Tax-exempt Securities: Hearings Before a Subcomm... on H.J. Res. 314... Feb. 10, 17, 22, 1923

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Page 20 - State, subject only to the two restrictions, that the taxation shall not be at a greater rate than is assessed upon other moneyed capital in the hands of individual citizens of such State...
Page 131 - The powers delegated by the proposed Constitution to the federal government are few and defined. Those which are to remain in the State governments are numerous and indefinite. The former will be exercised principally on external objects, as war, peace, negotiation, and foreign commerce; with which last the power of taxation will, for the most part, be connected.
Page 102 - The President of the United States Senate. The Speaker of the House of Representatives. The Secretary of the Interior.
Page 60 - When a government enters into a contract with an individual, it deposes, as to the matter of the contract, its constitutional authority, and exchanges the character of legislator for that of a moral agent, with the same rights and obligations as an individual. Its promises may be justly considered as excepted out of its power to legislate, unless in aid of them. It is in theory impossible to reconcile the idea of a promise which obliges, with a power to make a law which can vary the effect of it.
Page 131 - But ambitious encroachments of the federal government, on the authority of the state governments, would not excite the opposition of a single state, or of a few states only. They would be signals of general alarm. Every government would espouse the common cause. A correspondence would be opened. Plans of resistance would be concerted. One spirit would animate and conduct the whole. The same combination, in short, would result from an apprehension of the federal, as was produced by the dread of a...
Page 10 - Resolved by the Senate and House of Representatives of the United States of America in Congress Assembled (twothirds of each House concurring therein), That the following article is proposed as an amendment to the Constitution of the United States...
Page 2 - Joint Resolution. Proposing an amendment to the Constitution of the United States. Resolved by the Senate and House of Representatives of the United States...
Page 59 - The true definition of public debt is a property subsisting in the faith of the government. Its essence is promise. Its definite value depends upon the reliance that the promise will be definitely fulfilled. Can the government rightfully tax its promises? Can it put its faith under contribution? Where or what is the value of the debt, if such a right exist?
Page 63 - ... other part: wound one limb, and the whole tree shrinks and decays. The security of each creditor is inseparable from the security of all creditors. The boundary between foreigner and citizen, would not be deemed a sufficient barrier against extending the precedent of an invasion of the rights of the former to the latter. The most judicious and cautious would be most apt to reason thus, and would only look for stronger shades of apparent necessity or expediency to govern the extension. And, in...
Page 131 - The State establishments of civil and military officers of every description, infinitely surpassing in number any possible correspondent establishments in the General Government, will create such an extent and complication of attachments, as will ever secure the predilection and support of the people. Whenever, therefore, Congress shall meditate any infringement of the State constitutions, the great body of the people will naturally take part with their domestic Representatives.

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