheated |
v reputation. Every time we pay
million of dollars interest we pay |
mother million Is security to these
eOple that we will not cheat them.-I
uppose our credit was perfectly good,
nd all this additional price for secu-
ity would be saved TO the Treasury
uppose our credit, 100, was as ma
on as Massachusetts is as State.
That little State, through all the
arkest days of the war, kept her
nancial matters in such a condition
nat when other States were paying
leir interest in paper, she not only
aid her creditors according to the let
r but the spirit of her cOntract-and
Ow witness the result-she negotia-
d sterling in London, few months
20, at so great Il premium that her in
rest amounted to but little over
lree per cent. Her five per cent.
Dnds are to-day worth twenty-One
.nts on the dollar more than the five
er cent. gold bearing bonds of the
nited States. These things in her
vOr can only be explained on the
round that in the State of Massachu-
its there are not enough Democrats
get upa respectable effort at repudi-
ion.
Let us maintain the good name and
lnOr of the nation. Its life was /
we'd by the valOr-Of our army and
e fidelity of our people, let us =
aintain its good name by keeping
lr engagements with honesty and
In a few Years another
will be here with its sew
Ity five millions of people and its
lty millions of wealth. Our pop
alton is increasing at the rate of
ore than three per cent, per annum.
yenty years from now the debt will
a light burden to a great and pow !
full, and wealthy nation. Our ,
.ildren will pay the last bond with !
c same affectiOEate reverence that
ey will pay the last pension of the
It survivor of the great war for the
niOn. prolonged applause. /
Interspersed through the address |
ere many bursts of genuine elO- I
Ience and pathos, especially when :
e theme was the grand darings,
role sufferings, and brilliant deeds /
our brave soldiers. These, we have !.
t attempted to give. We could not
them justice, and prefer not to mar :
cir beauty and pathOs as craven Oh
e hearts of those who heard them. I
lev left no true mans eyes unmOist- :
ed. The appeal to surviving sol
Frs To vote as they shot, that their =
myers and victories may not have i
Ell in vain, will long be recollected. :
The son of Stephen A. Douglas, in il
peech delivered i'm North Carolina, Il
.ently, alluding to a Seymour and c
air transparency, which bore his T,
hers name. which he observed the II