Daily State sentinel. [volume] (Indianapolis, Ind.) 1861-1865, 1865-08-23
THE GOVERNMENT sECuwITIE>-
JUSTIt OF PRrvILEGEp
AHIsTOCHACY


The Journal has q new hand At the bellows
some fellow who in long article under the edi-
torisl inprimatar. seeks to justify the establish
nent of privileged class whose property. because
IL happens 10 be Government securities. shall be
exempt from The State and local taxation 70
vIch all other il subject. There is no pre-
eedent for the present condition of the public
o. the Supreme Cour; contemplate the eIigency
! new existing yor va either have fssshsr's
weight IN determining The public Judgment as to
what is right and just in the policy to be adopted
for raising the necessary revenue for the
public necessities. The idea that at least one
third of the productive property Of the nation
shall be exempt from taxation because il happens
70 be represented by Government bonds, will ro'
be tolerated by the balance OF the tar payers
who represent the great mass Of the people. nc
natter what may have been the opinion Of Chiei
Justice MARSHALL. some forty years ago. upon
the peculiar condition of affairs then existing
The trainers of the Constitution never for .
moment contemplated that a public debt Of the
present gigantic proportions would be created
NOR could that instrument have been adopted II
the people had supposed that il provided for
eIempting = privileged class from their equal
provisien would have been justly regarded ne
anti -Democrstic-anti- Republicans wholly at
war with the spirit Of our institutions and the
theory of our Government.
The Journal writer. evidently lawyer and IN
used to editorial phraseology. by his using the
fr.t person singular. says that certain extracts
from the opinions of Chief Justice MARSHALL, in
Is49. in a case in whict the right to tax Govern
ment bonds was involved, "conclusiVely show that
the question, so far a Government stocks are
concerned Is one above all State or Congress
sonal legislation-a question which the Consti-
tuition has settled" II this construction of the
Constitution is to govern. then. it appears, one
third Of the property of the country will be re-
leased from the burdens of supporting State and
local governments, which, in reality. provide the
only protection to property and person. and,
placed upon the balance Can it be supposed by
any sensible person that such exemption was
intended by the trainers OF the Government Its
injustice ~ so apparent that argument upon the
question IL unnecessary The financial policy
of the Government il question of the
present, aud not OF the past, aud it has
To DC dealt with, in view of existing
. emergencies. II the holders of the bonds in
sist upon exemption from portion Of the public
burdens. and place it upon property not thus re
presented. it will become so oherous upon the
taxpayers as to force the relief of reputation.
The people will never consent that one third OF
the property of the community shall be exempt
from State and local taxation aud placed upon
the balance, and at the same time provide for
the payment Of the interest upoa the bonds thus
exempted. The bond holders. question of
interest. OF policy, TO themselves, should not be
90 shortsghted TO insist upon exemption
90 unjust and unfair as to be apparent to the
duIlest comprehension. building up privileged
aristocracy at the cost of the labor of the ceun