The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1880-04-15

tbas no governments per cens. bond could
sold at anything like par II subjscs to
state and municipal taxssion. II doubss
II even . pssscsnt taxable bond could be
sold st par and "is would be most suicidal
policy to allow the credit Of the govern
mens to bs crippled By state and local tax
sion.
Did il ever occur 10 the Tribune that
individual credit Was Of far moro impor-
,ance to the people than government cred
il? The credit ofa nation cannot sufIsr
with its own citizens fos 10 IL theirs: and ~
other nations. or The people ofosher nstloas.
are concerned, IL matsess noGhing 70 rs
whether our national credit is good or bad,
for We have no need 70 pus 10 upon the
foreign market
In the taxing of per cont. bonds would
reduce their value below par, what
is the eject Of taxing 3 or 81 per cent.
farms?
There 10 far more money invested in
farms than in bonds.
There are fAs more fasmholders than
bondholdess.
By the exemption Of $4,000. .O00. 600 Of
bonds from TAXATION the tar burden upon
farms 10 vastly increased.
II taxing 6 Per cent. bonds would reduce
their value 6 per csnt., does net the taxa.
sion of p farms reduce their value ~ least
10 per cent, Does IL occur 10 the Tribune
that the 81 zoo, ,000, 900 Of taxable property
in Illinois would be worth $l20, 600. 900
more than il now 10 IL IL Vas not taxa
ble?
Why should farmhoilers bear all the
burdens of taxation, and suffer all the hard
ships and discredit from depreciation
though realizing but or 8 Per cent. on
their taxable Investment, while bondhold.
srs realize double or treble - much, besl
no portion Of the public burdsni
There is not . farm, factory, mill. o,
any other industrial investment in the ma
sion but what 10 away down below par, in
the consequence Of being over taxed, thai
4
beas premium in the market.
All this has tendency to discsedit and
discourage productive Investments, and te
stimulate and encourage bond investment
This 10 all wrong. Il would be far NOR,
creditabls 70 tbs nation, II this Was revere
ed. The enhancement Of the nations obi.
Rations, at the cost and expense of the ma
sioa's industries and productive force
should be . Disgrace rather than . credi
70 the country.
The policy Of the government, and the
teachings of such papers % the Tribune
have depreeistsd and crippled every valu,
except these things which rob the peo
ps
Farmers are below par.
Labor 10 below par.
Manhood 10 below par.
Religion is below par.
Morality 10 at discount.
Education and social culture are below
par. t.....
When these are made to bear . pre- miu =
and government bonds are justly regsEde'
as evidence Of . nations poverty, the pub
lie credit will BE- promoted By discrsditina
rather than appreciating and incourasin
its obligations. In the good time comm
no national debt will exist,
The only issue will BE- legal tender note
as certificates Of deposit to those who con
tribute service or property for the genera
good. They will be evidences that he wh
holds them has contributed the amount q
their face to she government for the benz
ct Of society, for which society is bound t
reimburse him 10 any thing be may need
This will bs in no sense . sove,nmen
debt, of all the people due 70 the holder
which. they BY agreement enacted into Law
may make legal tender. lawful money
This will avoid the necessity Of bonds, an
of sacrifices Of public credit.