East Saginaw courier. (East Saginaw, Mich.) 1859-18??, 1865-03-15
IoArITAL 1 THE BASIS OF TAX ALTON.

! 18th, 1850. ~ inI. srff 45fr tr.t.satr
On Wednesday, February 10Th, Mr.
Look offered the following preamble
! and resolution In the House Of Rep
tressntatives;r sf ~ ON. a 81 ailii
| Whreas, Certain United States bonds are, bJ
Get Of Congre.J exempt from taxation:
! And Whereas, The exemption of.sneh bond
tends directly 10 array capital against labor by
favoring the mere wealthy ,classes at the expeps'
Of the poorer, and 10 place lebor at the mercy O
capital By building up an immense moneye'
arislocracy, whose rrillons pay no revenue TO th'
government, while the laboring masses are op
prssssd with burdensoms taxation
And ,ehereas, The preference which 10 giver
by the said exemption 10 one species Of capita
over another, and 10 one class of e.tiIols owe
smother, 10 unjust in Ne operation, and anti repub
loan in tendency, and il, furthermore, in coniiic
with the great principle Of political economy tia
capital is hs only true basic Of fsration; there
fore,
Resoired, (the Senate concuung) that ou
Senators In Congress are hereby instructed, sn'
our Representatives are hereby requested, 10 rs
all honorable means TO secure the repeal OF al
acts and parts Of acts by which any capital which
has been heretofore, or which may be heroaf,c
invested In United States bonds, is exempted from
it's Just and equal burden Of taxation.
f, Resoired. That ths uovernor beand he hereby
is requested to transmit copy Of this preamble
and resolution 10 each Of our Senators and Rep
pssontatiyes in Congress. ulHftI
On the IL tn, the same subject being
before the House, Mr. Look spoke in
support Of his resolution as follows:
Mn. SPEAKER: L shall not occupy
the attention Of the House by any ex.
tended remarks upon tho resolution
which / have introduced. The prin.
ciple upon which it is based is perfect
ly clear, and is as vast in importance
as it is direct in it's nature.
In the infancy of nation, whils
its people are confined to primitive
pursuits, and the absence of wealth
compels social simplicity, the question
of finance is comparatively an unim.
portant one. But when onoe a nation
has passed through It's early struggle,
and has begun TO take rank among
the states of tho world as a well es-
tahlishsd and powerful commonwealth
when II begins to stretch out the arms
of It's diplomacy TO all the Garth, and
to make it's voice heard in the highest
political tribunals; when it begins to
cover the sea with its commerce, and
defy the world with its navies; and
whom wars, either foreign or intestine,
mark nearly every decade Of its pass
ing history; then it is that the question
of finance becomes one of paramount
Importance. 1t is when government
has reached this stage that its nation
al exchequer assumes gigantic propor-
tons. Billions are footed up where
only thousands used to be reckoned.
The material wealth Of the country
becomes boundless and ever-increas-
ing. Capital begins to draw it's line
OF fatal distinction between the classes.
Fortune begins 10 assert its supremacy,
and to invite its possessors TO luxuri-
Gus ease and seductive vices. Society
arrays itself in artificial reinemsnts.
Tho struggle of the poor man for ex-
istence becomes each year harder and
harder, and tho "cent per cont of
the rich man is rolled up easier and
easier. The poor grow poorer, the
rich grow richer. Capital lays its
golden hand upon the government
and demands that the laws be changed
to suit the new order Of things 1t
demands peculiar privileges for itself
and seeks to lay its own share of the
public burdens upon the shoulders of
labor. If the government yields to
the demand, an aristocracy is founded,
and the liberties Of the masses are
lost. | appeal TO tho history of ma
tons for the truth of the position; and
l ask gentlemen, in considering the
question before US, to have regard, not
to the revolutionary fallasies Of the
hour, bat to those solemn lessons
which are taught us by the chronicles
Of the past.
Mr.. Speaker, it is to this point that
we are now come; it is this crisis that
we have now reached as a nation. -
Our country has passed through all
tho successive stages, and now bears
all Of the distinguishing features which
/ have enumerated Capital has be-
come supreme. Wall street rules
trade, rules society, rules the war,
rules Congress, rules the nation. 1t
takes the millionaire upon its hand,
and lifts him TO a princes station it
lays that same hand upon tho laboring
man, and crushos him to the earth.
How has this mighty change been
wrought, and this tremendous power
gained? In the hour of peril the gov
ernment had need of money. Money
it must hare to carry on the war, or else
yield to the power of treason. 1t
called upon capital for relief. Capital
said to the government, 81 will give
you money, if you will give me priv
ilege; l will fiji your hands with gold,
if you will take the public burden
from my shoulders, and lay it upon
the shoulders Of labor; in brief, will
grant you relief to the uttermost
farthing, but you must grant mo er-
emptioa from tdration" In an evil
hour the government yielded to the
hard and traitorous depand. 1t told
capital to putits thousands Of millions
into United States bonds, and that
when so invested, those thousands of
millions should not only draw large
interest, but should also be entirely
exempt from fdFafion. 1t was DONE
Capital triumphed, and for the first
time in the history Of the nation placed
its heel upon the labor of the citizen.
Thus amoneysd aristocracy was found
cd, which, under tho fostering care Of
the government, is every day becom-
Ing more imperious and, oppressive. 4.
B Sir, these bonds must be taxed as
other property is taxed. 10 excerpt
'trem is TO violate tlleu fhpdaneDtal
principles of justice and equality upon
which our free institutions are based !;
it is uneqpals unjust and dr'lnouso The
great priaeiplo that must govern in
thiss lnatter- 10, that eqplsaf as ne 9dsis
Of karafioR; that capital, swhereyor il
may be found, and in whateyers form
it may exist, shall bear its equal and
. p.1. - 4