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QIPRST PAPER JN THE COUNTY,
-i eMffftf'.vxD Hni.ism:T by
XXV E U' " ROBIN S O N'.
6rnGS.-0n logau St., tluee doors
lUrui. of Mam. .
EEtt3.-'-$3 .00 per year, invariably
Jre l)niiler , Inhn Hniiltr.
S AM LS novLoui: & co.
i '"''. ( ' IK.M.KRS X . ''
Toreign and Domestio Lianors, Gro
! 'j ceries, Alo and Pucr,
ATEIl STHEET, NEAlt FAINT.
V . ... ciiiu icorHi;, oiiio. '
Book Binder and Blank Book Hanu-
SECOND ST., C1III.I.ICOTUK, 0.
x:f 3II. . , s
WeJ fclnypi.nl. . J. S. Mii.'Ui-y.
CLA.YPOOL & HIACKl'A't
V 1 1 OLKSA LK G KOCERS,
i' M. 23 PA INT STltKI T.
'.CHILLI COT HE, OHIO.
.i-n lime A rliniee lot of
- SIAJUSU r iJEKINOi SIIEEIV
WM.-hWy Hl'ticlli'riMpTnf (Msil, Inlutiio
kinrpnrelui-eix. A l.!rr.
.'. , . a. & K. i. wolf!
nartlyt . M.Mrlhnr, Ohio.
.Iuph HrniU.nry. ' Win. Alntlti
UUADJ3UUY & MAUXv,
ATTORNEYS AT LAW
! JtoArtluir,' Vinton Co.. Ohio.
Will attend promptly Hall liutine. ei.Mi-.ted
to their cure. imUjy .
wiM:uinfm turer mul lu'tilnr in
Baddlea, Bridles, Barncss, Whipn, dec.
.. .: North tide of Main St..-
'V'SlcARTlIUK,- OUIO. ... '
T ' ", ..; joiix ii. nmn,
BOOTS & SHOES,
MadoofbestLcatlieT, i .
' t ,' ; . ' At Lowest Pricjs!
' ! " MA IX flTIIKKT.'
, Me VKTIIl i:, OHIO.
H'ARDWARE & SADDLERY,
nvi.vr.s-r.. .ma.-nv cimr.. ,
;"..' .(Sign of.tlio Anvil.)
iij.i . ,
.in ,i , ,. .... , , , . ,-. '
I , '
Foroinniul Donu-Ntlc Liquors,
. ','XO li 1IIONT K l'ltl l.ji. , , . ..
V. Ri'inhi.rt. 1 ' ' .1. it. lu-ioiwrt.;
i ItlCINIIAHT ' & lilJO.,
" ,iiil DcnliTi In
FOKKICiN i.VXD CA'XX i: FIJUITSJ
' xrrs',' nitV:'oiiicS ToV:i'. '.vc.'. ' ' '
I. DUNCAN, - - lriiiriitnr.
"PUIS HnliH h:ivini( Iwi'it i.cwfv rcp!iir,,,
X ni iirmnu'.-il., i ii i' in mj cr-f ,1 1.1-
tmn, Ji.it''Iiiiu if, i'.i'.ivni.i.'ii( in tyu,.iii(.,.
.mil o.ili,' li,llr.m.,l,i,t, ,ili;, h 1
ilH.iruJa,(iu.,piii.j .U:.rr ml :M..Hiiii Za.
l"ki,M .1-1 ;r 11 ' .1 . . t , -1 .fcplOiiii:. (
WillmiB I'ujuHdV-' , Jomt j r. 'ul:in l.
,'iWMi I'irtL VXD & cb!, "'
AVlioLi:s.i,i2 - g 1: 0 c k it f? ,
Liimor aid Conmissica Kerctants
XO. 20 WAT1.U STItUiT,
Al In Hiirrvlsi Half llnrrih sn.J r.i.t;p..
"t. .k ruuyiiiJL sTvol'
. Importm mid l)pnlim In
Qneensware, China, and Glas3rare,
AJtJBpX O I L, LA 31 13 'AN D
1. -r. , . fixtures, ,
o. 1 Knti'i-piUo niock, Front Stwi t.
,. J'OKTSMOUTII, OHIO.
Anrtei( t'ftckiigaa lor Kiiinaci'S nuil Country
'I ruiln. . ,, opilllly.
Wm. Olwk. . ... n Jt. Koj.-f.
VII O LES AL E (.i R O CE RS,
'-"10 ami It Watrr Stm't.
CIIILLICOXlIE,' - - - -'- - OHIO.
ATTOKXEY AT LAW,
M;11N S'J'UIAT. . ,. ,
Will Attend nrninplly lo nil business i!iitni':tiil
to liit iMra.' i 'j (: . '.ii-'
Orrici: Over ('.ill t Ri.-limnnJ'. HaiJwarn
itori-, , . , ,
ny.:0rl.,,i!1" .1.1 '.
pi. josj;ih uuxLAi ,
In periiiaiit-ullv lorntnl in
McAKTIIL'h,, OHIO, .
VKftViff iitHftf rt'dirtiodJ (if li'iVi.no.'
All the liiti-nt iiiipnvriii.-iii.' ii'fil in ll.c
urofrMun, niiJ. iUilliUuA.i;iLinwiWiiU.
jn2in:l. ,! i O.t tr.J.e, . i .
C. W. TAYI.OIt, I'ltOl'IUKTOIt,
ONE DOOR EASTBU1BEET HOUSE
A tfj kinili of 1 ijrnri ilj! ' (in .(' (T.nrdroHsina
J. dona ju the l(c.-t KUli'J, 'Clonn wan r,
vlva'n 'u'U,' yleuu to.ri'U, and clciiu sliiivvs.
AT VfJ R N E Yi5 iJL'f ' LAW,
OffioeUniod BlocK.' ITd.'O Oiot P. 0.
d!l96m. K f ;i 1 1 i i j j '
'"X UNION' HOTEL', '"'
Co Tliiff t nd ;AUrItet rft peets
THIHHi;tKll(ii'ji!.t hn enlnrgixl, im
proTnd, niM rrflttril throii)fhonl. It opirn
pirt ihe rnnftMntinl poiiion of nny Hotel in
tho City. Terms teKfoimble.
fB'KMltT vHOlJSH-j" -(KoftoMvM'J,iMoli.e'.V
OHIiLtl O0.THE, OHIO.
WM.MCNAUB, '-I;1 -;Troprietor.
Fofmerly of Willi Holis! Sprinfield, O..
Stage' and Omnibus Office at this House
.'. TRICES KEDUCED.
Kmrvcirirt.-niUiV iii.vliii: Ani-nmmodnle
VOL. 18 -NO. 28; MA
U-:mA' l-' .. l.cji -c "i -"'A. y
IMC ARTHUR, OHIO, FEBRUARY 27, 1 608. ' .
A -jt T r.f '
' .1 j VI."' ' .T",","';i"-"r.--r
WHOLE XO. 912.
OF HON. J. T. WILSON,
IN THE HOUSE OF REPRESENTATIVES.
JANUARY 25, 1868.
Tl llnii'o lViih iu ILic fmiim'ltr ol the
Wlmlo on llio sl .luul llip limn-
Mr.' WIION, of Qhio, said:
Mr. CiiAiicux : It i,1 I Lo
livo, ndmittcil that anions all
t lie great .questions .wLich.agi
tate the public numf tKni'Q .ircj
cripy so largo a pi arc' in ' ihc
hearts ami mlncls of the people
as the question of liniuire, so
that it may well bo said that
this qvcstiou is param6unt ty
meat tli'ero is no oiig thing tliti
country to lmieh nee'ds and de
sires at the present tim.6 , as ;i
eoniprehensive, practical, nnd
just financial .julicy, a pvlify
worthy iu nil its parts' of the;
roi-pecL and attachment' of a
ju&t and .magnanimous 'people.
From tho Atlantic, to. tho I'a
cilie, Car and wide, the peoplu
are anxiously looking and wait
ing to sqo what the' present
session of .(.'ongress will do in
t his f eitakL. aiid' it 'L . .eueoSi?-
gingto know that vorv nunj-.c-f
ih, h,.''lf,V!1M,.;..'1r in uh. "Wis.
sessing the very be.l, financial
skill and ability of this ornrtv
.ilt.ni.' nrn'i n.A "i Ii.otr utrtv
engaged on tlii;; intricate, ab
struse, and' morneniotuf qne.-f
lion, and I have' no' doubt 'will
isuccee'l in solving ine proi em
las lobow, upon whatplan! lanll
under what vU'ixi can we. heb't
'succeed in gradually diminish-f0'y
t .i t i
in!r, and iinallr, and during tho !
IlifM of the 'i.'i'oftent Kcncratioa'!:rirllU
iw? ol ti:o piOftcnt- ciicrauon.
!; !;mM..it., :.. Ail if Iz-.ner
the interest bearing portion ol
U.ll' lll'IVlAVllllvn,', IllflV.-l'j I'iV-
serving and laaintainiiig our
hith.erto untarn.if'hcd intei'ity
a ml Iiorfoiv eutYnirgngUig i v.i)(
stiuiulatius at1 tre ' sumo time
lhvindustrV" and ontevpTise. of
peoplebv refrainim? Iroin
Mi.:h location as will tend to
burden Au.l clippie indubU'v f,y
undue taxation. ..'There are,
here who, in thoWvsefit.. tirtan -
cial exigency, have settled and
lixed views adequate to the ei
innuV... uitl. u I-,- , i u.v iri hi
:casio'i, wun vi. icii inev avui in
idue time favor, the .Urnc and
the country. !-"-:-' :' '' ' '...
As the success of any (hum -
... , ,
c,.!,nn,n ivl.;V., m:,,- I.,. -I,..
h-iseti win detend VoiV much
,..,,, !.,.., nn.l In xvli.it
.I'M'"" "-)-" "
kiml ol money our national rc
curiliesro to bepnid, it. would I
secmeminenilv proper that the!
joint resolution onl'-"
this subject, should be express -
Until ihis is done there
will be two opinions extant,
onb'favorinaTiavment in L'old.
the other in lawful monev. We
luive had the arguments on this
floor, both pro and con. but no
definite settlement of the qucs-
tion. iiy should we leave
tthis an ' open question : why
keep the jieoplc in suspense ;
why not declare to Hie country
and the world by positive def
lation in what kind of money
the debt, is to be paid if Of
course, there are no loubLs US
'do the kind or money the ton
forties, .the prnsion fund, nnd
the gold certii'icales are to be
paid in, but there are serious
doubts jn regard to other clas
ses of securities indeed, there
seems to be grave and well
founded objections to paying
them : in any other-than lawful
money. " ' '
True, it may be asked wliyl
am so anxious lor a seviimein
of this ipieslion how, when we
have neither the gold nor the
greenbacks to pay the debt.
My answer i, it would satisfy
th edemands of the country pro
ductv nilifpr,miry f actjoo,ih
tend" to. lia,rmonize .cpullicting
sentiinents;'and moreover, it is
my intention -before I jret.thro2
to submit U plan Tor ihe'gradu-
al reduction and final Liyhieht
of all the interest-bearing dobt
in about' nineteen jrears, with:
out retarding the industry and
entcrpWso of the people. .' Of
course, I do not claim that this
will be superior or even equal
to other i plans which' itnayijbe"
submitted, but-I do claim that
it will, accomplish -all, I j-pro-j
pose.,'' . . :.. . . .. t..
Ocrtain gentlemen,, on. this
floor have argued very ' fairly
and 'successfully tri' prove tlinf
the principal of the five-twenty
bonds, under. thbactof Feb
ruary . 25, 18G2, is payable in
greenbacks, but almost in the
next breath have argued' that
the six per cent. 1(51 bonds
l"" ,v""1'"'-l,J f , "". " "
ff0TC.ri1- UiC p.site' viQ,
1,1 ! u7 stands not
' orrrJ-in : 1p law.aivl
""l .ilh" ' "auii io
' tax-payoM-oi. the
our ", Jl tho C-overmuent Ayascom
IHedlo authorize theuspen.
J!f, I'osult. was we were ccm-jud-u!ent..fC;!Kgrcs?,bvade
!l,('1,I,to "laugurale he sys
Iclafatorv of iueasm;inr 'valuer by
are payAllo loth principal and
iatpiost,: in'ooin, biiuply from
the fact, as they have alleged,
that thqsbonds were issued in
lSfll, when coin was the only,
lawful money1 'known in' the
land...: !; ; ; k i .: .
The position seevna strangely
at, variance with .the qxpress
declaration .of tho law, which
in relation' to greenbacks says :
-.j It,.. .: .
" Tb')' lipll lw kfinl frn-'er in pflvTriPnlof
II (l.'l'ln, pul'hn unit prtfala. willun t Uni-ti-l
sute-i. t'X'-cit iluiif:-. on iiiipoi If, and in
l.ifstou Hit l ullm il.U."' ' i 1
If this bo a correct theory,
theii why was it that pror.iiso.
ry notes, bonds .and contracts
of cyery description .made and
dated in the same year of 1 SGI,
and not rnaturtnsj'iiniil after
the' 'drlre: of llici. legal ..tender
net, wcro. jnv&riatoly and uni.-
v.oaliy held .to .lo payable in
legal teiuJpr;notes; eyeri obli
gaf ion's given in 'exchange for
gold and promising :6n their
face to pay in gold, were made
subject; to tho nvzac rule; anl
now to. undertal'.e to change, it
in favor ,uf .tho .bondholder
would lica most unjust anil un
fair, iiot to say invidious dis
crimination. '' ' ' ' '' ' '
While we rrmr.in in tho con.
dition of suspended spocie payr
";M'U: u' "lyJC&'iU MWV"
t'MJewot the question, see
mqiu, tho only Jegal nndcqiuta-
1 ,ici that takeii T-.V those who
f;1Vor Pn8 our debts in
fOIUM'' :UCOOrdaiH O Wltll! law
and, contract); '.when ya have
stipulated to. pay in gold so let.
the payment be inade ; when'
r in Aiiii"inr ci n r itr inn
v . ' i-v
h consequence of the straib
e:iyd and. embarrassed concli-
I , ' ' , 1 . I
t.ion of our national linanficsl
brouglii'iibotit. by. a rebellion
of gigantic proportions, of sc-
vonfy and power unparalleled
l ', ' .1. . I ... 1.!.
ol specie pnymen., nicn
was e!lectql by the pasge on
1 . h ol 1'';' ' ol
1 ,u 'omiHoiu.y.,luo.)n. ai
;-logul tender act; by
vvI',('h 11,0 t.vcrniient issues
i. i;a at money wi'tv mauw
i . . I . 1 .. r ii .'1 t I.. 1.
; j-jm'- -j
HhV!" '!c 'v1ior '
arid, private, w
v.ur.iii rut) uni
lit d'ttv on iin-
I'"'i'ts and interest on the pub-
(1y,,t-" ln provisions of
this Ja', fiiperuulucca ,ly "c
cessity, the re, was a very gen-
I'-ral and v.i'iing acquiescence.
11113 aimaru o ueprecnueu pa-
l'cr c:.,uum ' 1 ' . "l"
nM overyinuig, ebpecuu.y
tl'ah articles of consumption
s 1'10st Ja-W iintl moreL
":rn 'ately into the support
imlividuals, and lamilies,
wont up . to labulous prices
known except as an article of
commerce. The day-laborer,
the mechanic, and the farmer
received and gave proportion
The soldier in the field and
he clerk in the office were
compelled to receive their
monthly pay in a greatly de
preciated currency. The mer
chant and the banker, in. like
maimer, were compelled to take
in discharge of their bills re
ceivable contracted on spe
cie basis, a depreciated paper
currency. .The man who in
i'SCO or 1301 sold his farm at it3
gold value, taking notes there
i'or r.nvable in one, two an'd
tiirnr. :" x-onrs. with interest:
( which is a very common prac
tice in some localities) had tho
pleasure if you will allow me
ironical expression of receiv
ing in full for his farm green
backs at par, !for -which he
could realize no more than fif
ty cents' oiu the dollar; so of
the man who loaned bis money,
and so witTi ' every man who
gold or 'louned on time. ' These
are the natural efl'eets and con
sequences, of- - .warj ,i against
which ; I .enter,., no .complaint,
knowing that all nations are
subject, sooner or latery to' like
calamities.: ' ' ' ' "
Bur sir, what I do complain
of is tho, unjust -discrimination
sought .q be made : between
our citizens by those who iid
vocate'tho cioctrine of paying
the live-twentien, principal and
interest,; in - gold. : Adopt this
policy, and. you will justify the
silly clap-t nip which has been
coins the Tounds, to the effect
that the tendency of the policy
oi tlie (lommani' puny i xjui
gresa is to rnake the 'rich; rich,
er and the poor poorer, I know
there!.is suich 'a principle as
honor, and thatjlhe Americau
people and Oovernment always
haveand'I oubt .'not always
will be, actuated' and 'control
led by it.' ' ' '
.1 know, also, that there is
such a thin. as false, or, it iay
bet ;iiiterested notious a to
what honor is, but if any gen
tleman's notions lead him to
believe a nation to be honora
ble must first, pay its debts ac
cording to law andr contract
and then add oh' thirty or for
ty per cent, over' and nfeove
the' stipulations,- then' wit If him
I take issue. My own State,
under the law of 1:362, hasiieeh
paying the interest ,and fedti
cing the principal' of hei'debt
Rt a very- 6atibfactory r&- in
legal tenders ;; every other
State, I believe, except perhaps
it may ha one or two, ha been
doing the same, and I have not
heard that any of them have
been charged with repudiation'
or branded with either moral or
lecal dish6nor.:'Th banks of
every State, with all other cor
porations, have in like manner
been using legal tenders in the
payment of their liabilities, so
that tho man who undertakes
to brand his fellows with 'dis
honor will find that 'ho , has
rather a bis job on lus.hands.
for he will have 'to implicate';
not only individuals and Males
at large- but also every member
of Congress who voted for the
Purchaser's of ' five-twenty
bonds certainly had no 'right
to believe that they would
be paid in coin; neither
the .language of the lawviior
the financial condition of-the.
country justified such a con:
elusion, but precisely the re
verse, and that they did so be
lieve is apparent from the price
which they paid. The average
gold valuo of the bonds since
the close of the war in New
York and London has been
about seventy cents or a frac
tion ever that sum ; certainly,
if it had been the belief or ex
pectation of the capitalists
that Ihe principal as well as
tho interest was payablo in
gold, they wo14-fMv4?4been
bringing and the i would be
Avorth ' to-day very ; nearly, if
not tpiite,'par iu gold. . ,
' The fact that the British
consols bearing but threo per
cent, interest' are 'all the time
worth from twenty to twenty
live per t ent, more in the Lon-
don market than our six per
cents can only be, accounted,
for on tho ' principle that capi
talists there do not believe the
latter are payable in gold. '
It is no part of the theory of
Ihoso who favor paying theso
bonds iu the lawful money of
the country to inflate the cur
rency to any considerable ex
tent 'for that purpose. Such a
course would be unwise, un-
ijustand dishonorable. But it
is their 'purpose to keep gold
at a premium, until at least the
larger portion of our indebted
ness shall Lave been paid, and
in no other wuy can justice
be done to all parties, in no
other way is it possible to make
tho capital invested in these
bonds bear its ' equal propor
tions of the depreciating ef
fects of the war. ' ;
If these bonds are to be paid
in gold surely the man who in
vested his greenbacks in Miem
is a stranger to the deprecia
ting and devastating effects- of
the rebellion, and it matters
not with him if thp war had
lasted a generation provided
tho Oovernment had remained
solvent. "But this is not the
worst feature of the case. The
man who held on to his gold,
until it went up to from one
hundred to one hundred and
eighty per cent, and then in
vested in greenbacks, and in
pursuance of the same sharp
practice -reinvested his green
backs in bonds, made rather a
nice thing of it at the expense
of the country. True, that por
tion of these bonds which may
remain unpaid when (he finan
ces of the country will justify
the resumption of specie pay
ment will undoubtedly be paid
in gold, but then our policy
ought to bo to pay the great
bulk of our indebtedness be
tore that period arrives., But
another theory has been pre
sented to the country which,
monstrons as it is, has found
many advocate. ! It proposes
to issue greenbacks in amounts
sufficient to pay off the whole
of the five-twejity bonds as fast
as they reach that period when
they are at the option of the
Government This theory, if
carried out, would giTe just
now to our already largo, kyol-
ume of currency aii addition
of greenbacks amounting to
about five hundred and filtean
million dollars, and at no dis
tant day would give us an ad
dition of more than ono thoiis
and ' six hundred, million dol
lars,' making our circulation of
greenbacks i alone more than
two thousand million dollars ;
and the plan, I .believe, goes
still further, and proposes to
substitute greenback's for the
S'300,000,000 of hational bank
notes now in circulation, mak
ingi the whole volume more
than twenty-throe hundred mil
lion dollars, which, judging
froni .the gold value of the
$91)0,000,000 of paper money
now in circulation, would be
worth, less than twenty, pos-b
bly, less than ten cents to the
dollar, tho result of which
would be not only to dishonor
and disgrace the, Republic but
lo ruin. the bondholders, whom
they ' represent , as being
"clothed in purple and lino
linen,' faring sumptuously. eve1
ry day" all at 'the expense of
and from 'he toil and - sweat of
the poor man's brow, thereby
traducing the rich and endeav
oring to array the poor against
them." ' '
Next to the. soldiers of the
, Union by whose valor, strength
and skill the Republic: was
saved, I honor the men who. in
tl)o hour, of their country's
need stepped forward and fur
nished tho. sinews of war. 'We
could n6t liave survived with
out either the one or the other
of these classes, and I have no
doubt the Government -will do
justice, to both. Carry out
this 'mammoth greenback doc
trine and instead of paying fa
therless children, pensioned
willows aud maimed soldiers in
valuable funds,, you will pay
them , iu u depreciated uul
worthless currency, worth per
haps less" than ten cents to the
dollar,' eight 'dollars ; of which
per monlli jvill not, buy food
and .raiment suflicient,tp Jiecp
soul and body of tho! pension
er together i and thus by turn
ing your'maimed liero'es upon
the world as beggars you will
disgrace your country. . .,
i If t his policy is Jo prevail, as
well might the rebellion have
been a success. Ruin tW fi
nances and you ruin the na
tion; by striking down her cred
it ...you. neutralise every ele
ment of , prosperity.. Down
right, .undisguised , and' un
blushing repudiation would be
preferable; While' the .Aitieri
can people, iu my judgment,
are opposed to such measures
as will tend to force the coun
try to a specie basis, they are
equally opposed to an undue
and prodigal issue of paper
PAYMENT OF THE PUBLIC DEBT.
Mr. Chairman, I cannot al
low myself to adopt the theo
ry which has been so often ad
vocated by gentlemen on this
floor and ehewhere, to the ef
fect that we ought not to try to
pay our national debt during
the present generation ; that
we should provide for the in
terest and leave' the principal
for tho next generation to
grapple with. These' are not
my views, neither, do I believe
they are the views of the sound
thinking 'men of the country.
According to, tho . census ot
1SC0, the real' value of the
property within the L'nited
.States, both personal nnd real,
amounted to a trifle less than
sixteen billion ono hundred
and sixty million dollars. , In
this sum was, included the val
ue of slaves, since wiped out.
This was on a specie basis. I
am willing to be liberal, and
suppose that in view of present
fictitious values, making a due
allowance for a .moderate in
crease of solid wealth, the
amount on a legal tender ba
sis might possibly, now reach
25,000,000,000, and in view of
the loss to the country by war
it certainly could not, reach a
higher sum. ,
From the' report of the Sec
retary of tho Treasury it will
be found that Our national in
debtedness is,, in round num
bers, $2,500,000,000, and it we
add' the gold premium to that
portion of the debt which is
certainly payable 'in gold it
will increase the amount more
than one hundred million dol
lars, so that from tho very best
showing we can make we are
in debt fully one tenth of all
we are worth. ' i
Now, this thing. called in
terest has the same consuming
powers, whether applied to a
nation or to a private individ
ual, and what prudent man can
be found who,1 finding himself
in debt to the extent of more
than one-tenth nf the value of
his entiro property, upon which
he is paying Interest, will not,
instead of folding his arms and
leaving the debt for Ids chil
dren' to grapple with, bestir
himself at once not only lo
provide for the interest but
also to diminish tho principal
as 'rapidly as may be consis
tent with 'the prosperity of his
estate. It is true, there are
nearly- four hundred million
dollars ot the debt in paper
money, upon which wo pay no
interest; but as soon as we gel
upon a specie basis, for which
there. is just now a great clam
or, in some quarters, we will
pay interest upon tho whole
or nearly so! 'Ikiiow we are" a
great nation,'possessing a great'
country,- with . unbounded re
source; but 1 also know wo
owe an immeuse debt, and if
we allow oursehes to sleep
over it and fail to make every
latidablo eflort lo pay up, it
will n,ot only consume a large
part of our annual surplus jn
interest but will also retard us
in reaching our destiny, which
is, doubtless, to be the ery
first power on the globe.
:Tho present is our ' golden
opportunity and; in my judg
ment, if we let it pass unim
proved generations yet unborn
will not see the debt paid.
TAXATION OF BONDS.
Mr. Chairman, the true sys
tem of taxation is conceded by
by 'all to be that which is lev
ied on every description' of
property according to its true
value, in money. The justice
of this principle is so univer
sally admitted that tho States
of the Union have very gen
era!!," incorporated it into their
tax laws. To say that any de
scription " of values should be
exempt from this rule is but to
argue in favor of exclusive
privileges to the few in disre
gard of the, rights of the many,
which will not and ought not be
tolerated in a Goverment where
t ho' people rule. And. aside
from this, very fcwllhien care.
to hold h species of property
which must nlways be unpopu
lar with the masses, solely on
the ground that, it doos not in
any form bear its equal pro
portion lo the expenses inci
dent to the Oovernment, eith
er State or National. This
question is and has been ab
sorbing public attention, and
the action of Congress in reln
tion thereto will be watched
with intense solicitude. Our
indebtedness being more than
one-tenth of Hie value of all
the property iu the United
States, and yielding, as it does,
to the owners a profit about
equal to other classes of prop
erty, it would bo very diflicjlt
to convince any intelligent
mind that it ought not bear its
equal proportion of tho bur
dens of taxation.'
Many of our soundest law
yers, not only iu this House
but. elsewhere, have conccilod
the right on the part of Con
gress to tax national bonds for
Government purposes. It is,
expressly. enacted in tho law of
February 21, 1S62, that
" A1! stocks, boii'l nn.l nthc-r soruritira of
lh I'liitwl i-l if held hy nulmdnril., n.rpo-ri.tii.ii-
or mo.-ii'I ie wit'.inl (In. L'nile.l Mute
"hull lie exempt from tu.t.ition by or uuier
While it is .hardly probable
that the words "and other se
curities " were intended to pro-hibit-the
State from taxing the
greenback currency in circula
tion, yet it has been so deci
ded; hence an act conferring
this power seems necessary in
order to settlo this important
question! But no possible mis
apprehension: can exist to the
clause prohibiting the States
from taxing , tho bonds held by
citizens therein, which prohi
bition was a specific agree
ment on the part of the Gov
ernment with its ci editors that
the bonds purchased by them
should not be taxd by the
States, and no American can
be found dishonorable enough
to ask Congress to violate this
sacred pledge. :
. It was doubtless a wise meas
ure on the part of Congress
to prohibit the States from tax
ing United States bonds, and it
was equally wise not to aban
don the right on the part of
General. Government. Slocks
and bonds issued by and under
State authority have beeri
made to contribute their equal
share with other, property,. to
the burdens of State, ar.d mu
nicipal taxation, ami .none
have questioned' the right of
State Legislatures to enact
laws for that purpose. ' It was
right and proper dnrinj the es-.
Ono tKmuv .1 .11... .i.?rfijiijt'l eftl
tacn iKiiimmiai pwrtlq, 3. . GO
Card. per year.. . , ,iuiJQ. t O
Loc!U noUYt;s, pen liie... .1 ..... , . id
Yth"tlTert1f'mriitif (jrlCD pir
column, Biubit pof wr(ioiuit nUetiti
icMyrire.i-njafcft i.ailraact; Jill
puer ,of. 'ilia town nd. Oonityi Jnil
having die larxct clit ulntionef v
iKiper Hi t!u oountr, oflefi'tuperlbt
isteuco of our national troubles
and when we were compelled '
to expend immense Bums 'of
money, mainly to .be loaned, in? i
prosecuting the. war, ,Iotih ,
Union to refrain from taxine,
bonds, from the sate of 'which!
we principally depended fof
tho sinews of; war. I' ' M l-f--It.wa8
: a kind of bounty I"
given to the capitalist similar'.',
to that given lo the soldier, ,
certainly not . to be cpntlnued ,
indefinitely, nor are the' bond-"
holders! in niy judgment,' de-'4
sirous that this exemption shall' I
be continued, knowing tbftfc.th, r
bonds will be more stable,, and t
as a consequence, more valua-'
bio thHhwithout taxation t'knd
one -of the le'ading-u'bjedts-''
should .1)9.. to. make our freeuri'
tics popular with the .rnassea, ,
for no individual cares, to. be (
spotted by ' the people" of (tie,
village, city, or county1 as' (he
man who pays no taxes for any1"'
purpose whatever.!) ;M)., ,. i;o
What they do ask, id my ;.
opinion,, is - that inasmuch
as they have loaned their' rrmn--ey
to the General Government
and receive their Interest there
from, that they .'may be'alloW
ed to pay their fax into the Na
tional Treasury, and thereby
be saved ! from the enormoti9
tax incident to incorporated '
villages and cities, teaching1,- J
as a general rule, liom three. ;
to five per cent., leaving to the,,,
holder of bonds from' one td 1
three per cent. a9 the net art-
nual proceeds of interest on
which they rely for support!
and in addition to this, they, ,r
in common with other citizens, :
ask that now in time of peace" )
we may have a steady, com
prehensive, . and equitable
linancial policy as well;ja
protection to tho .r persons.;
and properly of all citizens 1
without regard to race or colon "
This, it is 'believed,': would:! i
give entire satisfaction, to-thet
tax payers ol. the country ,whO
while they believe that Gov
ernment securielies ought1 tr ' '
bo taxed, are, in my; Opinion J'1
totally indiflerent as to wheth-ii
er it is done by national j pr1() ,
State ' authority, as in. eitnet'
case the effect will be tri equal- '
ize ' the burdens of taxation? '"
and as jt is.,' intended that all .it
our indebtedness, both SUte .;.
and national, shall be honora
bly paid to the last'dollar, it ll
can make no real difference to "
which class the revenue aris '
ing from pur tax on bonds shall,, ,:
be applied; but it does seenl, .
most fair that it should be' ap-'"' '
plied to tho extinguishment of !
tho debt from which it is de-"
rived. ., . . -r . ;
Mr. Cha'rman, a speedy re
turn to specie payment as asov. '
ereign cure for all fmaricirJal
ills is strenuously urged, and a 1
strong pressure from som.
quarters is being brought .to .
bear for the adoption of . such
measur's by Congress as will ''
hasten the golden period, while,
very little is said about bUttin g y.
down the general expenses, ot ;
the Government to a cores
ponding basis. It would, dc,ubt- '
less, be very agreeable t'j the"'
officers of the different-Impart ';
ments of the General Govern.-i.
ment, with their almost; innu-i
merable appendages, to receive
gold in pay for their, ofliciai 4
services; but it ' migjifc not be
quite so agreeable .to the la
boring, manufacturing, and
producing classes to Lave ;lh
prices of their labor and pro- , r
ducts cut down to spit these
golden times, it raight suit
, 1 1
capitalists who have 'loaned
their money to . the General
Government, t.o corporations, ,t
or to private, individuals on a i ..?
legal-tender basis and at a ler,'",'
gil tender rate of interest, to" '
receive their' debts, principal "'"
and interest, in Rold; but i it o k
woniu not suit the toiling mill-.j",7
ions who have these debts , tp,
pay quito so well.j
Is there any sane man to pe
found who,' having, a' largo '1 '
debt hanging over his head and'
having the po'.ver, would . yolW-
untarily bring prices down un
til he had first discharged, his) t
indebtedness in , whole,.or , at .
least' id wpart? Was" It ever':'
heard '. Ibat any nation, beihg'1'1
in a State of suspended speV:i,:'' 1
payinentV with ari immiE!as6ji,lj
d'obt resting on it and its cred' o
it at a heavy'discout, restimedi ( j
a specie basis " and aftetwftni
paid its ' indebtedness," and'I":;'
might also add, or evefintendU:;--
ed to? :And where is tbe,Araejnoi!i
ican to be found who is willing, 0
to see his own dcar cbuntry in ' k
this .condition?, . l.n.Jl , j
(CONCLUDED NEXT WEEK.)