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To tax the bonds is to break the contract because you have the power.
Source
gutenberg.orgEditor's note · Context
Sumner asserts that taxing bonds constitutes a breach of contract.
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They belong to a system so essentially irrational, that all the admitted virtues of many of its agents cannot save it from judgment.
This will be the FREEDOM POWER, whose single object will be to resist the SLAVE POWER.
Confessing the Fatherhood of God, and the consequent Brotherhood of Man, we find a divine standard of unquestionable accuracy.
But so long as War exists as an Institution this terrible inconsistency must appear.
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