The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1866-07-18


posed by the psrty In power. 1t has created
greater CONSERVATION with the leading polti-
clans Of both parties and starts OF with ten
times the prestige, with broader issues and
better opportunity to enlist the sympathies
and support of the people than any party has
heretofore had in this country.
The republican party started out TO oppose
the extension OF slavery and Mormonism and
in opposition to the extravaganza at Washing
ton Slavery is now abolished, and in it's stead
we have the paramount question Of restoration
Of the Union, and united country in the place
Of our present distracted condition, with Con-
gress closing the door against the representatives
from nearly one-half Of the States. In regard to
the corruption and financial shortcomings, the
abuses under the rule Of the radicals have in
creased o thousand fold, and the schemes 10 in
crease the burdens Of The people covered up in
the Tariff bill, Freedmen's Bureau bill, national
bank legislation, Montana and other jobs
present a record without parallel. All these
things furnish material for this Philadelphia
Convention to present To tho people an array
Of facts 80 Overwhelming against the radical
faction that it cannot fail to arouse the whole
country. The Philadelphia Convention, rightly
managed, can so direct the contest that
the party in power will be forced into OBJ
scurity far more rapidly thap 1t rose
at its commencement There ore yet over
two years before the next Presidential election,
and with the capital which the managers OF
this new movement have at their disposal
their complete success in that campaign Is
much easier than was the triumph OF the re-
publican party after four years. contest There
is also sufficient time, backed as they are with
the momentous questions Of the day, to change
the result Of the approaching Congressional
election In o sufficient number Of the Northern
States to secure control of the next Congress
and the defeat of the present revolutionary
faction, which is now usurping power and
Fastening the destruction Of the country. To
this point the Philadelphia Convention should
direct it's efforts by exhibiting a scathing
analysis of the corruptions, shortcomings and
deception Of the party now holding control Of
both branches Of Congress. 1.-THE proceedings
Of that gathering are well-timed and properly
conducted, there is no reason why Its success
may not be more remarkable than was that Of
the republican party. II has better oppor-
tunity. All that is necessary is to properly
improve 1t, and success Is certain.
THE BANKERS AND BsoKsRs' TAx-Dzcmos
OF JUDGE NsxsON.-Judge Nelson has as last
rendered his decision In the case Of the
bankers and brokers who were trying to evade
the payment Of their revenue TAI. II ID very
evident from the text Of tho decision - pub
lished that he has strained . point 10 assist
the evasion OF the law BY that class Of tax
payers. He has sustained tho injunction ON
some points and dissolved II on others but,
In 30 doing, he has very adroitly pointed out
. way whereby both bankers and brokers can
svade the tax BY putting in plea that they
advanced money on the stocks of their Gus
toners and sold them out 10 reimburse them
selves.
There ID, however, one point gained by this
decision. and that d the declaration Ia posi-
tive terms "thst q person doing business
under bankers license ~ broker ID liable
to pay the brokers' tax on al such transac-
lions, and that purchasing stocks and selling
tho same In his own name without disclosing
the name Of bis customer, and paying his own
money for the stocks 80 purchased, render
him liable 70 the broken' tax" This settles
one of the most troublesome points upon
which the bankers and brokers have been try
ing TO evads the revenue tar. This bubble
win no longer serve their purpose, and We
trust that the government will sec that they
are not allowed to adopt substitute for It.
During the time that this question has been
pending before Judge Nelson the Revenue
Commissioner has stopped the enforcement of
the law In Wall street. The consequence Ia
that the bankers and brokers have been al.
lowed to escape the payment Of the tax during
that period. Now that the decision has been
rendered We trust that the department will DO
as prompt in ordering the enforcement Of tho
law as II was to direct IT. suspension when
these suits were commenced Unless the Com
Is prepared to do this and direct the
Of the back tax on the brokers and
bankers FOR which they are liable under this
decision, the government had better order
. suspension of the collection Of all taxes.
The public are notgoing to submit much longer
to this conniving with Wall street and the
spectators in the evasion Of their share Of the
public burden. The disgust that exists with
the action of Congress In not reducing the in
come tax will ensure greater attention to the
mode Of enforcing the law hereafter than in
the past II the same partially il shown for
the monopolies and Wall street and those in
terests which can fec lawyers, ~ has been the
case, then the Treasury Department viii ind
that there ID trouble springing up where IL Ii
least expected. As long ~ the radical Congress
robs the people Of one hundred and fifty mil
lions Of dollars annually, they viii insist that
the Wall street spectators shall pay their share
as Designated BY the revenue laws.