Year: 1865




proposition, We believe that would be unconstitutional, when
the only object raising There exceptions how
ever that rule The taxing Of dogs exception but 1t
well understood that there object be affirmed beyond
the raising Of ee 1t is based upon matter Of sound policy
with view to discourage the raising and keeping of dogs 1t
formerly the policy of this State to tax domestic ami
mails by different rule from that applicable to others with o.
view to improve the breeds by taxing them to peyen the
owners from keeping those Of an inferior quality But aside from
of those excepted 1t the true theory Of RepubI
Government to frame and provide such laws for the purpose
of raising axe. that all the property subject taxation should
be put upon terms OF equality and made to stand IN for It's share
of the public burdens There upon the other hand certain
kinds and species Of property that matter Of policy not
taxed at all and that principally that class Of property that
unproductiye


1t may be said that the law of Congress exempng government
bonds from taxation has its foundation po grew out Of
the supposed necessity of the and pocy and necessity
sometimes very nearly allied The Government need Of
money and sufficient nducemen must be held out to
duce the bankers and other capitalists part with their money
and this of the means


The Law Of Congress after providing for the issuing Of certain
stocks bonds and other securities and for the Of
cutting and issuing them provides that aH sots boads and
other securities Of the Lated States hed by jadrddis
D0ratioRS 0j tsS0cia0aS Wi tic Lnittd SaeS ShdH be
erenDt f0n, tqrotiou bv oy adcy the Se authority. To
these bonds attached coupons expressive OF the interest that
will be due upon the bond OF certain stated periods but the
coupon, such part OF the aw and are part Of the
contract but device Of the Treasury Department for

rest without the inconvenience of sending the bond itself the
place Of payment and when the interest paid for the paying
officer to ndorse paid upon the bond done in the
binary commercial transactions when notes gwen payable
future time with interest payable annually The coupons
express the of the interest and the time when due and
are taken off and paid and kept and record endorsement
the fact is necessary to be made upon the bond and the %
thus paid becomes the income Of that bond and that the
only incone this interest thus paid the bill under
sderaon denomnates as coe and provides that it shall b.
! ,Io lot II is tlo
tract that the interest shall be padit is only part of the
contract for the payment Of the bond itself There but
contract any than there is in the of bill of exchange
promssory note in which, IN addition to promise pay the
note there is also a promise to pay interest


The Undersigned therefore reluctantly compelled to differ
from the majority of the Committee in the conclusion which
they have arrived and they therefore hereby express their
opinion that the bill under consideration providing for taxing the
income United States bonds and other securities if passed into
law would not be unconstitutional and void


In relation the other proposition whether the existing laws
Of the State sufficient effect the objects of the bill the
dersgned would very briefly submit few considerations the
first place however, promising that in their opinion the income OF
these bonds and other securities subject to taxation by the
stng laws


no controversy had arse and no doubts had been
the subject there clearly would be occasion for the
passage of this bill If this bill should pass apprehend that
it will not be the first that has passed. when Of the
friends of the believed existing laws be sufficient if
properly enforced and if ALL whose duty administer
Them understood them alike There is sometimes disposition
that manfests itself those whose duty is to enforce law to
neglect its observance because the law is to them distasteu
and for that may become necessary set forth
fully and distinctly take away all petex for
disregardng it But the minority of your Committee OF
opinion that nasmuch doubts have arisen both in relation
the right and power to such income and in relation the
sucency of existing law the subject that the bill ought to
pass


All which is submitted


WIN. HEBARD


I0EI ENSTER In