New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-01-25
THE NATIONAL, FINANCES. IL

To re Ta SALMON r. CHAsg. Ssor,ayy hsc Trea'r,y
SIX: To continue the subject discussed in mine OF
the 10th instant. Tie Government should. a. speedily
~ practicable levy aud collect the revenue II can
from soec,ql sources and IN addition thereto $50
600 600 annually for the years By direct tax.
alton upon the property OF the country.
This will enable the Government 10 use lis de-
mand notes as currency and to naintasa them at the
par of coin, and, III connection with other proper
measures, it would probably enable II 10 borrow
upon is funded Del, at par, at cent interest, II
not st a lower rate.
The Secretary, in his December report, estimated
the taxable property in the loyal States "a. - 600,
600, OOO 1t is probably safe to estimate for the
eleven States in rebellion $1,000 C000O0. tax OF
Y cent on this SIS OOO 100000 vii! give the $780,,
O0O, 900 mentioned.
Collect the 600 from the Rebel States by
confsoa,ng and selling the proper@ of rebels as fast
az il can 6e reached.
In view Of the enormous expenditures of the Gov
eminent, and principally for home labor and produe-
tions-in view Of collecting $50 100000 annually
bv drec, taxation besides other revenues TO be col
I.cted by Goyernmont-in view of the disordered
stat. Of the currency in the rebel.ous and IN many
Of the loyal States, large amount-$20O 900 900 or
p,ore-of the demand notes Of the Government could
be kept in circulation at par.
No more Government demand paper to be issued
than is sustained at the par Of cor and no more pre-
MUM or interest to be paid for coin to thus sustain
vha, il issued than is equivalent to six per cent
intarest ON an amount Of funded debt equal TO the
amount Of such demand paper kept in circulation.
The Secretary to lie authorized at his discretion TO
ssue TO the full extent Of the requirements OF the
Government not transceuding tie foregoing condi-
tione
This whole Issue Of demand currency to be retired
IA son az practicable by taxation by funding it.
This plan of issuing demand paper is wrong in prin-
chile either for supplying currency or borrowing
money. j, il dangerous both to the people and
Government, aud is justiiiahIe in this emergency
only ~ a temporary expsdient, and only to tho ex-
tent and on the conditions named
The Secretary TO advertise Immediately for pro
tosals for coin " be deposited in any snb.reasury
office, In exchange for this depand currency, or III
exchange for the funded del. Of the Government, al
mar. or for the one year interest scrip mentioned in
NV former communication, at par, the budding be9ng
an me rate Of iaterCs for scrip, without Interest,
pavnbls one year after date the interest to lie
deducted az in discoun,s--tLe biddiHg hang on tie
rate Of discOnat-this scrip to become demand cur
rency after its maturity.
The Secretary to accept the proposals most advan-
ingeous 70 the Government TO the extent that coin IL
rouired nj rate not exceeding twenty PER cent for
one year, and not over six per cent for longer
period.
The Government could pay 20 per cent per
annum on $GOOJO0Co, or T. per cent on OO,OOOOoO
Of coin TO sustain 800 coo OGO Of the currency, and
.ti pay but per cent on the amount in circulation
Whether more or less could be sustained at par
without costing the Government more than per
cent interest; only be determined by experience
We know that some amount could be sustained, be-
cuse there was over 81 100000 of this currency in
circulation in December last, and there is probably