Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1868-08-27

that tins debt, with all It's burdens anC
all its corruptions of every sort, shall
be paid off; and say 10 you, gentle
men, that in my firm conviction, Re
publican Government cannot long en-
dure here even in form and shadow
IL this huge mountain of debt is tC
continue; and that no form of govern
ment could exist pure and incorrupt
If this debt is TO become permanent.
Upon another subject, gentlemen
the policy of the two parties is in
marked contrast. Planting itself mp
on the fixed principle Of all just gov
ernments, that tAxation ought % Be
equal, the Democratic party demands
that the bonds and other securities 0i
the United States shall be taxed the
same as other property. The justice
and equality Of the proposition are
too plain for elaborate argument
These bonds and securities have every
legal element of property in the hands
oftbeir holders except taxation. Why,
then, the exemption They now
amount,in various forms, to some ST.
600, 900, 900, or about one-ffth Of the
entire property of the country And
yet this one-fifth, claiming the special
care aud nurture of the Government,
drawing its interest in gold, and in
the hands, chiefly, of the wealthiest
men, and soon 10 become exclusively
theirs, pays not a dollar of tax in the
manner or TO the extent which it
would pay Il it were other property.
To day your capitalist owns hundred
thousand dollars in lands and goods,
and pays taxes, income included 7;
State and Federal, accordingly thus
bearing his full proportion of the bur
dens Of the community in which he
lives. Tomorrow be sells all, and in
vests in Government bonds, receiving
his interest, paid now by other men,
his neighbors in taxes, but 10 himself
pays not a dime in taxation, save the
income tax, deducted virtually and in
paper from the golden interest which
he receives. And now the entire bur
den of taxes, remaining just the same
as yesterday, fall upon those Of the
community who own no bonds. And
yet the leaders Of the Republican par
ty, high in position and influence,
have the audacity to tell us that who
ever is for taxing bonds is no better
than a penitentiary convict Well, be
it so; but there are three millions and
more of white American voters in the
United States who are resolved that,
penitentiary conyicts or not, they will
have these bonds taxed
! come now to the mode Of paying
the public debt, and the subject Of cur
rency in general.
Gentlemen, lam hard money man.
| always have been. There is no
other real money in the world and
least of all is irredeemable Govern
ment paper, money in any proper
sense Of the term. 1t is not even the
representative of money-but only Of
Government credit; and varies and
must ever vary, with the fluctuations
Of that credit. And it is by so much
a greater evil when a Government
seeks to make its own paper, its own
credit, its own promises TO pay, a legal
tender for payments and debts. If
the Government were 10 issue no
more paper, or little more than it
wanted for taxes, il need not delare il
a legal tender. If it issue more, and
just in proportion to the excess, no
kind or amount Of legislation, penal or
and no number Of legal
tender clauses, can save il from depre-
/ voted against the legal
tender act of 1862. | did not believe
it Constitutional then. | do not be-
believe il Constitutional now. More
over felt assured that it must sooner
or later bring forth its evil fruit, and
that abundantly. Government paper
could not be made or kept equal to
coin and there is no more mischiev-
ous agent of financial distress than
deprecated paper currency. And the
evil is greatly aggravated if there be
two curreneies Of unequal value. /
concur fully in all that Governor Sey-
mour has said upon this particular
subject, and in the purposes of his ro-
cent speech as understand them
and that was TO warn the Democracy
and the people Of the United States
not to swing wholly from their ancient
hard money moorings, and become too
deeply cnamored of the green goddess
Of paper money: 10 lovo wisely and
not too well not TO accept the ex-
trome medicine Of the public debt
and currency as their daily bread. /
think the caution was timely and well
bestowed. | am in favor Of one cur
rency, il practicable, and as soon as
practicable, and that currency gold
aud silver. This twenty dollar gold
piece which | hold in my hand-Gen.
Schenck intimated last fall that l stole
e; no matter it was certainly not
from him; and moreover let me tell
him that il is not the wages Of politi-
cal prostitution, nor yet Of that sin
which is political death pardon the
iigression-this gold piece is money
not indeed "lawfal money" in the Ian.
yuage Of the legal tender act, but Con-
money, and the only mon.
~ known TO that instrument No
lct Of Congress, and no number Of
penal provisions could persuade me
that this twenty dollar legal tender is
rs good as this twenty dollar gold.
This (the gold is not the representa-
tive or substitute for money; 1t docs
not say 81 promise 20 pay twenty
dollars" but al am twenty dollars.
Now, gentlemen, | should be very
glad 10 make this paper money as good
AZ r0ld-if I only knax- how ~