Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1861-06-21

add about twenty Eve millions dollars to tn
current yearly revenue, and IL trade reyives
expected, would, probably, bring the receipt
int the Treasury up to the ordinary expenses
OF the Government, including the interest OF
the pablic debt The total outlay for the wal
duringthe year, amounting, say to two hundred
millions, will have 70 be provided from extraor
dinary soarces, There are various projects fol
raising those means, and the Government hal
yes TO choose between them, or strike out some
original plan Tor itself. The friends of Ma
tiona! Bank insist that now is good time b
revive that institution, tex all issues from loca
banks or drive them out Of circulation, and car
~ on the war with Governments paper money. -
others are IN favor of direct taxation, to bt
arranged for through the machinery now in use
In the several States, and thus collected BY the
local authorities and paid into the United States
treasury, as the taxes are now paid over to the
State. There are others who believe that the
whole amount needed could be borrowed upon
the faith of the Government.
We should not be surprised if all the various
principles embodied In these several plans,
should find illustration In the policy of the
Government, and be sanctioned by Congress.
1t we assume two hundred millions per annum
as the amount required from extraordinary
sources while the war lasts, we may safely infer
that part will be raised by the issue of treasury
notes without formality at the assistant treasu-
riess to form currency among the people; part
by successive loans upon Government stock a nd
that 10 sustain the market value of these issues,
resort will be had, in case of need, to direct
taxation. The last loan for the war of 1912 was
taken, If we mistake not, at rs for O elk per
cent. stock. II the tariff was at once arranged
upon O revenue basis, the United States could
probably borrow very large omount In Europe
upon seven per cent. stock at about 80, or. az
some think, at par, II the interest were made
payable In London or Hsvre at the option of the
lender. An act for a direct annual tax, if il
were cheerfully responded to by the States,
would not only raise additional revenue, but
would give increased currency to the stock, and
aid In sustaining the value of the treasury notes.
as 1t would show that the people we're In earnest
In support of the movement, and willing to bear
their share of the burdens It imposes.
IL Is unfortunate that the several States
which have declared their readiness to support
the General Government with men and means,
should have resorted In all cases to loans, in
stead of direct taxation, in order to raise the
necessary funds By competing In the open
market with their bonds, they have interfered
with the disposition of U. s. securities, and lost
the power which would have been gained by
resort to the more legitimate methed of direct
reguisition from the people.
we have thus indicated the probable course
OF the Government. lst. change In the
tariff to revenue standard, go as to bring the
receipts for customs up to the amount required
for the payment of interest, and the ordinary
expenditures Of Government. Cd. The borrow.
lug OF a large amount upon q Government
per cent stock, which it is believed could be
placed either In this country or Europe. Sd
The issue in free exchange for specie and to
public creditors, Of Treasury notes, not receiv-
able for public dues, but bearing handsome
interest, and convertible into Government
per cent. stock at the option of the holder. 9TH.
If necessary to sustain the foregoing issues, or
to increase further the resources of the Treasu.
ry, resort TO direct taxation through the pres
e9t machinery of State Government Journal
of Commerce.