The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-06-23

CLAUSE Nas d, bonds Treasury notes and other obligations
OF the United states shsu be exempt taxation by OF
under state or municipal authority His object was that
capasss should not escape from just burdens Of the
Mr. Hccsss, tvsp) Of yaw, opposed the amendment.
saying that suct exemption had made In all
osher bills relating 20 tine United States obligations
NE. SwRAT, opp OF Ne, said nc was informed BY a
udse OF the supreme Court Of the United states that be
was unwniiu u invest bonds exempted from taxation,
oecau 1t was odious to the neighborhood 10 which no
lived.
exemptioo from taxation Of Money nrepefty n-
vested ia securities Indebtedness Inc oa.ea s.es
rfese shnrld be su0sct r. taxation ihe se rs noss
Me- YORK
.ir SAs.os, opp Of N. r, tool, similar views.
deposition he would oppose II; have insugu-
rated the policy which has become settled aud xed and
sho I'D not depart from IL ia this case because It gcut
be violation Of pubIio feiti which wac pledged nj
with bis consent but against his remonstrances.
better sa Ell 0pp he bonds little ss snSe
g continue 70 exemp. them from taxation.
tion, i. argument why the exemption should be
continued which would produce 20 maea irritation and
odiu In the cornnunity.
for the prominent that il created Inequality OF
taxation, exempted from taxation large body OF oapi
LISTS md non producers, while the burdens fell on The
Mr. Horlskrs, (rcp) OF N. " said the country ought
to know who would endorse suct vicious aud odous
principle creating privileged class OF moneyed men
whose whole wealth IS sought 70 10 exempted by Con-
continually imposing to carry the war Tae people
do not need such wicked Legislation They will furnish
men ard money 10 put down the rebellion.
Mr. JANIS G. ALLEN, lopp Of H., said that the gov
crnmeut having pledged It's faith in cxemptg the bonds
heretofore issued from taxaon he would do nothing to
violate H. But IN this bill and oil future he
would subject thu bonds TO taxation precisely the Same
as any other property.
M Nomx (opp) Ok Ohio argued that from the begin.
ming Illegal and violation OF the constitution for
Congress to attempt TO exempt any property FROM state
or mun,ciual taxation.
The question was then taken on srikn. tho follow
ing Words
All bcuca Treasury notes other obligations OF The
United States ehsi be eyemp. taxation by under
State or municipal authority.
It was decided ii the ALPHABETICALLY yeas 81, nays a.
Mr HOLMAN offered amendment that tho bonds and
obef securities OF the United staes under this ACT snail
DO subject TO state ana municipal taxation.
Mr. NOZZLE proposed substitute for the above that
all boz DIS Treasury end other obligations * the
Uuicd shall b. rub ect TO State and municipal tax
ato3 ! ia terms, the same as other property
Nr STEVENS (renl Of Pa, opposed the action or the
comm tee, saying no wiso IMAM would BUY tue hoods
toned what tho committee had dons Those who had
cnargc OF tn bul should withdraw IT,
Mr. Hor ugIss replied that during this session thew
bad beard the ae ARGUMENT against taxing the holders
o bank stock based penanent stocks. " was then
predict II that the scheme would be failure bat,
rnele s. nr onle engra Ted GA the Curren-
Cy BILL wich 10 Gay popular bill AL the banks OF
the country would organize under tba. law.
Mr. Non c'S sub .ti'ta reecIcd
ar. XII iEas irapcscd substitute fer Mr.. Holnon's
amendment WATCH the latter accented 1t provides that
the ~ TIC bonds and obligations ssuett under
this act shalt he State and unicipal taxation
Of IN" v'iuc tuceo Tire other securities or
similar rcracaal estate owned by them. Rejcotec-s8
agan 50.
MIR lnooSs. tcpr, Of n. r., said ne understood from
this bill that loan authorized in oil S75a 900 900
for the next cal year.
without corang 10 o conclusion the bill the COM
mitteo rose aud a. five O'Clock the House adjourned