Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1861-12-12

The prOVlelOnB maze ~ tne lhst besalVu oL
ras of two descriptions; 6rst, a direct tax a
{ $4,000, 600, Of which Sl4,s46,0ls was &C
pportioned TO States and Territories ae- X
their obligations 10 the Union, pl
nd 50, 1882 TO States the citizens Of "
which repudiated those obligations and are II
n open rebellion: aud, secondly, an inter
lal duty of three per ceutum an all annual
incomes, with certain exceptions and deduc- {,
Ions. h
,mEcF TAXES 10 81 cOLLEoTED By GOVERNORS a
OF sTATEs, AND Why. .
As Il is highly desirable to avoid, as long /
As practicable, introduction into the States Of }
Federal agencies for the assessment and col I
lection of taxes, the Secrctary, relying on
assurances from Governors Of various States
that the amount RpportiOned to them respects
lively will be assumed, collected and paid,
through the existing State agencies has hith-
erto refrained from advising the appointment
of the officers necessary for direct assessment
and collection.
For the expenses Of the war and Of other
current expenditures, further reliance must
be placed upon loans. To meet even ecOno'
mized disbursements, and pay the interest on
the public debt and provide a sinking fund
for the gradual reduction of its principal, the
appropriation of ninety millions Of dollars
will be necessary. A further loan Of $2lO,-
OOO, 900 is considered necessary for the eI-
penses Of the war and other depsrtments.-
The aggregate expenditures for the coming |
year is $475, ,33l, ,245,5l. The aggregate re-
ceipts are estimated at ss5, 800, 900, leaving
balance to be provided for Of 1919, ,64l, 6.5l.
The public debt is estimated as follows;
July LIST, 1850. it was $64,77s,1 Jos Os.
% 1881 " 90 967 ,S28. .6S.
" 1852, it will be 7,372, ,sO2 90.
q" 1858, q" 997, ,S72, ,sO2,sS'
Even this enormous public debt can be
easily paid of in thirty years by the loyal
States alone.
TIE COIN IN TIE UNITED sTATEs.
No means exist of sscertsining, with a6-
solute certainty, the quantity of coin now IN
the United States; but the best accessible data
lead lthe Secretary 70 concur In the judg-
menE of the Director of the Mint, that the
amount is between two hundred and seven
ty five millious and three hundred millions
of dollars.
The Secretary suggests that Congress h1
the rate of interest upon all government
loans; says the operations Of the mint have
been large without precedent the total coin
age of the year being more than eighty-three
J and a-half millions; suggests the establish
: ment of a branch mint at Denver City, Colo
, rado territory; shows what moneys have
been advanced by loyal States and what re-
} paid to them; says that more marine hos
pitfalls have been constructed than we're neces-
|, sary, and suggests the disposal Of part oi
them; gives the number Of revenue cutters al
, tWenty-nine; and hopes that a uniformity Oi
0 weights and measures may be established all
: over the world.
3 Upon the very important subject OF re,
0 forms in the banking system of the country
we quote Secretary Chase's language in full
v its Importance to all our readers, farmers and
mechanics, as we'll as business men, fully
wArranting the space:
q TIE PAPER CURRENCY OF TIE OoUNTRY-TC
, WHOM DOES IT BELoNGP
., The circulation Of the banks Of the United
e States, on the lst day Of January, 1851, was
5, computed to be $2O2, 900, 767. OF this cir.
: culation $3.50, ,OOO, 900, in round numbers
y was in States now loyal, including West Vir'
It einia, and $5O,OOO,OOO in the rebellioul
r States. The whole of this circulation eonsti.
g tutes loan without interest from the people
I, to the banks, costing them nothing excep
the expense Of issue and redemption and The
q. interest on the specie kept on hand for the
latter purpose; and it deserves consideration
whether sound policy does not require tina
II the advantages Of this loan be transferred, il
part, at least, from the banksI representing
v only the interests of the stockholders, to th'
le government representing the aggregate in
of terests Of the whole people.
le BANK CURRENCY UNCONSTITUTIONAL.
It hiss been well questioned by the mos
eminent statesmen whether q currency o
bank notes, issued by local institutions unde
I'd State laws, is not, in fact prohibited by tn
I'd national constitution. Such emissions Ger
tsinly fall within the spirit, if not within tn
letter, of the constitutional prohibition of tn
i emission of bills of credit by the States, ant
'u of the making by them Of anything excep
ra gold and silver coin legal tender in pay
ok ment of debts.
However this msy be, it is too clear to b
reasonably disputed that Congress, under it
lg constitutional powers to levy taxes, to regu
y late commerce, and to regulate the value Q
q coin, possesses ample authority to contro
q the credit circulation which enters 80 largel
III into the transactions Of commerce and affect
in so many ways the value Of coin.
-
be TIE LARGEST CIRCULATION OF BILLS is FROM IN
v SOLVENT BANKS.
In the judgment of the Secretary the tim
Ic- has arrived when Congress should exercs
os this authority. The value of the existin
bank note circulation depends on the laws Z
thirty-four States and the character of som
an sixteen hundred priTsts corporations. It
usually furnished in greatest proportions b
-. institutions of least actual capital. Circula
- ton, commonly, is in the inverse ratio Of sol
= Vency. Well founded institutions, of larg
IL and solid capital, have, in general, compare
n lively little circulation; while weak corpo
=. rations almost invariably seek to sustai
~ themselves by obtaining from the people tn
= largest possible credit in this form. Unde
y such system, OF rather lack of system, grea
- fluctuations, and heavy losses in discount
- and exchanges, are inevitable and not un
:. frequently, through failures of the issuin
- institutions, considerable portions of the cir
"a eulation becomes suddenly worthless in tn
hands of the people. The recent experienc
- of several States in the valley of the Missis
- sippi painfully illustrates the justice of thes
Observations and snforces by the most cogen
IA practical arguments the duty Of protectin
- = commerce and industry against the recuI
rence of such disorders.
n. THE TWO PROPOSED PLANS TO RENEDY THE EVH
~ The Secretary thinks it possible to com
A. bine with this protection provision for cir
- culatiOn safe 70 the community and convC
"a nient for the government.
Two plans for ehecting this object ar
L.. -.