, 1866-02-06
THE REVENUE COMMISSION.
Minority Report Of s. 8. Hays,
on Taxing Government
Bonds.
The Property Iii the Funds, The Finnn-
cfai SFete1n, Ac.-A Sinking Fund,
mud Taxation In General.
- OYF1cE q, 8. REVENUE CONFESSION. ! i.
January, 1s88.
To TIE Hon. HuaH McCt1log.
Secretary Of the Tre~ar--.
On the nitt- - -
o.h. apgust, 1863 the following, ,.n,oo,
sion: "~Ne A1up'so " tae CooMls
unitsa s,s That he subjects Of the iassou or
' Herewith. tax on ana ss{ee OF a ananfe In conue

equalization oltax on manumc,ures. mt .as ou o.
"a member having psfttt aiar subject In charsf
stwlih hs signature to the commles1on, fos u
sou sps eaa l2ps : Il s, mss !, % S s spe Gs
the Commission. and also signed By the othsI men
befs approving II. And member disappearing th
sa1s.u.iaas .sl e. Hpottg;, Of tas Commission M
It thus devolTcd upon Ms. Hayes to examine int
re subject Of he ta1stion of Cnised States sccnr
tee - one Of the sources Of naiuual revenue md
finance In connection Herewith. to forE1 an opnio
thereon, aud to prepare and present to tho Comm4
| sion Tor approval report upon the subject to d
made a. .hs report Of the Commission II approve,
N compliance with .h!s seeuisuson, be esszaipe<
fhe s1hieet and presented hfs conclusions Ia part
with The propotittnu tint The Commission repor
ind recommend The paeea.e Of bull for ievying
epech! Permanent tax upon incomes derived from
re interest on sRy acd "a securities, aad other i
deeiedneea Of the pnt'ed sts.cs, OWNED 1t thgtt1t
the United states. or by any ciizen ot he United
States residing abroad equal to one per cent of ill.,
pInelpsl q ne sad seeu;5.es or indebtedness 'nt
The ma]of7t! Of the Commission, upon partial
recommend tic pa:sae q thc b. ii 81 asfssd taa Il
~ HATS might prcecns Il, with hts eonclations
md .as ss an e snggost hem II
ot The Cnmrntss1on for him 10 do 70: r41N'"
undef senss Of duty, and believing TINT Cou
49, a'e 70 ins sesul'e OF NE e1aminattoi
lowing report. and having nezt psrsented it tc
t the otheE members q Of .be comn,l.s.on, hc noN
ns14fc,a-. ,ta4TfM 70 !9u. As ne d1.scnts ~ come
ri spa WI c hoTsye1 enGue'sa Ss ~ , !; e.
q as
NE general sub5ect Of taxation.
THE rCE11C DE1r.
The United States securities arc obligations. Il.
following clause of ths eonssitation: @ s'as q 'oe
The Congre.s shall haso powef:--sp borrow
money 1t, o. ths credit q the United stases."-K i
Treasury, Il appears 'thse the following Was ti1e
sar, g the public debt on the 1t day Of 5a
peht bearing coin interest &, ,167, H. eol.so
pa5.nent @ ~. ~. ~! pesssnea toe ,1sassoas
Debt bearing no tntesess..----.--. zsa,5l9,ssoa;
Total aebt: ............:: 5, slo, 81 10
ury, co.n........ 5ss,7as, ,ssa.eo
~''tenes' ''''.''-' +isns7r11- @,Ea,s21so
Amount OF debt less cash In Treas =
a5'...*'..-.:.............-..-~-sa,71hsal,3ao.1 ,3ao.1o
One and two years pr cent notes-.3 asst,soo.oo
United States notes, 4aF III ia *
Compound interest note. ......,,. iSO0ls III IN
Fractional curreucY........ -. 49,. $1,000 d
Tossl. .9o3Q 7so 81 q
ton q dc TessurT Department. @ s iron Z t,me to
Be inferred ff3m ths foilowiue IN = ;a6Iss "'l'eo may
The average price at New Yo,s. for tte Tern, or
o1 United ststes iTe Isr cent stocts Isapea efore