Year: 1865

A resolution in the platform Of the
Ohio Democracy calls for the taxation
By States of United States bonds. 1t
characterizes the exemption of these
Eonds from such taxation as an attempt
to create ''an odious and privileged
moneyed aristocracy. These bonds
represent the Indebtedness of the United
States Government for money loaned il
On the hour Of extreme need and peril,
for its own preservation. They are act
chiefly owned BY men of wealth, bat are
distributed throughout the loyal portions
of the Republic in sums Of fifty dollars
and npwarda Millions of dollars we're
thus loaned by men Of slender means,
but loyal hearts Democracy did it's
utmost 10 prevent the Govern a ent from
obtaining this supply, aud rescuing it.
sslf from the ghastly dangers that sur
rounded it. 1t is logical and proper
that they should now seek TO impair The
bargain by which supplies were obtained,
and 70 revenge themselves on the loyal
nultitudes whose prompt and persistent
fidelity to country thwarted all their
deyilish schemes OF treachery, and
turned their wisdom into folly. They
q
LARRY stealthy and perhaps ingenious
way The authors Of the resolution re-
ferred to know very well that no such
measure as il recommended is possible.
On three separate occasions the Su-
preme Court Of the United States has
decided against the power of States or
municipal governments to tax, directly
or indirectly, the bonds Of the General
Government. If any State Legislature
were to impose such tax By a unsni-
NOUS vote, the enactment would bs 9
nulliiy.


1t is question of law primarily, and
the most explicit decision Of the highest
legal tribunal in the land has fixed it's
solution as permanently as such matters
can be fixed The object of this resolu-
tion, then, is not 10 secure the taxation
called for, but to open the way for 8
flank moyement now, and q more eirecsl
assault hereafter, against the national
debt itself Every effort will be made
By the charlatan leaders of the Demo


cratic party during the canvass in Ohio
to render these untaxed bonds .odious


Some measure of success may be looked
for in the effort No Legislatures, OF
course, will stultify itself by making
even q remote hint at movement to


wards taxing them. And after clamor-
| ing for season in vain for such a mea-
sure, the Democracy will be prepared
| for the next step, which will be some
form of population They will have
succeed already in making those who
I hearkeu to their counsels look with de-
| testAtion upon the national debt And
the cry for throwing il of win readily
| become, with such, popular and noisy.
1 There is no mistaking the signs Of the


tin3es, which indicate the drift Of The
democratic party towards repudiatios.
Some of the less adroit and more venom


Gus leaders don't scfupie to admit it,


aud to demand now with uBflinching


ef'rontery that the measure be placed as


q watcbword on the party dag without


further equivoeation or delay. "Repu-


diation, then, may be looked upon as


one of the modes of hostility to the na-


tion's prosperity and life which its in
1 corrigible enemies will assume at no


distant day. Reputation Of the Da-
tional debt would be the inevitable and


permanent destruction of national


credit AID q nation without credit
can no more maintain itself as poliii-
cal power in the world than merchant


without credit can carry on q successful
I business. Mexico, the prey of malig-


nant demagogues and plunderers, fur


nishes an instructive example of this


kind. It's none too soon for loyal men


to ponder this question and consider


with earnest heed the consequences Of
The destruction Of our credit as nation.
! --Louisvitte Press