The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1870-02-06
ENSLAHED.

Sto6eyk4uuDSU Va UAIopScSoastsskVoos- setsalubs
payiAg the bonded debt more than once. I"
Ope OF tbs proppsiti6Hs With: :whieh Mr..
Nungen ssts out lis. 'tthAt tho Atieri@n
people heye bee4l 4lmads3 s3laHes by Repqb-
lican lsS!alasion.H an4S that it' il thyir
solemn aaty 20 seleasS themSelvS8 from
bondage as soon as possible. Professor
Walker, in his "Scienoe Of Wealth." de-
fines slave to be "one who does not
enjoy the fruits Of his labor further than
to preserve his efficiency. It is little
matter in what way this is brought about,
whether BY lawless violence or legal ex-
actions the result is the same" Under
this definition, Mr.. Mungen is forced to
the conclusion that American tax payers
have been enalaved by the scheming,
plundering, avaricious politicians, who
have, within the last decade, assumed
the reins OF power. For base changes
in the character of our Government, and
for corrupt and fraudulent use of taxes
extorted from the people. the radical
party stands specially charged. Even
special Commissioner Wells, in his re.
port for 1868, says:
'The Commissioner, in both of his
previous reports. has given it as his OPT
MON, end odduced facts in support of
the same, that not over fifty per cent. OF
the amount of assessed internal revenue
taxes is received i'll the National Trea-
sury."
Now, when people are corruptly sad
died with debt 80 enormous as to be
almost beyond expression by the alpha
bet of figures; and when, for every S1O0
of that debt. they are obliged to pay not
only 5000 moiety of which goes into
the pockets of dishonest Government
ofHcials-but an unreasonably large ad-
dition, in the way of interest, their con-
dition becomes not only one of intolera-
BILE hardship, but of actual vassalage. To
illustrate the fact that the people have
already paid all that should be cxacted
of them by the bond-holders, and that
reputation has now become q duty and
virtue, Mr.. Mungen cites the following
example:
"Seven years ago, Wall street capi-
talist purchased o Government bond
calling for $1,000; for this, he gave to
the Government forty per cent, or $4OO.
During these seven years, he has re-
ceived interest regularly, at six per cent.
per annum, on $1,000, the face of the
bond, payable every six months Com
pound interest on $1,000, at six per
cent, will in seven years amount to
$51256 in gold. which would be $76S. 81
in currency. He has been exempted
from all local and municipal taxes,
which, at reasonable rate, saves him
two and one-half per cent per annum,
and which, in tho time mentioned,
amounts on the face of the bond to SITS.
Franklin said that penny saved is as
good as a penny earned. Add these
items together, and they amount to
S687. Sc in gold, or in currency 1913 81.
Now. compound interest on $400, the
amount invested, amounts to $2O1. 45 in
gold, or in currency $302.17, which,
added to the 5400, equals $6O1. As in gold,
or S702. II in currency, leaving differ
man who invests his money honestly of
$50. IL in gold, or 1921. 81 in currency.
If we deduct from this two and one-half
$16. IL in gold, or $l7o. 81 in currency in
favor Of the bond-holder. Is there any
thing wrong or unjust in repudiating
such debt? The people have paid the
bonds, and are entitled to have them
Cancelled, just as much Us a person is
entitled to have his promissory note can
celed when he pays it up in full with
interest"
We will not undertake to follow this
representative of Western constituency
through his entire argument. But he
certainly shows that the bonds were, to
large extent, fraudulently issued; that
the whole industry of the country is man
aclcd by an enormous public debt and
enormous taxation; and that, to pay off
the debt. according to the radical pro-
gramme, would be to redeem dishonest
promises and to assume the bonds of
perpetual servitude.
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That most intelligent paper, the Lou
iSvilla Cour;o,-- IoJrunJ ooDto;pc IN -,