Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1879-06-21

persisted in proclalming his views 10
legislators and their constituents, until
finally the scheme was adopted. The
bill became law, and when the agent
of the State went TO New York to have
the bonds printed, Wall Street inter
posed its good offices and offered 10
take the whole of them, though the rate
of interest was but fcur per cent, and
payable but once year. That power
ful interest did not wish TO take such
small bonds. 1t proposed easy terms
for those of larger denominations, and
il would have had the interest payable
quarterly or semi annually; but it saw
what would be the force of the example,
if such small bonds should be issued TO
the people, and finally agreed that it
they could be withheld from the people
of the State, it would take the whole Of
them small as they were aud low as was
the rate of interest.
This is the story of financial enamel
patton of Georgia, whose example my
fellow citizens Of Pennsylvania, | ask
YOU to follow. 1t will be said that i
such bonds shall be issued by Pennsyl-
yania, they will GO into circulation rs
currency, and will therefore under the
National Bank Act, be taxed 10 Per
cent per annum 10y the United States
Government. This is bugbcar, like
the theory of the plutocrats OF the
world, that the Constitution Of the Uni
ted States means one thing in time of
war and another in time OF poace--ihat
il permits Congress 10 authorize the Is
sue Of legal-tender apcr money in time
OF war. and prohibits It's issue under
any of the cXigcncics that may occur IN
time of peace.
Happily the question of the taxation
of such bonds has already been decided.
The banking iut.rest Was quick to bring
! the question TO the attention OF the
Commissioner OF Internal Revenue, who
PROMPTLY decided that the five dcliar
four per cent bonds issued by the State
of Georgia, are not subject 10 the tax OF
10 per centum, rs they bear interest
and have coupons regularly attached.
If, said he, State can issue n $500
bond, it can issue one for five dollars,
and if the bonds happen TO circulate as
currency il does not alter the fact. And
now the most conservative statesmen OF
Georgia propose TO enlarge the issue OF
these bonds, and 10 redeem the whole
heavy interest bearing debt OF the State,
amounting to SS,00O,000, in low ratio
| S. coupon boz dS, all of which Il is now
seen will be ken and held in the State.
PENNSYLVANIA, and her cities and 9th
cr municipal corporations should follow
the example of Georgia, but should not
offer more than three per cent interest
and should make the coupons payable
annually. What would be the effect OF
this upon my own county, Iycomlng,
whose bonds have promised to pay
eight per cent in semiannual payments,
and which the people by receiving such
| five dollar bonds at three per cent inter
est could readily redeem aud thereby
reduce the interest for the payment Of
which they are so inordinatsly taxed,
five eights of the whole sum. Can the
county and city of Williamsport contin-
ne to pay the present rate of interest on
their bonds if the taxable value Of the
property of both is 10 continue 10 shrink
as it has shrunk during the last iivo
years, and as il must continue TO shrink
while the worldwide experiment OF de-
monetizing silver proceeds Ii is not
matter of necessity involving not only
the prosperity OF the people, but the
credit and honor OF the county aud city
that some such wise and conservative
measure as suggest should be adopted
to rescue the whole properly OF the pco
pie of the city and county from the
grasp of the compai atively few owners
of realized wealth.
Ny fellow citizens, / take this means
of bringing the subject to yonr notice
because, having brought it TO the atten
ton Of some of the leading legislators
of the State, ! am persuaded that bill
like, in its aims ard purposes, to tho
Georgia law will be proposed in our
own legislature, when ] trust the peo
pie will by petition, resolutions OF tho
public meetings, and otherwise, make
their voices heard in the halls Of lcgis-
lation, and demand this simple, honest,
constitutional relief from burdens which
are now destroying the producing class
es, and which il long continued must
become insupportable, aud not only de
stroy the credit and honor Of the State
but ruin the mass OF her industrious aud
honest people.