New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-09-02
TANNING THE DEBT.

The World in view of proposal by The Com
mercial that Congress should repeal that clause
Of the different Loan acts which exempts them
from State and local taxation, says:
This is something which the Democratic party does
not ask and ia wopld 10 nothing adopted
The Democratic party advocates now, IA II has always
advocated honesty, fidelity to engagements. and The
ssnctity Of pubic faith. 1t demands nothing In rola
ton 10 tho Public DeDt but such equalization OF ire
public burdens Us will enable the people 10 pay It, with
out A felt sense 81 Injustice The Government las en-
gagged its honor FOR the exemption of its bonds rom state
and municipal taxation. and CANNOT uih0W disSTdce'
TepudiGte its contract.
"a repeal Of that part Of the loan law might uusetle
public confidence; but in other respects II would
amount to nothing. That clause Of the law is as re-
cards enac,ing force, mere surplusnge. IL merely
served 10 advertise advantageous portion OF the
loan The Fderol stocks routd BE- just as much ertnP
from State taxation pihoni that clause as ey are ,e't IT,
In the case oil Weston ag The City Council OF CHARLES
ton q Peters 463). il decided, by the Supreme
Court Of the United States. that no tax can be laid
on Federal stocks by State authority without yioia
ton OF the Constitution. ChefJustice Marshall VINO
delivered the opinion Of the Court said.
1.-THE American people have conferred the power 81 Dor
rowing money their Government, and, by making that
Government supreme have shielded Its action N the exercise
OF this Iowe the action Of the local governments
1.-The light to tax the contract TO any ei,rn' when made
nDs operate upon the power borrow before 1t Is eIesed
end have sensible influence the contract Inc extent OF
this nAsence depends on the Will OF disme, government
10 any extent however nconsderabe It burden on the
operations government may be carried to an extent
which shall arrest them entirely. - "
"The tax Government stock thought by the Court 10
be tax on the contract this power borrow money
on the credit Of the United States and consequently 10 be "
II viii be seen, therefore, that the exemption in
question has oways existed that II results from the Con-
stution and is superior legisnton thnt 1t was only
advertised not enacted by nsertlon III the loan law
What in the opinion Of sound lawyers. tie State
Governments may do, Is TO tax the income arising from
these stocks at the same rates as Income from other
sources aud tax the shares 10 banks as 1t taxes other
nersonal roperty The stocks taxable by the Fed
eral Government though exempt from State taxation.
1.-The Democratic party are for equalz.ng taxation,
but also for sorupuonsly respecting ,be FEDERAL en-
raQements Ii neists just taxation In the interest OF
the public faith since none but just ana equitable taxes
will be cheerfuy paid. In government where the
people tax themselves through representatives oil their
own choice the only secure bulwark OF an inyiolate
public faith is equality and justice In the distribution Of
the pubic BURDENS.
Turning from these fine words to another
page of that same World, We find one Of the re-
solves of the Democratic State Convention
which was in session, doubtless, when The
Worlds article was written, reading as follows
WAerea, The Democratic party were the first In this
State 10 adv ocate equal taxation and establish by law
system Of equal taxation in the State and Is right
that every person should pay Ies necoraihg 10 tns
against the law Of COrgrcss c1empting Government
bonds from taxation Onerous and unjust and are III
favor Of act Of the Legislature oil this otate taxing
the income from such bonds
This resolve exhibits truly the animus of the
Copperheads toward the holders of the National
Debt: The Worids article does not. Please
compare and analyze them.
The Government needed money for the prose-
cution of our late struggle as much as it needed
men. They who furnished either have earned
their country's gratitude. The least that we
can decenty do is to fulfill our engagements
with each and all. The jersey Democracy hate
the bondholders because their monev power