New-York tribune., 1868-10-19
he far from advocating before the people an Increase
. TAXING TIE BONDS


But lie favors the taxation Of Government bonds He
ants tex TO be assessed upon the bonds thomSelV'S
We'll lot ~ see now how iiht W1un % W"IN M III i nvo,
tttrr ,,ro,crty upon your wcll shouldn't ~
civ ,6at Won navel Does Mr. Pendeton propose ,ns
The law does impose tax already on the income OF
1he law provides that tax OF nve per cen. g Ia
be assessed upon every income ~ more than -iion
saud dollars whether " s derived from interest bonds
or any other Then the bond is In that way,
sesscd the income upon H. the "me M an income de
rived from farmer or from any other hfanch Of bnsl
bcnd itself. Let ns SEQ how that would work
thousand dollars. II tho bond is 10 be taxed
by the General Government ana the various
dollars will take these facts into consideration. II the
States Ia he allowed to tax these United states see
rites, they will tax them dherent amounts some VII VII
them more and some less. what would then be the
value Of your United States securities subjected 10 taxa,
ton by the States In their dscotoni How much wuula
the STATE Of Kentucky be likely 10 TAX uied states se
cIritiesi IIaughtcrl How much would tho city OF
Memphis tax thcn, do you SUPPOSE Tor municipal nnpo e
sest Who would loan the Goycrnmeht money wien ~ 'o ne
security which he Teccvcd-tho bond-was naple 10 DO
taxed at the discretion OF every state county cy Town
and echool district In tho united Hthlosi hhu ne5
could them they could. as said tax 'hom IN ier
discretion and tax to such an extent AZ to Iendcr no
cuTty entirely Vauolcs3 toud we 1oN'IllIneiS @ uo
maintained upon such principle aa thati 'h any DJs
erument exist without the means Of sustaining nsrli
Can any Government sustain ltscu without m io,o'o %
Can any Government collect revenue ot borrow hoh.f
I've taxed at the discretion or some o''or m I
Why think these States that favored reccssl 'h Wou
easily out their determination u iio ho"l -
prcynU that they may tax United States property ana
United states securities their discretion The public
lands of the United states have never Oeen tNcu w o
States. II has always been rIoNlGSu WITH III, nT tbe
are admitted into the Union, that they sai hot taA n
lands hcIongng TO the United States aud it has never
been done But II United states securities we're 10 pe
taxed by State and local authoi i,'lV", nu lno
the money was b0rrowcdassuming thar that was apout
the average amount OF State and local taxes m eno VI
the States OF the Union. Why then. when man iur-
nshod the Government OF the unl;ed states WIN u
Thousand dollars two per cent OF tuat th"uS'n IN
taxes of the State lilo would know ths when ne LOANED
The money. and the result OF II would ne tna ne wou
ask an additional per cent interest from te 1oveIn-
ment aud the Government. instead OF payng slA per
FOR the money II borrowed Touid D1 % %So,n,fa ~
iion to pay the interest on the pupho uepl, ain .
WonId Inc cain anyhns by paying per cent more 10
the C;oyerImcnt of the United States ana having the
n"rn If H. s rotd as il long except in this wise,
that the citizen would be subjected To- the additional cS
peIsc of collecting these taxes. So that nothing would
be- gained by taxing United states securities III the man
nc' p'oio' now TO MAINTAIN ouR CREDIT.
How then IL the credit OF the Government ~ the United
States 10 he maintanCdi VIII tell you my view oi mat
in very few words IL Is clearly expressed IN me SKIN
resolution Of the Chicago Platform. that the best policy
10 diminish burden OF debt Ia 20 10 improve our credit
that capitalists will seek 10 loan MS money al lower rates
of Interest" Improve crcdit-that Is the way TO
lessen the burdcI-" the public deb. IM II TIE way
10 have uniform currency for the ldboter aud mo
same currency for the bondhod'r. am Tor the same
currency for cycrybodythe boudholdcr the aborer the
scwinggrl, and crybody else OF whom Mr. Pendcion
speaks. bnt am FOR having that good currency lap
pausc We must make II al good instead 0f trying 20
make IL all bad and worthless Bat how u that 10 DC
done By resumug specie payments at the earliest prac
ticabe period without derancug the general business OF
the country That is the way TO have an uniform cur
rcncy give to the laboung man something that has
fixed and definite value. and that he cannot be cheated
Of by sharpcrs aud spectators. who can naie the
currency day and contract u tomorrow That s the
" to rcducs the public debt. We paying now
ok per interest tco0ooooOo IN gold every year
while Canada borrow money at -FOUR per cent m any
the face Of the earth, that has guod credit
can borrow money at four per cent or css Brazil ana
the North American Republic subject 20 revolution every
few years most Of them borrow money cheaper than
these great United states of America. Nhyi Bccause
deprecated currency which of these Demo
crAis they call themselves, who used 70 love harl
money want 10 iufatc ana Mcfvase by the hundred
thousand millions of dollars. II you would protect the
labOung from the most cunning Schcne thtt was
devised TO cheat MIN. then protect HIN against
these issues Of frrdCcmahlc paper money.