The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-06-28
DIR. SHERMAN AND THE "BLOATED
RONDHOLDERS"

BONDHOLDEhO.
IT is boldly asserted, and thus far without
any attempt at denial, that the chairman
of the Finance Committee in the
Senate is influenced in his action in
favor of the income tax by fear
of local unpopularity in the State he repre-
sents If this be true, it should not serve as
an argument in favor Of the re-enactment of
that inquisitorial, demoralizing, and odious
tax, but should stand as one among many
other reasons that are daily accumulating as
to the unftness of Mr.. Sherman to serve at
the head of so important committee. If the
vote of the Senators opposed to this OBJ
noxious law can be taken as criterion of
the feeling in the States they represent, all
sections of our country would appear to be
opposed to this form of taxation. The
amount of the tax, if necessary to the national
credit-which it is not-will be freely paid in
some other form by the people. 1t is not
the amount of the tax that occasions such
widespread dissatisfaction. 1t is only the
character and the manner of collection and
the. injurious results of this tax that unite
against it so large number of our intelligent
and patriotic men.
1t is the argument of demagogue, and a
very dangerous one, that the only persons op-
posed to this law are the rich bondholders
of the Eastern States.
This charge is not only unjust as affecting
a class, but untrue in point of fact. The
opposition to this law does not arise from the
unwillingness of any class to pay its fair pro-
portion of the national taxes, but from nearly
all classes and conditions of people, and for
many different and weighty reasons. The
newspaper press of the country, without re-
gard to party predictions, is almost unani-
mously against its re-enactment. Are Ame-
rican editors and proprietors of newspapers
''bloated bondholders"? We think not. Mer-
chants, manufacturers, tradespeople, and
business men, engaged in all our multifari-
GUS interests, are opposed to it. Are these
representatives of American interests ''bloated
bondholders"? We opine not. Mr.. Sher-
mans insinuation on this subject is, there
fore, not only unworthy of him but in viola
tion of truth and the facts.
All classes of society and nearly all inte-
rests in our country unite in opposition to
this tax
Because it is palpable breach of public
faith to re-enact law that was originally de-
clared as only of temporary character, as
necessary war measure.
Because it is unjust as being a tax not
based upon capital, but upon fuctuating and
unreliable yearly returns from labor or busi-
ness hazards.
Because unequal in its operations, taking
from all persons whose income is derived from
company bonds the full amount of the tax,
without giving them the exemption provided
for in the bill, thus nullifying its own pro-
visions.
Because it is demoralizing to the people,
offering bribe to perjury, leaving honesty
to pay and dishonesty to evade the tax.
Because it is inquisitorial, humiliating, and
anti-republican in theory and operation.
In whatever aspect it is viewed, it presents
nothing to commend it to the consideration
of Representatives or people. 1t is odious
in principle, Objectionable in its appli-
cation, and demoralizing in its results. 1t
is not the voice of the ''bloated bond
holders, as Mr.. Sherman insinuates that is
heard against it. 1t is the voice of the Ameri-
can people, representing almost all classes
and conditions-and it had better be needed.