Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1867-12-12
GREENBACKs AND GOVERN
MENT BONDS.

" tlS QueS1iOh9 uPVh which ti'
Democratic orators and presses
with Mr.. Pendleton and the Gin
cinnati Enquirer at the head, urged
with all their eloquence and power
the policy Of Immediately paying
Of our National debt by taking up
all our Government interest bearing
bonds, by exchanging for them,
non.interest bearing greenbacks.--
Their arguments in favor of thi'
policy were that the Government
Bonds bore interest, aud were ex
empted from taxation; thus they
said the rich bond holders went free
from paying taxes, while the poor
men Of the country land they talk
ed as though they thought nobody
was poor but Democrsts, had to
pay all the taxes. But said they,
let the Government, now that the
war is over, repudiatS its contract
with the men whom they induced
to invest their means in our Bonds,
and thus assisted us in carrying on
the war to save the Government
from distraction by rebellion,--let
MS pay off these Bond holders In
greenbaeks, and then we can com
pei these rich men who now hold
these bonds to pay taxes on the
greenbacks which we pay them for
these bonds; this idea took with
many persons, and undoubtedly
had much to do in swelling the
Democratic vote in this State.
Now for the Democratic consist |
ency of the leading organ of that
party in the South and West-the
Cincinnati Enquirer. 1t seems that
Farran & EcLean, Proprietors OF
the Cincinnati Enquirer, had, in
1866, S3l 800 of Greenback curren-
cy In their possession, which they
refused to place upon the duplicate
for taxation: but in June last the
Auditor and Treasurer Of Hamilton
county placed this amount on the
duplicate Of that county for 1866,
and charged the tax thereon against
the ProprietOrs Of the Enquirer for
the sum Of $3.50 40. To the pay
ment of this tax the plaintiffs de-
INJURED, on the ground that Green.
backs, under the law, were exempt
from taxation. The demurrer
was sustained in the Superb
or Court at Cincinnati, a few
days since, before Judge Storer.
The opinion Of the Court is given
In the Cincinnati Gazette of the 9th
ult. In giving his opinion the
Judge quotes from the several acts
of Congress authorizing the issuing
Of the various kinds of Bonds, and
evidences Of government indebted
ness. From the law of 1868, he
quotes as follows
"And all the Bonds, Treasury
Notes, &c,, &c, shall be exempt
from taxation by State or municipal
authority"
The Judge says;
Here ia an express provision Of Con
gress attaching not only to bonds but to
Treasury notes, and demand notes. On
the 18th Of July, 1859, Joint Resolution /
wan passed by which the Secretary Of the
Treasury was authorized TO issue notes on
the Treasury ofthe United States,"
And again he quotes from the law
Of Congress, passed 30th of June, {
1854, as follows:
! "Tho words, obligations and other So.
nuFiiies Of abe United States shall be held
10 include all Bonds, Coupons, Treasury
notes, Demand notes, Fractional Currency,
Chscka for money authorized by the (
Treasury Ofthe United States, DO"
Judge StOrer gives the following
CONSTRUCTION or TUE STATUTES.
The great purposes for which these
notes were issued could only be gathered j
rom comparison OF all the statutes. The >
,hieot waa 10 give credit 10 the bonds and
Treasury notes Of the Government. In I
he next place they are demand notes aud
lre obligations binding on the Govern.
nent; and in two Of these htatutcs~-one IN q
rEpress terms, the other by implieation---
~ hnd they ere exempt from taxation by
State or municipal authority,
II seems the spirit, as we'll ~ the letter q
" the law, 40 wcgather from these several /
statutes, leaves na but the one RESULT that
Z was the intention Of those who enacted S
Iheae laWAto exempt from taxation not on q
y the boadH Of the Uuited States, but the
Treasury notes and the demand notes. {
NO OPINION on MATrEna oE Foley G
With the policy Of this | have nothing d
. DO. But may be permitted 70 gay
iaunot see with what propFiety Treasury 9
notes, payable on demand, can be exempt
a from taxation. when gold aud silver, is.
Iued BY the Government, and declared le. y
yal tender. arc not There eis distinction
aads. However, fnd the law plain mp I
n this poiat, and II is not for me TO inquire ,
Bto its policy. Ifthere was any reasona-
,le doubt a. 10 the law--anything 10 Z
ghiehI could refer 70 change the result-4 ,
souid decide differently. But the law is /
.xpreas and plain.
sf not IxgMrT ~ ~ BANK, y
- s.ts Attic. -. 4as tha .,,r,.,st |