New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-06-23

Of the Supreme Court of the United States that he was
gnwillngto invest in bonds exsmptcd from taxation
because IT was odous 10 the neighbOrhood in which he
lived. '- '
Mr.. PoMERor [New.York) was utterly opDosed to or.
cmption from taxation of any money or property in
vested in securities indebtedness OF the United
States These should be subject to taxation the
as those of New.York
Mr.. GANsoN (NewYork) took similar views
Mr.. MALLORY (Ky.) said ftherc original prop
oson he would oppose It, but we have inaugurated
the policy which has become settled and fixed, and
should not depart from ii In this case because 1t would
be violation Of public faith which was pledged. not
with his consent; but against his rem9nstrances
better to sell the bonds at little less than to continue
TO exempt them from taxation. because bonds had
heretofore been exempted from taxation IT was no ar
gument why the exemption should be continued. which
would produce much irritation and odium In the com
munity
Mr.. HOLMAN Dem., Ind.) advocated the striking ont
Of the clause for the prominent II created an Inc
quality of taxation, or exempted from taxation large
body of capitalists and nonproducers, while the bur
dens fell on the labor OF the country.
10 know who would indorse such vicious and Odious
principle creating privileged class OF moneyed
men, whose whole wealth Is sought to be exempted by
Congressional legislation from bearing the burdens we
are continually imposing 10 carry the war; The pe0
pie DO not nood such wicked legislation they viii
furnish men and money 20 put down the Rebellion.
Mr. JAMES c. ALLEN dem, ILL said that the Gov
eminent, having pledged its faith In exempting the
bonds heretofore issued from taxation, he would do
nothing to violate IT, But in this bill aud all future
measures he would subject the bonds 70 taxation pre-
cisely the same as any other property
Mr.. NOBLE dem, Ohio argued that, from the begin
ming IL Illegal and yioatc OF the Constitution for
Congress 10 attempt to exempt any property from State
or municipal taxation
The question was then taken on striking out the fol-
lowing words:
IAN Bonds Treasury Notes, and other obligations
OF the United States sal be exempt from taxation by
under State OF municipal authority"
TWAS decided in the affirmative by Yeas.6l Naysif
Mr. HOLMAN offered an amendment that the bonds
and other securities Of the United States under this act
shall be subject to State and municipal taxation.
Mr.. NOBLE proposed. as substitute for the above,
that all bonds, Treasury notes, andAther obligations OF
eipal taxation on equal terms the same as other prop
eriy
Mr. STEVENS opposed the action OF the Committee.
saying wise would buy the bonds If the present
proposition adopted, aud the House sanctioned
what the Committee had done. Those who lad charge
of the bill should withdraw IL.
Mr.. HoIcHKIss replied that during the session they
had heard the same argument against taxing the hold
crs OF bank stock based permanent stocks. IL was
then predicted that the scheme would be failure. But
nevertheless the principle engraiiod on the Cur.
rency bill, which to-day was popular bill All the
banks OF the country would organize under that law.
Mr.. Mobiles substitute was rejected.
Mr.. KEENAN, proposed substitute for Mr.. Holman's
amendment, which the latter accepted. 1t provides
that the owners Of the bonds and obligations issued
der this act shall be subject TO State and municipal tax
alton Of the value thereof the other securi-
ties or similar personal estate owned by them.
Eejected-J6 against -.
Mr. BROOKS said he understood from this bill tha,
the loan authorized in all $50 900 for the next
fiscal year.
Without coming 10 n conclusion the bill the Com.
mittee rose. and al O'Clock the House adjourned