Indiana American. [volume] (Brookville, Ind.) 1865-1872, 1868-05-15

scfibtndt, but IN the plain vernacuiar, the
scribbling itch. In his pompous, egotis-
teal aud graudiIoquent letter announcing
himself 10 be the owner Of large amount
Of Government bonds on which he had
managed TO escape all taxation, he sue
cesded in writing himself down an ass;
and in a more recent epistIe. addressed TO
some political friends in Bloomington, he
seems determined to earn the additional
title Of scoundrcl.
The burden OF his lamentation Is the
taxation necessary TO paysthe interest and
principal OF the debt that tho Democratic
rebellion has fastened upon the country.
Dissatisfied with the slow process Of con-
fscaiion by compelling the surrender Of
the bonds Of tbe Government for an equal
amount Of currency, for the redemption
of " hieh no provision is contemplated.
Mr.. Edger,on covertly but pnmistakably
advocates the entire repudiation of the
debt, on the miserable protext that its
holders are favored class and the enemies
of The people. Starting out with falschood,
he naturally gravita,es to robbery aud na-
tionaI dhhonor, aud furnishes another
striking but unnecessary proof that the
tendency Of Copperhead Democracy is to
hopeless depravity.
We give the following extract from this
.scandalous letter, as fair sample Of the
Whole:
But who Is to pay this debt which now
makes taxation In every form necessary
Not the bondholdersl They say they are
exempt by the law, by the contract. Who
made a contract To exempt wealth, or the
ability TO live without labor, from taxation?
Such contract is void, In every element,
from the beginning. IL is against public
policy, an outrage upon equal and exact
justice, aud Is no law for any people. The
greatest good OF the greatest number de.
mands that there should be no such law.
There Is no binding force, in an unjust
law, upon people whose constitution is
not invioIaIe. But the money lenders,
the bondholders, made this law to enable
them to couserta depreciaied Indebtedness,
aud therefore liquidaied 10 the extent Of
the depreciation for depreciation was pay
ment lnto mortgage debt to be paid by
the nations industry, dollar for dollar, in
gold. Its spirit Is. Let the people work
Tor Us = -bondhoiaers-ando our bonds shall
tell us how much work they owe u.s.
Mr. Edgerton is not an ignoramus-it
would be better for his reputation if he
were aud he kao,cs that there is not q
law ia existence that exempts bondholders
from taxation for Federal purposes. tie
knows that bonaholders, unless they are
sharpers like himself, do pay taxes to the
Government of the United States. There
= s.fa -
holder Is subject not precisely as are those
who hold no bonds. They are required
to pay a tax upon the income derived
from their bonds; they pay taxes on what
they consume, ss other men do; if they
happen 10 own other property taxable un-
der the internal revenue law they are re-
quired to pay taxes ON it; if they give u
promisory note, or make deed or mort
gage, they sre required to affix a revenue
stamp to the instrument; if they are dealers
in merchandise OF stocks they must pay
license, If they engage in manufactures
they pay the same taxes imposed upon
others following the same business; in
short, they are not in any respect absolved
from bearing their proportion of the bur
deu OF supporting the Government and
paying the interest aud principal Of the
public debt. Ii is not impossible that
some boudholders have escaped the pay
meut of the income tax by sharp practice
aud fraud; indeed, DIR. Edgerton has
stated over his own signature that he held
$l9s,O00 of six per cent. bonds for four
years, without paying dollar of taxes on
them; but In all such cases the Government
- Aafr "A l-f fI ls...l ~. IL
as the law requires that he shall pay the
tax.
Nor is il true that bondholders claim
that they are exempt by their contract
with the General Government from being
taxed for its support. There was no such
contract nor has any bondholder been silly
enough to advance such an idea-except
the author of this demsgogical letter, II,
indeed, he is an exception. We infer that
he found it impossible to longer escape
taxation on his bonds, and has therefore
sold them; otherwise he would not in.
dulge in such abusive language towards
those who are now creditors Of the Gov
erDment. aud have not been as successful
as himself IN evadiDg taxation.
There can te but one object 10 strivin 2
to excite odium against public creditors
and that is TO prepare the popular mind
for the real purpose Of the Democratic
party-the absolute aud unqualified repu-
disllon Of the national debt. The men
who are now the leaders OF that party have
never ceased TO lament the failure of the
rebellion, aud the consequent overthrow
oftheir favoriie dogma OF the supremacy
OF each separate State over the National
Government which represents the union
OF the States. They know that the re-
bellion would not have been suppressed
but for the generous sums of money add
vanced TO the Government in exchange
for it's bonds. aud they know that If the
war debt Is ever repudiated the nation
will thencetorth be powerless to grapple
with another rebellion, and State inde-
pendenee will follow as q matter Of
course. ~
When Democratic administration con.
tracted debts. either TO carry on war or TO
feed the iazaroni of its party in time of
peace, We heard nothing against the iniqu
ity OF exempting such deb,s from taxation,
either by national or. State authority.
They we're exempt from State taxation by
the Constitution, aud no Democratic poli-
tician then proposed to override the
Constitution In order to tax them
for local purposes Nor thew were not