New-York tribune., 1868-10-09


express declaration from the Supreme Court on this point
will find Van Allen agt. The Assessors, Wallaees
Reports 573 The same thing by implication is FOUND IN
many other But the ground assumed that Con-
gress has power 10 tax the bonds and should do IT, II
could truly admit that Congress has this power would
exercse but do not see clearly that the power exists
under the Constitution to lay taxes upon the out
whole nation and Of Andrew Johnson beside he having
officially proclaimed it, the Fourteenth Amendment has
Amendment ordains that the validity OF the public debt
shall not be questioned II 'ne ueoS can 1c ~ aru M 20 swD ~
100 per cent Either OF taxation not only quesons
but mpas its validity ana t os MORE sGs ac rSa SavS DE-
cared shall never be done by Congress or Dy states
by anybody else S the Se SnS consress ss
has not power tax the existing 6onus Bu 10 Ise
the wisdom and satesmanshp OF our ~ NO nus
let suppose Congress has power W uo as engy 5ay,
namely tar equally erey species o. Rr0Pey %a s2
bonds at its real rGLe all real ana SsS o b
be taxed at its full value Are Farmers rsauy lot e
Under state laws, real estate, Including lars ap
praised at about onehrd the u value oat % daer nd .d
Democratic plan the whole value must De SCI HOwn anu %
the tax gauged by that Thirty thousano ons % ~ UNI 19
nations assessed valuation Mark up p az Son Sn Ss w ON
co. and then, when you put per cent on D9us pus ~ o
the whole property of the people also. n naHeaHephi9 i
feel like the burglar who said he broke into store and
found the goods marked so high he c0ud nj au0lu
10 steal them. Wheat would pay as much as whisky,
potatoes as much as tobacco, corn ana nay s as
much petroleum, because all properly mus'
Be s1 tb aHsa or us m Is but the first blush Of the
new dispensatiOn AS land is to be incl9ded tne tax
"a
ttuton declares expressly that the direct taxes shall be
laid IN proportion to the census. In other words direct
taxes are laid by dividing the total to be raised among the
States i'm proportion to their population, ana the quota
of each State collected from the property In tat State
We have had 1891 four small direct taxes, only two0f
which were collected IN @ and those In manner already
stated Think moment now TINS Souu wolS' ono b Rea
cent or two, on all properly Is the propSSGMu M
total would be enormous This total would De pareeiso
Texas has 6O OOO California sO6,OOO Florida has
In,OOO. These states are taken 10 iIustrale. M
times as much Florida. II all these states had each
the same number Of acres of land as New-f0rk the
inequality would be only In proportion to popuaton
But NewYOrk has only 1000 square miles, ana IeKas mas
IN gopnlatIon and relatively scant in land NewYork
would pay mon tho poorest acre IN her borders tmry
I'm theirs And this Is Democratic policy HOW fnucn
easier il is TO find fault with Others than to do thing
worknen or good statesmen. As long our Democratic
friends conne themselves to picking flaws in everything
take 10 tell what they would do, you see that
knowledge and wisdom will not die with them.
Leaving taxation, let come To the next medicine
recommended for financial ailments, an issue OF green
backs to pay the debt at once. IL seems TO Inc bad IN
have always demanded hard money, who would not
listen 90 greenbacks when the exgences OF the war
were thought demand them who said 1t was viola
ton Of the Constitution for Congress TO issue dollar OF
legal tender paper, rse up now when no eMgency
demands increase Of currency and Insist upon Hood
ing the land with Of paper The public securities
agree their face TO pay 80 many dollars What does
that which In the understanding OF the whole CONNER,
cIal world it signifies But Wa are told we received
paper money for them Suppose we had received horses
and and ships for them as we ala for some OF
IN, m would u follow that might pay them OF In the
same commodtesi 1t is said they were gold
below par: SO they were, because We were IN such
trts that men trenbled for the Government and hest
tated 10 embark their money They didn't fan TO bring
par because their doubt about Their being payable
in real money-there never was such doubt then IN
Congress ont of them, the lO0s. were expressly
~ 80 nay e nsended and under,tood 10 he so pay
IL. ftav.f up lef
W1SiPi' r en- them WAS thar there was doubt of their
ever being paid at ALL doubt OF their being United
States to pay them. remember that In the city IN
rskug funds United states securities and even re-
signed their places rather than be parties TO
such a hazard The bonds were sold for all
they would bring-those who bought them bought them
honestly and from motives OF patriotism as
well "a Of pront: some bought when the market was
lower some when It higher. but their rights
varied by thsi Other governments have been through
like experience During the with France. England
sold her half price and for paper that but
she Acknowledged every pound a its face, and In coin.
Now Canada borrows on Engands Endorsement for four
per cent After War OF Independence. the debt OF
Massachusetts sold for l2i cents on the dollar, and t
cquaed her whole valuation but every cent was PAID IN
f And lust here mark the Of massachusetts, She
has always To this hour paid her debts in coin, without
~ and and What Il the consequence she can bor-
row money for less than four per cent. within few
months she negotiated loan in London and her five per
ccnts brought premium when made the interest Dnt
e three per cent Here Is the profit OF honesty
II had had 40 preachers ot reputation IN any forn
ana our credit was as good as tha o Mssa lusetts Tue
debt could be refunded now at saving OF s4OOOOOOO
OF keeping faith, however double repudia
ton is proposed trSt TO pay IN paper currency and
second the currency till 1t IS good for nothing
before pay The act OF Congress of June 80 1854 fixed
Sf00o,OOO rs the highest anonh' OF greenb0cks that
should be put out This was certainly pledge to
every creditor But sl5OOOO0OO wont pay $500
OoeO bonds ana so me plan IS despite one contract 10
Issue more and then. despite another contract TO force
II upon creditors in payment OF their dues Look nc this
a moment Suppose had sold the bonds for coin. and
pay them In con but preparatory 10 doing we
should water the CON, or more correctly speaking
shopd aduterate 1t by melting IL with alloy.
make It's quantity fourfold and It's value one-iourth
The stuarts ever do anything worse TO issue paper
money enongh 20 pay the public debt would deprecate
our currency dollar. by this the public
creditor be robbed but that is small part OF the
calamity. The country. the whole community is to be
ruined National credit Is To be dshOnOred and de
sroyed, and industry and abors To fall prey 10 that
terrible scourge debased and worthless currency Let
me read point the words of the Democratic cand
date for the Presidency lie said in June, "0f all the
cheat honest labor 10 parayze industry, 10
degrade public morals and 20 turn business pursuits
nj ~ ys,lne aaebnsed md ytng rnrrency
True words; wise the Democratic platform is
otherwise. Instead OF all those schemes. revolutionary
party proposes something OF different character.
We propose preserve the public faith. and abide by all
engagenents We say the public promises should be
kept only according their letter but their spirit
II anybody believes that the public obligations call not
for money but only for paper promises to pay let the
question be raised in the Courts and decided like any
other question of law and OF contract but we say is
pernicous preach a crusade against the public faith or
advocate repudatlOn IN any form We say that the
expenses OF Government shoudbe kept at the lowest ebb
and that fast the debt can be refunded at lower in
terest 10 should be done. We insist that with reputation
repndacd by tho nation at the baotboX, and with the
Government and the Treasury properly administered,
shall be able TO borrow money at lower rates, and
with this money to take up existing obligations the
issues in turn to be gradually paid of In this way
ton will rapidly disappear With peace in the country,
the Government be cheaply administered there
will be other dram upon the people except the
duccd interest account Meanwhile population increases
five per cent year. and wealth 10 per cent Hence, II
the interest were tO remain where 10 is the burden
Ia each nhabtan would decrease onehalf in Is years
and thrcequartes in 30 years In 1885, remaining where
IL Is the debt would SIS for every nhabitant
and the yearly Interest for each nhabant would he Ia
shngs, or three cents week This, however, Is the
slow calculation OF the past and Is far behind des
tined future. The march of development hereafter on
this Continent is to surpass all recorded examples have