Year: 1874

against the prOpOSeu taA' Vuo 'o"o""'i""o0
have been sent to Congress signed by many
of the leading merchants, importers, banks'
and bankers of NewYOrk, Boston, Philadei-
pha, and not few of the smaller cities' Inc
names of Brown Brothers. f. ID. Morgan
Co., Morton, Bliss e. Co.. and others OF tlia'
class, are not likely to be found attached 10
such paper unless the provocation Is strohg.
Let us glance briefly at the GROUNDS oi
this remonstrance The bankers and brokers'
claim that the tax would be partial and
ineouitable. inasmuch as they already pay
special tax not only on all OF their own capt.
tai employed in their business. but also on
their deposits-a burden which no other kind
of business bears. The dealings in stocks and
bonds are no more speculative than those at
the Produce and Cotton Exchanges, where
all the pork in the market is frequently
bought up in single week, and where half
of years crop of wheat or cotton changes
owners in a few days. At time when all
branches of business, especially those of a
speculative nature, are suffering from an un-
eyampled depression. and when every effort
should be made to distribute the load OF tax
alton evenly, one particular calling is singled
out and threatened with far heavier tax
than it was called on to bear when the fever
of war aroused speculation to its highest
pitch.
But after all. this tax like all others, will
| fall most heavily. not on the middle men,
but on the public. 1t is oppressive to the
merchant, to the importer, and to all classes
whose business requires legitimate transac-
tions in coin, exchange, and any securities
not excepting mortgages. AS IL taxes the
sales of the gold interest on Government
bonds, it is to that extent a tax on the income
derived therefrom, and will 80 far impair tho
value of investments in the securities Of the
| Government.


PERHAPS the worst feature of the bill, how
ever. is it's inquisitOrial character. 1t cannot
be collected without bringing down upon us
again an old class of officers, whom the
country endured until its patience was
exhausted, and of whom it Is now well
rid Unless power be given to assessors
to seize and examine books, the law will
be a farce. Are tho members OF Congress
so deaf and 80 blind as to suppose that the
nation will endure the insulting despotism OF
a new army of Jaynes and SanbOrns Does
any party think to help itself by rObblng the
pocket of every man in the land who by IN
dustry has saved money enough to buy
bond or mOrtgagef 1t is sad that the
Chairman of the Committee of Ways and
Means, facing deficiency of $22.OOO.OOC
for the current year, should be compelled to
confess his doubt as to the ability OF the
Government to meet its expenses during the
next twelve months. But, humilating as this
fact may be, and short as is the time in which
to prepare for the emergency, reckless and
oppressive taxation will not help matters
Bankers and brokers are convenient about
election time and it would be awkward next
Autumn for any party to encounter the unan-
imous opposition of such wealthy and lnfiu.
entail class of men, especially if they should
be supported as they surely would be, by the
great majority of investors. Tax them, II
necessary, and that heavily, but do at with al
least the appearance of intelligence and JUS
tice. 1t is such crude and il-advised leglsia'
ton as this which makes men heavc sigh OF
relief as they mark the near approach OF the
| 22d of June,