Taxing United States Securities

The Logislaturo of New Hampshire loyal New Hampshiie, in whicb there are hardly Domocruts or "copperheads" enough lor Reed, bas enaoted a law laying a tax of '25 par cent upon all incomes derived from United States lionds or othnr United States Securitics. And loyal Conneoticut is Beriously proposing to levy a tax of 15 per ceut upon such incomes. Tbis is right, and yet it ík not exaetly right, either. To tax tlio income derived froru tbe bonds of the Uuitcd States lather than the bond tbemselves, u a sort of discroditable evasión, au at tempt to " wbip tho dovil round the sturnp." It would bave been open, and inanly, and just, for tho New Hampshiro Legislaturo to próvido tbat the Congreesional csemption sball not govern their assessors, and to require tbem to tax tho bouds oí the Uuitcd States - not tbe interest on them - the same as tho bonds of New Iliampshire, farm mortgagea, or any other securities for moneys loaned. No diperimination sbould be permitted in favor of a singla clasa of property, real or personal, and 'e do not believe that such discrimination has been rightiully, constitutionally, orjustlymade by Cougress, or shouíd be snbraitted to by tbe States. There is no good reason why the holder of ten, twenty, one hundred thousand, or half a million dollars of United States bonds, Buould be releasud from paying State, County, City, and School taxes, leaving the burden of the looal governments and edueational institnlions to fall upon tbo real catata uloue, visible personal proporty, or money in vosted in State, County, or City bonds. These latter bonds, equally with United'. States bonds, have beea issued to carrv on the war and preserve tho govomment, and were taken by mon as patriotic aa thoso who are gorged with Treasury notes, 5-20s, 7 30s, or 10 40s. Sooner or later the tax-paying millions will let it be understood that there are State rigbts which bave not all been swüllowed up by tbe radioala and speculators at Washington, and that there is an equality to be preserved bosides tbat of tho negro. Taxation must be equally distributed, and exemption of no otass of securitiea will be long permitled. It is idle to talk about good faitb and congressioual guáranteos. Congress had no rigbt to exempt the bnnds issued by its order from taxation, and tbo people will dernand that they be taxed equally wilb otber seourities.