St. Charles City Republican intelligencer. [volume] (St. Charles City [Charles City], Iowa) 1857-1861, 1861-09-12
The u. 8. Revenue Law.

important and lengthy revenue law,
passed at the recent special session
of Congress. AS we print from the
official copy, the law, as found in oul
columns, is correct. 1t may be re-
marked that some of the :" fast" jour
nails of eastern cities, in their eager
ness to publish in advance Of others
have printed something else than the
true law. The latter contains but fif:
ty-eight sections, whereas some jour
nails have given their readers seventy
six sections.
1t will be remembered that Secreta.
ny Chase, in his able and lucid report
on the finances of the Government, as
addressed to the Congress which has
lately closed it's sessions, stated the
total sum required by existing appro.
priations at that date, and by the new
exigencies of the country, to be
$3ls,5l9,5s1--say, in round numbers,
1920, 100000 OF this sum he recon-
mended that $24O,OO,OO0 should be
raised on loan, and $S0,00O,000 by
increased customs anu taxation.
By the bill approved on the 18th Of
July provision was made for the ne
gotiation of national loan to the
amount of $3.50, 900, 900, and we this
week give the revenue measures by
which Congress proposes to raise such
additional sums as shall be demanded
by the extraordinary emergencies Of
the public service.
The bill, in the shape in which il
was finally passed, embraces modi
fication of the tariff law and an acl
for the imposition of both direct and
an income tax. The regulations i'm
posing increased duties on imports
levy, among other important seized.
ules, four cents per pound on coffee
three cents on cocoa, two cents or
brown sugar, two cents on chicory
twenty-five cents per gallon addition
al on brandy, and on all teas fifteen
cents per pound. The duty on silk
goods and on wines is increased ter
per cent. The direct tax is fixed al
twenty millions dollars, and the in
come tax at three per cent. on the ex
cess of all incomes over eight hun
dred dollars, but raising it to five pei
cent. on incomes received from proper
ty held in this country by citizens OF
the United States residing abroad.
In his report to Congress, Secreta
ry Chase judiciously said that, in
every sound system of finance ade
quate provision by taxation for the
prompt discharge of all ordinary de
mands for the punctual payment Of
the interest on loans, and for the crea
tion of gradually increasing fund
for the redemption of the principal, is
indispensable. Public credit can on.
ly be created by public faith, and pub.
lie faith can only be maintained by ar
economical, energetic and prudent ad
ADMINISTRATION OF public affairs, and BY
the prompt and punctual fulflment Of
every public obligation"
Financial doctrines like these, duly
manifested by acts, safely carried En-.
gland through her struggle of twenty
years with the first Napoleon. And
though no portion of the moneys or.
dered to be raised by taxation is spe
officially allocated to the purpose de-
signated by Mr.. Chase, it is not doubt.
ed that the terms of these several
measures will prove ample for the re.
alization Of his plans under this head
and that the credit of the Government
will be maintained at high stand.
ard.