Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1812-01-30

But are not estimated to weld in
. 1918, more than e.. 600 600
Most OF the Maternal taxes have been estma-
ted at their maximum but it is hoped that a
ny defalcation from the estimated amount, will
be compensated by diminution in the expen-
scs OF collection, Which have also been compu-
ted at the highest rate.
For the superintendent of those taxes, both
direct and indirect, appears indispensable that
the Office OF commissioner of the revenue should
be re-established. For their collection, to for
lner Offices of supervisor and Inspector are be-
lieved TO have been unnecessary and Injurious
links in the system, and that expense will be
diminished, and the collection and accountable
lity better secured, by the division Of the states
INTO convenient collection districts and by the
appointment ola collector to each district, who
VIII pay into the Treasury, and be Immediately
accountable to that department, in the same
manner as the collectors of customs. This ar
rangement, the greater amount to be collected,
and the simplifcaton in the objects aud mode
OF taxation will, it is hoped, reduce in short
time, the expenses of collection of the indirect
taxes to 1-2 instead of IS per cent which they
formerly cost, when brought to their highest
degree OF improvement. In estimating the
charges on the direct tax at Is per cent. S per
cent.have been allowed for the assessment, S
per cent Tor the collection, and per cent for
losses This last item is principally ON &C.
count OF losses on RrseGtedlands, and on some
remote districts of country, and is not suscep-
tible OF much deduction. That for assessment
may be lessened in those states where no tneiects
OF taxation do not require an annual valuation,
or where the state or county assessment NAV
be used The expense of collection proper may
be also in some degree lessened in cities and
populous districts, and by uniting it with that
nj fIa Into nj faUa q.
that the compensation of the collectors be suffi.
Gent to command the services of men properly
qualified, and in every respect worthy Of the
trust.
In performing the ungracious task of poin-
ting out new objects of taxation, those have
been submitted which appeared sufficiently pro-
duetlve and least oppressive. The objections
to which each, including the increase of duties
on importations, is liable, have not been stated,
not because was insensible of them, but be-
cause no substitute of any Importance was per-
ceNed, which was not still more Objectionable.
Every tax being in some degree an evil, is there
tore liable to some objection; and every one ta-
ken singly, may for that reason be easily COM
batted. but if the necessity Of an additional
revenue be admitted, the objections afford no
argument why the tax proposed, should be re-
Jected, unless another less inconvenient be sub
stItuted. The necessity of such an addition 10
the revenue, has in the course Of this letter.
been strongly urged, because it was strongly
felt 5 but with respect to the taxes proposed
the selection is submitted with diffidencc. and
it viii he highly gratifying that some more eli
gible may be devised.
The last inquiry of the committee relates
principally to the terms on which loans amount
ing to at least ten millions of dollars per an.
mum, may be obtained, and to the plan proper
TO be adopted for the reimbursement Of such
loans.
The terms on which annual loans to that A.
mount may be obtained, can be ascertained on
ly by experiment. Government has never since
ITS organization, obtained considerable loans
within the United States, at the rate of six per
cent. year, except from the bank Of the U.
States and these on capital of ten millions,
never amounted to seven millions in the whole.
In proportion to the amount wanted for the SER
vice OF the year, and 10 the increase of stock of
the public debt at market the terms ilInst nat
urally become less favorable, II nlust also be
recolected, that in addition 10 the sun wanted
to deiray the extraordinary expenses OF tie
war, an annual loan equal to the annual REIN
bursement of the six per cent. and deferred
stocks, prescribed by law, will also be required
THIS, together with the reimbursement Of the
residue of the converted stock, amounting 10
iiye hundred and sixty-fve thousand dollars,
viii for this year amount, as has been stated in
the annual report, to two millions one hundred
and thlrty-fve thousand dollars. As the inter
est on the existing debt is included in tie
" current expenses" the loan necessary for the
reimbursement Of the six per cent and defer
red stocks, will, for EACH subsequent year, A.
mount only 60 ono million five hundred and
seventy thousand dollars. The loans for those
sums, will indeed create no addition to the ~
mount Of the debt, but will nevertheless, in
crease the total sum 70 be ANNUALLY borrowed
1t must also be observed, that if the price Of
stocks should sink beloY par, The commission.
ers OF the sinking fund are bound by the ex.
sting laws, 10 apply the residue OF The annual
appropriation Of eight millions year 10 tho
purchase ct stock and that residue will ibis
year amount 70 3,640,OOO dollars, which in that
case must also be borrowed. II is a view Of
those several considerations, which bas created
an Apprehension that loans to such large amount
~ 81. not perhaps be obtained en- Is favorable