Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-07-30

pose OF. government, is SO much robbed
from the people. And yet in the very
first year of Republican blessings, the
year of grace, 1851, we had The testi.
mony upon the floor of Congress. of a
leading Republican. that "the Treasury
had been plundered well nigh in that
single year, as much, as the entire eur
rentpyearly expenses of the Govern
ment during Mr., Buchanan's admins
iration." Republican petit larceny was
then, but in the 1phlp OR embryo; but
seven years of rapid and vigorous
growth, have developed it, now into the
bone and grizzle of sturdy and gigantic
theft and robbery, And to-day the ;ex-
penditures of the Government, Iegfti-
mate and larcenous, are nearly five times
as great as when eight years ago; the
power was snatched from the Democrat
ic party, and delivered over to Repub-
lican misrule.
THE PUBLIC DEBT.
And now allow me a word as to the
public debt. 1t is vain thing to-day
to inquire how this debt came to, be con-
tracted, or how muchof twas originally
necessary'or just Itmay have been the
most essential, the most constitutional,
the most righteous aud the most wisely
and judiciously managed that eyer a
people incurred or it may haYe been in
every particular just Athe7 reverse. aONo
matters. 1T exists, and must be dealt
with accordingly The Democratic and
Republican. parties, both recognizing it,
differ widely, radically, in regard to it.
The idea or notion of the Democratic
party may be best and most significant
ly expressed by "a paraphrasel of Dun
ning's celebrated resolution against the
royal preregatiye, hundred years ago,
in the British Parliament-tlzat the pub
lsc debt has increased, as increasiag, and
ought to be dtminished. The Republican
platform declares that it ought to be-
extended over fair period for redemp-.
tion'-a phrase curiously felicitous in
expressing infinite uncertainty of dura-@
ton. 1t reminds me of Charles James
Fox's answer to his creditors, who, vexed
with his long delay, ironically proposed
that he should execute to them bis bonds
payable on the day ofjudgment. "Ah,"
said be, 'Just please make them payable,
the day after" Upon the other hand,
the Democratic platform demands "pay-
ment of the public debt of the United
States as rapidly as possible, applying
all money drawn from the people by
taxation, except so much as is requisite
for the necessities of Government, econ
omically administered, to such payment" /"
The Democratic party mean that this
debt, with all its burdens and all its corr
ruptions of every sort, shall be paid off;
and say to you, gentlemen, that in my
firm conviction, Republican Government
cannot long endure here, even in form
and shadow, if this huge mountain of
debt is to continue, and that no form of
government could exist pure and incor-
rupt, if this debt is to become permanent.
Upon another subject, gentlemen, the
policy of the two parties is in marked
contrast. Planting itself firmly upon
the fixed principle of all just Govern
ments, that taxation ought to be equal,
the Democratic party demands that the
bonds and other securities of the United I
States shall be taxed the same as other
property. The justice and equality of
the proposition are too plain for ,elabor-a
ate argument. These bonds and securi-
ties have every legal element of prop,
erty in the hands of their holders, ex-
cept taxation. Why, then, the exemp-
ton? They now amount, in various
forms, to some 100000, or about
one fifth of the entire property of the
country. And yet this one-ffth, claim
ing the special care and nurture of the
Government, drawing its interesting gold,
and in the hands, chiefly, of the wealth.
lest men, and soon to become exclusive
ly theirs, pays not dollar.of tax in tho
manner or to theiextent which it would
payif it were other property. To day
your capitalist owns a hundred thousand
dollars in lands and goods, and pays
taxes, income included, State and Fed.
eral, accordingly; thus bearing his full
proportion of. the burdens. of the COM,
munity in which he lives. Tomorrow
he sells all, and invests in Government
bonds, receiving his interest, paid now
by other men, his neighbors, in taxes,
but 10 himself pays not a dime il. tax
alton; save the income tax, deducted vir-
tually and in paper from the golden in
terest which he receives. And now the
entire burden of taxes, remaining Just
the same as yesterday, falls upon those
of his community who own no bonds
And yet leaders of the Republican par
ty, high in position and influence, have
the audacity to tell us that whoever 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, peniten-f
tiary convicts or not, they will have
these bonds taxed. .i''Iay' 'if1i'f aa'
/ now come to the mode of paying
the public debt, and the subject of the
currency in general. 10 a5icE sat
Gentlemen, am hard money man.
I always have been. There is no other
real money in the world; and least of all
is irredeemable Government 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 Gov
ernment seeks to make its own paper,
its own credit, its own promise to pay,
a legal tender for payments and debts.
If Government were to issue no more
paper, or little more than it wanted for
taxes, it need not declare it a legal-ten-
der. If it issue more, and just in pro-,
portion to the excess, no kind or amount
of Legislation, penal or otherwise, and
no number of legal tender clauses, can
save it from depreciation. I voted
against the legal-tender act of 1862. 1
did not believe it Constitutional then.