The Conservative. (M'connelsville, Ohio) 1866-1871, 1870-04-01
ARAGRAPH
Local and Political.
ny A CoNrR1BUroR R.

The above amount of fve>twenty
Bonds + now payable IN green
backs, and the interest thereon,
seml~annuaIly IN gold.
This scheme has passed The Uni
ted States Senate. and, it is said,
will pass the House also. Let us
then look into and examine some OF
the more striking features of this
scheme of the Bondholded Aristoc-
racy to plumber the people, and
show it to be a bill of abomina-
tons.
In the frst place, the bill propos-
IS to ssue new Bonds to the am
cunt of $500, 600, 600, payable IN
gold at any time after ten and with
in forty years from date, bearing
interest at the rate of FIVE per cent:
per arnum, in gold.
The bill further proposes to issue
another batch of Bonds to the am
cunt of $500, GOO, 600, at A per cent.
payable in coin in fifteen or forty
years.
The bill again proposes to issue
another batch Of Bonds 20 the am
cunt of $500 OOO, 900, at 4 per cent.
interest payable in coin in twenty
or forty years.
For these new issue Of Bonds, the
scheme proposes to take up 1900
millions dollars of the fve-twenty
Bonds. The Taxpayers of the coun-
try would like to know what is
10 be made by this proposed fund.-
ing Scheme. The principal is Tot
to be made less, but the interest is
something less. The one is paya-
BILE in ereenbacks, the other in gold.
The fourth section OF the law de-
clares "that the Bonds and The an
nual income herein authorized by
this act. shall be exempt from all
taxation by or under National,
State, Municipal or Local authori-
ty." The old five-twenty Bonds to
be called in and exchanged for these
new Bonds are liable to taxation by
the Government of the United
States. If these Bonds were taxed,
as the Government has a right 20
tax them, and to the same extent as
other property, the tax would, at
two per cent, the average of taxa
ton in Ohio, amounts to twenty
four millions of dollars per annum.
This right of taxation the scheme
proposes to give away. Nothing is
made here, but a great loss is In.
volved to the Treasury of the Gov
eminent and an increased burthen
to the amount of twenty-four mil
lions of dollars is annually added to
the other taxable property Of the
country. For as you exempt val
ues to that amount from taxation,
and at the rate oftwo per cent, the
unexempted wealth and property
of the country must make up the
deficiency.
Again, the 1900 million Of dol
lars of the presen: Bonds are re-
deemabie in greenbacks, or legal
tenders, or in gold, at the rate the
the legal tenders were worth at the
time the Bonds were purchased
This was 1t the rate of not more
than fifty cents on the dollar, and
much of them e bought with
greenbacks at forty cents on the
dollar. We can now discharge an
indebtedness of 1000 million ofdol-
lars, under the existing contract, by
a payment Of 600 million of dollars
IN gold. Underthe proposed scheme
it will require dollar for dollar in
coin to do 1t. Here. them is a loss
to the tax payers of 600 milIiovs of
dollars.
The fve-twenty Bonds are now
or will be payable in a year Or two.
Let the Government now call IN
400 millions of them, aud issue le-
gal tenders in their place. thus Saw
ing "a millions in interest annual
~. In three or four years hence
redeem another 400 million Of dol
lars in the same manner, and in a
short time. say within the next ten
years, the last Bond could be OBJ
tanned at oae-thIrd the price they
will cost under the tsnding scheme
as now proposed.
The bill further provides, that
for the payment of the principal
and interest Of the debt, s15O,O0O,
900, derived from n gold tariff upon
foreign imports, shall be set apart
and annually appropriated. In
this particular feature of the scheme,
it will be seen, that it is a bride TO
the high tariff monopOlists. The
tariff must be kept up IS high as
ever in order to obtain the $50 mil
lion of dollars. The tariff tax is
now an average Of fifty per cent. on
all our foreign trade-bringlng TO
the consumer both the foreign and
domestic article at an increased
cost, TO that amount. Thus it is
that the high tariff robber and the
Rond rohhar upito hath THAR Ron