Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-08-15

sNO.sa3io2.5

d9ss IS -s1Ins3T I'M 77F bT8 -T5W0I NJ 100
rather than for the sake of the sholder of
its bonds and credit. 1t exists for the
sake Of the Government, because, with
out it the very existence oflthe Union
might depend ON the caprice of the
States. saBpt2 neither the principle nor
any act of Congress applies to taxation
by the Federal Government ITSELF From
the foundation of our Government to the
present time, there is not one line, one
word of legislation declaring or in any
mapnerlooking-to theexemption ofthese
investments from taxation by Federal
power. The States issue their bonds,
and tax the, holders as other property is
taxed. The Government Of the Union
has the same right-and it has never
given to its creditors the slightest pre-
text for assuming that, the right may not
and will not abe exercised Gifts own
wants, and equal qjusticeto to the people,
require il. 10 On the contrary, when
the laws Of, Congress declare that the 4
bonds lof the dGovernment shall mot Ibe
taxed under State authority, it yisp irreal
sistiBly implied that the power is re-i
served, and may be, exercised, BY the |
Government Of the o nion wheneyer the
national welfareod demands it.Sn ALL prop
erty is held under: the Fundamental con-
dition that the Government which pro
tects it may subject it to taxation. The !
justice of thedG Government and the peos
pie is the guarantee that taxation shall
be equal and fair. All the clamor and
assumption on this subject absolutely
rest on no foundation whatever Ichal.l
lenge our opponents to point to any
pledge of the public faith, to any promise,
Or suggestion even, emanating from our
Government, or any branch of it, that
these bonds shall not bear their Just pro-
portion Of, the burden, of, the national
debt. We repeat, therefore, the asser-
ton that taxation of the bondsIwould not
involve q violation of the public faith
and we affirm that the question is wholly
one of Justice and policy in the actual
situation of the Government and the
people. On this vital question we COM
mend our platform. to the world. We
say that Justice and policy de- !
mand an invocation of all the re-
sources of the nation to raise up the
public credit, and to Tighten the burden
Of debt and taxation. Why should we
exempt the vast capital invested in the
Federal bonds 2sl.Let us look at it. Let
the bondholders look at this question:
Youmay lend your money to the State.
Or the private citizen, and for security
and evidence of the debt, you take a
State bond, or the bond of the individ-
lal borrower; your annual interest is
only six or seven per cent, which you
must receive in the deprecated currency
IF the country. The obligation is part of
your estate, and is universally subject
% taxation, which being deducted leaves
20 you no more than five or six per cent;
n many places not more than four or
i've per cent. But the public debt of
'he United States bears gold interest.
and most of it at six per cent The
premium now is forty-fye per cent,
and, consequently, the holder of
he Federal bond receives nearly
nine per cent, while the principal is
absolutely. free from taxation To main
;ain this discrimination is to raise up in
our midst a privileged caste, with inter-
ssts and pretensions hostile to the mass
# the people; hostile to, the principles
# equality-which we profess to. cher
sh. We are crushed to the earth with
axation. The air we breathe, and the
light of heaven we enjoy, are yet exempt
but everything else is taxed. Neither
ood, NOR raiment, nor beverage, not
,ven the elements emblematical of the
body and blood of our Lord and Saviour,
escape All are taxed to maintain the
exemption of the privileged bondholder,
ind to snourish and support standing
armies in peace, vast military establish
nents, and Freedmen's Bureaus -and
,ther agencies, for the overthrow of the
Constitution and the subjugation of our
,wni people, In the smeantinne, the !
,redits oftthe nation suffers more and
more. The edepreciations Iofloits notes
ind bonds increases more and more, ibe-
;ausei the country is smisgoxernedi; be-.
.ause the Radical policy magniies the
lebt by adding to- it the ruinbus premium
IN gold, and refuses to invoke all the re-
sources of the nation for its payment.
81 0J9Y oTHB CONTRAST. led -ef rd ~ Il
Let us now place in sharp and direct
contrast the financial policies Of the OPP
,osing political parties, which demand
he sufrages of the country. Our Radi-
al opponents increase the national debt
W adding thereto more than one thou