New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1866-02-07
Report on Taxing United States sacnri-
lies.

Mr.. ;. 5. Hayes. one Of the United States
Revenue Commissioners has submitted a minority re
port the Secretary Of the Treasury In favor Of levy
ing q special permanent tax on the incomes OF the
United States securities. The majority Of the commis
sioners do not accede TO this proposition.
In support Of his Recommendation. Mr.. Hayes pre-
sents numerous statistics to show that the bonds OF the
United States able 10 bear toxation and still pay
higher interest than the securities of England he
argues that the power Of Congress to impose such tax
is complete Government securities being exempted
by law only from State and municipal taxation mud the
income thereof being In fact taxed by existing LAVE
policy demand that they should be further taxed Al
abstract Of Mr.. Hayes argument y sqeoinnss6 con
II Is necessary trsI y con,luer tne p lied
tion Of lie county. Business nelns WIoDy pe,iir1
c ,,rder the legal tender system. has 10 tx.d slat
~ yaiues Ihe effort 10 retnrnto aspecie bass GA t.e
80, crrc-<iiv susgestcd, viii produce Son, So
aud be attended WITH ineyiap.e ,,,,n og,he pg
,cr5cr currrncv ~ i,s nctualValue IN specie
dollar il worth only CO cents, tba' 'pIn may "'
~ 4, irss ar,out O. tle former coin or "a L-N ~.
~ ',,ne value A, the legal dollar In ih' way ~
change viii be made IN existing contracts
,rn"cre " s,vs Mr. Hayes, tire cover m1N.
raper dollar might be left az no" esal ira :, te
at,s and be made convertible INTO net eCIh w
rr.asurv upon presentation and the wh0le WoiA VIZ,
nave been done without injustice without inluy -
dividuals without le,sening the reYshn,s 20 che
tardiug for one moment tue Bi"""
srtrrinl interests Of the American peopc. "a aud
sSrT.id The other alternative be resoried 20 sha
cortinued tia, Of adding arbitrarily e.tLel IT,,
e. snceS.ive steps T. existing indebtedness. We nul
/ reason to fear the most disastrous INV" w.
| oo,n,nerce ma The general welfare.
III abilities II the adoption OF one poIe: " ~
o,Ler In respect TO The standard oil values gu "a "a
nsnro eject OF different policies Oh ,he iesoIv L
! Industry OF the country. are necessary eE,i.a
considered In connection with measures 81 . n,
other elements OF the calculation are to I've
the country and the present forms Oh Ia burden
nresent nternalrcyenEe system ~ uie la' a "a
some in is operation that articles o.
sad from 81 Ia 20 pcr cent Of their value stNs ~
ers esded but from these taxes the nited
are exempt-introdncins large element OF ine ,.s,
The real and personal properly IN W., III,
States IL estimated at sls,WOVV1VH o mo-
A. 40 900 coo are Government secuiiIies az ~
taxabe by State authority. Inc iac' Vi, ~ m.,
crenrdion causes irritation everywhere, "hi' A.
be removed By tax levied by CohsIe.s'S., q N,
over the operation OF the indireel tuAho da,.,e,
Internal revenue system and the tarih u ho' al
according TO the ability Of The Taxpayers OF NO
NJ The property taxed but inyersely honvT ~. -oxe
asstv Tor mobilization Of those systems Inc re,e
nne sy,tera should not 30 abandoned al once o
fed and ameloratod 10 the greatest possp' saoa 10
I;ut in the end the whole system should ehg psnst;o
better; viz, Direct taxation on the assessor ''N"
of property throughout the United S'aIes. o, ,a,e
THE Constitution forhids this. requiring uneo on
10 be laid in proportion ~ numbers anu an IN nre
of the Constitution, 40 as to allow ,aA..d r'hs
oa-s;n, 10 nroperty 4, therefore odyocated. @
-, done all indirect taxation should % sWea %
md diroct tarst:on substituted moderate eic'.
lans ar Two articles and a moderate 'AH' p'~'1 -