The Kingwood chronicle. [volume] (Kingwood, Va. [W. Va.]) 1861-1861, 1861-07-20


lures Of $74,sS7,s $40 a. If to these sums
be added $5,OOO.000 as a provision for the
reduction and final extinguishment Of the
public debt, the total will be SO, Ss7. $40 81
70 provide for these payments it is proposed
in accordance with the principle just stated
to raise BY taxation at least the sum of $50
Oo0,0 600. LII considering the choice Of reye-
nue. adequate to the purposes just indicated
the attention Of the Secretary has been
necessarily drawn to the different modes of
taxation authorized by the constitution The
choice is limited to duties on imports direct
taxes and internal duties and excises. Duties
on imports constitute the chief form of indi-
rect taxation. Direct taxes include capita
tlon taxes, taxes on real estate, and probably
general taxes on personal property, included
in lists embracing all descriptions, and valued
by uniform rule, while under the head Of
internal duties and excises, may be included
all taxes On consumption, and taxes on spc-
clal descriptions Of personal property with
reference to the use rather than the value -
The principal advantages of the system Of
direct taxes are found III the sensibility with
which they are felt and observed, in the mo-
tives thus arising for economy and fidelity in
the administration. and in the manifest equi-
ty Of distributing burdens III proportion to
consumption. On the other hand. the ad-
vantages Of indirect taxation, BY duties on
Imports. are found in the economy Of collec-
ton, in the facility Of payment in the adapt
ability to the encouragement Of industry,
and. above all, in the avoidance Of federal
interference with the finances Of the States,
whose main reliance for revenue for all objects
/ Of State administration must necessarily be
upon leyles on property. These considera-
/ tions have, doubtless, determined the prefer
ence which has always been evinccd BY the
people Of the United States, as well as by
their legislature and executive, for duties On
imports as the chief source Of national reye-
nue. Only On occasions Of special exigency
has a resort been had to direct taxation or to
internal duties or eXclses.
No departure is proposed BY the Secretary
/ from the line Of policy thus sanctioned. He
ventures to recommend only such modifca-
tons Of the existing tariff as will produce the
principal part of the needed revenue, and
such resort to direct taxes OF internal duties
as circumstances may require IN order to
make good whatever of duties may be found
to exist That the present tariff Of duties
will not produce the revenue required BY
sound principles Of finance, under existing
circumstances, is a proposition which will
command general assent. 1t was formed, In
deed with reference to very different con
dition Of affairs. The receipts for the last
quarter Of the fiscal year just closed, We're on
1 Ii S.. 627 $40 49, and though very consid-
cradle Improvement in the revenue may be
confidently anticipated for the current fiscal
year, should no change be made in the rates
of duties, it will be inadequate, beyond doubt,
to the demands of the treasury, which should
be provided for without resort to loans. ~
These demands, as has been already stated,
will reach the sum Of SO, Ss7. $40 "a "a sum
not greater, perhaps, than may be reasonably
expected in more prosperous years from well
adjusted tariff Of duties, though greater than
can now be expected from any tariffs.
The disorder Of business incident to dis
turbed condition Of political affairs will be
gradually redressed, as new channesl open to
receive the trade obstructed in former courses.
and the new employments engage the indus
try displaced from former pursuits. With
| this revival of trade and industry, the revenue
will improve. even though the restoration Of
peace may be delayed beyond our present
that the great body of the citizens Of the
States now involved IN the calamities Of in
surrection will, ere long, become satisfied
that order and peace are security tor all rights
of property and for all personal and political
rights in the Union, and under the constitu-
ton. are preferable to the disorder and con
fict and insecurity necessarily incident to the
attempts to subyert the government, break
up the institutions and destroy the nationall-
tv Ir force and violence When. under the
influence Of this reasonable conviction, the
people of the several States now constrained
by the criminal folly Of political partisans in
to civil war against the Uuion, shall in their
turn constrain these partisans to loyalty, to
law and obedience to the constitution, it is
not unreasonable to expect that, with re-
stored Union, will come not merely renewed
prosperity, but prosperity renewed in de
gree and measure without parallel in the
past experience Of our country.
While recommending the changes in the
tariff and the other revenue measures which
seem to him necessary, the Secretary indulg-
es confident expectation that they will ulti-
mately prove wholly adequate to all reason