, 1879-05-17


10 purchase tho ! per cent bonds, and moro
particularly tho por cont $40 certificates, is
an evidence Of popular confidence iu tho
Government, md moro particularly Of tho
largo amounts Of money In tho llninls nf NIL
classes Of people In nil pnrts of tho caunt'y.
Tho salo Of nearly $3.50, 0,oo0, 600 Of icr cunt
securities since the first Of january last coll
firms tho strongth Of the popular confidence
in the stability and good faith Of tho Gov
ernmont. a correspondent, who probably
represents tho sentiments Of n portion OF tho
community, writes t1s denying tho xightful-
nossof tho exemption Of National bonds from
taxation. Some years ago, when tho bond
business was in comparative infarcy, this
qnostion Of tnxing National securities WIS
much discussed; but since tho high interest
bonds have beon replaced largely by tho
bonds OF lower interest, md aa nearly all the
existing bonils aro by law exempt from taxa-
ton, tho snbjoct Inns ccasod to 10 agitatod,
thcro being only tho theoretical question 10
bo discussed. Tho letter reatls rs follows:
"a the Editor nj 7he Tribune
CntcAao. May l0.-Wtll you please inform the
public w!era the Government Of tho United States
ecis the right OHsuo bonds to fndtvttHaa aid take
tllcle money which IN taxable for State county,
and municipal taxes. and riyoH the,n tonlH not nx-
ablc and thus sob1 tho State and clttea Of largo
share nf tho taxable property. anu making tic
man nf smut! capital pny much larRer tax on
huusu the value Of ono Thousand dollars. to sup-
mort the State and Cisy Government. and prnlcct
tho wealthy bondholdcr III his lcga, rIghla, whilst
hs phys not ono dul1nr Of taxr think, and be-
llsyc, that tho Government has only tho right 10
exempt bonds from untisd States taxes.
a SHALL TAXPAYER.
The United States when 1t incurred Tho
prcsont National dobt was in sore distress.
1t WINS Threatened by activo war on tho onb
hand and embarrassed by waut Of credit on
tl.e other It rcsortcd to tho issuo Of paper
money in tho first instance 1t then made
TINT paper money legal-tentler; this fcgal-
| tender losing its value as Il purchasing agent,
tho Government isss1etl interest. bearing
bonds iutQ Which tho paper money might bo
converted; 10 gvo to this paper money and
bonds m additional ya'uo they wore made
exempt from taration. The Government
could hardly borrow money At & per cent il
tho lender Ind to pay 9 per cent or whnt-
over sum Of taxation might 10 imposed Oh
tho loan.
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| ~ou!a AaSa u AaA 70 tAo oEAlhRs.