The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1868-08-05

Government, legitimate and larcenous, are
nearly five times as great as when eight
years ago, the power was snatched from the
Democratic party, and delivered over to Re
publican misrule.
TILE PUBLIC. DEBT.
And now allow me a word as to public |
debt. 1t is vain thing to day to inquire |
much OF. it was originally necessary or just. |
II may have been the most essential, the |
most Constitutional, the most righteous and |
the most wisely and judiciousIy managed
that ever people incurred; or III may have
been in every particular just the reverse
No matter. 1t exists and must be dealt
wi h accordingly. The Democratic and Re
publican parties both recognizing it, differ
widely, radically, in regard to it. The idea
or notion of the Democratic party may be
best and most Significantly expressed by a
paraphrase of Dunning's celebrated resolu-
ton against the royal prerogative, hundred
years ago, in the British Parliament-''that
the Public Debt has increased, is increasing,
and ought to be diminished" The Repub-
lican platform declares that it ought to be
''eXtended over fair period for redemp-
tom phrase curiously felicitous in ex-
pressing infinite uncertainty of duration. 1t
reminds of Charles James Fox's answer to
his creditors, who, veXed with his long delay
ironically proposed that he should execute
to them his-bonds payable on the day of
judgment. ''Ah," said he 'just please
make them payable thSday after" Upon
the other hand the Democratic platform de-
maRds payment of the public debt of the
| United States as rapidly as possible, apply
ing all money drawn from the people by
taXation, except so much as is requisite for
the necessities of Government economically
administered, TO such payment" The Dem
ocratic party mean that this debt, with all
its burdens and all its corruptions of every
Sort shall be paid off; and 1 say to you, gen
tlemen, that in my firm conviction, Republi-
I. can Government can not long endure here
even i'll form and shadow, if this huge
mountain of debt is to continue; and that no
form of government could exist pure and in
corrupt, if this debt is to become permanent:
Upon another subject, gentlemen, the
policy of the two parties is in marked con-
trast. Planting itself firmly upon the fixed
principle of all just governments, that taxa
ton ought to be equal, the Democratic par.
ty demands that the bonds and other securi-
ties of the United States shall be taxed The
same as other property. The justice anC
equality Of the proposition are too plain fol
elaborate argument, These bonds and Sc
curities have every legal element of proper
ty in the hands of their holders, except tax
alton. Why, then, the exemPtiOn2 They
now amount, in various forms, to some 81,
600, 900, 600, or about one fifth of the entire
property of the country. And yet this one
fifth claiming the special care and nurture
of the Government, drawing its interest il
: gold, and in the hands, chiefly, of the wealth
lest men, and soon to become exclusivefl
til eirs, pays not dollar of tax in the man
/ ner or to the extent which it would pay if i
: were other property. To-day your capital
, ist owns hundred thousand dollars in land
3 and goods, and pays no taxes, income in
= cluded, State and Federal, according; thu
bearing his full proportion of the burden
f of the community in which he lives. To
t morrow he sells all, and invests in Govern
g ment bonds, receiving his interest, paid nov
D by other men, his peighboFs, in taxes, bu
r lot himself pays not a dime in taxation
. save the income tax, deducting virtually an
= ia paper from the golden interest which b
Y receives. And nov the entire burden c
T taxes, remaining just the same as yesterday
T falls upon those of his community who ow
5 no bonds. And yet leaders of the Republ
y can party, high in position and influence
e have the audacity to tell US that whoevC
: is for taxing bonds is no better than pen
Is tentiary convict Well, be it so; but thel
n are three millions and more of white Anne
Is ican voters in the United States, who are r
If solved that, penitentiary cOnvicts or no
al they will have these bonds taxed
l. come now to the mode of payin
i the public debt, and the subject Of IL
Ie currency in general.
e Gentlemen, 1 am a hard none
a man. 1 always have been. There
no other real money in the world
,o least of all is irret eennabIe Cover
er ment paper, MONEY in any prop
IN sense of the term. 1t is not even Il
u representative of money, but only
ry Government credit; and varies, al
he must ever vary, with the fuctuatio
ss Of that credit, And it is by so mul
y, a greater evil when Government set
n to make its own paper, its own prol
of ises to pay, a legal tender for pa
ed ments and debts. If Goyernme
were to issue no more paper, or lit
of more than it wanted for taxes, it ne
,ct not declare it a legal-tenuer. If
he issue more, and Just in proportion
,r- the excess, no kind or amount of le
m islatiOn, penal or otherwise, and
ap number of legal tender clauses, C
NO save it from depreciation. 1 vOt
Is. against the legal-tender act of 1862.
ITS did not believe it Constitutional the
MS l do not believe it Constitutional no
i'm Moreover 1 felt assured that it mI
u sooner or later bring forth its e
x frait, and that abundantly. Cover
l." ment paper could not be made or Ike
he equal to coin; and there is no me
DID mischievous agent OF financial a
OIL commercial distress than a deprec
ule ted paper currency. And the evil
.hs greatly aggravated if there be tN
of currencies of unequal value. L conc
Ter fully in all that Gov. Seymour /
er; said upon this particular subject, a
lit, in the purposes of his recent spec
IS. as understand them; and that "
st, to warn the Democracy and the pt
in pie of the United States not to swi
his wholly from their ancient hard mo
ey moorings, and become too deep
n enamored of the green goddess
The paper money to love wisely, and 1
loo too well; not TO accept the extrel
no medicine of the public debt and e.
nm cency, as their daily bread. I thi
the caution was timely and well