Year: 1868

taxation, one-h half or one fourth a.


much as the State of Ohio. Thus.
the Democratic theory Of equal tax


alton according to value would
have the effect to throw the burden
of taxation upon our young and
growing states, whose population is
large, but whose wealth is small -
And thus it would result, that the
amount of tax imposed upon the
lands of Western farmers would be
two or three times as much as that
upon the lands of Eastern
farmers of the same value. So that
the tax ;tion of all property accord


ing to its true value in money, by
National authority, is an absurdity
under 1.-The Constitution as it is''-a
thing which the Democracy wori
ships and which they are unwilling
to change-and must therefore re
suit in untold hardships and bur
dens to the agricultural and indus
trial interests of the great West. -
Under the present system, as I have
said, the tax being assessed in the
shape of tariffs, incomes and excis-
es, is distributed all over the various
classes of labor, according to their
voluntary choice and ability to pay.


If a gentleman does not desire to
pay a tax upon whisky, he need not
consume the article; if he does not
desire to pay tax upon tobacco he
need not use tobacco; if he does
not desire to pay tax upon an
English or French manufactured
coat. he need not purchase such
coat; if he does not desire to pay a
tax upon any other modify or
article of consumption, he need not
purchase it. 9ef > 8
. The present party in power
adopted the ancient and time hon
ored system of collecting revenues
by the assessment Of taxes upon
these luxuries usually consumed by
the wealthy and those who are more
able to purchase them, leaving the
necessary articles Of consumption
required for the sustenanca of the
moderate or less affluent classes of
society entirely exempt from these
burdens. The Democracy proposes
to uproot and destroy this ancient
system of direct taxation, which
fastens the burden unequally upon
landed property and agricultural
labor, and from which they can
have no escape.' i'- s..


Agricultural labor, therefore,
would do well to consider and re


fleet before it auf'ers itself to be de
luded by these glided promises OF
Democracy, and becomes the vic
tim of its deception. aat Ha .ala


TAXATION OF BONDS. sis .


The fallacy of this new tangled
theory being exposed in this res
pect, Demo ocracy falls back upon the
taxation of National securities as
being alone embraced within its
purpose, [ have no quarrel to wage
with them in this respect. The tax
alton Of National securities under
proper restrictions against them,
would be right and proper. Under
Federal authority they are 50 taxed
now. The interest annually accur-
ing thereon, entering into and con
stituting a portion Of the holders
income, and taxed precisely the
same as the interest upon bonds.
notes, mortgages, and other pri-
yate securities


3 But there is single objection to
the taxation of the existing Federal
securities by State authority. It is
forbidden by the Constitution. To
the Democracy this reason ought to
be sufficient, for its regard for that
instrument is so great that it asserts
its willingness to suffer wrong in
obedience to it, rather than to Sc
cure remedy bv3 its violation pre-
ferring that the Union itself dis
solve, and the Constitution perish,
rather than be preserved by means
not warranted by its expressed let
ter 81 s.a- @Si-@Z- It5-E


For eighty years the Government
has been in existence, and yet dur
that period, no national bond has
ever been taxed by State authority
The war bonds of 1872, the Mexi
can war bonds issued to meet the
Indebtedness of James Buchanan's
Administration, A were never subject
to State taxation, and no State ever
attempted to impose tax upon any
of them, except South Caroline
Why so Was it because it was
not desirable that they should be
to such taxation Was
it because the principle
of equal taxation was not as sa-
cred and "fundamental'' when the
Democracy had control of the Gov
ernments, State and National, as it
is now, when they have control of
neither? Does the doctrine
of equal taxation, as applicable to
Federal securities, become sacred,
fundamental principle with the Dem
ocracy simply because they are out
of power? Although they had the
control of the power or assert the
principle There must surely be
some reason for this failure to i'm
pose this jnst tax then, which has
so recently become cardinal, fun
damental principle with that party
Why were not the bouds of 1912
taxed? The Democracy had the
power to do it, yet they did not do
it. Why were not the bonds of
1S4S taxed? The Democracy had
the power to do it, yet they did not
do it. Why were not the bonds OF
1857 taxed? The Democracy had
the power, yet they did not do it
Is there anything different in re-
gard to the bords issued under