, 1874-06-12

GrcoMbncl1s Arc ExuMrt from Taxa.
tiVns
LocNronT, IT,, juno Q, 1874.
70 The EAftor Of The CA,taao Tssbssnc:
Sin: a discussion has becn going OIL botwcen
Con- Lipriucott. tho Auditor Of Public Accounts,
aud fow individuals in VIII County, which IL Of
considerable interost to Tho general public. It
seems tllat nearly nll Tho banks III tho country,
t,ong botsor postol in rognrd to Tho decisions Of
tho Supreme Courts and tho Unltol States Inv,
hayo quietly claimed exemption from taxation OIL
their grconbach reserves, md thus avoided a tax
TINT hus boon imposed OH moro ignorant people.
If tho nityocatoa Of imitation hayo an idea that
substitution Of United Btatcs notes for United
States bondB would put tho Government indcbs-
etlncss Into q condition whoro it could bo taxca,
thoy will learn tint thero III 10 prospect Of ac-
complaining thoir object iu that way. Tho ro,l-
dlotonian plan OF taxing grcenbncns il oifcctual-
ly knocked OH tho hoad by tho Supreme Court OF
tho United States. which says TINT. no mattor
what form tho Indebtedness may take, it ls CT
exempt by Congressional ennctmc1ltB, md tho
original contract which its crchtion was based.
We caunot change tho nnturo Of an aRroonlent,
agroonc!lt. Il law pasacd by Congress permit
ting State authority to impose tux on tho United
statos debt, aftor it WAS THUS created, would DO
unconstitutional.
The advocates of Imitation would do well to
put tlla n thoir pipes Of rumination, aud smoke
1t awhile. Whether it is botter to hive gold and
silver (Which nso subject TO our revenue laws)
than loycrnulont notes (Which nre not) IL a
question OF no small import, ailu should bo taken
into consideration in connection with that Of
papor-oxpanaion. On the lBt day of May in each
year, III tl,is Stato, tho value Of tho greonback
dollar will DO o,lllnnced oyor any othor citcuat-
ing medium to tho amount that that othor
medium iH Liable for tuxos. In this county it
generally known, thillk Tho .'lcgai-tont1er." !"
will bo IL handy thing to havo In oyory rnali's
bzeocl1cs-pooiot on TINT day. sTyx.
1lorowith ia appended Gen. Iippincotts lottor
Oh tho subject: ........-.
DEAR SIR: Sec. Of tla State Royonno law requires
n nloMeys owned or conrolca by Iesaous resllug IN
&c. '' Srycs d. ta certain property shall 10
from ta1ation BY reference to said section. sou will
find nothing therein e1etnrting greeneaska Tho
tha 1llInois law; aul, regarding 'greencacks !" rs
money. 1t llas been held that they should be taxed.
a since thu reset oi yoar T.. fnyGr Of The s &
.grernbacks 10 taxed, Will q'oto his opinion Us
srAo Supreme Court Of tho United States held Tint
United States Treasnry-notcB, commonly called
'grcenbacks, are exempt from ta1ation.Bane U. Sit
"TAs decision seo1s to 10 baReu upon Congrcssion-
nj legislation ln part. The Supreme Court Of 11'ana
acknowledged tho authority Of thIs decision Of the SUI
preno Court Of the United States, and adopted tic
aame-Doard q com'atssons's @ ,: Esion, "a d,d:. II
mount authority. Tho decision referred to in nat-
1acd to b0 aacd nrou Congressional legislation
~ 1t Rtood in 1908. not awAro Of tho pussago Of
any subsequent net clanglng The rule.
"Ihia beiug tho easo, opinion ill., that tho Omitted
States Trcasurynotcs arc not subject to taxaton aa
tho l1w stands.
~ ,nny AGd, tint think they ought 10 DO made 50
when used fur crroncy lko bank-bls; but this woni.l
require an act Of Congress-"
Tue foregoing opiuton Of the Attorney General de-
cidea the question OF the a1ation OF 'greenbacks.h
untl viii govern tho notion Of AssrEBors.
r.. 1rppTwc1fT A1tittOr I,,1,1fr Accounta.