The Indianapolis daily herald. [volume] (Indianapolis, Ind.) 1865-1868, 1865-12-09
STATE DEBT SINKING FUND.

oiAiE pfDi
Mr.. BROWN being entitled to the floor,
addressed the House 1T length against the
bill. THE speech is reserved for correction.l
Alr. MILLER. As he understood the ques-'
ton raised by the DIRECTORS to the bill, it was
this: Should the payment of the public debt
be provided for ut this time. when S10O, 000, 900
Of Government bonds are in the hands of
portion of the people not subject to taxationg
There was a vast difference in the estimates of
the gentleman from Huntington and the gem
tleman from Wabash, rs to the amount of
these bonds exempted. Whether the one or the
other was right, it made no difference with re-
spect TO the main question here: in either case.
il was still right to adjust the State debt. He
justified this exemption Of bonds from taxa
ton. 1t obtained money at par to carry on the
war.
Mr.. COFPROTH. What was the difference
between the right TO draft for money. and 10
draft for blood:
Mr.. MILLER. The Government got both
men and money when they wanted them-got
money and secured the draft. The same cry of
opposition would have gone up against the
draft for money as was heard in certain quar-
tiers against the draft for men. He showed
that it was absolutely necessary to exempt the
bonds from taxation, in order to get the
money Otherwise the city Of New York would
have reduced the Government bonds twenty
per cent. Then, If they were not protected,
unfriendly legislation would tax these bodds
so as TO drive them out Of existence
Mr.. COFFROTH. But assessments for tax
alton must be uniform.
Mr.. MILLER. Taxation could not be uni
form-the rate could not be uniform either i'm
the cities of the state. in the different states
Of the | Mon. To tax these bonds was a little
like taxing money in the pocket. The General
Government, n sovereign, should not be taxed
by the municipality-nOr should the General
Government be OVERRIDE by the States. Ii was
the old secession heresy OF State Rights This
fax vi.
Government in the power Of unfrendly States
IL was not necessary 10 say that at the time
those bonds were offered, the ship Of State was
well nigh foundered, the kissing cry came up
from the sons Of Liberty: Not dollar not a
man 10 carry on this unhOly war" They said
these bonds were not worth the paper; and gen.
tlemen to-day were trying 10 make that declar-
alton good How were these bonds distrlb-
uted. They Were divided among the people
without respect 10 any favored class. This
appealing TO the prejudice Of laborers
against capitalists would not avail. Governor
Willard--that best Of Democratic tactieian--
said, this was the reason why the Democracy
always succeeded: they appealed not TO the
prejudices. but only 20 the patriotism Of the
people. The right 10 tax these bonds was
founded IN principle as deep as the foundations
Of the Government itself This tenacity Of SOW
ereignty was the foundation stone Of the Gov
eminent.
: Mr.. BUskIRK. Wa the gentleman In IA.
vor Of the General Government taxing their
bonds
Mr.. MILLER. He was for the General Govern.
ment dong just what they are doing with
them. Gentlemen held as much wild land n
they pleased without taxation by the General
Government. Without these bonds the na.
tiOnal debt could not be funded at less thsn
per cent. IL would not take a. large a pei
cent. u the property In the country 10 paw Of
the entire national debt A. IL would 70 flnd
these bonds. When he had concluded
Mr.. DtNHAM took the floor and spoke an
hour in opposition 10 the bill. His speech /,
reserved for authorization. Ii viii be printe,
hereafter
Mr.. sHUEY saidii might surprise his frien,
from Floyd II he were 10 announce that tn,
/. question before US was the adjustment Of oul
state debt. He was disappointed at seein.
gentlemen indulge in these diversions in thi
debate. The gentleman from Huntington re
Jects this hiil, but fails TO propose any adjust
meni % the debt IN its place. lie gave wa,
I for
MIR. NEwCONB, who moved for n n,,b
session at : o'elock--arirmaiiys "a. neratiy,
@.no quorum voting. The motion was thel
Withdrawn.
Mr.. skuEr prssssssd. Ne replied 70 M