Year: 1867




on Government bonds, but did the same
thing also By tho currency known a.
greenbacks. These notes in their judgment
were mere rags, not worth the paper on
which they were printed, and unworthy
the name of money. A prominent Demo.
cratic ofiice-holder In Indiana was paid
his salary in grecnbacks, and actually re.
turned them to the Treasury and demanded
Indiana free bank paper, which he got
And yet these same hypocrites are all al
once wonderfully in love with greenbacks
and desire TO use them as wedge with
which TO break the plighted faitlr- 81 the
patton.


The truth Is, they have been, and are,
hostile to every act Of Republican legisla-
tion, and seize upon any and every plausi
bic pretext to overthrow it. They dare
not do many things openly; yet, cowardIy
and hypocritical as they have ever been,
they seek to accomplish their purposes by
indirect and more plausible means, for the
real object Of these men is reputation.
AS they did attempt in the past struggle,
so they would ever discredit the Govern
msnt, aud render il powerless to put down
any Subsequent rebellion. And that these
same lsischicf makers may inaugurate, and
and that they contemplate another attempt.
is not improbable.


All this talk about the vastness Of the
public debt the taxation of the Govern
ment bonds, and the forcirg of the holders
of bonds to take currency in payment,
when it was solemnly provided to be paid
in gold, means repHdiafioH. They do not
purpose it directly, for it would shock the
moral sense Of every honest man; but these
leaders know that the reputation of the
whole public debt would be the inevitable
result. The Government cannot be sued
and can only exist by scrupulous fulfill
ment of its promises and obligations.
When the Government said TO the people,
"Loan US your money, and we will pay
you six per cent. interest annually, paya-
bic every six months in gold, and the
principal in twenty years, and your loan
for that time shall be exempt from local
taxation, it was fair contract, neither
unusual nor unreasonable in its terms
And rundertake to say that the Govern
ment got the money at less cost than in-
diyidusls pay when they borrow from one
another. 1t is notorious that the use Of
money in this country will average ten
per cent; yet many Of the Government
bonds draw but five, and none of the coin
bonds draw aboyc six. So that when you
estimate the exemption from taxation, aud
the premium on gold, it twill not amount
to more than the average rate of interest
paid between individuals.


This offer was accepted by the people.
The widows and orphans, and old men,
the great mass Of the loyal people, loaned
their money to the Government, in its
hour Of greatest need, and yet these men
would tax the people. This talk about
exemption from taxation is all the viiest
of denagogism, especially from such men,
learned In the law. and who profess to
know so much about the Constitution, ms
Thurman, Rsnney and Vallandigham. 1t
has been settled from the foundation of
the Government, that the State could not
tax the bonds of the National Government.
Ii has been so held by every Supreme
Court, and by every Administration, from
Washington to johnson. The reason is,
that If the States possessed the right to
tax. there would be no limit as TO the rate,
which might be SO high as 10 destroy the
power Of the National Government to
borrow money, which is one of the es.
sential elements Of sovereignty.


During the Democratic administration
of President Polk, bonds were issued in
the Mexican war and as was afterward
done by other Democratic administration $
and | would defy all Of these would be
repudiatofs to show that one dollar Of bonds
issued by any Democratic administration
was made subject to State taxation. Aud
yet these same hypocritical demagogues
and rebel sympathizers howl against the
Republican party because they issued such
bonds, when their issue was indispensable
to save the life of the nation from the
murderous assault Of these men and theiI
Southern traitor allies.


Unwilling to submit TO the solemn dc.
cision Of the people that Abraham Lincoln
should be President, they raised the stan
dard Of rebellion, aud they are response
bic for every dollar that was expended in
its suppression. This vast public debt j:
all their own work, and yet with brazen.
faced impudence they come before the
public and whine about taxation and the
enormous debt. The debt was necessity
and being fairly made, should be fairly
and honorably paid.


To force the holder Of bond to pay ,
State tax, when the Government solemnly
promised no such tax should be charged
is reputation.


To force the holder Of bond TO tax,
currency, when the Government soemnly
promised it should be paid ia coin, is re
pudiation.


To force the holder Of bond to TAX
currency nos0, for debt which the Goverp
ment solemnly promised should run Ger
tain number Of years, with interest paya
bic semi annually in coin, is reputation


The effect Of carrying out these three
propositions would result in practical re
pudiation Of the whole public debt, and th,
universal disgrace and bankruptcy of tn
Government and the people. A bette
plan to destroy all the national interest
Of the country could not be devised b.
the ingenuity of man. The ablest fnan
ciers have agreed that the present volum
Of currency could not be increased wiihou
detrimens TO the public, and majorit
have been Of the opinion that IL shoul,
be gradually decreased. And yet thos
crazy would-be repudiators, calling them
selves Democrats, would increase the grea
volume of paper money, by issuing green
backs for all OF the bank paper aud bond
ed indebtedness of tho United States