Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1868-01-09
Sherman's Report-U. 8. Bonds
Taxation. 49,

cial policy. The government owe.
a debt, and we are collecting taxes
to pay the interest on it and gradual
" to sink the principal. What othe'
policy than this can an individual O O
State have which happens to oe ~
debt? Does any one suppose thai
this interest on debt, made neces'
sary by the mfsoondus and treason
of the democratic party. can be paid
by. mere financering? A man ir
debtcan get out Of debt in one o.
two ways, by payment or bankrupt
cy; nor can a State do otherwise, il
must pay or repudiate. The people
of the United States are too honesl
to repudiate, and the men who stood
by the old flag in the hour Of. treach
cry and, treason, and crushed out thi;
democratic rebellion to uphold tha
cursed institution of slavery, viii
maintain its fair fame, and pay ur
this debt to the FAST cent. Our.char
acter as free nation is, at stake
democratic Institutions are on trial
1t is to be seen whether s free peo
pie can vindicate its honesty in pay.
ing its debts as IT viniicated its man
hood in crushing ont the mlghties'
rebellion that everexisted; REBEL
ion that all the advocates of mon.
archy said no nationec could put down
We have shown the world that 8
democratic government is the
strongest government in the worldi
and we must and will show them that
its honesty is only eqnalled by its
strength.
When the rebel democratic leaders,
when Thurman and VallandIgham
and Co., urge upon the people, or
whisper to them the disgraceiul word,
reputation, they are only laboring to
bring disgrace upon free institutions
as well as upon the fair fame of the
American people. In doing this,
they calculate upon the dishonesty
of the American people, and labor to
induce them to disgrace both them
selves and democratic institutions
This same effort was made by the
same party, and the same men, TO in
duce the people of Ohio to repudiate
its State debt; but they failed in that
as they will fail in this. We don't
suppose that the government debt
is over 10 per cent of the accu-
mulated capital or wealth of the ma
tion, whose annual increase of wealth
is more than one fourth of this whole
debt. What should we say of an in-
iividual, who should refuse to pay
his debts, when those debts amount
ed to one half of all he was worth?
We should stigmatise him as rogue
and knave; how much stronger
would be our language, if his debts
were only 10 per cent of his actual
property?
The rebel leaders in this matter
are not honest; they know they are
not honest, and they assume that the
people are as dishonest, as big
knaves, as they are. They are mis-
taken. The American people may be
misled for time to their own hurt,
but they cannot be induced to turn
knayes and repudiate these honest
debts, when they have wealth enough
to pay ten times the amount.
We are. therefore, sorry to see that
Senator Sherman has thrown sop
to this dishonesty IN the false hope
Of stiffiiDg the clamor about the debt
and taxation. The idea was started
by the dishonest leaders in Ohio,
that the State must be permitted to
tax the holders of these bonds, or
70 md iafio, N, ,ue+ oosno W. oabo,,IJ
call that man a knave, who should
propose to his creditors to take less
,han the face Of their debts, or he
would repudiate the whole. These
lnaves propose to the holders of
'onds, who have paid for them a
rice enhanced by the exemption
rom State taxation, consent to pay,
o the State two ifnot three per cent
# your six per cent, which you. re-
.eive for interest, or we will refuse
o pay either interest or principal. |
y hat is this but down right knavery.
let us applyit to individuals. What
would you, Mr.. Democrat, say if
vour creditor proposed to you to
give him two or three per cent of the
'ix per cent interest which he had
promised to pay you annually, and
ell you, if you would not consent to
hat, he would pay neither interest
or principal. What is dishonest for
me man to do is equally dishonest
or many men, or a whole people to
o.
But this question of the taxation
f the national debt lies deeper than
nat. It's a question of power, a
uestioh of constitutional power, a
uestion in which the people of the
tate, or States, have as deep an in
crest as the people of the United
totoo ...zl. Q, =