The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1868-07-03
Tha Taxntion Of IL. q. nona..


The report and bill reported from the Dom
mittee OF ways and Means yesterday, By Mr..
Hooper, Of Massschusetts, In relation to. thu
tsSatioa Of unitsd states bsnds, are az FOL,
The O. mltee 10 wAy. and Ne.as,o vhon
wac teslffed me fsseiaiion OF the hoass in.
structiny them to report without unnecessary
delay, q bill levying q tax OF at least ten per
eentum on the interest OF the bonds OF the
United States, to be collected by the Secretary
Of the Treasury and such OF hts subordinates
interest on the bonded debt Of the United
States, have had the same under consideratiou,
and eeg leave to submit the Following report
The Committee Of ways and Means are OPP
posed to the proposition embraced In this reso-
luton, and report the bill only In obedience to
the positive order of the House.
In the argument made In the House In favor
OF the resolution the English income tax law
was referred TO and quoted. There 10 law
:sssss Soos!s o. r I soua G
on incomes OF per cent, while the English
law is less than3 per cent But your con.
books Of England, or any other civilized
country, a law that could be regarded In any
way as a precedcnt for the bill the House
haze tss o. .ins report
vIding for the payment Of a rate OF Interest
on the Government debt 10 per cent. less than
waa agreed for; 10 per cent. les. than 10 stated
In the bonds, and 10 per cent. less than was
pledged TO be paid by the solemn enactment
Of Oongress, when the money was re-
Suired to carry on war which threatened
The evil directs resulting to nation. whether
her national credit 10 guarded and protected,
or whether by legislation Of the character now
nations Is forfeited, may not be felt or appre.
ciated In times OF peace; but the committee
desire to call attention to the consequences
that would follow the passage OF bill q ths
ever hereafter have occasion to use our credit
for the purpose OF providing means either to
maintain ourselves At home or to defend our
The committee repeat that In reporting this
bill they act IN obedience to the positive direc-
tion Of the House, snd contrary to their own
their rights As members OF the House to oppose
In every possible way the adoption Of meas
ure which they regard rs hostile to the public
interest and injurious to the national charas-
The bill ia as follows.
A Bill to authorize an internal tax on the
Interest Of the bonds and other securities Of
BE a enacted, &C., That from and after the
passage OF this act there shall be levied, col
due sna e
on all the bonds and other securities Of the
United States. To secure the collection Of
on any bonds or other securities Of the United
states, bearing interest at per centum, shall
be at the rate OF only Ave and four-tenths per
eentumi and bearing interest at the rate OFFS
per centum, shall be at the rate OF only four
and fve-tenths per centum II bearing interest
at the rate OF per centum, shall be at the rate
OF two and seyen-tenths per centum per annum.
No higher rate OF interest than Is herein pre-
scribed shall be paid on any bond or other Sc
curity Of the United States, now outstanding
or authorized to be issued, all conditions of
any such bond or other security, and all laws
or parts oflaws to the contrary notwithstand.
ing.