The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1861-07-12

marent ard irde finite descriptions. amounts
/ to SOS .8e7 $40 "a, and the interest to be
/ paid on the debt TO be incurred during the
| year hos been estimated at $4,000, 900, ma
/ king an aggregate OF ordinary expenditures
! or STA 1887, s40 "a. II to those Gums be add
cd SIS 900 900, ns O provision for the reduc-
| ton and tnal extirguisl mcnt OF the public
| debt, tho total will he $40 1857, e49 "a. To
/ provide for these payments, il IL proposed,
| 10 acoor dance with the nrinciule inat stated.
| 10 raise F.y TAXATION at least the sum of $50,
coo, 0G0
The receipts for the last quarter OF the
fiscal yct riust closed were only IS ,527 ,246.3
| and though a very considerable 'mprov ement
in the revenue may be confidently anticipated
for the current fiscal year, should Lo change
be made in the rates of duties, it will be in
adequate, beyond doubt, to the demands Of
the treaeury, which should be provided for
without resort to lonns. These demands, ae
hns been already stated, will reach the sum
Of $79, 49, $40 34-a sum not greater, per-
hapa, than may be reasonably expected in
more rrot porous years from well adjusted
tariff of duties. though greater than can now
be expected from any Tariffs.
The Secretary most respectfully proposes
TO Uongrt So that duty Of 23o. per pound be
laid on brown sugar, Of &c. per pound Oh
clayed sugar, of DC. per pound on loaf and
other refined sugars, OF go. per pound on the
NyIup or sugar cane, OF DC. per pound on
candy, Of So. per gallon on molasses, and OF
DE- per VItfUu on Euur mUHsses, and II il
also proposed that duty Of SO. per pound
on black tea and 300. per pound on green
tea.
From these duties it il estimated that an
additional revenue OF not less than $40 600, :
900 annually may be raised, while the burth
EN- of this revenue upon our own people will
be to some considerable degree mi,igated By
participation on the part OF foreign rrodu-
GERS. Without going here into other details
Of less Importance, the Secretary thinks it
proper to add in general that, from the pro
posed duties on articles now exempt, and
from char god duties on articles now either
lightly burthcned or SO heavily taxed that the
tar amounts to = prohibition, . farther IN
crease of reYenne to tho amount OF - ,uDDy
600 may he anticipated, and shatthe improv-
ing condition Of trade and industry warrant
y just expectation that the revenue from the
duties OF the present tarif, not affected by
the proposed changes, will not TALL short OF
$50 ZOO, 600. lie estimates, therefore, the
total revenue from imr orts during the pres
an
added the SUN Of So, 0OO, 900 TO be derived
from the sales Of the public lands and
miscellaneous SOURCES, making the total
revenue for the year sec. 900, O00.-
While, therefore, there is every reason TO
believe that under a modified tariff, when the
prosperity of the country shall be fully re-
stored. an annual revenue OF not Jesse than
$50 600. OCU, and probably more, NAV De re-
allied, il will be necessary, in order to
sustain fully the public credit, TO provide Tor
raising the rum OF $40 ZOO, 900 for the cur
rent year, ut least, bv direct taxes or from
internal duties or excise or from both.
The Dor stitution requires that the former
be npportianed among the States, IN the ra.
ito of the Federal population, the latter need
only be uniform throughout the United
States. The taxes on real estate, and per
haps, the general taxee on personal proper
ty, must therefore be appnrtioned. Taxes
on distilled aaers, on bank notes, on car
ringes and similar descriptions OF property,
must not be higher In ons State than the
| taxes on tie same articles in another State.
| The Secretary submits TO the superior Wis
| dom of Congress the determination OF The
uuetti0n whether the resort shaii be made 10
direct taxes or 10 internal duties or both, Tor
the supply OF the probable Deficiencies OF
that portion u the pubic resources which,
upon the principles already explained, must
be FURNISH q ty taxation.
The value OF the real and personal prop.
er,y OF tie people OF the United STATES. ac
cordng TO The census Of 1860, is $l6, l02,.
924, l6. n emitting fractions, ~ siE aea
thousand million dollars.
The value Of real property is estimated at
SILL, o., O53 ,Ssl. and tho value OF personal
1 -
ton of the properly of both descriptions in the
United Sites, excluding those at present
under lnsnrtectipn. il $40 900, 75S 009, OF
which sum $500, $50 ,603 represents, ac
cording 10 the best estimates the value OF
real estate, and 1920, o27 ,404 the value Of
personal property. A rate Of one eighth per
cent. ad valor.m, on the whole real and per
ronal property OF the country. would pro
duce "a snm Of $40, l2s r6G1 n rate Of enc
fifth Ut one per cent. on thercal and person
al property OF the SiAtea not under insured
! ton would produce the sum OF 50 800 05C
, and the ratio Of three tenths OF one per cent
: on the real property anne in these State!
would prod nee $22 Bel 500 either sum be.
: ing largely inexcets Of the amount requir
al -
As the coatest in which tho government i,
now engaged is contest for national exist
ence and the Sovereignty Of the people, il !,
, evidently proper that the appeal for th,
means Of prosecuting it with energy to |
speedy aud succsssf vi issue should DO made
in the fret instance at least, te the peopi,
themselves; and it 10 highly desirable, 10 or
der that the circle OF contribution may b,
widely extended, to make the burthen pres
Ms lightly ~ possible upon each indivduA
contributor, and II possible sransmute th
burtben into benefit. To attain those dssir
!, able objeots the Secretary submits TO Con
gress the expediency Of opening subscrip
tions for national loan Of not less thar
. 800 900 900, 70 be isaned in the form 0
Treasury notes o. sxchcquer bills, bearing ,
: yearly inter eat Of 8 10 por centum, TO b
:, paid half yearly, and rcdeeoable q plea