New-York tribune., 1868-01-22
T4YDG BONDS-A LETTER FROM Mr. hi
CON-

T, ~. f.fit.r NJ fr'ane
SIR: have read your censure Of me in TIE
TRIBUNE for presenting IN the Assembly resolution IN
favor Of sujectng United States bonds taxation for
State and municipal purposes ~ fns be done
sistcny with the Constitution 81 the United States. The
resolution has not been correctly printed respects,
but do not complain 0irthat.
You have cited decision of the supreme Court Of the
United States, made during Jacks0u's Administration.
against the night Of Congress 10 subject national bonds
to taxation under state laws. am farmer, aud have
never been a lawyer. You advise young man
confess feel young although was born IN the year
1900 But n respect 20 the decision referred % viii say
am informed hy good lawyers that ID is not IN the least
applicable 10 the question to the night Of Congress TO
laws am told that decision only holds that stock IN
national bank ocntd by e United Sates cannot be taxed
under Statc authority Whch Iheie Is no hct oi Cohgcss
permitting such taxation. think the Information have
received is correct for the reason that Congress has
authorized the taxation OF tbe stock OF National Banks
and the Supreme Court OF the United states tao am ad
visedl has held that measure constitutional.
have been Repubcan from The organization OF the
party / opposed slavery because believed 1t was
TO labor for and support another more favored por
tion 0f our race. am now opposed 10 compelling our
for State purposes and for the support ~ local
ernmen IN counties towns cities, and villages and for
building courthousos 1as. poorhouses, school houses
bridges highways and Their maintenance, which holders
OF United States bonds ought 10 pay. favor equal and
men. and am unable to. that such measures would
conflict with national constitution Oh violate the obi
The people submitted to the acts Of Congress that
PEELED them to take United states notes IN payment OF
private debts which payable in gold when
traced because there necessity for such law, aud
II operated alike upon al classes OF sociey Ana thty
cannot now how any injustice wOud be done 10 hold
United States bonds not expressly payable In gold
If the Government should pay such bonds M egatendcr
notes the holders OF suCh bonds Will not exchange
them for bonds subject 10 taxation under State laws
II You will mingc little than you do with the
masses OF the people, ,you will learn that they dcmOd
that Justice shall be done respecting the taxation of
nnoiol bonds and that the people are fearflly i'm ear
upefa WI 4. nlf
they viii maintain at the polls OF eleo tions.
hear their just proportion o. the burdens Of all kinds Of
taxation, and thas surely prevent reputation OF The
Your talk Of our national bonds all going abroad II they
should be subjected to taxation under state laws rovoke
few If ann holders of bonds would sell them for such
,heroof a. arv ,ybIc secIites But n they should
sell their bonds Europe the proceeds would come back
into this country IN money or property ana be subject 10
bondholders will bite off their own noses.
Our State bonds are held III this country notwthsnnd
bonds would sll he held here they should they
be subjected to such taxation.
Our State bonds above par IN the market and the
price OF our national bonds would alO remain above par
nj our stock boards II they declared 10 be taxable
for state and municipal purposes for the reason that they
are the most desirable securities that capitalists pun
chase hold IN this or any other country.
fit wrong aud opposed 10 the general welfare Tor
one man live ~ ease upon means invested IN bonds
exempt from hIat0 whle HE negibor Is compelled 10
Labor and pay taxes that should hc apportioncd and
levied upon the ene property of boih according 10 the
amount owned by each then the resolution have pre-
sentcd in the Assembly il right. and you should favor II
hui Otherwise II should he rejected and privileged classes
be supported In tins country by our hborhg people.
Now Sii Il most earnestly mplOfo you Ia favor thr
conversion Of our entire National debt INTO bonds subject
axation State aud mnmcipal purposes ny soon ~
that can be accomplished under the Constitution oi ihe
nted states without doing any injustice 10 the holders
of bonds already issued and ihus save the Republican
party from defeat next Fa aud prevent reputation OF
Inc National debt by the Democratic party.
trust you will do the justice to publish this letter
In THE TRIBUNE. .- =. -.
Very respectfully yours, LYMAN BALcoh'
Albuiy Jan. is, 1907.
rye beg every reader WHO feels proper
rational interest in the matter of taxing
bonds, to recur TO our article of the 10th inst,
to which the above is an attempt Mt reply,
and note the positions therein taken, to which
Mr. Bacom does not even nlludc, though his
article is longer than ours. We do not realize
that another word is require6.-Ed]