Abbeville press. [volume] (Abbeville, S.C.) 1860-1869, 1861-09-06
THE TREASURY AND TAX ACT.

THE TREASURY AND TAX ACT.
The first four sections Of this Act contain
its policy. The remaining sections pro-
vide for its execution,
The first section authorizes the issue of
Treasury Notes to the amount of 100000
900, redeemable six months after peace;
and makes them legal tender in the pay
ment of government taxes and other dues,
except the export tax Oh cotton.
The second section provides. for the issue
of slOO,oOO,ooO of Confederate Bonds,
payable in twenty years.. These bonds are
to be sold in effect only for specie or mill
tary stores or foreign bills of exchange.
They bear per cent interest, and the i'll
serest is payable semi annually. "a
The third section gives the holders Of
Treasury Notes the option of exchanging
said notes for Confederate Bonds, whenever
they may choose thus to invest. p
The fourth section provides War Tax
on all persons owing more than $500, of
fifty cents in the hundred dollars. This
tax:is for the purpose OF supporting the
government and Of providing for paying
the principal and interest Of the public
debt.
We are but little disposed at any time to
dognatise on SO intricate question as. that
OF the finances; vnd the act to which VIC
refer comes to us commended by the sane
ton of the delegation in Congress Of every
State, and it is said also BY each member
Of every delegation. Itpresents, ther efore,
the most imposing claims to the people. A
perusal of its provisions will. we are quite
sure confirm this prepossession. The OBJ
planned, IS 10 provide our treasury with the
mans Of prosecuting tie war in which we
are engaged, to that. victorious result upon
which our people Havssuhanimous!y resol-
we'd with an unalserabe vow. Two hun
dred millions Of dollars are Thus to he raised
The third and fourth sections prozide a
further resource for the demands Of the
government, but their chiefspurposes is to
,s,a;ntsin the credit of'our- paper emissions
For these objects, war tax is imposed
upon tie people. Out of its proceeds the
interest on the eonis derate bonds is to be
oaid semi.annuajly. The credit Of these
bonds being thns established, they become
the means.of immediate support to the isue
of Treasury notes., So long as the holder
of these notes can exchange them for eight
per cent. bonds, on which the interest il
regularly paid, they cannot become de-
preciatedscurrency.
We cannot but acceptsit asSeminently
wise and proper that Congress should hav'
reinforcedrthat credit which the Confederate
+. Bonds and Notes would have derived from
the public failt Of great and itch ant
prosperous anu honorable people, by tb
specific provisions which We find in thi
present act,' Apeople' who intend to, pa
their debts@will showsit BY their tax bill
If their legislators are afraid thus to ap
pea! 10 tRemY capitalists will be justly a
frsid to trnstttp them. Thae faancierin
which manifests itself only in contrivauct
for evading and postponing obligations,
very. diffete6t from the straightforward
honesty HHieh provides for rnesting then
And while we may reasonably and con
fdently,anticiPate that our Treasury Not
will msihtain full credit. Id conseeuepce; {
tie basis of credit which has been prov
ded we have no arptehensions that OF
people, sssehurius the kisIs which vi
brings, Will be sdbjestsds to spy prsssu,
which a patriotic ,peots may not. cheei
fully accept: The goyernm5ppt, which asl
!, Ajax consributiop, viii also need he pr
duce Of oss farm aud ouffae.oriss q lie
aadclotbe .itsafmiss: The cutting or !,
odf.=scastensd sdp pies IF the sholsb,v
teaaAasecon5My and by ssssin nsdpt
the expedients, a sslfsupplY hi SaevsIi
sasSrs ssssof- -basipess and. ipdpstry