Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1868-08-06

ia . giving tue >ecFcIaIN "a me iicn>ui
the discretion to make the principal OF the
interest. one or both. payable either IN
coin or currency, as he might deem expo
iisnt
Nov, propositions are being pressed
upon hi. House which smount to this:
hat although the Government obtained
loan during the pendency Of the war, and
with its creditors 70 pay In
currency, gold bearing bond Is TO BE-
substituted for the bonds already due and
payable in currency Five hundred mil
lions dollar. Of the FIVE twenty bonds, that
were payable b. the express terms OF the
act Of 1862 in currency, are now due and
payable at the Treasury, the FIVE years
option having expired. How are they to
BE- paid? If they are payable in curren-
rencv, what il the object Of Imposing a
vast coin d,bt upon the Government now
1t thi, late DAY If by the terms OF the
contract they we're payable in currency,
WHY now issue new set Of bonds paya-
BE in coin. running = long period Of years,
and thus substituting ? debt payable III
coin for one clearly payable iii currency
The question IS, WHIST was the contract
with the public creditors? Mt what q
broker or tanker might say, or what
might be advertised in q newspaper BY
brokers and bankers, whose only object
was to make sales for the sake Of their
commission.
One of the arguments used on this
Question is, that il the debt were paid IN
legal tender notes it would dcpreciate the
credit Of the Government, and that the
grcenbacks would become deprecated and
Comparatively worthless. That argument
proceeds upon the assumption that debt
Of the Government, while bearing inter-
r.t will preserve the credit Of the Gov
cruIncnt hut that Notwithstanding
debt viii destroy It's credit presume
that scarcely any one will question the
fact that the credit of Government de-
pends upon its ability and It's willingness
10 discharge its just Obligations. First
a,ccr,ain What il Just Obligations are, and
then show willingness to discharge
them and you need not fea7 that the cred
il of the Government Will suffer. | deny
the fact that il would follow as 4 conse-
quorcc Of the substitution Of the non-ln-
tercst bearing debt for interest bearing,
provided such were the terms Of the con
tract that the credit Of the Government
would suffer. On tic contrary, believe
that il would le increascde If the debt
could he discharged Dy legal tenders, so
far from disturbing, 1t would only i'm
prove Tie financial condition of the coun-
try.
There is no reason that can be urged
why the Governments should he hold to a
different rule in the payment Of these five
twenty bonds from the rule which It
adopt. in dealing with every other credl-
tor. The Government contracts to pay
lis judiciary 50 much money. The judi
ciarv receives il in legal tcl3cr notes, and
does not pretend that the Government vIo-
l.trs its fai;h Il contracts to pay its
army 50 much money. The army receives
it in Icgal tcnd,rnotcs, and sets up no
prctcnte that the faith Of the Government
is broken. And thus the Government
deals with every single. creditor 1t has,
great or small and we hear no complaint
Of violation of faith except coming from
the bondho!d,rs or their advocates. II
we had contracted in the act of Fcbrua-
~, 1862, to pay tho loan IL gold, why
We should pay it in gold. FIT Is perfectly
clear that We contracted to pny It IN cur
rency, the holders Of the loan haSc@no
lust cause Of complaint if the Government
docs psy-it III currency.
New. sir. we have had great deal Of
discussion III the House Tonight, snd
some before, rs to the taxation Of Govern
mrnt bonds 1t is part of the inherent
power Of Congress. given 70 It by the
Constitution. to levy tax for the support
of the Government, and TO suppose for enc
moment that one Congress could bind
succeeding Congress as to any article to
be taxed whether Government bonds or
ANYTHING else. would be to any enc who
had ever examined the Constitution at ali
or the workings Of this or any other Gov
eminent. the very height of absurdity.-
1t would enable one Congress, as was very
justly sand by distinguished gentleman
from Pcnns ylvania, by cxcnpting every
thing from taxation, to put an end 10 any
Government The right is unqucstloncd;
and while an exception is made IN the acts
Of Congress exeInlting the Government
bonds from State Of municipal taxation,
no prcteucc Is set up TO exempt them from
the power OF taxation 9th | uited States,
whether the tax should be upon the prin-
clpal OF upon the interest, or upon both,
i, perhaps, not 4 very material matter
That they should hear their fair share OF
the burdens of the Government it now al
most \ c, ,ccsslm in this country. and is
certainly sustained by every principle Of
Jaw ana justice.
Eutshe great principle to lee kept in
view, a> wa, said hy the gentleman from
Massachusetts,, Nrz BrTtKF is the equal
Ration Of three burdens. its the cor
rect principle At last that all classes and
all property should bca their fair aud
lust share Of the burdens Of tne Govern
neEt.
Sir, II ha> tc"n Sometimes argued ~
gentlemen that any material addition to
the currency of the country would cxcy-
else an injurious ,tIec. upon the value Of
chat currency. This is Lot So More
than oue half Of the country is this day
Without CROUCH currency to trausac. their
ordu arv business The business f the
country would n sorh and use yrcfit7b lily
4 crea, deal mere currency than We now
have.
Mr. BURIEIGN VIII the Scutls
man ailpv nc 10 TX Inn a question