Year: 1868

word or two to the silly man who has
been taken in by the "Poor Mans Frend.n
and other Copperhead bosh emanating from
the Smart-Pillsbury financial mind. What
are you going to do if you elect your candi-
dates and secure control of legislation? Do
you propose to repeal the law exemptng gov
eminent bonds from state and municipal tax
alton? What good would that dop Don't
you know that the exemption from such tax
alton was long ago declared by the Supreme
Court to be one of the immunities of the
national government, and that the power of
the government to borrow money cannot be
restricted by any state legislation? Don't
you know that such exemption being part
OF the contract between borrower and lender
cannot be repealed by any law either of the
States or of Congress? Don't you know
that such exemption is in fact part of the
interest the government agreed to pay while
the principal debt remained unpaid? Don't
you know that Mr.. Buchanan's adminstra-
tion put the country millions of dollars in
debt in a time Of peace, and where there was
nothing to disturb public confidence but the
reasonable purposes of your party disaffect-
ed at the result of a fair general election, ad-
vertised loan, and the most favorable bid
obtained for it was discount of twelve per
cent? Don't you know that the Republican
administration raised in four years by loans
about three billions of dollars by means in
part Of this promised exemption from taxa
ton and got every dollar of it negotiated at
par?
Is it not better, if the people find the bar
gain hard one, to pay off the old loan and
make one on easier terms? Why did John
son, for whom you have clamored, backed by
your party in Congress, refuse to authorize
law to borrow money at four per cent. to
take up these bonds, for which we are now
paying six per cent? With what sort of
face could your Secretary of the Treasury ask
loan of moneyed man at home or abroad,
after he, by your dishonest compulsion, had
just saoindled him out of his promised inter
est on what he had lbaned before? 1t is hard
to pay much that we promise to pay. 1t is
hard to pay Mr.. Clapp $1,000 year rent for a
building that before the fire he leased for
S4OO. But the square way is to pay it, if we
agree to, and to make better bargain with
him or somebody else next time, if we cam
Congress can no more legislate to vary the
terms of its contract with its creditors, than
it can compel you to restore to the purchaser
800 Of. the 5000 for which you sold horse
last year, or to your employer nine shillines
of the three dollars per day for which you
wrought all last year on his buildings.


| 5a NATIONAL TAXATION. a
Or do you mean that some national tax
should be imposed upon these bonds? II so,
why do you vote for men who voted against
the measure of taxing the income of these
bonds, first one and a half per cent and then
hve per cent. 1t is urged that the amount is
a 6dgatetle, and if collected would not per-
ceptibly relieve other subjects of taxation
that the result of taxation would be to send
the bonds abroad, that taxation which did
not reach all bonds, personal and corporate
as well as government, would be unconstitu-
| tional; that it would be most short SIGHTED
Tor the government to press doubtful right
while il must so long remain borrower, an


while millions may be gained in easier terms
of borrowing by just and liberal dealings
while only thousands may be saved by quib-
bling and equivocating, and that the best pol
icy is to keep the national faith unquestion
ed at whatever..apparent expense, just as it i:
best for merchant to maintain his word and
his solvency even when it entails hard bar
gains and heavy losses.


OF one thing be sure: all plans, all discus
sions and differences among the leading
minds that have been fairly trying to adjust
this financial problem on just and scientific
principles, are based upon an honest purpose


to promote the general welfare and the relic


of the country Who has a greater stake il


the country than the patriots who's


money, whose talents, whose patienc


and whose blood, saved the Repub


lie from the great peril it was so long un
der of conquest and devastation by your pc