The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1861-07-08

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M c OF leVyng the tax should apportion among the
Neidi states IN the required manner The tax canpot
Cnne unconstitutional, cause it may be difficult or
even temporarily impossible collect it as apportopsd.
II were otherwise, the objection would be fatal to inter
~ tIeS as well as to direct tayes for in the present
on oil the country. it is impossible. whatever uni
oi,y may be observed in theaw imposing such inti-s
| 10 MAKE them uniform in collection.
Internal duties may be collected cheapy than di
fe"I taxes by fewer agents. and with less interference
win the finances of the States They NAV also he
to Dear mainly upon articles of luxury and thrs dii
s 10 certain extent the burdens imposed bv dniias
On lpostS upon the classes Of the people least abe to
@ iem. 1t has been already shown that light direct
HA from which the Secretary ventures to su1ast v,r
saii properties may be properly and adyantageonsv ~
e'Iptb Up tb wi, WI produce the sum needed or revenue
III tne cement of the Secretary, the needed sum
also De obtained from moderate charges on stills and
80 nISt,lea liquors, on ale and tobacco on bank
oSeS' On spring carriages siIverware an1 iew.ry
81 =. H. IL noih sources Of revenue be resorted
- 20 the extent suggested the amount required from
s VIII De Propoftonatey diminished, and the basis
Pupc credit propJrtionaeiye enlarged and stren h.
whether both these modes taxation be resoTted
uiaer present emergencies only one of them the
hy WIZ out l'ly perform his duty Congress or
he people he omits urge the great importqnca th
necessity indeed. of such full provision of the
annual revenue will manifest to the world yed NM
pos 10 maintain nvioate the public faith by stric;es
hIehty 10 all public engagements.
II VIII not perhaps be thought out of place if the Sec
usses' mere that the property of those engaged in
SFction or in giving aid and tort to the insur.
may properly be made to contribute to the expen
l'u'es made necessary by their criminal misconduct
As par OF the punishment due to the guilt of involving
f ration IN the calamities of civil war and thereby
RresS may justly provide for the forfeiture of the who'll
W part OF The estates Of oenler and for the pavment of
m M pocgeus INTO the public treasury Before dismissnp
-e - oi tht proper provision for ordinary expendi.
lures including interest the pub ubIic debt and nrn
Tor sinking fund, the Secretary respectfully
-. tne consideration of Congress for the question
whether the current disbursements of the government
may not be themselves diminished
e ventures to suggest that cOnsid bic saving NAV
he Judciuusly effected by reduction for the ume At
eas OF ten per cenum all salaries and wages pqid
by the Federal Government in cases where such raGc
he
Lat further saving, perhaps less considerable NAV
@ by the abolition of tie franking privilege and
ehuct'o OF postal expenses retrenchment in other
directions will doubtless suggest itself to the reflection Of
C"msress and it is most respectfully recommended that
every retrenchment, compatible with the vigor and Ell
made ~ f''-AP''' gu" 'ne1'"a'iy
The Secretary has already that on the supposition
at So3oOoOG9 may be raised by taxation in the tpoda
proposed or derived from the sales of the public IanJ
a miscellaneous sources, it will still necessary in
ier 10 meet the extraordinary demands of the resent
crisis 10 raise the of $40 900 900 by loans com
PatiSo oi the acts by which loans have been already
authorized and of the loans actually made will sr"S,
what resources of this description are available un NV
existing laws The act OF June % 1860 AUTHORIZED th
borrowing of S2 GOO ono at an interest not aho s; Wv
cent under this authority Mr. Secretary Cobb in Octo
oer looo, negotiated loan $40 900 COO but from
"a s not necessary to be here specified the takers of
= 7pu faiied to make good their offers The amornt
eaZeu therefore only 81 900 leaving for fptnre
e1Sel'llon under the act, the of Sl3 97s 600
me act Of the Sth February 1851 authorized another
oah OF S29 coo 600 bonds at six per cent and
eu acceptance of the best bids whether above or he
February, Mr.
psu OF bonds to the amount Of IS, 900 900 at rates
varying from 9ol5 to 96 10 each SlOO and reazin
- % )! ~ 800 80, leaving to he negotiated the
sum ." Fl6,994 Geo The Of March 2 1861 commonIv
called the tariff act authorized another loan of 40 0Oo oGo
AZ a interest not exceeding six per cent and also au
tor2ed the Secretary of the Treasury to issue Treas
nry notes in exchange coin or in payment of dbt
Sf e amount of any bids accepted under the act of
restricted to par, not taken the poposaIs auor
tsd oy the act of January Is, 1867 by the tariff act
Under the acts OF February and March 1861 tbo rr
sent Secretary, in April 1861 disposed Of 50 O96 600 in
@ pouS AZ rates varying from eighty per cent to par
anu - JuiouO IN treasury at above mar reaI1i,
f the SS000OGO offered the of 81 Si4 sos tn the
treasury and May 1861 further disposed Of s7 IO
wv me present Secretary also invited proposals at mar
Tor being the balance of the loan authorized
ny the act of June 1851 No bids were received xran
three Tor twelve tn usand in the aggregate with ho,
nS "Vcn m"oe under misrepresentation, were permitted
10 De Withdrawn or applied offers for treasury NOES a
P OF zoe oids under the acts of February at S. er cent
secretary has since, under the authO riy of March
lnol issued treasury notes oarers at par and in nav
ment to public creditors to the 81 5S4 500 The
only authority existing for obtaining nancy h,,
ioahS Is therefore found in the act of I'd March sfi
"ch authorizes the Issuing of bonds bearrg an interest
of six per cent. default of offers at mar The isne
or payment of treasury bearing the same rate Of in
terest at par TO the amount of OU0 900 in bonds Of
rates varying from 50 to 95 per centum 6s+ 600 in
treasury notes at par realizing for the So 9g4 0OO offered
The sum Of 81 922 553 u.s. aud act of June 1S60 s
moalhed by the ac Of March . 1862 under which trea
Sy notes at SIX er cent may he is or paid to credi
tors at par to the amount of 1 1893 t5O making in all
8s3 450 ''''-' "O''0'iAe" IN some form S2l,-
This authority under existing circumstances is no
ther available than creditors may desire to accent nav
eht IN treasury notes at six cent which not to be
eNPectu except perhaps, rs an alternative for DELAYS
OF which ilst or prudent government will not: unless
under ex' eme necessity permit tie it needs
no iurtS argument to work the conviction that under
the existing laws little nothing of the required sum
can be re bSed The magnitude of the occasion requires
other mesrc as the contest in which the qovernment
IS Is now enFger t r is contest for natiouai
that tho DieaI a mes,l,a prosecutpg II win ayer
~ 70 speedy and successful issue should be made in
is highly desirable in order the circle of confirm
ton may be widely extended to the burthen press
as igy as possible upon each individual coutributor
and II possible, transmute the burhen into a benefit
To attain these desirable Objects the Secretary submits
to Congress the eNpedency of opening subsc-nous for
loan oi NOT less than 100000 COO to be issued
in the form of tire sury excheauer bills barn
yearly interest of $40 per centum to be paid half
yearly, and redsemahe at the pleasure of the Init,
States after three from The sum of slo0 ooo
oo Is named as the amount for which now seems
ptdieht TO rely on for subscription of this kind Rut
IS not intended to restrict loans this form to an nre
cSe !mt short Of the entire which NAV be reGpired
in addition to the realized from Other sn,cas
for all the purposes of the year The interest of IN 3;
suggested because it is liberal the subscriber CON
venienS for circulation, and under eyisting ci-n,st @
ces Il fair rate for the government
Is peh@hcai TO the whole people that loan disribut
&c among themselves should he made advantage to
e takers as to inspire satisfaction homes of prof
rather than annoyances and fears of loss: and if the rat
OF interest proposed be somewhat higher than that al
io|ed IN dinary times it will not be grudged to the
subscribers, when is remembered that the interest on
the loans will go into the channels home circulation
anu is 10 reward those who
peril TO place Their means at the disposal of country
The convenience of calculation incident to the rate nro
posed quiet ooVoUS for the interest being equal one
chCa uay on htty dollars it is only necessary know
the number Of days since the date of note or the last
payment OF interest TO determine at glance The a,nnt
due upon it. Wv ~
To increase still further this facility of calculation if is
proposed also TO issue treasury this loan in sums
ct 800 lO0 $500 81 0GO SIS 900 with the amount of in
erest for specified periods engraved on the back of each
note The facility thus secured the holder of det4rm
ming the exact of note and interest wbnn
w mat
value for all purposes investment and payment Wbn
the rate proposed is thus liberal ard convenient the
secretary regards also under existing
ialr and equitable to the government
The bonds Of the United States bearing an interest f
SIX per cent and redeemabe twenty years after date
cannot De disposed OF at current market rates. the
interest on the amount realized will exceed seven and
tree ents per cent nor there any reason to believe
thaI treasury notes bearing an interest of per cent
receivable Tor public dues and into
SIN per cent bonds, can he disposed of in any large
aou's so tat Tie interest on the realized will not
tan much il at all short Of the proposed for the DIFF
ference of Interest If any, between such notes and
| OF the proposed national loan
The Secretary thinks the absence the feature of re-
ceVaDy for public dues in the latter is a sufficient
compensation. To the widest possible crcIc NJ
contribution the Secretary proposes in addition IN tho
inducn just mentioned that books be opened at
the office of the Treasurer of the United States in Wash
lngon at the offices Of the Treasurers and de-
posltories of public moneys the Offices of sucb
masters and other selected persons in such cities and
towns OF the Union as may he desgnated; subscrip
hons he received for $50, any being the munie
Of SOU that the subscribed be paid in cash or if
tie prefer In nStamentS of
Ine oi SUBSCRIPTION and one tenth on the lst and
oth day OF each month thereafter the first instament TO
De forfeited IN case of nonpayment of subsequent
ments that interest and paid as il becomes
on all sums paid in from the day of payment and that
treasury notes be issued if required for all
except the first nstaments and for these ON Anal
meht The Secretary cannot doubt that for n loan so
benehcia and advantageous secured both .s To
and principal by adequate provisions of revenne n a,
peal to the people will be answered with promntnde and
lihcray in addition to the sums TO be raised NV ma
lonai ioan 'e Secretary proposes in it shall he
he vi
in that mode that bonds certificates of debt of the
United States be Issued toenders in the country or in
any foreign country lower than par for sums Of
s3oo lOoo and $4,000, &lo0 s50O 900 sterling
not exceeding in the aggregate 500 UOO or issued in
| sterling. '''''00
He proposes further these bonds or certificates he
made redeemabe at the pleasure of the government
aperod not exceeding thirty wears after A common ia
not later than the first day of January 1862 and bear
an interest not exceeding seven per cent pavabe in
London or at the Treasury of the United States with
rAcahse at such rate will make the payment equal to
payment IN London If the ample provision already re-
commented for the puncuai interest and
na redemption OF the principal be made by Congress
the secretary ntertans very confident expectation that
will be found practicable negotiate very consider
ahie part OF this loan, if not the whole, in our own
country at favorable rates. and that whatever part if
any, be required from CAPITALISTS in other conn
| tries, will be easily obtained
For whatever sums may be needed to supply the full
amount required for the service the fiscal year and
an auxiliary measure already proposed the Secretary
recommends that provision be made the issue of
sry notes Tor SO or $50 each payable one year from
oat 70 an amount not exceeding, in the aggregate, $50
cJoO0J These should bear interest at the rate o
% O per cent and be exchangeabe at the will of the
hoder or treasu1y notes eXclequer bills payable after
three years, paying 10 per cent interest or should il
be found more convenient, they may be made redeema
bic on demand IN coin. and issued without
either fern the treasury notes of these smaller denom
nations may prove very useful if prudenv used In an.
ticpation OF revenue they ain be received
The greatest will however be requisite to pre
vent the degradation issues into an
paper currency, than which no more certainly fatal ex
/ m a : fI,a