Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1865-09-21

seven per cent. stocks 25 cents on every
$780, !
Mr. Chief Justice MARSHALL deliv-
cred the opinion of the Court, and,
after disposing of the question of juris-
diction, said: i
"This brings us to the main question. -
Is the stock issued for loans made to the
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 the evidence Of debt
created by the exercise of this power. The
tax in question is tax upon the contract
subsisting between the Government and the
individual. 1t bears directly upon that
contract, while subsisting and in full force.
The power operates upon the contract the
instant it is framed, and must imTly right
to affect that contract
If the States and corporations through
out the Union possess the power to tax q
contract for the loan Of money, what shall
/ arrest this principle in its application to
every other contract? What measure can
the Government adopt which will not be
exposed to its influence? The
tax on Government stock is thought by this
Court to be tax on the contract, a tax on
the rower to borrow money on the credit OF
the United States, and consequently to be
rcpugnant TO the constitution.
The same question was before the
Court in another form in 1842, and it
was held by q Court that was thor
oughly Democratic, yet every Judge
agreed, TANEY among them,
THAT any tax upon any Agent in tht
employ of the United States, or any securt
ty of the United States by any State, wal
unconstitutional and roid. "
The issue, therefore, made by the
Confederate Democracy on the ques
J ton Of taxation, is not with the Unior
Party, nor with the Administration
but with the Supreme Court of th
United States and if it should succeed
in getting control of the Legislature
of any Of the States, it will find it
first effort to lay tax on National sc
curities confronted by the judicia
power of the United States.
1t is true that, to induce investment
in thes. securities at time when til
&c influence and power Of the "DemC
g cratic" party had been so used rs
n partially destroy the confidence Of tt
at people of the country in the stabilit
Y, Of the Government and the value of i
he securities, the Congress Of the Unite
ID States, in order to reinstate that con
es dence, added the obligation of contra
III to the sanctity Of judicial decisio
OF and enacted that
NJ ,"All stocks, bonds, and other sccuriti
in of the United States shall be exempted frc
taxation by or under State authorities"
ly The Constitution Of the Unit
'r' States, Art. l, Sec. 10, provides tn
he no State shall pass any claw impa
ay ing the obligation of contracts" an
", unless the Democratic" party pl
I'd poses to disregard the Constitution
to the United States and the decisions
nd nd the Supreme Court, and under that p
eet of their platform-the Resolutions
on, '98 and '99-which afIlrms "That
=" several States who formed that inst
,rt ment (the Constitution) being sov
ate eign and independent, have the
yer questionable right to judge of its
Mt. fractions, and that notification
IN. those sovereignties Of all unauthori
,st acts done under color Of that instrume
,tv is THE RIGHTFUL REMEDY" and ina'
on urate another rebellion, they have
urt power whatever to reach the questi
,us Taxation, therefore, means Repudiat
v" and Notification. Let the people C
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