The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1867-09-26
TAKING BONDS.

shall says on this point:
/ E"No power has been conferred by
the American people on their govern
ment, the free and unburdoned exer-
.cises of which more deeply affect
every member OF our republic. In
war, when the honor, the safety, the
independence of the nation are to be
defended, when all it's, recourccs are
to be strained to the utmost credit
must be broughtinaid oftaxation, and
the abundant revenue OF peace and
prosperity must be anticipated to
supply the exigencies, the urgent de-
r1ands of the moment. The people,
fol' objects the most importanc which
can occnr in the progress of natious,
have empowered their government
to make these anticipatins, to borrow
money or the credit OF the United
States. CaE anything bc more dan
gerous or more injurious, than the
admission of a principle which an-
thorizes every State and every COR
(poration in the Union which possess
ses the right of taxation, 10 burden
the exercise of this power at Their
disc setion? 50 6. q
A tax, BY Il State or corporation
on government stock is. thought. by
this court to he a tax on the contract
% tax on The power to borrow money
on the cre.'it Of the United States:
and consequently to be reongnsnt to
the Constitution. y Peters SupfrmeI
Court Reports, p, 4s3.
Similar decisions have been rem
dered by every Supreme Court and
Supreme Justice since; intending
Roger B. fancy, who was the idol
Of the democracy because he decided
that negro men and especially Ee gro
women had no rights that democrats
were bound to respect. And now al
ter all their professions of reverence
Tor the edicts of the Supreme Court
and veneration for the the constitu-
ton, what do they say in their pat
| form?
Read the following fourth resolu-
ton and see:
4. "That all classes oe property
should pay proportionate rate To-
ward defraying the expenses Of the
government. We are therefore in
favor of taxing Government bonds
the same as other property"
Here we find this copperhead par
ty openly recommending that gov
ernment bonds should be taxed, in
palpable violation Of the constitution,
and all the decisions Of the Supreme
Court, even so late down as Judge
Taney's in 1862.
| It is plain that lfthe bondsare not
taxed by the States, it is not the
fault of the Republican Congress that
authorized their issue, but rather the
fault of the Supreme law of the land
as expounded by the Supreme Courts
from Marshall to ehaee. Rut az s---p
have stated in these columns before
these bonds were virtually taxed in
advance when they We're sold, for
every intelligent man knows that
without this wellknown legal exemp
ton from State and municipal taxa
ton, they would not have been neg
. otiable short Of a rninous discount t6
s the government, and thus the eXemp
ton became part of the consideration
In our opinion the MOI ey could no
/ have been raisedswithout this eXemp
ton, and had we failed in monetary
matters, the rebellion would hav,
proven success, and JEFF. Davi
would have been ruling to-day owe
a FILTERED away fraction of tn
: American Republic.
But we claim that it is not onl,
legal, but equitable that they shonl'
be exempt from local taxation, (fo
bear in mind that in income take
: and otherwise the bonds pay thei
full share of the national burdens.
When this money was borrowed Of
) these government bonds, money wa
currently and legally worth 10 pc
Q cent, eve need money and must hav,
J, it" says tho sorely pressed govern
: ment, "and if you loyal trusting peo
] pie will loan it to me at six per cent
! | will agree that your bonds shall
not be taxed in Georgia to pay 70
: freed negroes, or in Iowa to bull,
school houses, or in Kansas to bull,
railroads" and upon the'faith of thi
i pledge or the declaration OF an exist
: ing law, the people poured out thei
money like water, and their countr,
was saved. And now we say if YOU
0 propose to tax the holders of thcs
: bonds the same as you tax othc
property, pay government creditor
> what they can legally get on thu
: best of security for their money Q
other parties, and you will find on
that it will not be the bond shold
err that win loose blythe change" T
illustrate: A has hundred dolla