Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1868-07-03
farrea hook and forth. none so difficult to

mpnt that is ever reps sentca on the BOOKS
{ of the assessors and tax collectors. AS a
ncrtinan illustration might cite the case
of The bonds of my own State. OF winch
there are over millions in eyistance to-day
!, largely held IA fayaiite investment ny
the citizens of Maine. OF this whole sum
am safe in saying that scarcely dollar
is found on the lists of any assessor III the
State of Maine. And yet the facility Tor
concealiRg ownership in national bonds is
far greater in any other form OF security
and ,he proportion in the hands OF ndlvld-
mails that would escape the assessment OF
|, local taxes may be inferred with reasonable
certainty from the analogies have suggest
ed. aud which are familiar to all who have
Given the least attention to the subject
Indeed. I venture to assert with confidence
that if the mower of local taxation of these
bonds were fully accorded to-day, the tax
lists Of oar cities and towns would not be
increased on an az rage one per cent
MANY of those who to-day may be ambi-
tious of parading their bonds when pro-
tcctcd hv what Is deemed an offensive ex
emplion would suddenly have none when
the power of taxation applied to them
! Indeed, the failure to realize anything
from ills source, If the power to test 1t
were granted. would in the end create more
dissatisfaction than that exemption. which
/ in theory, i, offensive, bnt in practice Is
| absolutely of no consequence whatever.
! But it will be asked. WHY don you
tax the bonds ny national authority ?
i Granted it will be urged that the power of
| local taxation would he nugatory and value
| lrss. that affords all the stronger reason
! for taxing the hondsty direct congressional
enactment In answer to this | II I'VE ON
] " 10 say that a Ia. levied directly upon the
coupon is simply an abatement of interest
and that result can he reached in a better
aud Ii ore satisfactory and mare honorable
way. The determination manifested by
this Congress ana liy the great Republican
convention at Chicago to maintain the ma
tonal faith has already worked large ap
rrpcatian in the valuc OF the bands, and
with the strengthening Of our credit. whic,
results fom an honest and high toned pol
,cv. we will speedily he able to fund our
debt on a lower scale Of interest. running
down to fise. four and a half aud ultimate
| " to faur per cent, per annum. Shouid
we proceed howcvrr. in violation of GOOD
faith and of the uniform practice of civil
ICED fiatiols. to hold back part of the slip
ulated interest instead of ,tfectins an hon
nrablc exchange of bonds TO the mutual
/ advantage Of the Government and the pub
lie creditor. we should only punish our
selves. pradnce calamitous results in the
business world, and permanently injure
our national ftwe.
T., With II exc per cent Of the interest
under the plea of a nation Il tax this year
might be 10 lowed by Withholding two per
cent. next year and three per cent the
year ensuing. To enter upon such policy
would projl;;ce alarm al home and wide.
spread ilstru.t abroad. for every IT n inld
ing a bond would have tn count his rate Of
interest not on what was stipulated III the
contract hut on what might be the will and
caprice af Congress in its animal withhold.
ing Of portion Of the interest under the
pretcnse Of tax. Under sach a policy
bonds would be returned upon Us from Eu-
rope with panic like rapidty. AMI the
drain upon our specie resolrces wonld pro-
] lucc an immediate ana disastrous crisis in
monetary circles. ii even one half our
bonds held in Europe were suddenly sent
| home it woall drain rs two hundred and
| fifty millions Of specie. and the financial
distress throughout the length and breadth
of the land weuld be beyond the power Of
calculation or imagination. And Yet that
is the precise result involved if we should
follow the policy advocated by those who
urge us to tax the coupon an1 withhold
one or two per cent. of the interest. Let
US rel oct Slsh cnHns.ls aal adhere to the
steady, STRAIGHTFORWARD course dictated
alike By gnad policy ana good faith. Aad
let us never furset that in the language al
the Chicago platform. the hest policy to
diminish our burden of debt is to So i'm
prnve our credit that capitalists will seek
To loan IL money at lower rates of interest
than we now pay. and must continue to pay
as long ds reputation. either partial or %
tai. open OF covert, is threatened or SIS
pected.'
II these statistical statements nee12d
a veri.cation it would be supplied by an
examination of the income returns rccen "
made under oath end published in all til,
largo cities of the country, disclosing tn {.
fact that the amount of bonds held by the
wealthy men OF the country has been c,n.
tinualiv growing less, Just as they have
absorbed by foreign purchase and corporate
investments. The correctness of these in
come returns in reference to the invest
ment in bonds will be accepted even by
the incrpdaous and the unchtrital le whtl
it is remembered that the interest Of thnss
making them was to eyagerate rather thar
drpIeciaie the respective amounts held hy
them. Instead thea, of nineteen mil,
lion f these bonds running free of taxation
it is clear that less than SIX hundred NIL
lions are open to th,,t charge ihln
one Third OF the whpi. amolrt, The re-
maiuder, largely more th,n two-third' o
i u