The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1868-07-17

y
Southern people were then SO loyal
that they might safely be restored,
and who is now the candidate of the
party that spurned his advice.
The Democratic party also ask the
verdict of the people on the exemp-
tion of the wealthy bond holders
from taxation. The party expects
the Government to keep its engage
ments, but it wants the question
decided whether such engagements
are right, and whether in future
issues of bonds, such unjust excep-
tions shall prevail. It is conceded
by everybody that the public debt
cannot long remain in its present
shape. The present bonds must, as
rapidly as possible, be replaced by
others. Shall the owners of the new
bonds be taxable like other owners
of property? The Democratic party
want this question decided, and de-
mand that it shall be decided in the
affirmative. It has been said that
the Supreme Court has given an
opinion that Government bonds can
not be taxed by State authority.
But nobody ever pretended that they
cannot be made taxable by Congress
sional permission. The Democratic
party demand chat the new bonds
which must be issued, shall be issued
under law authorizing their taxa
tion at the same rates as other pro-
perty, but at no higher rates, in
order that the public burdens may
be equitably distributed according
to the ability of taxpayers. We ask
the people to condemn the unjust
laws under which the present bonds
are issued, that their representa-
tlves may be instructed to disregard
this bad precedent in future, and
subject the new bonds to the same
burdens us other descriptions of
property. This is fair and equitable,
and the people will give it their en-
dorsement.
The Democratic party also asks
the verdict of the people on the
present disordered currency. They
condemn the Republican policy which
has introduced good currency for
the rich and bad currency for the
poor. The Democratic party can
perceive no distinction between the
morality of public and the morality
of private transactions. Justice is
absolute and immutable. If paying
the public debt in greenbacks is
reputation, then the payment of
private debts in greenbacks is also
reputation. The Republican party,
by its outcry against reputation,
condemns itself. Even the private
debts which were incurred before
the legal tender Act was passed,
have been made payable in green
backs, and there is certainly less
in paying in greenbacks the
public debts incurred since the legal
tender Act was passed. Even the
interest on the public debt of the
State of New York, debt incurred
before the war, has been paid in
greenbacks, against the protest of
Governor Seymour, by the direction
of a Republican Legislature. The
Democratic party maintains that
public debts and private debts,
Federal debts and State debts, stand
upon the same footing. The real
repudiators are the party which has
forced the payment of private debts
and State debts, contracted on a gold
basis, in deprecated paper. The
Democratic party contends that the
rights of public creditors are no more
sacred than those of private credit
ors; that the owners of Federal bonds
nave no rights superior to the owners
OF State bonds; that, in the eye of
Justice and sound morals, all obliga-
tlons are alike. We ask the country
to endorse this equitable principle;
principle so righteous and incontesti-
BILE, that we cannot doubt the popu-
lar verdict.-Nep York World.