The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-12-06

should provide fAss q co c0@sne,ns win The
mont the interest and principal OF the national d
The estimates for the next sca year Indicate that
very much larger amount could DO 80 applied without an
pAYnnr or 1--WE TWENTY BONDS m COM
Before concluding his remarks upon the national De-
tho Secretary would suggest that the the ave-
twenty bonds issued under the acts OF February n
Europe. and consequently their market value aa-
vanced at home II Congress should declare that us
Is to be paid in coin The policy Of the government n
regard to its funded debt well understood in the United
Of the bonds under should -
paid coin, while such provision is contained In tho
act under which the were issued has created
might be called in at the expiration Of five years aud
paid United States notes Although 1t is not desirable
States desirable that they should be Of good credit
in foreign markets account Of the influence which
portant that all on these points should
be by explicit declaration OF Congress that
these bonds are TO be paid In coin
STATE TAXATION GOVERNMENT SECURITIES.
In view Of the fact that the exemption OF governments
securities from state TAXATION rs oy many persons con-
may be made TO induce Congress TO legsate the
subject Of their taxation or course the existing exemp
ton from State municipal taxation Of bonds and e.
curties now outstanding will DO scrupulousy regarded
That exemption part Of the contract under which tho
securities have been issued and the money loaned
thereon to the government and would not only DO
constitutional but breach OF the public faith OF the
ton % dsresard It. would sa slsS IN me JaasmeH q
the power which they will not possess unless Goa
teed by express Congressional enactment OF imposing
local upon securities OF the United States which
may be hereafter issued. Sucn taxation In any FORM
would result in serious II not fatal embarrassment
eventually inJure the great mass Of the people
who are to bear their full full, proportion Sps Of the
ec in relation to which there should BIO difference q
opinion Every taxpayer Is personally interested -
having the public debt placed at home and a. low rass
be subject TO local taxation Taxes vary largely ~
different States and In different counties and cities Of the
State and everywhere high that, unless pro-
to ted against Them tho bonds which the present
debt must BIO funded cannot be distributed among To
bear rate Of interest SO Seh as e make The debt s
verey oppressive and TO ronder the prospect OF its or
tinguishment well nigh hopeless Exempted from ioca
TAXATION the debt can, Ia expected be funded at -
early day at i've per cent local taxation % allowed NJ
considerable portion OF tho debt which falls due within
the four years be funded at home at less than
eight per cent The taxpayers Of the United States oan
afford to have their burdens thus increased It is ai.e
evident that the relief which local taxpayers woubq
obtain from government taxation, the result q
low rate OF interest the national securities, would
% a S s
ton Of government securities; while II those securities
should bear of interest sufficient to secure hsS
sale when subject TO local taxes few II any OF them
would long remain whore those taxes could reach them
They would DO rapidly transferred to other countries
into the hands foreign capitalists and thus at last te
burden Of paying high rate Of interest would be lea
upon Che people Of this country without compensation o.
SUCCESS OF REVENUE sYsrEM-NECEssnr o.
FRFQUEyT REVISION
The present system Of internal revenue Is one OF the
results of the II Framed under CIRCUMSTANCES
of pressing necessity aodng little opportunity for care
investigation Of the sources Of revenue
its authors and Is most.honorabe testimonial 10 thek
wisdom and 70 the patriotism OF the people who haveSo
cheerfully submitted 10 it's burdens
With the restoration Of peace industry is returning
again TO It's former channels and revision OF the sys
TEN now becomes important 70 sccommoaae ~ 70 tns
changed and changing condition OF the country
Every complicated system Of taxation opens the way
to Mistakes abuses and receptions Temptations 70 d.
and taxpayers and both are often thereby demoraze1
Honest men who pay their taxes in full are injured
not ruined by tho ingenuity OF those who successfully
evadc their share Of tho public burdens.
The multiplicity Of objects at present subject 70 taxa
the serious objections TO the presenS
system Many Of these yield little revenue, while ~
collection is troublesome 70 the collector and irratiag
and offensive tohe taxpayers This multiplicity alsS a
cult questions for decision, ~ the objects from whacA
largo revenue is derived
without REFRESHING industry Is ono Of the highest 81
difficult duties devplved upon Congress Taxasioa
Be- and that not DO busss
those who well established In business may
Industry has il nian " and ought to be encouraged 81
liberal legislation Whatever OF industry or enterprise
is destroyed BY injudicious taxation or otherwise.
damage 70 the national welfare
Heavy taxation may drive capital from shores, ~
prevent Its employment In the manner most advants-
the country and thus prevent that demand fee
labor which Is the best security for It's proper reward
The taxation which Is extremely productive may
In . few years become unprOductve. or engender .
spirit OF opposition and discomfort which may sndangss
Il is important therefore that our revenue systea
should be frequently and carefully revised order thae
may be accommodated 70 the habits and character &
the people 70 the industry o. inc % t'01 80
Of tho highest importance that there should DO cars
adjustment Of our Internal 70 our external reveone
sys,em
rhat views somewhat similar TO these entertained
tory OF March 1885, BY which the Secretary Of tho
Treasury authorized to appoint commission, cen
lest practicable moment upon the subject Of raising -
taxation such may De necessary In order -
supply the wants Of the sss,as e
should be drawn, and the best and most encent mode
Of raising the same"
tary and under tho authority Of the act after careful
elaboration, commission organized consisting q
Messrs. David Wells Stephen tolwell and s. 8 Haye&
representing 70 certain extent different sections ax4
interests, and also different political sentimental Tno
commission was fully organized In June, and has since
then been actively engaged In the prosecution o. ~
laborS
templaed by the authors this commission neceo
sarily involves . careful and comprehensive inquiry late
the condition Of every industry trade or occupation =
system and, in The absence Of yearly al previously
compared and data must necessarily be protraos4
and laDortOus. frOm preliminary Tcpofs Huno W W.
Secretary by tho commission he has 10 infer tbs
enough has already been accomplished by them 70 nd
cate the value OF an investigation IKE nst In which
they engaged and TO demonstrate the necessity
of the accumulation correct and accurate knowlcdgS
properly dgeed and presented as basis for our future
revenue legislation.
The plan pursued by the commission has been 70 take
up specifically those sources OF revenue which our own
experience and the experience OF other countries, have
Indicated likely 10 be most productive under TAXATION
capable OF ming Its burdens In pursuance
of this plan large number Ut witnesses have been on
amned and much valuable testimony put upon record
II il understood TO be the opinion Of the commissioners
would be insxpedent 81 once 10 make any radica
and violent changes In the and working OF the
present system and that we should rather $685.
through experience and study 70 perfect the present
tenn BY degrees SO gradually adapt 70 the indus
trial habits and fiscal capacity OF the people, The Score
tary Is also informed by the commissioners thai -
seems cerain TO them that without In the