The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1865-09-25
Taxing Government Bond..

that the position OF the Doinoo pay
in Ohio, New York, and Wheeling in rela-
ton to this subject, is inconsistent,the one
with the other Now, while we are per-
tectly aware that the subject is rather
distasteful to our neighbor, and while we
have no desire to enter upon "tireless
and proftless disputation" with our
aniable friend thereon, we think we can
show that the discrepancies to which the
Intelliqencer alludes are rather apparent
than real.
There is no difference of opinion among
the Democracy as to the injustice OF the
exemption of government bonds from
taxation All agree that it is contrary
to good policy to create species OF mon
led aristocracy, which, while enjoying
the benefits and influencing the conduct
of the government, shall be free from its
burdens The New York Ford correctly
saws that Eve demand nothing in rela-
ton to the public debt, but such equai'-
cation of the public burdens as will en-
able the people to pay it without sense
of Injustice = and the only question that
can arise among those who see the in
Justice of the present system of taxation
is as to the remedy proper to be applied.
The object at which the Democratic par
ty aims and for which it is striving, is
everywhere the same, in New York or
Ohio or Wheeling, viz: equalization of
public burdens; and no matter what diff
ferent modes of equalization are present
ed in different localities, the intent being
everywhere the same. there is no
conflict If one species of property
is exempt from taxation for State or mu-
nicipal purposes, let it beara higher rate
of taxation under Federal authority than
that which is subject to local assessment.
If one kind ofproperty pays the expenses
ofour local government, let another kind
bear the burden of the general govern
meut. Or let all kinds of property be
subject to an equal rate of taxation for
all purposes. If either of these plans
should be adopted there would be no just
ground for complaint. At present, GER
tain kinds of property are taxed for State
and municipal purposes certain per cent
of their full raluation, and the excess of
income above six hundred dollars de-
rived from this property is taxed GER
tain per cent for Federal purposes. An
other kind of property is not taxed Mt all
for State or municipal purposes, no as
sessment at all is made upon its full val
uation, bnt, for Federal purposes. a TAX
is laid upon the excess of income above
six hundred dollars derived from it.
So the entire tax that is paid by the
holders of government bonds is only
about three tenths of one per cent of the
full value of their investment and the
income derived from the bonds does net
exceedsix hundred dollars they pay moth
ing at all. Eight thousand dollars in.
vested in bonds are absolutely free from
taxation of all kinds, Federal, State or
municipal, while the same amount in
vested in real estate is taxed nearly three
hundred dollars per year. The InteHi-
gencer certainly knows this well
We complain of this inequality
4. y
bonds cannot be taxed under State or
municipal authority without violation
of the law and the law cannot be amend
ell without breach of public faith, let
some other plan be devised which will
be free from these objections. We con-
tend for no particular mode of eqnaliza-
ton, but insist that some remedy should
be applied.
We tried to illustrate tho Injustice of
this system last Thursday morning by
showing that returned soldier who in
vested two thousand dollars in taxable
property i'll this city had much higher
tax to pay than the man who invested
twenty thousand dollars in government
bonds. 1t is intimated in reply that the
soldier might have bought bonds with
his two thousand dollars and thus es-
capped taxation, as well as his rich neigh
Dor, That, " if soldier or anybody else
invests in real estate in the city in
preference to Government bonds. they
must pay the city, eo,-Aty aud State tax"
True: but somebody has TO own the real
estate of the country, and somebody has
to pay the expenses of the city, county
and State governments. 1t is clearly i'm
possible for everybody to invest all their
means in Government bonds, unless it is
to abandon our State. county
and municipal organizations and surren-
der to the general government every acre
of land and every article of o her property
we possess. We have charity enough co |
suppose that our neighbor of the IafeVi.
gencer, with all his centralizing pr,pen.
stiles, has not seriously contemplated SO |
vast scheme of consolidation as this
And yet this is inst what his argument
comesto. Itmakes no difference who owns
the real estate and who. owns the
ko,As - ono i fatal and