Year: 1868

escape local taxation through accidental or
designed concealment, or through alien own
ership. A round sum saved at once, and
absolutely, would be far better than an at
tempt to catch an equivalent from thousand
and one driveling driblets. The general
government might surrender to the states the
right of taxation, but it can do SO only to its
own great disadvantage, and in seasons of
disloyaltv only to it's imminent peril. Be-
yond all else the paramount object sought is
to relieve the people, Individually and col
lectively of taxation. IF we relieve them
from national taxation they can by so much
the better support state taxation, and it
is even more important at the present june
ture of affairs that the general government
should bear lightly upon the people than that
. it should step in to the support of the seve


raj states, whose credit has not been strained,
and whose people cannot fail to recognize
equal, and probably much more relief, by a
positive reduction of taxation in the agsre-
gate than by slight local increase of posi-
bly, taxable property. Rather, then, than to
be charged with the imbecility of doing moth
ing, and regarding this proposition not
unreasonable, | have vet to hear any sound
argument against its adoption. The holders
of the fve-twentv bonds will find in the bill
an option to exchange for the now loan or
not, and no speech can withdraw it or sub





creditors to the charge of durcss.


The section of this bill authorizing the
legal enforcement of special contracts for
coin commends itself to our attention and
favor because it will remove a most embar-
RAISING and unnecessary clog upon trade.
The more business actually done with gold
the less will remain to be done with paper,
and the sooner can any excess OF the latter
be retired Its operations will harm nobody.
,1l 4 I,- =
not be made dearer thereby, but cheaper,
rather, to the retail purchaser. knavery
will no longer be able to find shelter under
the law for the delivery of stone when the
the contract calls for bread.


The provision in section three of the bill,
to appropriate a fixed amount Of one hum
dred and thirty-five million dollars for the
payment of the interest and principal OF the
public debt sustains the American idea of an
ultimate extinguishment of the debt, and is
intended to take the place of the early pledge
made by Congress to set apart one per cent.
of all loans rs a permanent sinking fund.
wish there was more in the measures now be
fore the Senate to which no objection had
suggested itself to my mind ; but a careful
scrutiny as to all the remainder Will bring
out, in despite of the able and ingenious
arguments, as it seems TO me, that have been
and will be made in their behalf, sufficient





The severest trial TO which the Government
of our country can be subjected is yet before
US Adversely in all its various shapes may


be overcome, lived down and conquered: but
prosperity or full grown success Is Il condl-
, ton. like that Of fruit fully ripe, not easily
preserved-not TO be made better where any
change is likely to be for the worse, and


where poor human nature finds 1t more diff
ficult to stand, or move onward with whole
t,l
and without fall from - high estate We
have sustained our credit by raising, through
taxation, more than any one promised, and
in commencing. even before our armies were
, disbanded, upon the payment and extinction
of a liberal amount of the public debt W {
have surprised indebted nations as much by
the integrity Of our purpose AZ by the extent


Of our resources. But now there is some
peril lest start 60 fortunate, and altogether
I admira BILE. should encourage Il halt fatal to
our final mastery in the race, or that from a
large annual reduction of the public debt VIC


may rebound to the point of zero and pay
nothing at all We have forced own


people to accept during time of war one
. sixth part of our whole Indebtedness IN
promises to pay notes bearing interest, and
having made these a legal tender, all who
!, give credit may at any moment find their
debts, instead of being paid when due, trans





with this difference-that they No Longer
: bear interest: and substitute for IN
trinsic value faith must be had that the gov
ernment will pay, though at present 1t posi-
lively says it will not. This forced loan ha:
been issued and there is no one authorized
either to pay or demand the payment of the
smallest part Of it Bat whoever has it, or
any portion of it, can get rid of 1t by con
tracing debt of any sort--in gold, if you
L | nj rpf


States notes in satisfaction. The peril Is
I when a loan at par, and without interest
can thus be so cheaply made that it will b.
I increased and never diminished. Having
1 apparently decided that contraction, undel
no circumstances, shall take place, the door
: to expansion is already half way open
: Having postponed the payment OF legal ten
= ders indefinitely, has not reputation les
C frightful mein? During a time of war We
{ did not hesitate to strain the public credl
t bv bringing out volume of paper money
I wholly unprecedented in amount, expensive
. as a measure of values against the govern
ment, but which, in spite of all faults, IN
i dorscd by the faith and honor of the Unitec
States. contributed to our success. Now
: peace has dawned and regret to say the ten


dency is that temporary cxpedlent may b
: converted into chronic evil from which tt
:. country may not be rescued except through



:; gal tenders will reach the disreputable leve
u of the paper Of the revolution. The DANCE
: is, having by costly, perhaps, necessary
u makc-shifts driven gold out OF use for sever
n wears that we shall further make the fata
y blunder of an attempt TO divorce 1t foreve
c from our embrace and Danish it entirel
Is from the country; that having supporte
: this extraordinary circulation by extraord
nary taxation, Inseparably yoked together, W
, shall be unable at last to diminish taXatio
III because Of an unwillingness to allow an
= portion of greenbacks to give place to the re
/ appearance of gold and silver. These r'


marks become appropriate as we approac
lS n, the next step in the bill before us.


III The fifth section of the bill, which allow
/ legal tendor notes to be converted into mite
If States bonds, and bonds into legal tend'
Iu notes, at the option of the holder, now an
hereafter, without any limitation OF time,
n; certainIv subject about which financial or
III cles must speak without any inspired autho
IS itv. or anv authority of experience, and othe
OF must feel as do. great diffidenee in venturr
CT to express an opinion adverse to what appea
10 to be that of majority of the Committee {


Finance-deservedly trusted by the Sena
Or on all such questions. But | cannot banis
er the idea of possibility tha- after all 1t ma
10 be as hazardous for them as for me to predl
O. the practical result of this new back osclll
an ton reciprocatory contrivance which is to
u hereafter the magical regulator OF the clrc
e; lating medium of the country, or the Sc
1i III acting governor to let on or shut OIL stea1
Ill according to the necessities of trade and col
" merce.


There is in the body of the bill some har
oh phrases that it appears to me impoliuc