The Portland daily press., 1868-01-28
Terms $500 per una.st,,,, 5,s otJU9nce.

Terms So.
plantations Or unincorporated placesl ot
iher respective States, blanks suitably
prepared and rLied, with heading, for
tne name OF Inc person claiming exepsp-
ilon, and tor describing each bond separately
| by giving the date OF fhe act authorizincl ,Ee
loan for which the bond was given. c.aracler
vi issue, when redeemed. rata OF interest
Eumbef, letter and amount; and that no pef
son Ealing TO comply with this provision shall
be Antitied TO such exemption; and that the
assessors OF the cities, towns and plantations
shall, On or before the first day OF July in
each year, make TO the treasurer OF their re-
spectiYe States iull and accurate returns of an
bonds so exempt as per form described above.
who shall, after examining and COMPARING
the same, If found correct, credit 10 the sever
al cities. towns and plantations, in payment
for State taxes, one and cne halt per cent on
the amounts SO returned and the aggi egate
oi the amounts 20 credited to the cities, towns
ana pl ntations shall be refunded by the Cen
ef"i government, in current funds, or bonds
oearlnS s'X per cent interest, at the option Of
the United States Treasurer.
ANY attempt to deiraud The Government
by transfer OF the bonds ON the day of reois-
tratlon, and having them entered for exenr,-
ton 10 both parties, whether these parties re-
-shie IN the same State or In different States
shall make such person so offending Liable 10
Il iine oil two thousand dollars and imprison-
inent for one year.
such a measure would be simple and prae
ttcat in is operation; and although It would
be tar from aliorling full relief, Il would be
satisfactory to the people, and as can he
readily shown, would do no injustice 10 the
Government.
As large proportion OF the Government
Indebtedness is in what are termed iive-twenty
bonds, one OF them of tho denomination OF
one hundred dollars may appropriately serve
rs basis Tor calculations.
Inese bonds are redeemable at the pleas
nre OF the GoVernment after i've years. On
The hrst issue the i've years have about ex-
piied, al if the treasury was In a condition
70 DO so, they could be called in for payment,
tnus opening up large amount OF pfopertv
Tor taxation, without breaking faith or doing
injustice to any. But on the supposition that
the Government will not be able to do thls
before the expiration OF another fye years.
We have the following results:
Amount saved to the Government ON ss,s
o. bonds by this provision OF exemp-
rea a5'1 year. rtere, on do a. 81. per cent 'is@S
$40 %
CONTRA. "
Aiaonnt TO be REFUNDED Tor i've yeara
faXes at one and one-half per cent 81 %
y years interest on do, being the aver
age iCr live years payment OF texes li2t
Amount saved to the Government by
this operation, iO51s
...- -sI9 20
That The interest on the amount saved to
Government in sale of bonds as above, is made
up Tor ten years, while the amount fer taxes
refunded is for five years only, is explained by
the fact that the Government win have re-
ceived the benefit OF this for five years before
the passage OF any laws for feftlndng these
taxes. On the supposi.ion that the bond. are
not paid nntil maturity, we have the follow
ing result:
Amount saved TO the Government ON
slie o. bonds by this provision OF
20 years interest ON do. at ,.x mr. %
can't, a IA
Being loss to the Government for -"
the MI period OF twonty year, on
each $780, c92s
$50 e!
Amount TO 90 Rounded for 1lesn
year. taxes az one and one-hali per
u years interest ON DO. being the ay-
taxes, 10 i1t
- SS1 CT
But it must be borne in mind that this cal
culation is made on the basis that all the
the full amount would have to be refunded.
but such Is not the case. The whole amount
OF bonds thus Issued and exempt from taxa
ton is 81 ,945 ,S42, 100. OF this amount Eve
hundred miliiols ere bed in Europe, and
i5,I96.65o are held By the Government as
collateral from the banks for issues of bills and
deposits. Add to this the amount held by
savings banks, and it win swell the sum 10
mere ihan one Thousand millions, and on
large amounts held by private individuals. no
exemption is asked, for reasons which could
DC readily given by the assessors OF any ot
our large cities and towus Take single
example, perhaps an extreme, but not an $50
laied one. Il is eetimated by the assessors of
Fortiand that bonds TO the amount Of four
millions are held in that city, while exemption
irom taxes is claimed on but City thousand,
eeing but one eighteth part; aud It il not
probable that such exemption is c,ajrpesl on
more than one-fourth Of the whole amount OF
ponds issued. Taking this as The basis, We
nave tue following results, on the supposition
that the bonds are paid in five years: l1elI
Amount saved ta the Government on
sale Of bonds by this provision ofex-
cent, ia
si0 20
Amount To be refunded for i've years
taxes on one-lourth Of whole amount -.
OF bonds issued, SlSz.
2! ears interest on DO. being the av- -.it
craze OF i've years payment OF taxes - rf
Amount saved TO the Go7erpment nv
the operation, iTe4!
- si9 81
On the basis that they are Lot paid until
maturity we have The following result:
Amount saved TO the Government on
Faie ot bonds by this provision OF ex-
empti>n, sam
30 yrars' interest on do. al six Der
cont, IAN
F26 10
CoSIRA.
Amount TO be refunded for fifteen
yeels' taxes on one-iourth OF whels
amount OF bonds Issued. s562,
u years interest on do, being the ay-
eraae OF hltssn years payment OF
taxes. ags
Amount ,avea to the Government by
the opera ion, isztt
- $50 40
REHABILITATION.
There are heavy burdens resting upon the |
people rom inequality Of municipal taxation
arising IRON the exemption Of U. $. bonds.
The Government having received the full
nI Efa 4. AZ.