Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1861-08-16
Tax and Tariff Bills.

The provisions of the Tax and Tariff Bills
passed at the recent extra session Of Con-
gress, are thus summed up by the Washing
ton correspondent of the Chicago Tribune.
/. The s 10000, 900 direct tax, apporton-
ed among all the States, is unchanged from
the form in which il passed the House. Its
conditions arc that in case of the failure of
any State to assume and collect the tax, the
General Government shall levy the quota be-
longing to such State upon real estate and
proceed to collect it. The States are privileg-
ed to collect it themselves, either upon real
estate, or upon the total valuation of property,
as in collecting their own revenues. For
such collection they are to receive discount
of 10 per cent on their quota, if paid before
the 3Oth of June, 1862. The tax is to rnn
from the lst day of April, 1861, to April 1st
1862, and the valuation is to be the market
value Of the land &c, on the latter day, or at
time of the State valuation nearest thereto.
This is on the supposition that the General
Government has to collect (which, how
ever, will not be likely to happen in more
than few cases, since the States arc priyileg-
cd, besides the reduction of the l5 per cent,
to offset any claims they hold against tho
General Government for raising and equip
ping volunteers for army service or claims of
any other nature. And as the tax will by no
means be so burdcnsOme ms has been repre-
sentcd, and is, moreover one of apparent
absolute necessity for maintaining the credit
of the Government by pledge of specific
revenue to meet interest, the State should
come up to the work of sustaining it with
vigor and promptitude. ......
AS no quota can be expected from the dis
loyal States, the net amount which will be
realized from the tax may be calculated at
about s 100000. ..a nf rr.
The share of this direct tax which falls to
the allotment of Illinois is 81 LAG, ,551 33- 100.
Taking the valuation of 1860 as bases, this
tax, il levied by the State upon all property
alike, will amount to only three mills on tie
do5ldr of valuation, or $500 for each thous-
and dollars worth of property listed for tax
alton. The total real and personal property
of Illinois was 5000 900, in round num-
bers, in 1860. s.r.... . .
Even on the hypothesis that the Federal
Government itself is to levy and collect the
tax, in which case it will be laid upon real
estate alone, twill amount to but .tour mills
on the valuation, or S4,OO for every thous-
and dollars worth Of real estate owned by
any citizen of Illinois. The same may be
said approximately 0: all the neghborng
States of the West.
Now, when it is considered that by the
provisions of the same act, heavy income
tax OF three per cent, is laid upon all capital
salaries and profits, of whatever nature, over
and above eight hundred dollars per annum,
it will hardly be objected that the agricultul
raj interest is disproportionately burdencd by
the provisions of the law. Moreover, all
homcsteads of $500 or less in value, are en-
tirely exempt from taxation.
ba fox t,x Ill
comes exceeding $500 per annum, three ptr
cent. on the amount of such ercess. Thus an
income of 81 900 per annum will paw a tax
Of sc, 900 to the Government An income of
$4,000 per annum, will pay $1,000, and so
on. This is an alteration from the bill which
passed the House, which taxed all incomes
in excess Of 5000 per year. Five per cent is
levied instead of three, upon incomes derived
from property in the United States, which
are owned and enjoyed in foreign countries.
No exemptions are made in the act, except
of revenues derived from the rent of real es-
tate which, having been already once taxed,
are specially exempt from the operation Of
the income tax. Thus all the capital of the
country, and all the receipts of every class,
beyond the pittance of $500 per annrm con-
tribute directly towards the burdens of the
| Government. .. .n- . .5f E.a &.
| ms ACT, however, like the direct tax law,
does not go into operation Immediately. The
income, indeed, is to be reckoned for the cur
rent year, is to be rendered from the 1st of
April, 1861, to April | +, 1862 AT the latter
date, the statements are to be called and the
tax collected within thirty days. adt Z.
| This measure, although it will doubtless
appear to many a stringent and severe one,
will do more to establish and assume our ma.
tonal credit abroad than any thing we could
possibly do. We shall shortly be in the mar
kcts of London, Paris, and Germany, fort
loan of $l00,00O,0OO. Let it once be seen
that the people Of the United States are ready,
all classes Of them, to put their hands into
their pockets and pay largely to maintain the
Government which protects their property
and secures the stability and prosperity Of
the nation, and American securities will be
greatly enhanced in value On the other
hand, let any hesitation or lack of confidence
in our resources be exhibited by our people,
and it will react powerfully against us in the
estimation OF foreign poweTs--among whom
we may include the great capitalists of the
world.
3. The amendments to the tariff law ignore
entirely the 10 per cent. additions placed by
the Senate on the Morrill, tariff and on the
free list. They tax, tea, coffee, and sugar, as
j
ury, from ten to twenty four per cent
| This part of the law goes into effect in 20
days, or on the 21st of August.
The very large majority by which these
extremely important measures passed is graf
flying evidence that the representatives of
the people understood and appreciated the
magnitude Of the crisis in which the nation
is placed. There are but eighty negative
votes in the Senate and thirty mine in the
House.
Iowa AND THE WAR-The democratic lea
ders Of Iowa arc initiating the bad example
of the democratic leaders Of New York.
Like them they are without followers, and
like them, too, they coverup their innate trea-
son with the garb Of loyalty. They accuse the
abolition Republican party" Of causing the
present war, yet denounce secession as a
political heresy. They pledge their support
to the Government, yet declare that the
Union can never be pcrpctuatcd by force Of
arms; they denounce paper money bank!
ing, protective tariffs, and recommend conyen-
tInpc and co,n ~ a