The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1861-12-19
permanent settlement for more propitious

, alone, a revenue of at least twenty mil
lions of dollars, and to lay sucb duties Of
stills and distilled liquors, on tobacco. Oh
bank notes, on carriages. on legacies, o'
paper evidences of debt and instrument
!or conveyance of property, and otbe
like subjects of taxation, as will produce
an equal additional sum. The existing
, provisions for an income tax will probabl
produce ten millions of dollars more
The aggregate taxation will thus amoun
to fifty millions Of dollars.
The Secretary is sware that the sun i.
large; bat seeing, as be does. no proba
bility that the revenue from ordinary
sources will exceed forty millions of dol
lars during the current year, and know.
ing. as be does, that to meet even 10000.
miEed disbursements, and pay the inter
est on the public debt. and provide SIM
kiog fund for the gradual reduction of
it, principal. the appropriation Of ninety
millions of dollars will be necessary, he
feel. that be must not shrink from a plain
state eut of the actual necessities of the
situation
But, if the sum is large, the meaos Of
the people are also large. The real prop
erty of the loyal States is valued. in round
nun bers, at seven and half thousands
of millon-. the persona property at three
and a bali thousands of millions. end the
annual surplus earnings of the loyal peo-
pie are not less than three hundred uiI.
lions OF dollars. Four mills on each dol
lar. or two 6!ths of one Per cent on the
real end personal property of the loyal
States, will produce forty four millions OF
dollars, to watch sum the proposed in
come tax siIl probably sdd ten millions.
The whole suU will be little IL ore than
one sixth Of toe surplus earning of the
country.
The circulation o. the banks Of the U
nited States. ou the LIT day of January,
1861, was competed TO be S2O2 600 767.
OF tbi> circulation S so .Ou0 900. iD rouud
np brrs, wa 10 States nov loyal inclu
dug Wet Virginia, and S50. 900 600 iD
the rebeItous States. The hole of this
circuls ton CONSTITUTES a loan without IN.
terest from the people to the banks. co.
ting them nothing except the expense Of
s-ue and redemption and the interest oD
The specie kept on hand for the latter pur.
pose; and it deserves consider alton .betb.
sr sound policy does not require that the
advantages of thi- loan be transferred. iu
part at least, from the banks, represent
n 10, Of . h.. Il, LII
% the Government. representing the ag-
gregate interests of the whole people.
1t has been we'll questioned by the
post eminent statesmen, whether q cur.
'ency of bank notes. i--ued by local iOsti
utioDs under Stat. lags is not, in fact
by tn ustioual Constitution -
Such emissions eertsinly fall within the
pirlt, If Got within the letter. Of the
prohibition OF the emission
# bills OF credit b. the States, and of the
4 naking BY them OF anything except gold
md silver coin tender in payment Of
Iebts.
However this may be. it is too clear to
'e reasonably disputed that Congress. un.
er it. constitutional power to lay taxes,
o regulate commerce. and to regulate
be value of coin. possesses ample author
y to control the credit circulation which
Dters SO largely into the transaction of
and affects in SO many ways
be value of coin.
In the jud rment of the Secretary. the
inc hss arrived when Congress should
xercise tbi. authority. The value of
be existing bank Dote circulation depends
q the laws of thirty four States and the
baracter of come sixteen hundred pri-
ate corporations 1t is usually furnish
d in greatest proportion by institutions
{ least actual capital. Circulation, com
Donly. is in the inverse ratio of solvency.
Y Fell-founded Institutions. of large and
old capital, have, iu general, compare
Iyely little circulation; while weak corpo-
stions almost invariably seek to sustsin
be0-elses by obtaining from the people
be largest possible credit 10 this foru.--
Juder such a system, or rather lack of
y.tem. great fu, tn stions. and heavy loss
s 10 discounts and exchanges. are iDevi- /
able; and not uDfrequeDtly. through fail.
res of the issuing institutions, coDSidera-
lie portions OF the circuIatio" beco me sud
eUly worthless iu the hands Of the peo-
lie. The recent experience OF several
tates 10 the valley of the Mississippi !
aiDfully illustrates the truth of these OBJ
erVatious.
But the possible disasters which might
efall the pan. 20 far weikhs with the
ecretary that be forbears TO recommend
Is adoption.
The second plan suggested re aims for
Yaminatuon It. principal features are
lst) a circulation OF Dotrs bearing a con-
ION Impression and autbenticatpd by a
oumon suthority; (2d). the redemption
f these notes by the associations and in
itutions to which they may be delivered
,r issue; and (3d). the security OF that
sdeuption by the plrdge OF United
tates stocks, and an adequate provision
specie.
10 this plan the people. in their ordiDa