The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-02-04
WILMINGTON.


ors, tnfA they should bear their equal burdens OF
larl0y held by the industrious people and the small
Capitalists.
Chairman q the Gemmittss q Ways and Means, he
had under instructions Of the House, reported last
session the bill to tax United States bonds but with
an adverse report, and the bill was never called up
and was never acted on.
Mr.. STEvENK-Wnere isit9
or somewhere else. No friend Of the measure ever
called 1t up.
Mr. ARCHER, (dem.l OF Nd, cast back the charge
OF bad faith on the republican party nstancing the
reduction OF the naval fund from six per cent 20
three per cent fund.- at the last session. The right
und and the PENSIONS should have been Increased
IN proportion 70 the Fund instead OF the income nav
Ing been reduced.
posed TO be taxed were held principally ey the ric
The matter had been officially inquired into ana
was found that $3.50 100000 were held by savings
banks which represented the interests OF the poor;
that $3.50 900 were in trust funds, Wners Tue IN
terests OF the poor were also represehtea; ina.
$500 000, 600 were deposited by national banks put
that amount already taxed, and that 5000
were held abroad, which 1t was not proposed 70 taN
Mr.. HOLMAN said he did not propose TO exempt
any OF the bonds. Mr.. Starkweather went on to say
that that calculation would leave one nunureu iiu
lions undisposed OF to certain eAaen.' .has ~ n
tween $4,000 and 10000 holders. SO mat onv one
fifteenth OF the whole amount was held oy persons
Mr.. Woop remarked that eight hundred millions
OF the national bonds were held In Europe. That
country. He knew from practical observations and
from acquaintance with financial movements In tue
city OF New York that fully t~o-shirds OF the re-
mainder were held by New York capitalists. III was
mistake to suppose that because the cap-
tai OF savings Banks was invested IN
United States bonds the income from them
went to the benefit OF the poorer classes. In
his opinion the bonds held by the poorer classes
would not reach one-twenteth OF the amount neid ny
capitalists, and he believed that the capitalists
should be made TO bear a larger proportion OF the
burdens OF the government. ,,,,
Mr.. HIqee SAID 70 was aquestion whether IL would
motive ECONOMY to make foreign loan OF thousand
miiIl0J&, - q Low rate OF interest, and VIII tnat
money EaAe14p BIC hve-twenty bonds. But the credit
OF the nation Eza been aIfectcd by these improper
speculatidns IN Corgfess, that instead OF being
able TO get money at three and a hall or four per
cent he doubled whether it could be got at i've per
cent. Wnyy Because 1t was question whether the
nation would preserve It's good faith. This KIND
OF speculation in the hall OF Congress was more
damaging to the nation than any thing else could De.
The bonds had been taken at time when 1t required
those who had faith III the nations OF tDe EARN 10
believe that the nation would come out oil me storm
and be saved. Those were the men who had taken
the United states bonds not those who were the con-
Stituents OF the democratic members.
After further debate the vote was taken by telers
on MIR. Holman's amendment, and the vote was Is
10 46-no quorum voting.
Tle roll was called, but no quorum answered.
BY unanimous consent the amendment was passed
over, and the committee proceeded with the otner
sections OF the bill
four, which direct how incomes shall be estimated,
the words 'the amount OF sales OF live STOCK &c,
and spoke in advocacy OF his notion
Mr.. SCHENCK made an argument In reply.
The amendment was rejected.
The remainder Of the bill was mainly formal and
was read by the Clerk without any amendments
being offered.
The bill having been completed, except the re-
served sections distilled spirits and tobacco and
the amendment offered by Mr.. Holman, the House At
twenty minutes past ten adjourned.