Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1868-07-01
Well Answered.

Well Answered.
Gov Seymour made a great speech before
the Jackson club at Cooper Institute the 9TH
or night in which he evidently intended to
give keynote for the coming campaign or
course he was violent in his dcnunciations Of
the Congressional policy Of reconstruction.
He denounced the military rule which rebel
lion rendered necessary, while he had no word
of condemnation for the rebellion itself He
Indignantly portrayed the expressions and
hardshps Of the Southern whites, while by no
word or sign did he recognize the rights re-
sultine from emancipation or the other changes
produced by the war The whole speech pro-
coeds upon the assumption that Congress wan
tonly overturned the governments ofthe South
ern States-enfranchso the negro for the
sake of revolution, and robbed the Shareholders
oftheir rights without any just cause SO far as
It indicates the position to be occupied by the
party in the coming campaign, the ~ \. Times
well says" The dogmas Of copperheadism
are to be taken down from the shelf, and fur
bished for fresh service War upon recon-
struction is to be proclaimed. Attacks upon
Congress are to be followed by attacks upon
It's work sympathy with Southern Demo
Gratis is to assume the shape of a crusade
against negro cniranchisemcnt In word,
the party is to appeal to the country to undo
the reconstruction of States, to reverse the
most obvious result Of the war, and to rein
vest with their ancient authority the enemies
of peace and Union"
But we alluded to Gov Seymour's speech
to expose one Of his financial statements in
which he declared that since the close Of the
war the government had expended SS00,000,-
coo for the army and navy. This frightfirl
bubble was well prckcd by Mr.. Blaine in
Congress ON Friday last. He explained that
sG26 100000 of this amount had been ex-
pended Immediately after Lees surrender in
mastering out a million of soldiers and fifty
thousand sailors, giving them their back pay,
their bounty and their prize money He then
pointed out that by Gov. Seymours own fig
urcs only one hundred and seventy-fve mil
lions had been expended in three years cur
rent and legitimate expenses Of the army and
navy, and this was at a far less rate than had
been expended in Mr.. Buchanan's admins
tration, when, with less force, forty millions
in gold had been expended in single year
Taxation Of Government Bonds.
While the democrats of Maine, in their
state convention on Tuesday, were resolving
in favor of shaving off the interest we pay on
our national bonds in the way of special
taxation, Mr.. Blaine, one of her representa-.
tives in Congress, was effectively and clio.
quently showing how unjust, invidious and
suicidal such a proceeding would be. His
argument that we can make more money by
being honest is worthy of consideration by
those who don't believe in honesty on general
principles =
But it will be asked, Why don't you tax
the bonds by national authority" Granted,
it will be urged, that the power Of local tax
alton would be migratory and valueless, " that
affords all the stronger reason for taxing the
bonds by direct congressional enactment" In
answer to this, | have only to say, that tax
levied directly upon the coupon is simply an
| abatement of interest and that result can be
reached in II better, more satisfactory and
more honorable manner. The determination
manifested by this Congress and by the great
republican convention at Chicago to maintain
the national faith inviolate, has already work
ed a large appreciation on the value of our
bonds, and with the strengthing of our credit,
which results from an honest and heightened
policy, we will speedily be able to fund our
debt on a lower scale of interest, running
down to five four and n half, and ultimately
to four per cent per annum Should we pro-
coed, however, in violation of good faith and
Of the uniform practice Of civilized nations,
to hold back part of the stipulated interest,
instead Of efiecting an honorable exchange of
bonds to the mutual advantage of the govern
mcnt and the public creditor, we should only
punish ourselves, produce calamitous results
in the bus;nose world and nornonentlv iniure
mr not;ona famo IT, rithboId ono ner cent
Of the interest. under the nlea of n natior.
nj tax this year might he allowed by with
holding two per cent next wear and three ne,
cent the year cnsninc To enter mon sncb
policy would produce alarm at home ant
widespread distrust abroad. for every ma,
holding bond would have TO count his rat
of interest. NOT on what was Stimulated in th
contract Int on what miabt bG tbe will an,
, of portion of the interest under the pretens
OF tax. Under Hch policy our bond