The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-07-22
CUMhERClAL AM FINANUlAL.


On Tuesday resolution, in the Con-
gressioual House of Representatives,
was referred to the Committee on
Ways and Means, declaring that, In
the opinion of Congress, no further
issue of the bonds OF the United
States ought to be made for any
purpose not already provided for,
except on the distinct condi-
ton that they shall be subject to taxa
ton tor State, county and municipal
expenses, in the same manner ana to
the same extent as other property is
now or may hereafter be Hssessed.-
There is wisdom in this. Everywhere
all over the country, there is very
unanimous public sentiment in favor OF
maintaining the national faith unbrO-
ken, in reference TO the public secuTi-
ties. No party, no interest, no promi-
nent individual, favOTS reputation OF
any part or the public debJ-not even
SO much as the imposition of any tax
from which it is exempt. This Is not
only honest, but il is wise. Any vlO-
lation of the word or spirit of the bond
by which the Government bound itself
| to pay back in principal and interest
the money that 1t borrowed, when its
Treasury was empty and its credit
| greatly weakened, would recOil IN loss
/ of credit ten-fOId any amount that
l
realized through violated faith
While this is true OF the exist
ing debt OF the nation, there Is
| nevertheless wisdom in the sugges-
| ton of the resolution OF the House, that
there be no further issue of bonds by
the Government for any purpose, e1-
cept on the distinct condition that they
shall be made subject to taxation, rs
other property of like value is taxed.
Future Government loans, above all
other loans, should be made amenable
TO tax, for the borrower being the Gov
eminent, the holder Oft the bond cannot
force from his debtor the tax, as can the
holder OF bond and mortgage fOI ce
| back from his debtor the amOuDT OF any
tax 10 which the mortgage may have
| been subjected and paid: thus capital is
more surely reached and made 10 con-
tribute its share Of the burthens of Il e
State, without possible replacement,
when invested in the public securities,
than when invested in any other Kind
of security used as evidence of money
loaned. TO avoid complaints oil inc
| quality and injustice in our taxes Is IA
matter OF first Importance, and, to this
| end, the fewer the exemptions by law
the wiser. 1t too generally happens
that the owner OF property in the shape
of money lent escapes the tax that the
| law intends and justice requires he
should pay, that exHctiOn being forced
ON the borrower in some OF the various
and effective ways known to capital
isis. The most etiectual means OF
quietiug complaint on the part OF
| the taxpayer Is to make all property
pay its equal proportion, and under no
| circumstances to afford warrant for the
charge that the few are favored at the
expense of the many. The present
funded debt of the Government WAS
created under great exigencies, and
when the credit of the Treasury wHe
very low. Not only was u high rate
OF Interest necessary TO tempt capital
lists to furnish the required amount, but
tax, equivalent TO SO much more OF in
terest, was given. The promise TO ex
empt from tax is just MS essential part
OF the bond MS Is the PROMISE to pay the
| per cent. interest, or the principal
and we are glad TO stale 1t Is nearly
universally SO held. But any new loan,
liza BILE to tax, now made, would be err
Ieemed, in the present changed condi-
| ton OF the country, as even more de
sirabIe than were the present loans
when they were put on the market, and
would probably be taken at II higher
price. No exemption of tax should be
| promised in the absence of the causes
| thai made il necessary when the present
war debt was created. To put all prop
erIy on the same level, will not only
| increase confidence in Government
piighted faith, but it will remove all
| preIexI for demHgogues TO excite preju-
dice on account of alleged class leBis-
luIinn