The Idaho world. [volume] (Idaho City, Idaho Territory) 1864-1918, 1869-10-28
FINANCE.

vote to our Boise City cOtemporary' ouI as we
observe that the newly found mick Bddle' of
that institution still clings to his idols ana Will
fnllv closes his ewes and ears to facts which are
becoming apparent to the most obtuse UNDER
standing, we will briefly review his last essay
nm Finance, which we find in the Statesman
of the 10th instant.
As to the question whether the WORLD ever
heard of debtor taxing his own debt and
making the creditor pay it, we must confess
that we cannot see its application. II the
debtor should happen to be the Government,
which simply filled the position of debtor,
then probably the example might have some
application but the Government occupies
double position, that of debtor, and also OF Il
guardian, or protector, of the creditor Inc
Government might be indebted to man Oh q
mail contract and yet our contemporary would
see nothing wrong IN taxing that debt. lie
saws we forget that we have quoted Pendleton.
He is very much mistaken; we forget nothing
we quote from that source, as we consider II
too good authority, and such that the Statesman
cannot counterbalance. The bondholder may
pay his income tax on his gold interest. but he
pays nothing on the principal. A portion of
our bonds are held in Europe. Well, suppose
they are; is not the interest and bonds them
selves PAYABLE in the United States ana is it
not an easy matter to deduct the tax from the
interest! Promissory notes and mortgages
are taxable, rs also railroad bonds, and yet
large proportion Of our railroad bonds and 9TH
er securities are held in Europe. Such argu-
nents, advanced by our contemporary, are too
himsy-too lame and impotent; they carry
their own REPUTATION in their mere statement.
He saws we cannot tax the bonds if we would;
that 1.-The debt cannot be taxed" We reply:
1.-The power that creates has the power to de-
stroy" Persons investing in public securities
do 50 with their eyes open, knowing that the
question of payment, or variation as to the
mode and time of payment, depends on the
power they are contracting with. The tinan
cler of the Statesman will not deny, as legal
proposition, but that the Government has the
power aud the right to repeal all tariffs and
revenue laws; and if so, how would the bonds
ever be paid! In regard to paying the 500
bonds III greenbacbs, We think we have suffi-
GENTLY demonstrated the right and power of
the Government to do So and that justice To
the people and tax payers demands that such a
course should be pursued. These bonds are
payable in Legal Tenders, and no one can sue
cessfully refute this assertion and yet Mr.. Sec
rotary Boutwell,. backed by the whole Radical
party, says that all the Government bonds, in
Guiding the 5-20's, shall be paid in gold; thus
lars to the national debt. And he is to day
paying for bonds, which are redeemabe at their
face in greenbacks, 81 20 for every 81 in bonds
which he buys; for every $50 100000 of 5-2Os
he purchases he pays $4,000, 900 and this is
Radical justice to the people and Radical re-
trenchment and economy!
1t has been charged by our contemporary. as
we'll as other Radical papers, that the theory
we endorse, of paying these bonds in green
backs, is of itself reputation Thad. Stevens,
Ben. Butler, and host of shining Radical
lights, few years ago entertained the same
opinion we do to-day. and to convince our mod
ell fnancier that We are not alone in our pecu-
liar views, we quote from the platform adopted
by the Republican State Convention of Ohio
held at Columbus, March 4, 1868, and also OF
the Indiana Republican State Convention, held
February 90, 1868:
Resolutions Of Republican State Convention, held at Co
tumbus March 4, 1868, reported by Fred HasSaurek,
Chairman Committee on Resolutions.
"Resolued That the Republican party pledges itself
TO the faithful payment of their public debt according
to law; and we hereby express our conviction that.
according to the laws under which the five-tweaty
bonds issued. said bonds should be paid in the
currency OF the country, which may be legal tender
when the Government shall be prepared to redeem
such bonds.
Fs Resolved, That heartily approve the policy of
Congress in stopping the contraction of the currency
and believe that the issue of carrency should be
mensurate with the industrial and commercial inter-
ests Of the people"
Resolutions Of Indiana State Republican Convention
held February %, 1868.
"Resolued, That the public debt, made necessary
by the rebellion, should be honestly paid and all the
bonds issued therefor should be paid in legal tenders
commonly called greenbacks, except where by their
express terms, they provide otherwise; and paid in
such quantities will make the circulation common.
surate with the commercial wants of the country
and to avoid the great initiation Of the currency
aud an increase in the price OF gold"
Such was the theory proposed by the Radi-
mi hAst <~Il