Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1868-03-11

lone, should be held responsible for the
,fasepros adoptcd The party IN The majority
las fhe election Of It's own measures. and, With
ami much heed as to what they are, may genor-
all, count upon the persistent opposition OF any
minority
Tbo Union party has robust honesty, as well
a parioiism and courage, and Il will not COM
M Me fatal hundor Of surrendCung the very
citadel Of our strcngth-our public crcdit-to
icso who drew The sword and lost every Thing
IN fhe bloody arhilramont Of the field Of battle.
Lctus, then, frame our measures ON punc les
thai will endure the criticism Of ages, and re-
oarilcss OF The nominee Of the Democratic par
I, for the Presidency. II they want shin
PLASTER candidate let them trot him out. We
can do better.
The fret section Of this bill, providing for a
loan al an interest not exceeding five per cent.
per annum. It seems to me desirable TO pass.
Ii we had taken a different course, and first
tried 10 rc-cstablish our credit on an imprcgua-
bic foundation, and restore the currency to Q
sound condition, it would have been more in
harmony with my ideas Of wha; our circum-
siauces require and still think 10 would have
Given us greater advantages in funding our ma
donal debt at lower rate Of interest But the
discussion Of the subject here and elsewhere ha'
di..losed such an oNuhcrance Of contradictory
t..NIIN@ iaNnt Nl WHICH iNl NuA NNAN NANfAiN 70
ui.ht have been better to have suppresscd)
ht have reached the conclusion that a loan
f fye per cent. az The present time is the best
tI1t we can now negotiate; aud that unless this
Oh % bee accepted we must continue for some
dino longer 70 pay our present high rates OF
interest This, if accepted, will give rs O
pomp. relief TO the extent Of about seventeen
o eighteen million dollars annually. The rate
o yc per cent. interest, with exemption from
tsstian. is doubtless preferable 20 six per cent.
vfsf concession 10 the States Of q right of
ttliun 10 the extent Of one per cent, as tho
whole amount is saved 10 the general govern
m without cost or diminuti0n by the rcduc
ton. while, by the latter mode, even with III,
most rigid scrutiny, considerable part OF the
bonds. and all held abroad, would escape local
tza.ion through accidental or designed con
o.l,ment. or through alien ownership. round
ian .ayed at once. and absolutely. would be far
better than an attempt to catch an equivalent
from thousand and one driyeing driblcts. The
general government might surrender to the
States te right OF taxation, but it can do SO
oaly to its own great disadvantage, and in sea
SOM. Of d.sloyalty only TO its imminent peril
Beyond all else the paramount object sought Is
90 relieve the people, individually and collec-
tEolg OF taxation. II we relieve them from
national taxation they can by so much the better
support State taxation, and it is even more i'm
poriant at the present juncture of affairs that
the general government should bear lightly
upon the people than that it should step in to
the support OF the several States, whose credit
has not been strained, and whose people cannot
i8l 10 recognize equal and probably much more
relief, By positive reduction of taxation IN the
aggregate than by slight local increase Of
possibly taxable property. Rather, then, than
10 be charged with the imbecilily OF doing moth
ing. and regarding this proposition as not un.
reasonable, | have yet to hear any sound
arguments against its adoption. The holders
Of the fye-twepty bonds will find in the bill an
option to exchange for the new loan or not, and
10 speech can withdraw it or subject the United
States in dealing with their creditors to the
charge Of duress:
The section Of this bill authorizing tie legal
enforcement Of special contracts for coin COM
mcnds itself to our attention and iavor because
% will remove most embarrassing and unncces-
sary clog upon trade. The more business
actually done with gold the less will remain ia
be done with paper, and the sooner can any eN-
cess OF the latter he retired. Is operation will
harm nobody. Tea and coffee sold by the cargo
in gold will not be made dearer thereby, but
cheaper, rather, to tue retail purchaser. knaye
" will no longer be able to find shelter under
the law for the delivery of stone when the
contract calls for bread.
The provision in section three of the bill, Il
appropriate a fixed amount of one hundred ant
thirty-fve million dollars for the payment Of the
interest and principal of the public debt, sustain,
the American idea OF an ultimate ex,inguish-
ment Of the debt, and is intended to take the
place Of the early pledge made by Congress to
set apart one per cent of all loans as pcrma.
nent sinking fund. wish that there was more
in the measure now before the Senate to whicl
no objection had suggested itself to my mind
but careful scrutiny as to all the remainder
will bring out in despite OF the able and ingen
ious arguments, as it seems to me, that hav'
been and will be made in their behalf, sullicien
reasons why they should not be adopted. Thu
seyerest trial to which the Government Of on
country can be subjected is yet before us. Ad
versity IN all its various shapes may be overcome
lived down and conquered but pros Gritty OF
full grown success is a condition, like that o
fruit fully ripe, not easily to be preserved-not
to be made better where any change is likely {,
be for the worse, and where poor human natur,
tnds- it more difficult to stand, or TO move on
ward with wholesome prudence and an
unClouded judgment, and without a fall iron
high estate We have sustained our credit
by raising, through taxation, more than any one
promised, and in commencing, even before ON
extinction Of a liberal amount Of the public
debt We have surprised indebted nations n
much by the integrity of our purpose as by TIN
extent Of our resources. But now there is somi
peril lett start so Fortunate aud altogethe
admirable, should encourage a halt fatal to on
mai mastery in the race, or that from larg
annual reduction of the public debt we may re
bound to the point Of zero and pay nothing a
all We have forced our own people to accep
during time of war one-sixth part of on
whole Indebtedness in promises to pay note
bearing interest, and, having made these a lega
tender, all who give credit may at any momen
ind their debts, instead of being paid whei
due, transferred into debts against the Govern
ment, with this difference-that they no longe
bear interest; and as substitute for intrinsic
value faith must be had that the Government
will pay, though at present it positively says
VIII not. This forced loan has been issued
and there is no one authorized either to pay o
demand the payment of the smallest part Of it
But whoever has it, or any portion of it, cal
get nd OF it by contracting debt of any sort
IN gold, If YOU please-and then rendering
those United States notes in satisfaction. Tn
peril is when q loan at par, and without inter
est, can thus be so cheaply made that it will b
increased and never diminished. Having ap
parently decided, that contraction, under N
Nf~uhialaiNtei SNAIL take place, lDe uOOf 10 cN
pansion is already half way open. Havin
postponed the payment of legal tenders indef
nitely, has not reputation less frightiu men
During time of war we did not hesitate b
strain the public credit by bringing out volum
of paper money, wholly unprecedented il
amount, expensive as a measure Of values agains
the Government, but which in spite Of a
faults, Endorsed by the faith and honor of th
United States, contributed to our success.
Now peace has dawned and regret to say tn
tendency is that temporary expedient may
converted into chronic evil from which I'll
country may not be rescued, except throug
some future revolution by which modern Leg
tender will reach the disreputable level of Ii
paper Of the revolution. The danger is, hayin
by costly, perhaps, necessary, make-shilts drive
gold out Of use for seven years, that we sha
further make the fatal blunder of an attempt {
divorce it forever from our embrace and banis
It entirely from the country that having SUI
ported this extraordinary circulation by extra
ordinary taxation, inseparably yoked together
we shall be unable at last to diminish taxatio
because OF an unwillingness to allow any porto
nj Iaob ,aNr. Al.