The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1862-01-23

required amount OF SzI0,0OU, ,UUO IN Elk
months. and 1866, ,OO0,O 600 in eighteen
monthsH IL seems to me only necessa-
ry to state this to show its impractica-
bility. The coin held by the banks
would be required rs the basis Of these
new issues. That could not be parted
with. The State stocks held by some
Of them might be converted into money
at heavy loss, but this would supply
a very small portion of the sum reGuir-
ed. The main dependence would be
the rapid collection of the bills reoeiv-
able held by the banks. The aggre.
gate amount Of all the bills receivable
held by all the banks of the country
was on the first of January, 1860, $685.
10000, about two-thirds of which was
held by banks in the loyal States. Tho
sum required is, therefore, greater than
the sum Of oll the means from which It
is to be made, and the plan is impracti.
cable as means of providing funds
from that cause alone.
Government is fraught with other dan
gers.
The entire banking circulation with
in the loyal States is stated by the Sec
retary to be $3.50, 900 on the first
day of January. 1861. The effect Of
the proposed plan would be to create a
bank circulation within eighteen months
of S655, 100000. This would be inde-
pendent of the Governments issue of
demand notes, making together perhaps
one thousand millions of dollars as n
substitute for the existing one hundred
and fifty millions.
Whe can estimate the consequences
of such an expansion? Prices of all
sorts would be greatly enhanced; the
E expectations Of the country diminished,
while the importation of foreign goods
. would be increased, the exchanges now
in our favor be turned against us; our
gold currency superseded by paper is
. sues, and sent abroad, and oil existing
values deranged.
n The attention Of the General Assem-
Y blyis invited to the Act of Congress of
+. August last, by which direct tax of
twenty millions of dollars is laid upon
r the several States, of which 81, ,567, ,089,-
66 is apportioned to Ohio as its quota.
r The Governor recommends that provi-
0 sion be made for collecting this sum by
placing it on the grand duplicate of the
/ State, to be thereby collected with the
other taxes. He gives several reasons
to show that such course is preferable
$ to allowing the tax to be collected by
, Federal officials.
, Attention is also directed to that part
3 of the same act laying an income tax
! on the people of the United States
The wisdom of this measure is doubted
' by the Governor. To him the obiec-
tions outweigh any good result that can
be reasonably expected from its en-
0 forcement. The collection of the tax is
e limited to the Federal assessors and COL
lectors, which will subject the people
i. to the annoyance of a new and strange
a class Of tax gathcrers, which it is desira-
BILE to avoid. The tax is unequal in
S being levied only on those persons
$ whose annual income exceeds the sum
q of eight hundred dollars; and he sees no
8 sufficient reason for this discrimination
d. Such of our fellow-citizens as have a
v less income are as ready to contribute,
: proportiOnally to their means, to the
= support of the Government, as those
G who will be subject to the tax. The SEQ
retary of the Treasury estimates the
revenue from the Income Tax at $l0,-
s 100000. The Governor says that in
f the judgment of tho Auditor, who has
! examined the subject, the gross amount
q in this State will not exceed $500, 900,
f and one.quarter or one third of this
e will be consumed in the cost of assess
;; ing and collecting it.
# He recommends that the General
! Assembly memorialize Congress to
/. change the law, by requiring a certain
o amount of each State as its quota for
C the income tax, and permit the State to
, collect it, as is done with the direct tax
n The Governor thinks the people would
far prefer an increase of tho direct tax
d to the income tax. The main argu-
t. ment for fixing the quota of tax rcqnir-
n cd by the Federal Government of each
ie State, and permitting them to raise
l. themselves the respective amounts, ID
s. that under State law the burden can be
Is made to fall more justly and equally on
" taxable property, and bs collected
Ie cheaper and with less annoyance to the
,r people, and maintains State indepen-
i denoe and authority.
d The military condition Of the State
81 occupies a large portion Of the message.
le The number Of volunteers mustered in
Z to service of the United Statas is one
. hundred thousand two hundred aud
twenty four. That does not include
10 the citizens of Ohio who have gone into
a the military organizations Of other
10 States. That class is estimated at tan
a thousand. The arms aud accOuterme en- e
IS issued to volunteers, aud othor items Of
,y like class, are set forth in detail.-
,r The difficulties attending the OrganiEa-
g ton of Camp Dennison are referred to;
le also the reasons why the State could
ef not advance pay to the volunteers.
The amount refunded the State by
r the Federal Government for advances
he made BY it is 81 OFT 900. A modi6cA-
Is ton of the military laws of the State is re-
q commended. He regards our present
IS militia system wholly unsuited to the
necessities Of the country, aud recon-
700 mends that elementary military exer-
NO c,ses form part Of oommo E;hOol and
100 academic education.
D, The attention Of the Gensral Assem-
na hlv ia caIIad To the defensa Of our lake