The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1865-08-05
Tnxins Government Bonds.

purposes, upon the United states pouuo
held by citizens of that State and which
the law of Congress declares to be ex-
empt from taxation, is exciting no small
degree of Interest. 1t has led to a more
general discussion concerning the cousti-
tutionality ana pol cy of the act of Con
grpss than has mere tof0re taken place,
aud the current Of the argument seems
to he strongly against the act and in
favor of taxing the bonds. Mr.. CLARKE,
Controller of the Treasury, has written
letter upon the subject in which he
SAYS that "the law exempting from taxa
tion Government securities is so speciiic
and clear that it cannot be questioned
Commenting upon this observation, the
Nv York Sun says:
This is all very true, but the point at
issue Is whether Congress has thp au-
thcriry to exempt from State taEatl"n
any class of property belonging Goa eli.
zen. According toall State laws every
class 81 bonds mortgages, notes or other
securities are subject 10 taxation. The
question is this. Can Congress a5ro-
ate those laVs} The Controller cor
,r,tl, says that the effect of taxing
these securities now would he a breaking
f faith towards the holders OF them,
and Wouid be injurious 10 the credit of
the government. 1t would uuquestiOna-
bly, hc a very unpleasant dilemma. par
iicularly for those who are SO fortunate
as to possess the securities and draw
their handsome taXleSS income. Never
thcleSS, if Congress has no authority to
make this guaranty, We fail to see how
the payment OF such tax could be
avoided under the law proposed by the
Connecticut Legislature If such an
Issue should be raised, the Supreme
Court would be the proper tribunal to
settle the question.
If the principle is established that the
majority in Congress has tho power and
the tight to impose upon any class of
citizens the burden that should be shared
by all, where will it end? Suppose that
the next Congress should enact law de
claring that those who hold the public
bonds should pay the public debt and
that all other persons should he exempt
from taxation for that purpose, would
not the principle be the same If Con-
gress has the power to exempt one spc-
cies of property from taxation, it follows
that it has also the power to make one
species of property bear the entire bur
den, exempting all the rest
Majorties are very tickle SometiNrs
one set of opinions gains the ascenaency
in this country and sometimes afcother
10 neither is the majority CONSTANT long
II, then, the majority in CGngre,s, in adj
ditiUn to the extraordinary power Of
DISTINGUISHING its opponents, which has
been claimed Oy the Republican party,
has also the ability to exempt it's friends
from t3e burdens of taxation. both Fed
eral and State, the way is open for a
complete turning of the tables q few
years hence, whom another party sways
the government. If the principle upon
which the law exempting government
bonds from taxation is founded be once
firmly established, it must result in the
permanent enslavement of one portion
of our citizens, or i'll that kind of anar,
chy in which the will of the temporary
majority is the only law
The people are disposed to bear. with
the best grace they can muster, tho enor
nous national debt which the late war
has produced, They are disposed to
pay all Just and equitable taxes with as
little murmuring as possible, and all seem
10 entertain the determination that the
national debt must be paid But it is
asking almost TOO much of them to re
quire labCring men and men OF small
means to bear a burden of taxation from
which the wealthy are exempt. A man
having two hundred thousand dollars in
vested in government bonds is exempt
from taxation and can live in princly
style upon the interest which he draws
every SIX months from the treasury of
the United States while his neighbor
whose scanty capital is Invested in bust
ness or who is compelled to labor with his
hands for his daily support, is heavily
taxed. 1t IS this provision of the law
which seems mos unjust and creates
most dissatisfaction and will have most
influence in leading % the population of
the whole debt, il ever our people arc
wrought to that pitch. It can never be
established that thar system of taxation
is just and impar'ia. which is not borne
by all in strict proportion to their actual
wealth. The will of a majority has no
power to alter the DEGREES of justice and
right
a Religious e. Newspaper.
The Buffalo Christian 1drOcatc. the I'M
I.