Year: 1868

The late Republican Ma
tiOnaI Convention, at Chicago, in enun-
ciating the principles which form the
the platform Whereon Grant and CoIfax
scarcely less than inspired wisdom in
proclsiming that


"Y. The National Debt, contracted,
rs 1t has been, for the preservation OF
the Union for all time to come, should
be extended over fair period of time
for redemption and it Is the duty of
Congress 20 reduce the rate Of interest
thereon whenever il can be done hon
estIy.


ish our burden of debt IS to so improve
our credit that capitafists viii seek to
loan Us money at lower rates of interest
than we now pay, and must continue to
pay so long as Reputation, partial or
total, open or cOVertss is threatened or
suspected" ~


In defiance of this wise and righteous
proposition, the House on Monday, by
the vote Of q minority of the Republi-
cans and all but enc OF the Copperheads.
on motion Of Mr.. Cobb. of Illinois,


ResoIUed, That the Committee of
Ways and Means be and are hereby
instructed to report without unnecessa-
ry delay, a bill IeYyiEg q tax of at least
ten per cent. on the interest of the bonds
of the United States, to be assessed and
collected annually by the Secretary OF
the Treasury and such of his subordi-
mates as may be charged with the duty
Of paying interest on the bonded in
debtedness of the United Statess


BY its terms, this proposition con-
templates taxation Of the bonds held by
foreigners as well as those belonging to
our own people, 1t used to be an
American principle that taxation and
representation go together. Yet here
are people who never saw this country
the Congress of the United States. By
what right?


IF we can tax our creditors, including
foreigners, ten per cent, why not twen-
ty, forty, sixty? ?? Does Mr.. Cobb doubt
that others will be found to improve on
his beginning2


It is very doubtful that this proposi-
ton can be driven through the Senate,
so as to give it practical operation
There is no doubt whatever that it will
render the conversion of our Five
Twenties into new bonds bearing a
lower rate Of interest very difficult if
not absolutely impossible. The loss is
instant, certain, paIpable; the gain
prospective, remote, contingent. We
need to borrow at low rates to replace
our six per cents; so we advertise the
financial world that cur promise to pay
SO D0I q O9lQSIGU-I0aE
we claim the right to abstract from the
stipulated sum at orr own mere will.


When the French Government by a
decree reduced by One-haf the value
of shares in Laws Mississippi scheme,
il supposed that they would decline
further; but capitalists said, eff the
Government can take one-half to-day,
1t may take the other half tomorrow -
and refused to touch them at any price.
What was meant for reduction proved
utter ruin.


It is urged that other Governments
have dealt thus with their creditors. So
they have. Vil1ainy is not now patent
albeit is very old discovery. But
has any Governments ever levied ten
per cent. arbitrarily on its debt, and on
that alone We reckon not.


We entreat Congress to pause and con-
slider. There is a right and a wrong
way to secure a reducsfon of the inter-
est on our National Debt. The right
way was traced out with q finger OF
light by the late Republican National
Convention. The wrong way is that
pioneered by Mr.. Cobb.-N. 7. Tribune.