New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-01-17
ME ETING OF THE AMERICAN GEO
GRAPHICAL AND STATISTICAL
SOCIETY,
OUR SYSTEM OF TAXATION AND FINANCE.

OUR SYSTEM OF TAXATION AND FINANCE.
special meeting of this society was held last
night at their rooms in Clinton Hail. the object being
TO receive a report on the subject of system Of
Taxation and Finance adapted to the present state
ofpublic affairs. The meeting waslargey attended, the
room being well filed at early hour. The report,
which was an elaborate and lengthy document, had
been prepared by Committee of five gentlemen,
WHO tad been appointed the meeting Of the society
on December ), 1861, to consider and report upon
this subject. The Committee consisted OF the ioi-
lowing eeutlemen Mesrs. Henry V. Poor, Arcbi-
bald Russell, Charles Gould, w. e.. ii. Waddell,
aud J. Smith Homans.
Each member Of the Committee read that portion
Of the report which had teen PREPARED by himself,
Mr. Gould leading of on the subject OF proper
Financial Scheme, Mr.. Poor following on the Plan VI
Taxation and Mr. Russell then taking up the Sub
ject of the Machinery by which the Faxes should Oe
Collected, to which theme the rest OF tue paper was
mostly devoted The pre-eot debt OF the United
States was ret down at 800 goo 90, the daily ex-
penses of the Governm 1T as Sl,0JC0JO, and IL wac
estimated that the nslonal debt will be on July J,
the close Of tue iscal year. sou. ,OO0 10 meet
this Indebtedness, and provide funds go thal Gov
eminent NAV proceed in It's ooerati)bs without susu
An amount, il the great problem now before the
iuanciers of the country, aud to toe solution Oh
when the beet minds OF the beet men are anxolsly
given.
The argument OF the report was tns', III we "ouio
avoid inaucial ruin, We NUT positively refuse 70
borrow 10 any way single dollar TIL ample pro'ls
ion is made for its repayment; ana no Government
bonds or securities must be put forth until the means
for the redemption OF every collar are clearly re,
FORTH that tn securliies may never De
below per- IL was estimated that $3.50 90 900 viii
be the annual expenditure of the Government after
the war ID brought to an end aud for the payment Of
thie amount we must provide. IL was argued that
we should tax ourselves 10 pay our own debts, and
not sLirk the consequences vi our own action, ana
throw a mountain Of debt forward on our ebidreh'
This cannot he done by the Inauguration oil any new
bau king system, for people will not now lnvest
money In new binks, when they can purchase ine
stock of some Of the old and wellt established banks
IL % per cent discount We must pay oar expenses
by great pubic loan, arranged and dls'nou'ea
tina. ii will be within the reach Of men OF capital;
But no loan should be made until a TAX l. lad All
property Of reels should he coniscated and every
dollar Of il except the value OF the slaves sDoaio
be applied 10 pay off this Loan, which must oe mace
TO meet the expenses OF the war.
A heavy tax was recommended on Tea, sugar
coffee aud tobacco. Excise aud Stamp dutes ALSO
recommended aud an Income tax strongly urged.
The main argument of the entire ~Ocument may
be briefly stated ss before, Tax, tar, TAX, TAN
until Government has thus provided for the redemp'
ton OF every dollars worth OF bonds, revenue onis
or securities OF every kind it may be obnsed tc
issue aud place in the hands Of the people. LEI IL
pledge the national faith Tor the payment OF Tue
national oebt at "A day certain, ana then taA tue
nation 10 keep tie nations word good.
Tie report will ne ready for publication 10 iaI 40
four ar i've DAYS therefore we give bu. bil-f sO-
stract OF It's Leading featurcr and this short state
ment Of its most prominent re recommendations