The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1868-08-26

delivered over to Republican misrple.
THE PUBLIC DEBT.
And now allow me word as TO the pub
lie debt, II il = vain thing Oddly to en-
quire how this debt came to be contracted,
or how much Of it was originally necessary
Or just. 1t may have been the most essen
'tial,, the most constitutional, the most
wisely and judiciously managed that ever q
people incurred or il may have been in
every particular, Just the reverse. No
matter. 1t exists, and must be dealt with
accordingly. The Democratic and Repub-
lican parties both recognizing it, differ
widely, radically in regard to it. The idea
iof notion of the Democratic party may be
best and most significantly expressed by q
parapsrase Il Dunning's celebrated resolu-
ton agsisss the royal prerogative a hun
dfed years ago'in the British Parliament
Mat the P,sblic Debs has iacreased, Is in
creasing, and ought to be din,iaished
The Republican platform declares that it
ought to be .extendedt over fair period
for redemption "a phrase curiously. felic-
itous in expressing infinite uncertainty Of
duration. II reminds me Of Charles James
Fox's answer to his creditors, who vcxed
with his long delay, ironically proposed
that he should execute to them his bonds
payable on the day of judgment. iasAh,,"
said he, "just please make them payable
the cay alter" Upon the other hand, the
Democratic phtlorm demands payment Of
the public debt Of the United States as
rapidly as practicable, applying 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 Democratic party
mean that this. debt, with all its burdens
aud all its exemptions of every sort, shall
be paid off and I say to you, gentlemen.
that ia my firm conviction, Republican
government eannet long endure here even
in form and shadow, if this huge mountain
of debt is 70 continue; and that no form of
government could exist pure and incorrupt,,
if this debt is to become permanent.
Upon another subject, gentlemen, the
policy Of the two parties ia in marked con-
trast. Planting itself firmly upon the fix
ed principle of all just governments, that
taxation ought to be equal, the Democrat
ic party demands that the bonds and other
securities Of the United States shall be-
taxed the same as other property. The
Justice and equality Of the proposition are
too plain for elaborate argument. These
bonds and securities leave every legal ele-
ment Of property in the hands of their hol-
ders. except taxation. Why, then, the ex-
emption They now amount in various
forms to some twenty-six hundred millions
of dollars, or about one-fifth Of the entire
property Of the country. And yet this one
fith, claiming the special care and nurture
Of the Government, drawing its increase ir
gold, and ia the hands chiefly ofthe wealth:
lest men, and soon to become exclusively
theirs, pays not dollar Of tax in the man.
ner or to The extent which-it would pay If
it were other property. To-day your CAPT
talist owns hundred thousand dollars in
lands and goods, and pay taxes, income In
cluded, State and Federal accordingly
thus bearing his full proportion Of the bur-
dens Of the community in which he lives.
Tomorrow he sells all, and invests in
Government bonds, receiving his interest,
paid now s7 other men, his neiehbors,in
taxes, but himself pays not dime in
taxation, safe the income tax, deducted
virtually and in paper, from the golden in
terest which he receives And now the en-
tire burden of taxes, Remaining justine
same a. yesterday, falls upon those Of his
community who own no bonds. And yet
leaders Of the Republican party, high In po-
sition and influence, have the audacity to
tell us that whoever Is for taxing bonds is
no better than penitentiary convict!
Well, be it SO but there are three millions
and more Of white American voters in the
United States who are resolved that, peni-
tentiary convicts or mot, they will have
these bonds taxed. ;a7
| BONDS AND aREEEBACRs.
come now to the mode Of paying the
public debt, and the subject Of the curren-
cy in general. a aat
Gentlemen, 1 am hard money mau.
always have been. There 10 no other real
money in the world and least of all is
irredeemable government paper money in
any proper sense Of the term. It is NOT
even the representative Of money, but only
| Of government credit; and varies, and
must ever vary, with the fluctuations Of
that credit. Anditis by 80 much a greater
evil when government seeks to make its
own paper, its own credit, its own promise
pay, legal tender for payments and debts
i If government were to issue 90 more paper
J or little more than it wanted for taxes, il
need not declare tia legal tender. IF il
issue more, and just in proportion to tn.
excess, no kind or amount OF legislation
: penal or otherwise, and no number of lega
. tender clauses, can save it from deprecia