Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1861-12-13

q In the Judgment Of the sscfotary, n will be
necessary 20 increase the direct tax 40 as q
produce from tho loyal States alone arefpnrH
Of at least twenty milliona Of dollars, anN 70 iN
such duties on stills and distilled liquole,pn NJ
bacco, on baLk notee, on carriages, on lffRciS
on paper evidences Of debt and instrnm1Nlg ~
conveyance OF property, and other like subjects
of taxatiop as will oduce an equal additional
ann, The cxiatlna proRleinD Ter aniuUgmot1x,
mat n, itg principle. inasmuch as IL requires
largest coprihu,iogs ifgpC ClAr east tmeans, may,
esssy asd SS%sS Sn ECSss SS,s wo,s ~1 p'SSs, %Ss
aggregate taxation willihuaemonnt1o fligmils
'1Ths % sssiStSpy lsawsts 'sha3 The auh slarge
hul nnelr,p ~ ne aoes mo pfobability that the
srev1rIIg ipoin ogdinafJ sources viii forty
millions Of dollars during the curFenS year apd
knowing, lac he does, chat TO meet even econolns
hizsll disbarssmehts, and pay the intefeat on t9e
public debts and proyiae stnlkipg Ipnq iorg
bgradmi rednetioh Of Ito principal the AppropiiT
ssstion ofshinety milloas of dollars win be me-
y,cessary, ,he sioels that he must not shrink rom
n ulaihmtatom Of the Actual necessities ei
Lhe' 'aitAatioo. bstooleJs %. DlN|t' .al,i,sl n
But ilshe ann 10 large lEe ID cana OF the peb.
ple ere also Iary,e and The object 70 be attained
by the conse6Tstioh Of 3 portion OF them 70 lhe
aapublc aeryiceaib prieele Tue real properly
,iof the losal statesds valued, In round numbers,
s'at n YEN and elf h0asands of millions; the
.snessonal property al three and d half thousands
Il millipna.j andth ann6al edfpiuB eafninga Of
tho loyal people at NOT less than three hpndred
miuIona Of dollare. iaFour mills on each dollar
,oritWo.ffthss of one per cent, on the real and
lpessonal propefty Of the eyFl States, viii, pro-
,dunec forty -four millions Of dollars TO which
snrn the proposed income tax will probably add
Ia ahnlA tvt III Ikkla
more than one-sixtho Of the surplus estninga of
the country! Certainly such q tax cannot be
paid without Inconvenience; Z doubtless the leg
ialaturo which imposes SUCH 3 tax must take
care that the money thus raised be used econ
.omically, prudently, and honestly But can
any one hesitate about such or even greater CON
tributionB Whenlthc Union and the popular In
-stltutons Nhichit guards are put IN peril by re-
bellion, and the public faith pledged to our own
citizens, who in many instances, have placed the
whole earnings OF industrious lives 1.-THE hands
of the ,eoyernment for its enppression, asks sup
nopk. afsst ys.assI1D te Jam srHA.' i.
- It will be seen at glance thatthe amount TO
be derived from taxati0n forms buta email por-
ton Of the sums required for the expenses Of the
war. For the rest, the reliance must be placed
Already. beyond the expectations Of the noet
sapgune, the country has responded TO the ap;
peals of the Secretary. The means adopted
ior occurring the concurRcnce of all classics of
seitizens in financial support to the government
have been already explained. IL remains only
TO be said here that, while the action Of the
banking inatitutionsin assuming the imme9.-
ate responsibility OF the whole adyances nither-
20 REQUIRED, Ss we'll lGs the final responsibility
of much the largest portion of them, merits high
suiogium, tho prompt patriotism with which
oitizens Of moderate means and working mon
and working women have brought their indi
ydnal offerings to the service Of their country !,
mrst command even warmer praise. IL should
be the CONSTANT care Of the national Legislature
aud Of the national goVefnment 10 all IFS de1
partments that the generous confidence re Il
posed lby the poer, asnwell as BY the rich inl
the public faith, be never disappointed. - l'
fsIs must be conceded however, that the con-
ditiou of the national finances when the present
Secretary entered upon the duties OF his Office,
though somewhat improved by the able and up
right, though brief, Naturalization OF his in-
mediate predecessor, was such as to make dis-
advantageous rates in the negotiation of loans
inevitable II affords just occasion Of gratula
tion that, under most embarrassing circumsany
ces of shaken credit and immense demands,
loans have been effected at home, without re-
sort 70 any foreign market, 10 tne amount of
one hundred and ninety seven millions Of dol
lars, with a virtual engagement for fifty mil
lions more, at an average rate, considering the
couyersion OF the three years 30 bonda into
twenty years elk per cent. bonds as certain, Of
somewhat less than six and q half per cent? ~
This rate OF interest is, however, higher than
the United States, with their vast ana constant
accommodating resources, onght to pay, No
doubt reasonably exists that alter the re estAb-
lishment Of union aud order, the i've per Cent.
bonds Of the United States will command
sreaium In the markets of the world, unless
she natlonat debt be, meantime, augmented be-
youd necessity or reason The wealth and
power Of the country, manifested II the sup
preston of rebellion, will demonstrate the ab;
solute safety of Investment in United States
stocks; and foreign capitalists, restricted 70 the
lover interests and inferior security Of public
debt in other counsrier, will behttracted BY the
superior Advantages offered BY the loans Of the
IToion a.Fatfaztjsl e4 eAltf 1--WE t'r,t- ..'s-
To enable the government TO obtain the nee
essary means for prosecuting the war to . sue;
ceasful Issue, without unnecessary cost, is q
problem which must engage the most careful at
iention Of the legislature. g Dslylg, Nj
&c. ne Secretary iias given 30 this problem the
bset consideration IN his power, and now begs
leave to submit 10 Congress the result OF hisre.
Elections. .s,.-rs .s,,s ~ y
The circulation Of the banks of the United
States. on the Ist day Of January, 1861, was
computed to be $202, 600 767. OF this crcula
dion &l so .O00. .010, In round, numbers, Was III
the States nov Loyal, including West Virginia,
and $50 900 600 Ia the rebeIlious States. The
whole Of this circulation constituted Q loan with
out intereat from the people 70 the banks cost
ing them nothing except the expense OF Issue
and redemption and ihe interest on the specie
kept on hand for the latter purpose; and it de-
serves consideration whether soand policy does
not REQUIRE that the advantages OF this loan be
transferred, in part at least, from the banks,
reptesenting only the interests Of the stock,
holders, to the government representing hel
aggregate interests of the whole people, haa.
IT has been we'll questioned by che most emf
nent statesmen Whetberj a cprency of batk
notes, issued by local Institutions, under State
Law, is not, in fact, prohibited BY the national
Constitution. Such, emissions certainly fall
within the spirit If NOT within the letter, Of the
constitutional prohibition OF the emission Of
bills Of credit by the States, and of the max.
ing by them Of anything except gold and silver
coin legal tender in payment for debts .als i
However this may be, lis too clear to berea-
a,nably disputed that Congress, under its CON
stitutionaI powers, to lay taxesS 70 regulate
commerce, and 10 regulate the value OF coins
possesses ample authority TO control the credit
circulation which enters 30 largely into the
transactions of commerce and effects in SO many
ways the value Of coin; 80 a -sgb ss4gstsi II
In the Judgment of the Secretary the time
has arrived when Congress should exercise this
authority. TheSyalue Of the existing bank
nota sfrcnl ation daDends on the laws of thifty-