The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1868-10-19


very measures which have been proposed to dispense
with the military governments. How do, our demo
cratic friends propose to govern these States WHEN
they get into p0weri They say the State govern
mens that are established are Unconstitutional rev.
olutionary and void. What sort OF governments 40
to work ana get up some other government, under
the auspices OF whom Not OF Congress. for Con-
70 their view; aI but under the auspices appre
ihend Of those rebel generals and officers xp VINO
Why, 1t would lead 10 another revolution IN the
South state Of disorder and violence, and know
not but Of civil war. E6 Ag r
WHO CoMPLAINsf
Who Is u that complains or these reconstruction
measnresf Do the Union men OF the south com.
comes from the rebels-men who really have no
right to take part In the government, and who SO
chsed, ought to thank God that they are permitted
to live and walk on the earth. Twin no longer dwell
up0nth63e reconstruction measures.
the subjects discussed by Mr.. PendIeton. think
have shown that in none OF the instances which Mr.
the position that the republican party hate the
sttution and desire to overthrow the government
has he made good his case It is the greatest piece
OF elrOntry that set OF men were ever guilty Of to
claim that they are the protectors and defenders
of the constitution which they sought to destroy,
sire 10 subvert it. The other branch OF Mr. Pendle
toms discourse was devoted to @
THE FINANCES
party has been extravagant He says that
$500 600 year and upwards have been raised for
three years, amounting to $500 100000, and that
He wants TO know what has become Of the rest OF
this money, shall not so into figures to show where
eyey a Of 70 kadM has ss any e
ST. 600 OF revenue that has been raised WITHIN
the last three years you have only TO READ some Of
the statements which have been made by Mr.. Wells,
Commissioner Of Internal Revenue, and by Mr.. At
kinson, In u speech Ia Massachusetts, where they
the United States owed, But Which had not been
ascertaned and placed upon the DOCKS Of the Irea.
sury. The ascertained debt OF the United states a.
any one time, as reported by the SecretarJ T|as
little over ST. 100 00o 900, hat hascs this when the
war closed The government owed many millions Of
o..ais as back pay TO soldiers which haa not
mi!ions for bounes it took other millions 80 equal
ize the bountes between the soldiers; other millions
to Settle with contractors so that, when you come
to anayse these figures, il appears that the govern
ment Of the United states IN the last three years
as stated BY Mr. Pcndleton. 1t Is, however, hobby
with Mr.. Pendieton that the Fve-twontJ D6nds 90
they are called should be paid .vr IN greenbacks
He says that the government mas right to pay them
In tat way aud In that way he is going to pay the
public deb 90 not myself ns see now wSnd pay
and issue another for it. You would owe just
as much afterward as you did before But he
proposes, In issuing the second piece or 1ndebt-
edness, to issue it without interest. Is that an
honest transaction Woudy oa consider 1t honest If
six per cent interest," and he were to come and insist
upon taking up that note and giving you one that
Sd NOT GeaT na M y 20 pe
cOerclng payment Do you think the government
would have got dollar on such proposition as
that2 do not however, attach any considerable
importance to this question. The discussion OF 1t
seems to me premature, for this re9son-we have
not the greenbacks to pay these ave-twenty bonds
with. why raise the question unless we have the
means to discharge themp Mr.. Pendleton scouts the
idea Of issuing thousands OF millions OF dollars to
10 than, ua aav ia mo or nd
by Saving something out Of the $500 90 Of revenue
Ss what Is the cuoe with this @
mentP The same difficulty that arises with
not collect year, Last year the pre-
else sum collected was $l06 800 0O0 and this year
the collection will probably not exceed $500 COZ 600.
We presume Mr. Pendleton made that statement in
all sincerity Does he mean to increase the taxesS
II he does let him say The republican party
ton; they have taken or the entire taxation on
o,ooo articles you paid taxes on year ago. sp-
yocating before the people an increase Of taxation
But he favors
THE TAXATION or THE GOVERNMENT BONDS.
He wants ajax to be assessed upon the bond ITSELF
Let us see how that would work. In fairness, II q
farm upon your house and lot In town and upon any
other property you have. The law does impose tax
ahead on the income OF the honda tax OF Ave per
cent on oil incomes over 81, 900. But sup
pose you tax the bond itself, how would that
wolkY When the government wanted TO borrow
OF taxation in the various States the person who
lends the one thousand dollars VIII take this fact into
consideration IL each State Is to be allowed TO tax
these government securities, some more and some
less, where would then be the value OF the United
states securities How much would the state Of
Kentucky be likely to tax the United States bonds,
do you think t4aughter) How much would the
city Of Memphis tax them for municipal purposes :
security he received was liable to be taxed at the
discretion OF every State county, city and school
district in the United statess They might tax them
IN such NJ n
valueless Gould the government be sustained on
such principle as THAR Can any government ex-
government % sustain Itself without revenuei and
can any government collect revenue or borrow
discretion OF come other governments l think
these States that favored secession would easily
at they may tax United States propery and seca
rites at their own discretion. The public lands Of
the United States have never been taxed In the
States 1t has always been provided, when new
States admitted into the Union, that they shall
not tax the lands belonging to the United States,
and II never has been DONE But IL they were 10 be
taxed, suppose State local tax were TO amount
| to two per cent; what would be the effect when
money was borrowed say that that was about ~. the
OF the Union. Why, when man furnished the gov
ernmcnt OF the United States $1,000 twenty dollars
Of thus would DO taken 10 pay the taxes TO the state.
| He would know thar when he lent the money, and
the result OF itouid be that he would ask an addi-
tional two per cent interest from the government;
and, instead OF six per cent. the government would
have TO pay eight per cent; TINS would require
heavier taxation 10 pay the interest on the PUBLIC
debt. How would anything be gained? IL Is as
broad it Is long, except in this wsethat the cltl-
zen would DO put TO additional expense to collect
this tax.
THE PUBLIC CREDIT.
How, then, is the credit or the United State gov
eminent 10 be maintained? Ny view OF that Is
clearly expressed In the sixth resolution or the
chicago Platform, that the best policy 10 diminish
the burden OF our debt is so to improve our credit
that capitalists Will lend us money at lower rates.
Improve our credit; that IL the way TO lessen the
burdens Of the public debt. That q the way 70 have
for the bondhodcr. am for the came currency for
rybody, bondhoider and aborer, sewing girl and
every BODY eise Of whom Mr.. Pendeton speaks But
am for having good currency (cheersl instead Of
trying to make II al bad and worthless. How IL that
to be dole2 That Il TO De done by resumlng specie
payments at the earliest practicable period without
deranging the general business Of the country. That
Is the way to have uniform currency and give to
the laboring man something that has q fixed and
definite value and that he cannot be cheated out OF
by sharpers aud spectators who can initiate The cur
rency today and diminish IL tomorrow. (Chcersl
That Is the way to reduce the public debt