Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-08-24
Taxing Government Bonds.

lffs4 Aho rttN nan ptorr fAtHuNl I.
no one questions The abstract justice Of the
proposition TO tax incomes from Govern mfni Sc
curiEiss. No Que proterds to say that IL j. not
The elesresi injustice 20 the mas Of Tar payers
20 exempt these securities from Slaie t@x stfon.
But the holders Of these securities tel Us that
the law OF Congress l. explicit-th2t IA u 50
nominated in the bond and. Jev-like, they IN
sist upon the pound Of flesh This is true; but
TIE quss;ion i wheiher Congress has the Ppssr
to pass such lsw-to exempt the property OF a
citizen ola State tom taxation oY state Tor the
support OF its government. And THE question
will be sgitAfed unil it mas been definitely settled
by the highest iuticial tribunal Of the land. The
people all over the country will demand that all
the men and ell the property Of the land shall
bear their iusr proportion OF the nxesL liz IS
well said thai there ~ parallel 70 the injustice
which has exempted so lagge class OF property
from - share Of burdens; none to the folly
which has endeavored 20 erect and organize In
this democratic country "scrip nobility" which
claims 70 have bough. perpetual exemption from
It's portion Of taxes The holders Of the bonds
will themselves IL wise beg 20 be permit
ted to strengthen public credit By sharing the
public burden.
In Connecticut Il fs estinated that fall $50
200, 900 have been invested In Government
securities and the House Of Representatives, BY
a vote of four to one, passed bill taxing incomes
from them fifteen per cent This vote probably
represents very truly the public sentiment on
this important matter. ...,.-.., 49,.
In this State. il il believed that full $40 ,000,-
900 have been invested in these securities aud
thus exempted from taxation. The amount OF
the taxes which this sum ought to bear, IS thus
thrown upon the other property OF the State
upon those tax payers who do not hold such Sc
curities Supposing the rate OF taxation TO ave
rage two per cent the amount OF tsxes on this
$40 900 900 would be 100000 Now, By the
exemption Of this property, this 900 must
be thrown. as extra charge. upon the other pro
perty and tax payers of the State; that is, the
other tax payers must pay S2OO ,OOO year more
than they would have TO paw if this property
taxed like other property Itcannot be expected
that these tax PAYERS viii be so "loyai" as to
submit tamey TO this gross injustice. They
realize from their property probably not over
four or iye.per cent and are compelled to pay
nearly one half of this in taxes; while the holders
OF Government stocks realize seven eight per
cent interest free from taxation; and every
dollar OF this large interest is paid by these over
burtbened taxpayers And this gross injustice
is daily growing aud becoming more barthensome
to the mass of the people by the daily increase
of the national debt
What is to be the result? IL is truly ndica
ted BY the New York Herald, which says:
eve would now admonish him that unless this
aforesaid falacious idea Of jay Cooke shall be
officially repndiated there will soon be apparent
the danger that something else, of vital moment
to the honor Of the country may be repudated
Let Messrs Chase, Cooke Company 60 on
with their scheme Of enlsrging the national debt,
and Of enrichIng the few, while impov ershing
the many, aud Of establishing great controlling
political combination OF 6nancieIs, bond holders
an1 stock jcbbers, and We shall presently see the
spontaneous formation OF an opposition party