Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1861-12-27

at least S20,000,000, and to lay such du-
ties on stills and distilled liquors, on to-
bacco, on bank notes, on carriages, on
legacies, on paper evidences of debt and
instruments for conveyances of property,
and other like subjects of taxation, as
will produce an equal additional sum.
The existing provision for an income tax
will probably produce $10,000,000 more.
The aggregate taxation will thus amount
to $50,000,000.
This sum, with $40,000,000 from Gus
toms will make $9O,000,00O for the year
"a sum sufficient to pay the ordinary
expenses Of the government, to pay the
interest on loans, and to give a moderate
surplus toward sinking the public debt.
Large as tax of $50,000,000 is, he
considers il not to exceed one sixth OF
one per cent. of the surplus earnings OF
the people of the loyal States. OF course,
the immense outlay for the expenses OF
the war must be met by receipts from
loans to the government--to be paid off
after peace and subordination are restor-
ed.
While the Secretary expresses hope
that the war will be ended before mid
summer he deems it proper to present
an estimate of the public debt to be incur
red by it if it shall continue longer.
The whole amount likely to be re-
CURED from lolns may be thus stated:
For the fiscal year 1862,
under existing laws, $7j,449, $1,000
For the fiscal year 1862,
under laws to be enacted, 200,000,000.0O
For the fiscal year lS63,also
under laws to be enacted, $40, 53l, PAS 50
Making an aggregate of Gj4,980,929.jl
On the LIST day of JuIy,l6GO
the public debt was $G4,7G9,703,0S
On the 1st day of Juiy,l8Cl
the public debt was 90,876,S28.68
On the LIST day of July,1862
the public debt will be 5l7372, S02.92
On the LIST day of July, 1863,
the public debt will be S91370,S02.93
Formidable as this exhibit is, the Sec
rotary believes the energies and means Of
the people are adequate to the necessities
of the case. The amount of the public
debt in The year lSl6-after the war of
1812.l4-was Sl27,335, 934.74, and in
twenty years it was paid off by the peo-
pie. The country, even if the loyal
States only are regarded, can sustain and
pay off in thirty years the debt to which
rebellion now exposes us, with hardly
greater proportional contributions from
increased and increasing resources than
that debt made necessary.
We have not room to present the Sec
views on the best way for bring
ing the capital and industry OF the coun-
try into cooperation to meet the demands
of our condition, and also to promote
stability in the financial affairs of the
A gradual introduction of
government securities as basis, in con-
nection with sufficient amount Of specie,
for the several banking and loan associa-
tons in the country to issue their bills
on (as is done in the State OF New York;
forms its most importan! feature.
Nearly eighty-;our millions of dollars
we're coined by the United States Mini
during the last year-an amount beyond
precedent OF SCOOPS, 3G214, the en-
tire coinage since the establishment Of
the Mint, Sj20,0OO,O0 have been coined
from bullion derived from the mines of
the United States. The quantity Of coin
now in the United States cannot be ascer-
tanned with certainty. The director of
the Mint estimates it to be between two
hundred and seveny-fve millions and
the Secretary concurs in that judgment.
Other and minor topics we omit to avert