The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1865-09-15
UNION COUNTY TICKET.
XING U. 4. nONDs.


TAXING u. Il. BONDS.
The following is a plank in the
Ohio Democratic Platform, out of
which Copperheads are trying to
make an issue before the people and
party capital:
"ResolUed, That we most explicit
ly condemn the policy of the party
in power, in creating thousands of
millions Of Government debt and at
tempting to exonerate the holders
thereof from all obligations to pay
their just proportion of the taxes
for the support of the State in which
they reside, and thereby creating an
.odious and privileged money aris-
tocracy and We declare it to be
the immediate duty of Congress and
the State Legislature to use all legal
and constitutional power they pos
sess to subject money so invested to
n burden of taxation, equal to that
imposed upon other property for
Federal, State and Municipal puI-
poses"
The foolishncss of this resolution
is beyond precedent, as will be seen
by decision of Chief Justice Mar
shall in the Supreme Court of the
! United States, upon the authority of
any municipal corporation to tax u.
S. stocks. The decision was deliv
cred in 1929, and therefore should
be no new thing to the authors OF
the foregoing resolution, who are
lawyers protesting to be deeply yers-
ed in legal lore. 1t is either new to
them, or they intended to willfully
deceive those who are ignorant upon
constitutional law,
This case was between Westor
and the City Council of Charleston
An ordinance was passed by the
/ City Council Of Charleston taxing
u. S. Stocks. The holders of sucl
stock demurred, and the case was
finally carried into the Supreme
Court OF the United States. The
following is the point made in tho
decision which covers the whole
ground:
ga tax on stock of the United
States, held by an individual citizen
Of State, is a tax on the power to
borrow money on the credit of the
United States, and cannot be levied
by or under the authority of q State,
consistently with the constitution.
We give n few extracts from the
decision which bear directly upon
the question at issue
= SIS the stock issued
for loans made to the Government of
the United States liable to be taxed
by States and corporations ?
Congress has power 'to borrow
money on the credit Of the United
States The stock it issues is the
evidence OF q debt created by exer-
else of this power. The tax in ques-
tion is q tax upon the contract sub.
sisting between the Government and
the individual. 1t bears directly up
on that contract, while subsisting and
in full force, The power operates up
on the contract the instant it is tram
led, and must imply fright to affect
that contract.
"Ii the States and corporations
throughout the Union, possess the
power to tax contract for the loan
Of money, what shall arrest this
principle in its application to every
other contractY What measure can
Government adopt which win not be
exposed to its influence? n
"But it is unnecessary to pursue
this principle through its diversified
application to all the contracts, and
to the various operations Of govern
ment, No one can be selected which
Is of moro vital interest to the COM
Imunity than this Of borrowing money
on the credit of the United States. -
No power has been conferred by the
American people on their Govern
ment, the free and unbufdenod exer.
else Of which more deeply effects ev.
cry, member Of our republic In
lwar, when the honor, tho safety, tho