New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-04

contracts "
the uttermos farhng without oppressive taxation
cannot lie questioned
States 10 their proper relations with the Federal Govern
mcnt cannot be oyeresimated curtament OF the cur
renCy and the maintenance or the public fah arc not
all that Is required restore the country to perfect
financial health We need, in addition 10 these united
be proper for Secretary this report discuss tho
measures regaidcdby him best calculated to bring
IL TO be his duty 10 say lac substantially said IN his last
years report that the question OF RECONSTRUCTION ~ "A
importance 10 none that Congress will ever be- called
upon 20 consider. The great staples OF The
p1rton of our exports But for the cotton held in that
section at the close o the Rebellion. foreign eXchanges
commercial revulsiOu would have been imminent II not
unavOidable Even In the depOrabe condition OF these
consisted OF their productions aud IL Is the crop of the
present year-sma though II may be-hat Is To save us
from rulnOus Indebtedness To Europe. II Is Of the great
mOmen therefore, that the productive power OF inc
Southern States should be restored rapidly possible
Little progress has been made ia this direction during
the past two years and Io real progress VII ne .
until their political condition Is determined Dy their
to the Union with all the rights and privileges
OF other States under the Constitution The secretary
does not aude this subject for the purpose OF calling
the attention Of Congress TO IT, This Is unnecessary ~
il absorbing the public attention, aud the further action
OF Congress relation to 10 viii be watched 10y the peopo
Of 1t depends In great degree, the national plOslst
The views presented by the Secretary, upon TINS subject
in his last report are equally appropriate at the poc"'
In bis report for the year 1885, Secretary used the
following language In regard 10 taxation by the states VI
Government ObligatiOns
view exemption Of Government securities nom
stat t'5son Is by many Pe,oss so1dd an Te,i uoa
the subject Of their tststloh or c9le the ei.luB
ar ,ls se al the money oas~ thereon
he eminent ani sond only unoost utous ut at ."
Lr public faith ,resa IT, Il would ais ~ he nag
power they Win po,ss unless conferred h et',
GG5 en ,1 ~ Of %P .sa i S S IN ny n
~ serious u not htal embaTr'i,su' 70 ~ l people uhs
are her fan Popoioa q the burden Of The PaSe asa
Of OPINION Eyeg taxpayer is personally Interested having d.
public debt psre at home and at low rat o interest Nul
yay largely n states aui in different counties and s Of h
s sie S, e Sos s o vS6 ne pre.s 5, & ad E
di,trut. among TIE Dso2s 1esp. - some ihsosl
I've sat 70 cad1 che prospect o. a. ,g' ,lss E funded q
su EARL De- AZ Csc re es1 n local ~ .a Is a s 80 m h.
lo . tbsn esht per cent The tex payers ofthr tut
saor have th burdens thus gerc,el II IS , eve
men sIo o. tbe result ~ Il interest he national
crtes would At lrss he as great Increase Of oe Ie ei
eanue' while those securities sGad ,e rsis o." 5'sl , ~
long where those tato eoud reach them he' ""ii
iss. and thus Toe burden, oi prgH hRh rate OF ie'i
would BE- e upon he pevpe Of ts oolaD el' so"ie-- OF
alienation"
The views Of the Secretary thus expressed have mud T
gone mo- change. but the exemption from taxation oi a
Kind of property by which special privilege are or seem
TO be- granted any class of citz,hf, S ohos TO e
ayiy-burdcrcd masses tn ali countries ""l Dr.
"a
States arc heavy, aud 30 matter what tA' H.
may say upon the subject, no matter what the roInt
may have been under which they were negotiated ~ r
is "A general sentiment among tax pay tlHi me tAt
tion of Government bonds from local taxation Us rot
eyncy right and that IL ought tO he Boo some WY avoided
in future issues The secretary has mo- HESITATION 10 On
hitting that II i'm sympathy with tls sentiment Inc
difficulty In the however, - has been tutE' H 10
arises from tine fact that n bonds hereafter 10 b utd
10 be subject to local taxation very r." "omo br
held where taxes high. and there would bee constant
tendency concentration Of them 800 states aud coun
cities where taxes arr low, oriu iutrtn couH-'
where they would C5cHpc tNaiiOu ut"sttutI At l- ID
mater OF great importance that thC Government hihiN
slould be desirable investment iu ell I1rt ui thr toui
f and it II obvious that tho States should bc BOO sumo
manner compensated for the right HoN d,nlrd ~ nhut
them other kinds ~ property are taxed Ai'r iI
the subject careful ration. the Secretary can SUE
g.s 30 better way OF doing % than Bog au issue o h'nd
10 Do kuuwu as The Consolidated Debt or TIDE United
States. bearing xix per cont interest. and hi'-
ing twenty yeat 10 run. into Whlrh Oh other ohehois
OF tho Government full as rapidly 10 pusihe h' con
ysrted-One-sXth part 81 the interest 20 each sem h-
nual payment 10 ho rcscIvedhy the Governments 1d pi
over To the states according 60 their population bi t-
mems Az the bonds wherever held, Wuu.d DE itAtU
alike aud "a general distribution o. tlrm De- secured
Stale taXea Including the Nrs for county aud municipal
purposes nuw us general thing exceed Que l" ctli'
h whom the debts incurred fpT the puJ urut cot huutt
are paid and most of the states tb,! hrr already h
the IrOccss OF rapid extinction ana economy Dr. H
praCi iu the administration ~ State atla iIf ird
viii be- quito likely iocuul ti0 ~ o.
prDpDIfv ~ fHr 0rilt 90 Doe 81
ehdl amount foOupNNnOO1 tEe amount 90 De- ueft "a
aud paid iLe ~tutes annually 100 gold would rc tl" o
Nhich would gNo o each of The StIe- lu rlu. d nearly
1s can nov DC estimated. the following sums, To pc It
U L. l H NH " u