The New York herald., 1862-03-27

| Inc currency OF England NJ Jnl6 Time was Ba nK
of England notes. which were based upon deposits
of bullion, mercantile paper and government Sc.
curities. The revenue of England derived from
| taxation was something like $3.50 900 900. We do
not institute any comparisons with the periods Of the
French assignats or Of our own Continental money,
because in both these tha saTas by 60
vernment lacked the essential eu1Uat of value-no
provision had been made for its redemption. But if
in England, where an enormous revenue was raised
| by taxation, and there was no good ground for
fearing the ultimate collapse of the paper curren-
| cy, gold rose under the Bank suspension, to 10,
to 80 per cent premium on what grounds can it be
expected that we can make paper legal tender in
this country, and float hundred and fifty millions
of it, without causing some appreciation Of the
price of the precious metal?
A good deal of surprise has been created in COM
mercial circles in this city, Boston, Philadelphia
and the West, by the proposal in Congress to tax
all wliskey cow in store, as well as that to be
hereafter distilled. The tax on cotton, tobacco
and other manufactures is only 80 be levied upon
what may be produced after thH tki~f May. 1t s
not easy to perceive why whiskey bAould be an ex-
cepton to the rule. But in fact the practical
difficulties in the way Of !evyiDg tax upon whis.
key now in store will compel the abandonment OF
the scheme 1t would be utterly impossible, even
with an army Of taxgatherers, to discover all the
whiskey in store; and while the fair trader would
be gravely inccnycnicnced by being obliged to
wait for the visit Of the assessor the rogue would
inevitably cvadc the tax altogether. By levying
the tax exclusively on whiskey distilled after tbt
lst Of May. q grave source Of annoyance, eXpep-s
and fraud will be avoided, and the product to the
revenue willno be apprecably diminish 1.
|: The business of the Sub Treasury AS as follows
to-day
Receipts. So 2i2 OLA 50
Payments. 021 4S
Balance e'o2os2e 20
The following circular, which is Of interest to a
large class ofthe community, has been asent forth
MIN YoRK, March %, 1869.
SiRThc usual ,ing for th' preparation OF summer
time tables will be bold IN this city Wednadsy, April
0, at ten 81. ., the 81. Nicholas Hotel
ERASru3 CORNING Pres. n. Y. q. X. 4. Co.
NATHANIEL MAig,H Pros. N. Y. Il E.R. n. Co.
II. Cia AIENT, Pres.. Little Miami r. II. Co.
SAM. SLOAN, Tres. Hudson River r. R.Co.
The exchanges at the Bank Clearing House this
morning were SIG, ,42s ,sss 81, ana the balances
sl,l30,s60 %.
The Africa, for Iivegpeel to-day. takes out
s206 ,000 in specie.
Z The Cleveland Herald SAYS that the first bale Of
cotton from Secessia psssed through thes city
Friday last.
The Orient Mutual Insurance Company has de
Glazed dividend of siMper cent on the oGtstand
ing scrip. payable May l; the Manhattaa Gas Com
pany o dividend of five per cent, payable Oh de-
mand; the Merchants Bank OF New Bedford, o
saai-annuai dividend OF four pr cent, and the
BEDFORD CommercalBcrk. one VI three ana half
per cent-both payable OH the FIRST Menday of
April; The Rockarea Bank. OF Roxbary, semi
annual dividend OF four per cent. payable On Tues
[ day, april l.