The New York herald., 1862-03-05
SINCE January ~ sls, ,eal aa1 2aals sos 2a,s4S lss


Since January l.. .sla eal 1897 2s9is,s95 2s,s4S,lSs
This is a very handsome statement though our
exports for the year to date still behind those
of the corresponding period last year. We notice
that we shipped last week 5000 Of cotton to
Liverpool, and $4,000 Of dry goods to France.
The aggregate is made up of large number OF
small shipments to almost every country with
which we trade, the number of clearances last
week having been unusually large.
The money market is growing easier. There was
more money Offering to-day at per cent than the
brokers could use, and hear OF loans at q. There
was no substantial cause for the recent hurry IN
money. Demand notes have taken another turn
to-day, and, having been thrown out by some OF
the banks, were sold at small discount. A
difference of opinion exists as to whether they are
legal tender or not. Mr.. Spaulding, who drew
the Treasury Note act, says that il was the nten-
ton of the committee to make them legal tender,
and Secretary Chase is understood to have ex-
pressed the opinion that the act does, in effect
make them SO. AS, however, some lawyers have
doubted this, we understand that o short declara-
tory act will be passed in day Or two through
Congress to settle the question.
Foreign exchange is very dull indeed. The
leading bankers ask 49, but buyers decline to give
over l121s. Francs range from 500 to sos. Ths
future course of the market will mainly depend on
the progress of our arms in restoring the South to
the Union and Southern products to the markets.
The stock market continues to exhibit the same
features yesterday. The large operators are
waiting for news from the army; the public are
buying moderately; prices are pretty steady, with
out animation. An impression prevails that the
large supply of money which will be received in
this city when Mr.. Chase begins to pay out his
certificates of indebtedness will cause general
impression in the market, especially if we should
hear simultaneously of victories in the field. At
this mornings board slight demonstration was
made against Tennessees and Mssouris, which de-
clined IA "a per cent Reading likewise fell OIL
u, Galena a, Toledo "A and Rock Island "a.
Other stocks and bonds were steady. After
the first board the market became languid,
and very little business was done in the
afternoon. The market closed weak, the
following being the last quotations:-Unted States
6s, registered, 1881, 90 90; do. 6's coupon, 1881,
92Z 5s; do. SIS, coupon, 1874, IS q; In
diana SIS, 7s a II; Tennessee 6's, 60 Il;
North Carolina 6's, 67 10; Missouri 6's, 81
n Pacific Mail, 93H n; New York Central,
s33S rs Erie, 3494 1a do. preferred, 5724 SIS;
Hudson river, 37A "a; Harlem, l2A "a; do.
preferred, 20 a "a; Reading, II "a; Michigan
Indiana, 23s4 q; do. guaranteed, 471a q T;
Panama, 1ls lis; Illinois Central, Ga1a q:
Galena and Chicago, e7H a; Cleveland and
Toledo, 4511 a %; Chicago and Rock Island, 551l
"A; Chicago, Burlington and Quincy, GA "a; Mil
waukee and Prairie du Chen, 20 q; Cleveland
Columbus and Cincinnati, 100 ITO; New York
Central rs, 1887 los; Erie mortgage bonds,
81 90; Michigan Central S's first mortgage, 1927
lO3; Illinois Central bonds, Us, 931 "a; gold
lo2 102.
The Tax bill is matter of general conversation.
and so far as can gather it meets general ap-
proval. People in this section of the country are
ready and anxious to pay their share of the expense
Of the war; and do not complain of being taxed too
heavily, though it must be confessed that the bill,
as presented, promises to be pretty sweeping. No
objection can be urged to the tax which it is pro-
posed to levy on beer, spirits, tobacco, segars'
carriages, watches, plate billiard tables, licenses,
dividends and legacies unless it be that some Of
these articles-such as tobacco, spirits and beer
could afford and ought to pay far heavier duty.
The tax on flour, ten cents barrel, might also
have been raised without causing much additional
Inconvenience, and without diminishing the con-
sumption. We notice no duty on wheat, cotton or
corn. II -four can pay ten cents, wheat should pay
two and q half and corn one cent per bushel-the
duty to be collected at the place where it is sold.
The omission of cotton is 80 remarkable that it
must be the intention of the committee to tax II
in another BILL 1t could well afford to pay
81 so a bale, which, on crop of 100000 bales,
would yield o revenue of $40 900 900 per annum.
Trpentine and rice could likewise afford to pay
small tax Taxation should be general and
there should be be no exemptions. The share due
by the Southern States always be collected
IN fho inco fay wa
only repeat what we have previously said, viz,
that it is the worst possible form Of tax for coun
try like ours. BY restricting its operations to in
comes over $500 the bulk of the rural population will
escape it altogether. 1t will be extremely difficult
to levy it fairly in cities, and it will inevitably
be one of those taxes which honest men will pay
and rogues evade. As financial resource, it
will be extremely unreliable; in years of plenty
and prosperity it should yield large amount in
years of trouble it will produce little or nothing
In European countries, where the bulk Of the tax
paying population live fixed incomes derived
from land, or investments in the funds, or employ
ments under government an income tax Is fair
and its product certain. Here, where almost
everybody's income varies from year to year where
no man knows any other mans income, and
many men do not know their own, II is the worst
kind of tax that can be devised. At the same
time, if Congress deems it necessary to add it to
the other taxes, it will meet with no
opposition here. The summary of the Tax
bill which we have before US does not specify
the amount Of the stamp tax on legal and CON-
mercal papers. This is without doubt the iAost
important tax in the whole list. Stamps have al.
ways been one of the most productive taxes In
England and France; they would be still more go
here, in consequence of the great commercial ac
tivity which pervades this country. We have no
doubt but revenue Of $50 900 a year could
be obtained from stamp tax on promissory notes
bills Of exchange, sale notes. leases, deeds of sale