The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1868-09-04

There is nothing that more clearly shows the
dishonesty of the Democratic party and the
unfair means to which they resort to excite
prejudice against the Republican party, and
divert attention from the real issues of the con-
test, than the the position they take on the tax
alton of United States bonds. Mr.. Pendleton
in his speech in this city, said: "Let me go a
step further my friends. 1 told you the public
debt of the United States which sits so heavi-
ly to day upon the shoulders OF the laborers,
amounts to more than $2,500000 900. OF that
amount, more than $1,5O0,O00 600 are of $40
bonds. These bonds are payable in twenty
years, but may be redeemed in five. They bear
six per cent interest in gold They are exempt
from State and municipal taxation. The man
who owns them IN Portland, pays nothing up
on them for your police, for your gas light, for
maintenance of yonr streets, for the protection
ofyour houses against thieves, but if he is rob-
bed of them, he applies to your Sheriff, to your
Police, to your Judges and your Courts and
asks them to protect him in the possession of
property which does not pay one cent to the
support of his rights, (applause)'
And this is but fair specimen of the man
ner in which this ques ton is misrepresentation
now what are the facts in the case? The whole
am cunt of bonds issued by the government
and exempt from taxation is 81, 945 ,0OO
ut the question which interests the tax pay
er is not whether the government has exempted
the whole amount from taxation but on what
amount exemption from taxation is claimed,
OF the amount issued $6O0OOO,OOO are held in
Europe. About $500 900 900 are held by the
90 fas H. e
the issue of bills and for deposits. Add to this
the amount held by savings banks AID we have
over 81 200 100000, on which no exemption is
claimed, nor would taxes be paid on these
bonds were the law exempting those abolished.
large amount which is held by private
individuals does not come under this provision
for exemption ;,some do not claim it from prin-
ciples, larger number because they are I'M
willing to make an exposition of their property
to the assessors. Gases have arisen in this city
where persons who have never rendered
statement of their property, but have been
doomed year after year by the assessors, have
claimed exemption for the amount they have
invested in bonds; but when questioned by the
assessors have preferred to pay their former
tax rather than make an exhibit of their prop
auu IL Is pEOUduie IudL exemption Is
claimed on one fourth of the whole amount of
bonds issued. 1t is estimated by the assessors
that there are $4.OOO,OOO of bonds held in this
city while exemption is claimed ON but $50 900
being but one -eightieth part
Now let us see to what extent this affects
the tax payers of Portland. The taxes for last
year were made on the basis of 1923 ,318.485 val
uation, at two and forty five one hundredths
per cent. The amount of bonds on which ex-
emption is claimed is $4,000. The amount
which would be saved to the tax payers OF
Portland by the repeal of the law exempting
bonds from taxation would be four and one
third cents on taxable property to the amount
of $1,000; in other words every man who now
pays taxes on $1,000 would save four and one
third cents by the repeal of the law by which
the bonds are exempted. Was Pendleton ig-
norant or dishonest when be made the remark
quoted at the commencement OF this article?
c. T. M