The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1867-09-28
taxation OF Government Bonds.

The more the subject occupies the at
tontion Of men, tho moro apparent be-
comes the oppressiyeness of that law by
which Government bonds are exempted
from taxation. Every year is adding to
the burdens upon real estate for, from
the time Government made known its
wants, and offered so literally to such as
would como forward and supply them, the
ready money of persons and corporations
has been passing from the list of taxable
property into that which is exempted
from all share in sustaining the public
burdens.
An isolated instance will serve better
than general statement to enforce the
subject in hand. A few months since a
Mr. Lord was, in broad daylight, at that
scat of the money-chane ers-Wall street
New York-robbed ofSl 400, 900 of prop
erty in Government bonds exempted from
taxation. If this resident of New York
had dwelt in New Hampshire, and this
amount of means was subjected to the
present average rate of taxation in this
State, he would pay somewhere in the vi
cinity of S25, 900, or a twenty-fifth part
Of the State tax ordered last juno for
1868. 1t is impossible to arrive ut the
facts, but it is undoubtedly the case. that
Government bonds are held, by persons
and corporations in New Hampshire. TO
ut least five times the amount of the Wall
street robbery-say seven millions of dol.
lars-which, taxed two per cent, would
yield $4,000 Probably We have set
the estimate too low by half; but, even
at our low conjecture, property to the
amount Of $1,000, ,000-thc means, too
of people most able TO PAYS exempted
from taxation. and $4,000 transferred
from the shoulders of people in easy, and
sometimes opulent circumstances, TO those
of their less fortunate fcllow-citizcns. As
State banks have closed their aiTairs.-
stockholders have been diligent to REIN
vest in Government bonds. Other capi-
talists have transferred their means to
savings banks, the directors OF several of
which institutions, instead Of being tho
keepers Of widows mites and the inher.
tances Of orphans, have become the guard
lans of the surplus capital Of afiluent men
whose property is thus subjected to only
the moderate taxati0n-moderate for these
times-of three fourths of one per cent.
BY these processes an immense amount
of property, Immediately convertible into
cash, has passed beyond the reach of To-
cal assessors. So much Of these unknown
millions as consist of Government bonds
are to remain exempted from taxation to
an inevitable distant period, unless the
Government changes the contract, or
takes up its oblig tons in advance Of ma
turity, aud supplies It's needs by another
process.
At the time the Government made It's
euticing offer, aud thonccforth TO the end
of the war, fe y men were disposed to com.
plain Of the conditions upon which mon
cy was obtained to carry on that conflict.
But there has been great change. Tax
alton is necessarily laid TO amounts tha;
would, ten years ago, have been regarded
as impossible TO meet. State. county and
town taxation is as to amounts ab ulely
/ frightful 10 multitudes of industrious
/ people, who are forced " 10 cat the bread
OF carefulncss," aud deny themselves the
luxuries, and many Of them the neccssa-
ries of life, in order to make both ends
meet" On the other side are these afIlu.
cnt and wealthy people, multitudcs oi
whom have so changed the nature Of their
material wealth that the cases are numer-
Gus where 0pulent people are now paying
small local taxes. This, it is true, is le-
gally right, but it is, nevertheless, moral.
/ ly wrong, aud arguments, long and pro.
found as the writings Of Benlham, would
be made in vain, to prove the contrary
| The moral sense Of mankind decides that
so long after the war. it is not merely
morally wrong, but sufficient cause for
continual and angry irritation. This in.
equality OF burdens cannot exist, and not
fret and ycx immease numbers Of people
Men do not usuaIly complain Of taxation
il the burden is as equally distributed as
it is possible for Government TO do it.
The clamor is absurd, indeed ridicu-
lous, that injustice would be done If the
Government, with all the reasonable ex.
! pidition, revoked the conditions OF its
contract. They WHO, even in an early
period Of the war, put their money into
| Government securities, ran no risk, and
if they think so have probably had the
oil of JOY for mourning" sufficiently long
to make them forget the peril their mon.
ey encountered in going into the treasury
of the United States Some Govern
ments, in their strait, have put out metal
lie currency at fixed values, cut down it:
own standard, aud redeemed its obliga
tions at lower figures The rulers of 9th
er States, in times of public peril, have
compelled their opulent subjects to loan
their money to government at low figures
or no usury at ALL But this Government
never did wrong to any of its subjects
and would not, if it next winter made
moro manifest than ever its regard fol
sheer justice and republican principles
by placing all the people upon such {
foundation that all would share alike il
bearing the public burdens. .--Ne0 Hanep
shire Statesman,
The Result.