Evansville daily journal. (Evansville, Ind.) 1863-1866, 1866-01-22
A Democratic Estimate or Public
Faith f'saA

The clamorous demand made by the
Herald for the local taxation of Gov
erument bonds, died away into con-
fession that, by decisions of the Su.
preme Court, made many years before
the rebellion, they are not liable to such
taxation. This-admission was .extorted
from the Herald, after repeated expo
sures of its mendacity, and its repudia-
ting tendencies; but it was made. We
noted this as an evidence of progress
on the part of that paper, and it now
| pretenda that il had taken that position
al the time. ! That will be news to its
readers, and must lead them to form en-.
larged ideas of the brazen assurance of
that sheet. 1t now says that:
"The law ought fo, have provided for
the taxation OF the bonds by States. II
was a wicked act of class favoritism
that it did not. The bonds can yet be
taxed by consent. If the holders do
not consent, or do not sell the bonds 10
non-residents, they may provoke repu-
diation, repulsive idea. ! The Journal
says, that is backing down. We can't
see it and the extreme wish to see il, is
the father of the Journals idea that
it does see it,"
/; Will the Herald try to give reason
why the law should have provided for
the taxation Of the bonds By the States2't,
Such provision would have impaired.
the market value of the bonds, to more
than the amount of the prospective
State taxes; and. that would have been
equivalent to borrowing money, by the
General Government in time of war,
when its resources and credit were
strained to the utmost, with which to
pay taxes to the States in time of peace.
We have heretofore asked the Herald,
and we repeat the question now, sought
the General Government, as il was sit
uated, to have increased the aggregate
of the public debt BY imposing burden
on its bonds that must have compelled
their sale at q heavy discount If il
oaght to have done 30, why did not the
Democratic Congress which authorized
loans to carry on the Mexican war, set
the example >" i -..7 = I { = /,
But we are graveiy told that the bonds
can be taxed BY consent; that Is, that
Congress can authorize the State to tax
the bonds, when the holders consent 70
pay the tax. That would be singular
tax law, where payment depended on
the voluntary act Of the party taxed.
Such payment might properly be called
a donation, but itwould not be tax,
for that implies the right TO impose and
the power to collect. But, says the
Herald, if they do not consent or do not
sell the bonds to mon rsssdents, they may
provoke Reputation. And does our
neighbor think that such aScourse of
legislation sho I'D be adopted az would
drive our honda to Enrope7 If our
whole debt was funded at 6 per cent,
the annual interest would be nearly
$I7O, 100000 If this sum 10 paid to
our own citizens, it remains here as o
part Of the wealth of the several States.
and is liable to taxation for State pur.
poses; but il sent to Europe it is dead
loss TO the nation, and must soon i'm ov.
srish the people. It must BE- apparent
to the most common understandings that
the true policy is . keep our bonds at
home, and that any hostile legislation
that should force them to be sent to Eu-
rope woald be @ public calamity.
II the idea Of repudiasion IN rspulaivs