The Portland daily press., 1868-01-28
raxeaion of United STATE. s.on....

The following preamble ard resolutions
were preser ed to the House of Representa-
tiyes at Augusta last week, by Mr.. Morris Of
Portland, and On his motion were laid on the
table, and ordered to be printed:
A more perplexing financial question has
seldom arisen than that growing out Of the
exemption OF United States Bonds from mu-
nicipai taxation. On the one hand is tie
faith OF the Nation, pledged in its hour o.
sorest need. On the other, a large amount of
property exempt from taxation, while cur
commerce. our mercantile, lnanufacturins and
Industrial interests are crippled by the heavy
burdens resting upon them. But is the ques-
ton one of such difficulty as not to admit oil
a practical solution which shall not do vio-
lence to the plighted faith OF the Nation? II
the action OF the Government is bearing I'M
justly upon any portion of its citizens, has it
not the right and power TO remove the cause
of such injustice, and is it net its bounden
duty to do SO? The origin OF this difficulty
was IN pressing necessity OF the Govern
nent for large sums of money, at time when
its very existence was imperiled by gigantic
rebellion. This large expenditure was tor the
benefit of the whole country. The General
Government, representing and acting for the
people, with this provision of exemption from
taxation, was enabled, with the exception OF
small amounts of its first issues, to negotiate
its bonds without submitting 10 q discount
Without this provision, it could not probably
have realized more than from eighty TO
eghty-ei3ht cents on the dollar. Take the
smallest amount. A discount OF twelve per
cent. must certainly be regarded as a very
moderate estimate, in view of the fact that
our municipal taxes are at the rate on an av-
elage Of three per cent, while the bonds had
twenty years to run. On this basis the Gcy.
eminent has gained by this exemption twelve
per cent Now If the Government has receiy-
ed the whole benefit Of this, is not the Gov
eminent the source to which we shcull look
for q remedy for any irjustice arising from
its operations? And the practical question to
be considered is, in what way can this be ac-
complished?
There is feeling prevalent to some extent
in favor OF direct taxation OF these bonds.
thus placing them upon a level with other
property. Dut the sentiment that the na-
tfonai iaith must be observed is TOO universal,
loo sharply and clearly defined, to admit of
this.
Another proposition IS to consolidate the
different loans, with uniform rate OF inter
est, certain portion of which is to be resery-
tor distribution among the several States. ac-
cordins TO tbef population. There is no
necessity tor discussing i'm this connection a
proposition so unjust and unequal in its oper-
ations as this
But If Congress would pass an act in sub
stance as fellows:
That all persons claiming exemption from
their municipal taxes, or any part thereof, by
virtue OF holling bonds which the United
States have exempted from taxation, shall be
required, ON the first Monday OF April next
year, to present such bonds ior registration TO
the assessors OF the cities, towns and planta-
fiona i'm which they reside. cpd ho
States shall furnish TO the cities, towns aud