The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1869-08-27

a national ODllgatl0n, and 1t Is tn
most natural thing in the world tha
the Democracy should hate it. The
hate all who produced it and the pro
duct itself; and so the first resolu.
ton is this: That the exemption from
: tax of over two thousand FIVE hun.
dred millions of dollars in Govern.
ment bonds and securities is unjust tC
the people and ought not to be tOler-
ated, and that we are opposed to any
appropriation for the payment of in
terest on public bonds until they are
made subject to taxation
Think of that for a moment. |
wish the Democratic party would not
make it necessary for us TO dissent
with them on matters Of fact.
Why do they say twenty five hun
dreG million dollars of bonds" when
they know perfectly well that
with the bonds of all sorts, and the
volume of greenback currency added
the debt does not reach that sunni
Why do they say this when they
know the bonds of the United States
are five hundred million dollars less
than that sum? They think the mass
Of the people are not well informed
| in regard to these things, and that
this exaggerated statement will carry
more force than the truth. Their
platform begins with this reckless mis-
statement, which trey know to be
such every month, when they read the
official statement of the public debt.
They are opposed to paying the in
terest on the public debt until the
bonds are taxed; yet every intelligent
man among them knows that the
Constitution of the United States
makes it impossible for the States to
tax these bonds. They know it has
been decided, over and over again,
from Chief Justice Marshall down to
Chief Justice Chase, that it can not
be done. If every State in the Union
should pass laws to tax the bonds, not
one cent would be collected; not one
cent could be collected. They know
this, and they yet say they are not
willing that the interest shall be paid
until that unconstitutiona and impos-
sible thing shall be done. This abb
surd thing our Democratic Legisla-
ture Of last winter attempted, and
that, too, with full knowledge of its
absurdity. But some one, perhaps,
will say they mean that the General
Government itself shall tax them. II
answer that the Government does |
tax the income on these bonds, as it
taxes incomes on the products Of the
manufacturer, and other industry.
Look little further. In that sec
ond resolution they declare that they
still endorse the old Pendletonia n
plan of paying off the bonds in green
backs, and if their payment in gold
is persisted in, it will lead to repudia-
tion. They know perfectly well that
that issue was tried last November
throughout the United States, and de-
ciGed against Mr.. PendIeton and in
favor of the honest payment of those
bonds, and they say that decision is
going to bring about repudiatiOn.-t
This resolution is, in my judgement,
the fOrerunner of proposed repudia
tion, and can mean nothing else.
PENDLETONIANIsM.
| desire to call attention, for mo
ment, to this doctrine of Mr.. Pendle-
ton, which has given him such con-
spicaity during the past two years.
That theory was, that the interest
which the Government was paying on
these bonds could be saved by paying
off the debt in greenbacks; and to
save interest, Of course the bonds
must be taken up soon.
Now, fellow citizens, every man of
knows that there are just
two ways to do that thing. One is, to
print enough greenbacks to take up
the bonds; the other is, to tax the
people sufficiently to collect green
backs enough into the Treasury to
give the bondholders in lieu of their
bonds. If you adopt the second plan,
you must tax the people enormously.
To take up the bonds in any reasona-
Bile short space Of time, you must tax
the people more than they have ever
yet been taxed.
Put the question to any Democrat,
Or to Mr.. Pendleton, "Are you in fa- k
Vor of heavily increasing the taxes in
order to carry out this scheme?" If
he says "Yes," hold him to it, and !
ask your fellow-citizens if they want
the taxes thus increased. If he says {
No." then there is but one other
way to do it; that is, to print off
about fifteen hundred million dollars
Of greenback notes, and with them
take up the bonds and set the notes
lfoat. Now, you may tell Mr.. Pen
1leton, and his friends, that he is COM
Delled to adopt one of these plans
So far as the feasibility and safety are !
it makes but little differ
snce which is adopted. Either leads l
TO measureless financial calamity S
Issue S1,5OO,OOO,OOO of greenbacks, '
md you will reduce the value of every '
paper dollar in The United States to c
sen cents or less, and it may well be
doubted if a greenback dollar would
De worth even that amount. S
Issue such au amount and you de-
,aDge values everywhere, raise prices I
everywhere, and throw the whole t
country into the direst confusion t
md yet the craftsmanship of Mr.. Z
Pendleton compels us to do that or
o crush the business of the country |
ly real increase of Federal taxes.
shall be obliged to Mr.. Pendle- a
on if the words 1 say are seen by him c
n the Cincinnati papers, if he will
ell how the country is to escape one 9
If these calamities.
| need say no more on that snbject. t
dr. Pendleton's theory was repudiat-
ID by the Democratic party at the /
New York Convention, and in his C
tead there was nominated a man who lc
only few days before, at Cooper In a
titute, denounced Mr.. Pendleton's C
heories as utterly unworthy the con- t
idence of the people. s
Upon that denuDciation, which was
made with great eIearness and force, L
dr. Seymour was nominated in place 5
If Pendleton. But the Democracy a
# Ohio is attempting to foist upon
he people now the very candidate the q
Democracy Of the whole Union re- i
used to endorse. t
'HE TARIFF -QUESTIGN-NEw ENG