Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1868-07-10
Concluded next week.
Speech of. Hon. F. A. Pike.
In II, H,usc Of Representatives,. Friday
June Goth, 1868.
INTERNAL TAX BILL.

Mr.. PIKE. Mr.. Chairman. l renew the
amendment OF the gentleman from Mas
sachnsetts, NJ. BUTLER for the purpose
of making one or two statements in rela-
ton to the taxation of U .itcd States
bonds. Their seems to be i little difficulty
about this matter of taxation When in
troduced the proposition this morning ii
was not in order because of some rule or
other: and Enety-eight gentlemen, Il
seems. either because they We're really OPP
posed to it or the laudable purpose of up
holding the rule. concluded TO vote against
INV proposition. 1t seems now that pro-
positions relating to the banks are in or
der. because during the morning hour. or
Mt some other time. Il resolution was. i'll
some surrepiitious way. adopted inslruc-
ing the Committee of Ways and Means to
embrace this subject in the bill. Aud yet
it is complained that banks ought not To
he taxed even if in order, because The or
Ger itself ought not to have bee;i adopted.
But 10 rot propose t. discuss bank
taxation just now. | wish to call the a.
tention Of the House to a more impor-
tant matter. and as this House is at least
three fourihs Republican desire to re-
mind my party friends OF he responsible
tv Of the party legislation that falls upon
thea. | presented this amendment this
morning. and it was based upcn the rea-
sons which beg leave to submit to the
House j:
sEC-lnd be 1t further enacted, That upon al
interest arising from the bonds Of thu Unto
states there shall lie levied, collected, and paul
,,uiy OF ten per cent. on the amount Of such inter
est, and the Treasurer OF the United state, a,;a
such subordinate officers as shall be charged Win
the pa, ment of such inter st shall assess and Col
lect the duty hereby levied
The rea,on why propose this method
of taxation are these:
|. II is the English method. Wca-c eX
&, v,iia-ly scnsi; We OH this question o
bond taxation. and while many demand al
untricndly and an unreasonable rate q
taxation rs compared with the taxation OF
other property. there are others wh'
shrink from all taxation as lift were
species of Reputation. For the benefit u
such | cite the English example. feclin-
satisfied shat if we keep within the pale o
the present English law on tho subject VI
shall not lay ourselves liable TO TIL
charge.
The income statute rs Victoria is very
elaborate, occupying hundred anu tween
~ pages, with minute details OF ditferei'
subjects OF taXa,ions and modes OF collect
ION.
Schedule B provides tn. It upon income
from landed estates-and from this source
some OF the largest English incomes ar
dcrived-therc shall be levied " two and
half pence upon every twenty shill!nSs o
value"
Schedule G is as follows:
Upon all profits arising from annuities payab!
TO any person, body polite or corporate, com
pany or socicty, whether corporate or not COZ
por:ite, out OF any public revenue, there shall h
charged yearly for every twenty shillines OF III
amount thereof the sum Of seven pence, withol
deduction
During the Crimean war, in 1851, the ia.
WAS increased fifty per cent. and III lS1
it was again increased until it got to be siN
teen pence on the debt and eleven and
half pence Oh landed income. After tina
war it fell back and was again increase
last year in order to pay the expenses G
tie Abyssinian war. During the Napoleo
wars the tax was two sh!llinss in iii
nounsl or ter per cent. of the amount of in
ls,r.st. The mode of collection is PROVIDED
in sections tweIty-fuur to twsnty-cight III
elusive of the same act. Section twenty
four reads as follows
The governor ana directors of the Bank
In,siand shall be commissioners for eNeiu'ins TIN
set, for the purpose Of assessing and charging Il,
t.Iitics hereby granted III respect Of all annuIo.
tiTidentts, and haIes OF annuities payable ont a
HE revenue OF the United Kingdom 10 aly pc
lt.,S corporations nr cHmi'1r''- wnii "'Ver' M
- =. ~ 81. 'ift- 's't =" =" p'f~.-'
+ itss g.. 80 -'.~-'.
1he other sections make similar provi'
ions in case OF Bank of Ireland, Sputl. Sc
COMPANY. Last India Company, and ron
nissipners Tor the reduction OF tho publ
debt. The effect OF these English ststui
is: a.,
|. A larger tax is assessed upon tn
holders OF properly III the puoic ueu
ihun upon tie holders Of landed estates