New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-02-14
nEMOCRATLC "STCMPERS.'


A New Hampshire correspondent, writing
from the scene of the labors OF Democratic
"stumper," named Pillsbury, propounds to us
for reply Mr.. Pillsbury's three leading points,
viz:
/. That the Democrats were for suppresSihS
the Rebellion constiiuiOnay
9. That our depression of business would be
cured by taxing the Government bonds; and
3. That such depression is not caused by our
excess of imports over our exports, since the
latter exceed the former
TO these statements and misstatements we
reply:
|. The argument on the c0nstitutionallty OF
the war ended when the war ended The de-
cision being in our favor, and without appeal,
we hope the Republicans of New-llampshire
will not waste breath i'll reviying IT.
H. As TO taxing the Governments debts, the
only parties who have tried this policy and tested
il were the Rebels under Secretaries Memmln-
ger and Trenholm. When the Coniederacy
had issued Sg132S 1858 in treasury notes, clrcu-
lating rs currency, their depreciation was such
that $40 in notes were required to buy II III
gold All notes over 500 were taxed 10 per
cent per month after May ,, 1864, and all notes
outstanding at the end of the year were taxed
100 per cent, !. C., were rcpudiated BY tins
means SGl0,9i7945 were forced into worthless
4 per cent bond, which was offered a. sub
sttute for the rcpudiated currency. But OF
course, everybody saw that the Government
which could tax the currency out of existence
could in the next breath tax the bond out OF
existence and so this Rebel Government which
undertook to live by taxing lis own debts, died
because nobody would lend TO such pack of
swindlcis. The Northern sympathizers of these
Rebel regulators believe in running the
finances of the Government in the same dis
honest manner Within few months alter
the Rebels passed the above act they could not
borrow at all, and were compelled to make
" forced loan' l. c., to rob the bank vaults, like
common highwayman, Of over two millions in
gold If our COMMUNICATIVE State or Ma
iional-s should begin 10y taxing a bond one per
cent, they would soon like the Rebel fnanciers,
strike home by taxing it ten. twenty, fifty,
hundred per cent. Only moral turptudc or
financial ignorance could say to public cred
itor, Il have agreed to pay You this bond with
"six per cent interest, aud on the faith OF that
agreement | borrowed The highest sum the
"bond would fetch in the market / now tax
"yOu one per cent on my debt to you The
same degree Of turptude would tax the bond
100 per cent. and when the borrower wanted
another loan he would have to get it rs the
Rebels did, by robbery.
There are three reasons why the United
States cannot allow its bonds Ia be taxed
T. IL is dishonest. a. We have shown
@ II is unconstitutional. rs the Supreme
Cont has decided in McCullOch agt The State
of Maryland 4 Wheaton, 8l6; Weston agt.
The City of Charleston 2 Peters. 4i9; and
Osborne agt. The Bank of the United states,
8 Wheaton, i3S.
3. Finally, it il practically impossible 70 make
the creditor pay the tax, unless il be so large
rs TO amount to reputation. The attempt to
levy tax of per cent, or any similar amount,
on tho bondholders would fail. Our national
debt is in such a position that three -flths of IL
must be renewed within few years, and
ought To be funded at the lowest rate OF inter
IS, now. Whatever tax is levied on the public
creditor he adds 10 the amount of interest for
which he will take the l0an or deducts an
equivalent SUN from the price at which he will
buy the bond. In the former ease the tax
payer paws the additional / per cent interest
directly; in the latter he pays it in the fact hat
a larger issue of bonds is necessary 10 renew
the national debt, and, the principal of the debt
being thus increased. the harden thereof falls
Oh the taxpayer the bondhOlder drawing az
large n net interest ON his bond rs il no effort
had been made to tax it,
ILL., The statement that our exports exclusive
of gold and bonds, are sufficient 70 pay for
our imports is untrue 0ur total domestic
exports for the four months ending Oct. 81,
1861 were $l22 ,3l95i9, of which the gold and
silver were S2j,s25039, leaving exports OF
goods 500, 1873, no. AM our total imports during
the same period were ! 3O9G0,20O, of which the
gold and silver amounted to $is35,jl0, leaving
the import OF goods sl2G,l348sl. Surplus of
imports over exports for the last four months,
S29Gl0,91. At the same rate, our excess OF
imported goods over exported would amount
for the year to $lls,j63,ss4 This difference il
paid by exporting our specie and our bonds.
From $500 900 TO sSO0,00O,000 of our bonds
have gone abroad, all Of which are paid for in
bills and drafts, which are ultimately settled,
Cancelled. or paid by imported goods. Our
export of gold has exceeded our gold product
rs follows: In 1868, $4OOOO,OOO; in 1854, s46-
100000; in 1865, S2sOO0OoO in 1866. 81 100000;
as may be found on reference 10 tho Finances
of the United States" in Appleton's Annual
Cyclopedia, and other trustworthy sources.
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