The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1868-07-17


|. cies of property according to its rea
value, including Government bondl
amp other public securities" I'm
mense cheering.
| Now the act of Congress (Feb. %
1862, which authorized the issue O
$3.50, ,0OO, 900 of treasury notes ant
provided for funding or paying the
same, expressly says: tfa 80
"2. And all stocks
bonds, and other securities of the
United States held by individuals,
corporations, or associations, within
the United States, shall be exempt
from taxation by or under State au-
ithority.''
OF course, this was already the
law: Chief Justice Marshall having
decided, nearly half a century ago,
that no loan, bond, or other obliga-
tion OF the Union, could be taxed by
or under State authority. That de-
cision has never been legally disturb
ed or questioned. But here, in the
provision of law just quoted, is an
express stipulation, compact, forti
flying what was already law by a SOL
emn pledge of the National faith
Shall that faith be wantonly broken? !?
The Democratic Convention in effect
says, "Yes; we are nation of scoun-
drels; we made our own terms and
borrowed twenty-five Hundred Mil
lions thereon; now let us repudiate
and do our creditors out of part of
their money! Perhaps a majority
of our people are scoundrels, and SO
will approve of this proposition to
swindle; but if so, they will prove
themselves fools as well; for every
dollar we thus steal will cost us five
in the negotiation of future loans
wherewith to replace those already
existing. We ought to be able to
borrow on long bonds at four per
cent. the wherewithal to redeem and
cancel our Five Twenties as fast as
fast as the option natures; we cannot
and shall not because of these villain
Gus menaces of Reputation.
just look at the kindred PROPOSE
ton that all our public debt should
be paid in ''lawful money" Green
backs)
"where the obligations of the gov
ernment do not expressly state upon
their face, or the law under which
they were issued does not provide,
that they shall be paid in coin"
On which, We observe:
1. That there are to-day outstand-
ing several loans, or parts of loans,
contracted before there was any "law-
full money of the United States ex-
|cept gold and silver coin. We have
looked through several of these, and
find nothing said as to the medium OF
payment. Witness this provision of
the act of Feb. s, 1861:
"SEc. 4. And be it further enacted,
That the faith of the United States is
hereby pledged for the due payment
of the interest and the redemption of
the principal of said stock"
This pledge of public faith, to men
who gave hard coin for every dollar
of their stock, the Democratic Con.
vention says, will be made good by
rendering them the face of their
bonds IN greenbacks, whether these
be worth 25, so, or IS cents in coin
per dollar. If this is not naked
scoundrelism, where is the fig leaf
We don't see it.
IL When the great Treasury Note
and Funding Loan of Feb. %, lS62,
was authorized, providing for the
issue of SI50,000,000 in Treasury
notes and $500,000, 900 in six per
cent. bonds (the Five -Twenties, i'll
was thereby expressly provided as
follows:
"SEc. 5. And be it further enactnd,
That all duties on imported goods
shall be paid in coin, or in notes pay
able on demand, therefor authorized
to be issued, and by law receivable
in payment of public dues and the |
coin SO paid shall be set apart as q
special fund, and shall be applied as
follows: First. To the payment in
coin of the interest on the bonds and
notes of the United States: Second |
To the purchase or payment of one
per centum of the entire debt of the
United States, to be made within
each fiscal year after the first day of
July, eighteen hundred and sixty
two, which is to be set apart as
sinking fund, and the interest of
which shall in like manner be applied
to the purchase and payment OF the
public debt as the Secretary of the
Treasury shall from time to time
direct. Third: The residue thereof
to be paid into the Treasury of the
United 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; 2. s'TO the purchase or pay
ment annuity of one per cent. of the
principal of the entire debt Of the
United States" I
Are these solemn pledges fulfilled2l
Are they to be fuliilledY Read the
Democtic platform in connection
with the above provisions of law, and
judge of the honesty or villainy of its
trainers.
III. The Legal Tender act was
ayowed1y a war measure. 1t was
impelled by the direst necessity. 1t
was in effect gigantic forced loan.
Our government, fighting desperately
for the nations existence, said in
effect to those whom twas conscript-
ing INTO its armies and constraining
to minister to its enormous necessi-
ties on all sides, stake our mere
promises 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 toke, unhesitatingly
responded, "The principal, as well
as the interest, will certainly be paid
at maturity in coin" Nobody doubt
ed, nobody dreamed of cOntesting,
this. Every Treasury agent adver-
tised far and wide that the Five
ITwenties were payable in coin. Ev
ery journal that tried to help the Gov
ernment in its distress reiterated the
,,,,ro1co Now the Democratic