The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1868-07-23

ocean of Currency initiation and debase-
ment So far, the platform is only par
| ticularlv smart one. But look at this:
"a Equal taxation of every species of property ac
cording Government bonds and ether public securte.
| Immense Cheering.j
Now the act of Congress (Feb. 25, 1862
which authorized the issue of $50. OO0,-
600 of Treasury Notes and provided for
funding or paying the same, expressly
says:
ties of the United States held by individuals oorpo
rations, associations, within the United States
shat be exempt from tdration by on under State author
OF course, this was already the law:
Chief Justice Marshall having decided,
nearly half century ago, that no loan,
bond, or other obligation of the Union,
could be taxed by or under State author
ity. That decision has never been legal
ly disturbed or questioned But here, In
the provision of law just quoted, is az
express stipulation, a compact fortifving
what was already law by solemn pledge
of the National faith. Shall that faith
be wantonly broken? The Democratic
Convention in effect says, Yes; we are
a nation of scoundrels; we made our own
terms and borrowed TWENTY-FIVE Hun
|
date and do our creitors out of part of
their money" Perhaps the majority of
our people are scoundrels, and so will ap-
prove of this propositian to swindle, but
If so, they will prove themselves fools as
well; for every dollar we thus steal will
cost us five in negotiation of future loans
| wherewlth to replace those already
| existing. We ought to be able to borrow
~, Io,,r hA,, L. 4 al
wl.hal to redeem and cancel our Five
Iwenties as fast as the option natures
we cannot and shall not because of these
villianous menaces of Reputation.
| just look at the kindred proposition
that all our Public Debt should be paid
in lawful money (Greenbacks)
''where the obligations of the Government do not ex
presley state upon their face the law under which
they were is ued does not provide that they shall be
paid i'll COIN
On which we observe:
L. That there are to day outstanding
several loans, or parts of loans, contract
cd before there was any lawful money
tof the United States" except gold and
silver coin. We have looked through sew
raj OF these, and find nothing said as to
the medium Of payment. Witness this
provision of the act of Feb. s, 1861:
SEC Aid be further enacted, That the faith of
the United States is hereby pledged fer the de pay
ment of the interest and the redemption of the prin
cipal OF said stock
This pledge of public faith, to men
who gave hard coin for every dollar of
their stock, the Democratic Convention
says, will be made good by rendering
them the face of their bonds in green
backs, whether these be orth 25, 80. or
Is cents In coin per dollar Ii this is not
naked scoundelism, where is the figleat?
We don / see it.
IL When the great Treasury Note and
Funding Loan Of Feb %. 1862, was au-
thorized providing for the issue Of $3.50,
Co., 900 in Treasury notes and $500, 900
600 in six per cent, bondsl the Five Twen-
ties |, it was thereby expressly provided
as follows:
ssec. and be it fu,thfr ma It'd, That all duties
imported goods sh; be paid in coin, in pay
able on demand therefor authorized to be issued, and
by law receivable in payment of public dues and
the coin paid shall be set apart a special fund
shall be applied iolows First TO the payment in
coin of the interest on the bonds and notes of the
Uuited States. Second: To the purchase payment
Of per cetatnt Of the entire dctof the Ljted SOtcS
to be made within each fiscal year after the first day
of July, eighteen hundred and sixty two which is to
set apart sinking fund, and the interest OF which
sliG in like manner he applied to the purchase and
payment OF the public debt as the Secretary of the
Treasury shall from time to time direct Third; The
resue thereof to be paid into the Treasury Of the
Uuited States"
Here, you see, the Duties on I'm
ports are all to be collected in coin, and
that coin is to be appropriated, first. To
the payment Of the interest on the bonds
and notes of the United States: ,. ''To
the purchase or payment annually of one
per cent of the principle of the entire
Debt of the United States. -
Are these solemn pledge fulfilled
are they to be fulfilled? Read the Dem
ocratic platform in connection with the
above provisions of law, and judge Of the
honesty or villany Of its trainers.
III. The Legal Tender act was avow-
eddy War measure. 1t was impelled
by the direst necessity. 1t was in effect
a gigantic Forced Loan. Our Govern
ment, fighting desperately for the nations
existance, it said in effect to those
whom it was conscrpting into its armies
and constralnlng to minister to its enor-
nous necessities on all sides, Take our
mere promoslses as money-there is no
help for it just now-and we will make
them good as soon ''as we can" Each
successive Secretary of the Treasury
being inquired Of as to the medium of
payment of the bonds; which every one
was urged to Toxic unhesitatingly re-
sponded. 1.-The principal as we'll as
the interest, will certainly be paid at
maturity in coin. Nobody doubted,
nobody dreamed of contesting, this
Every Treasury agent advertised far and
wide that the Five Twenties were payable
in coin. Every journal that tried to help
the Government III its distress reiterated
the assurance Now the Democratic
Convention says they are in lawful mon
ey of the United States" that is
Greenbacks to-day 40per cent below coin,
were issued to wipe out the bonded debt
Should this fraud ever be consummated
we rejoice in the knowledge that our party
will not he in mower