The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1862-08-09
WAYS AND MEANS.

congress may have adjourned before this
paper is published, after one of the most
important sessions in the history of the ma
ton. Its crowning work has been its fiscal
measures. They consist, in brief. of the
laws authorizing the borrowing of money in
various farms; of the tax law; and of the
new tariff.
By acts passed at this session, Mr.. Chase
is authorized to issue 81 so. 900, 900 more
Treasury notes. of which $50, Zoo, 900 are
to be of denominations below So; to negoti-
ate at or above par $500. 600, 900 of six per
cent. bonds, redeemable at the pleasure of
the Government after five years, and abso-
lutely redeemable at the expiration of TWEEN
ty years; to receive temporary deposits TO
the extent of 800, 900, 900 at four cent. per
annum; finally, to issue to ali creditors GER
ti6cates of Indebtedness maturing in one
year from date, and bearing interest at the
rate of six per cent. per annum. These re-
sources are in addition to those heretofore
provided by Congress. Acts passed at the
extra session in July and August, 1861,
and at the beginning of the present session.
enabled Mr.. Chase to negotiate 500, oo0,-
600 of 7iso Treasury notes, $44, 900, 900 of
6 per cent. bonds maturing in 1881. $685.
OO0, 900 of demand notes, 100000, 900 of
legal tender notes, and an uncertain amount
of two-year six per cent notes. These re-
sources are now exhausted. If Congress
should adjourn, the ways and means of
Government for the prosecution of the war
during the recess will be somewhat az fol-
lows:
New legal tender notes, $4,000 GOO
Six per cent. bonds, at or above par,
nearly 500, 600 600
Balance receivable on deposit, about 100000
Certificates Of Indebtedness, unlimited.
There is, therefore, no reason to fear that
the Government will run any risk of en-
barrassment from want of money. 1ffortune
favors our arms, holders of national cur
rency will convert their money into six per
cent. ive-year bonds fast enough to supply
all the wants of Government. If we meet
with reverses, the new legal tender notes
will suffice to pay our army and navy, and
contractors can be paid in certificates of in
debtedness.
All this financial structure rests upon a
basis of public confidence. The negotiable
| ity of Government bonds and debt certif-
Gates, the currency of legal tender notes.
and the willingness of the public to deposit
money with the Government at low rates
of interest, all depend upon the maintenance
of the public credit, and upon general be-
| lief that the United States can and will pay
the interest and principal of their debt. In
order to insure the maintenance of public
credit and public confidence in the fnan-
eial solidity of the Government, Congress
has passed tax law, and a tariff.
The two are coordinate parts of one in
tegral system; the one bearing upon citi
zens and their labor and their property, the
other bearing upon foreigners and the ar
ticles they send here for sale.
1t is impossible to analyze either, within
the limits Of a single article. 1t may be
said, however, comprehensiyely, that the
tax law levies duty of 8 per cent. on the
products of all kinds of labor in this coun-
try, and on the net profits of every descrip-
ton of business; while the tariff adds about
per cent. to the previously established duty
on all products of foreign labor and indus
try. AS the tariff to which this addition
is made was considered so high as to in
sure large reduction of our import trade,
it may be presumed that the new tariff will
reduce the number of articles imported to
those only which cannot be produced here
1t will still, however, yield handsome
revenue. The following is a rough estimate
of the amount which will probably be re-
ceived for duties upon articles which are
sure to be imported: