The New York herald., 1862-07-28

Total debt estimated TO July 1882 $3.50 900 900
| Estimate for the fiscal year up TO July l, =.
1853 If the war continues to thattno. $50 900 900
| Total indebtedness. liquida,ed and unliqui.
dated, to July l, 1863. 81 200 900 900
The bill of which We have been speaking was passed
with the intention of providing for the liquidation Of the
national debt by the introduction, at later day OF
thorough system Of taxation The legal tender
found their way into general circulation and met with
favor with the people. They the principal
rsncy Of the country. The camors d contractors to
whom !hs government was indebted were slsnced and
once the Treasury found relief
A NEW FINANCIAL MEASURE
Was approved by the President March H. 1892 The OBJ
ect Of the act to authorize the ssoroaIy Of the
Treasury to obtain the coin necessary for the Of
interest on the bonds and notes. 1t provided
l. That the Secretary may purchase coin with any Of
the bonds notes Of the United sates authorized by
law at such rates and upon such torms he may deem
advantageous to the public interest
g It authorized the issue Of certificates Of indebted
ness.
g. 1t made the demand notes Of the first issue lawful
money and legal tender
It extended the limit Of temporary deposits from
$26 900 900 $50 000 and provided that the rates Of
interest thereon shall be prescribed by the Secretary Of
the Treasury. not exceeding per cent.
s. allowed new notes to be issued place OF mutated
unfit for use.
The act explains itself; comment is unnecessary.
THE NATIONAL TAX BILL.
While these various measures were IN progress the
Committee Of Ways and Means Of the House of Repressn
tatvss engaged in preparing the first draft Of tie
National Tax BILL by which and ths tariff they calculated
to raise sucen! money TO afford ample base which
to rest the credit Of the government for the issue
notes and bonds. One tax bill the provisions Of which
W. have noticed, had already been passed; but the
amount Of money TO be raised by was entirely made.
qaate to the wants Of the government The people Of the
loyal section contrary TO the hopes and predictions Of
our foreign suemies, loudly calling Congress to
impose the taxes The patriotism Of the country was
never more clearly manifested than by the popular feel
ing in relation to taxation nation which had hitherto
hesu free from its oppression, readily assumed when
became necessary so to do the obligations imposed The
act imposing the taxes very long and minute in its
details It was carefully reviewed and amended by the
House in Committee OF the Whole after had been
ported from the Committee Of ways and Means and
first passed by that body Friday April l. 1852. II
then sent TO the Senate where referred the
Finance COMMITTEES, by whom 1t was in due time
reported, with many amendments. The Senate
after long consideration, passed the act Friday,
June o, 1862, after having rejected two sub.
stitutes, offered respectively by Senators Simmons
and McDouga. Tho act then returned 10 the House
FOR in the amendments made by the Senate
and was referred to conference committee Of both
houses. On their report 10 finally passed June %
and received the signature Of the President July 1862
Our readers have been 60 often and recently made
quained with the details Of the Tax bill that review or
them at this time would be useless We therefore pass
OIL % the next measure, which was the
TAEIFF ACT OF 1862.
The tarir a companion for the Tax bin Il Lad
been IN Of preparation while the latter had been
under Discussion, and made TO conform with il. ny
is provisions tile duties Imports already very bich
raised stll higher i thought in Congress that
tho annual revenue % be derived from customs would,
by the passage Of this act be increased 800
This together with the sum which II Is
| estimated tho Tax bin win yield, after Ii
shall hare gone into ful operation, viii
| give for tho anuusl revenue 1910 600 Co0-a sun
sufficiently large 70 pay interest any debt likely
70 contract and 10 contribute 70 It's final liquidation y
the establishment Of sinking fnnd for that purpose The
ars has been changed since the inception Of the 70
tsilon, four times As might have been expected our
Engish enemies two years ago called them frienss)
:et 70 great howl Q! mdignatlon yheg hey RECEIVED
nsr of Tie psssaEe ot his act surious % hc interests
of their manufacturing communities. One would sup
pose from their manner of talking, that
70 cgsate for English interests a5d to pass laws for the
benea. Of Engshmen. Let them understand once for
a that shall paRs such laws for government
and adopt such measures for own support aud detuce
- We may see 1T, without for how it may affect
those no have acted meany aud unfrlondy towards
rs III our struggle for existence.
The discusson this bill occupied much
loss time than the Tar bill. II required
however, 10 pass through tho routine, being ra.
rsrrst 10 conference committee, and adopted iss
report Il was nnaDy passed July II, 1862.
On the ssms day Mr. Lincoln approved oS
ANOTHER TREASURY NOTE BILL,
OF which We give the following review
its principal provisions we're
mat the secretary may issue. IN addition 20 amoun,s
before authorized noes to tine value Of $50 900 600
y That no notes for fractional part OF dollar shah
bs .susd but ths OF the above named s5 900 900
sha,l b. of tower denominations than ss
That such notes shall be receivable for all debts duo
40 or from the United states with tbs exception oi duties
on imports and interest bonds notes &c. aud sba
bo legal tender
That certificates VI deposit such as those Authorized
under the law already reviewed. may be issued bearing
interest ~ The rate ~ six per cent, payable sent
ennusly.
me secrs.sry may exchange FOR such terms
desrsd by him nsst beneficial, United states bonds
bearing six per can't interest rsdsesabe afsr ave and
payable ID twspiy GEARS may ISSUE noies received 10
sxcbanee may receive aud cancel notes issued
former sets ssung lieu thereof equal amount
notes authorized by this act, aud NAV purchase at
not sxg.edos that Of hs current market, ard cost