Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1862-01-07

* their present means into money, and investi
Is }it in Government stocks as fast as realizt
b" would IL produce the required amount of $27
OF 5OO,OOO In six months, and $655, 100000
TO eighteen months2 II seems to me only nece
he sary to state this to show its impracticabili
ks The coin held by the banks would be requir
k, as the basis Of these new issues. That cou
a. not be parted with. The State stocks held
OF some of them might be converted into mon
n at heavy loss, but this would supply ve
10 small portion of the sum required. The ma
10 dependence would be the rapid collection of IL
G. bilis receivable held by the banks. The aggr
gate amount of all the bills receivable held
20 al the banks of the country was, on tho first
p January, 1860, $685., ,16l 900, about two-thirt
Oh which was held by banks In the loyal State
& The sum required Is, therefore, greater than tb
O sums Of all the means from which It Is TO
Q made, and the plan is impracticable, as q mean
" of providing funds, from that cause alone.
q This plan Of providing relief to tho Govern
y ment is fIaught with other dangers. The On
8 tire banking circulation within the loyal State
is stated by the Secretary to be $l5O,00O 900 o.
s the first day of January, 1861. The effect O
, the proposed plan would be to create banl
I circulation within eighteen months of $755 600,
0OO This would be independent of the Gov
D ernment's issue Of demand notes, making to
> gether perhaps one thousand millions of dollar
, as substitute for the existing one hundred anC
fifty millions.
: who can estimate the consequences of sucl
an expansion2 Prices of all sorts would b,
J greatly enhanced the expectations of thu
country diminished, while the importation Of
foreign goods would be increased; the exchanges
now In our favor DO turned against u.s. our GOLD
currency superseded by paper issues, and ent
abroad, and all existing values deranged.
invite your attention TO the Act OF Congress
OF August last, ito provide increased revenue
from imports, to pay interest on the public debt
and for other purposes" ...
BY this Act direct tax of twenty millions Of
dollars Is annually laid upon the United States,
OF which one million FIVE hundred and sixty.
seven thousand and eighty-nine and one-third
dollars is apportioned to Ohio as its quota II
provides for the assessing and collecting of the
TAX through United States officers, under the
direction OF the Secretary of the Treasury, or
py the state, II II shall go elect, through its
own officers, and in its own way and manner.
In case the State shall assume to assess and COL
lect 1t, and give notice by the Governor, or
other proper officer, to the Secretary of the
Treasury, by the second Tuesday of February
next, and in each succeeding year thereafter, Of
Its intention to assume and pay, or to assess.
collect and pay the tax, 1t will be entitled, in
lieu OF the compensation allowed to the United
States officers, deduction of fifteen per centum
on such parts of it's quota of the tax as it shall
pay prior to the first day of October in the wear
20 which such payments respectively relate. The
Act further provides that the amount of the
tax apportioned to any State shall be liable to
be paid, and satisfied in whole or in part, by the
release Of the State, duly executed TO the Uni
ted States, of any liquidated and determined
claim OF such State, of equal amount against
tne United States, and that, IL case of such re-
lease, the State shall be allowed the came abate-
ment OF the amount of such tex, as would be
allowed in case of payment of the same in
money.
Whatever difference of opinion may exist as
to the expediency of the Act, there can be none
as to the authority Of Congress to pass il, nor
OF the duty of the State to meet promptly and
fully Its requirements.
In providing for the payment of the tax, the
interest of the State clearly requires its colec-
tion and payment through its own officers, and
the enlargement OF the basis for the levy from
real estate only, as contemplated by the Act, to
all property subject to taxation for State and
National purposes, which will distribute the bur
den OF the tax more equally upon the people,
reduce nearly one-half the per eentsge of the
levy, and be in harmony with our system of
taxation. ..r
As it will not be practicable for the State to
collect the tax by the las. of June, on new
valuation of personal property, and upon the
new structures for the year 1862, recommend
that the tax for the current year be placed on
the duplicate of 1861, and collected with the
June installment of State taxes, as well for the
purpose of exhibiting to the Government our
readiness to meet all its demands upon our re
sources and patriotism for the maintenance of
its authority, as to secure to the State the iust
advantage to result from prompt payment of
the amount apportioned to it.
To provide against failure of collection in
time, respectfully suggest that authority be
conferred upon the State officers TO temporarily
use any surplus or unexpended balances of Gen
eral Revenue, and any moneys received, or that
may be due, from the United States to this
State, 10 be refunded when the tax shall have
been collected.
Instead of applying the unexpended balances
of these funds to the payment of the Govern
ment tax, which would afford but temporary
relief, 1t will be more consistent with the dig
nifty of the State, and in ell respects q better
financial policy, to apply them ultimately to the
payment of our public debt, giving the prefer
ence to that portion of it created for war pur.
poses.
Your attention is also directed to that portion
OF the Act laying an income tax on the people
of the United States.
cannot but doubt the wisdom of this meas
ure. Ii seems TO me the objections to it out.
weigh any good result that can be reasonably
expected from its enforcement.
The authority for its collection is limited to
United States assessors aud collectors, which
will subject the people to the annoyance of nu-
merous Federal x.gatherers, which should be
avoided If possible.
Thc tax is unequal In being levied only on
those persons whose annual income exceeds the
sum of eight hundred dollars. | see no sufi- |
cient reason for this discrimination. Such of
our fellow-citizeDs ss have less income are 40
ready to contribute, proportionally to their
means, to the support OF the Government, as
those who will be subject TO the tax. deem
it OF the highest Importance that all possible |
distinctions should be avoided among the peo
Pile in the demands of the Government upon |
their resources for the suppression of the rebel
lion. The existence Of the nation is in peril |
IL is of equal value and attachment to ali the
people. Each should, therefore, aid in its pres
ervation In proportion to his means. ALI are
ready and anxious to do so. Beside, the only
true basis Of taxation is value. Up1n this |
principle our State system is based. The ex.
perience of the people has confirmed ita Wis
DOM The most pressing exigency only can
warrant the adoption of any other. No such
exigoncy appears to me to exist
The Act further discriminates between the
holders of United States and of State securi-
ties, in levying double the tax on the latter it
does on the former, and that without regard to
the portion of State securities issued for and
used in the service of the United States. This
is founded on what seems to me to be a dan
gerous principle in view of the condition of the
country. The true policy OF the Federal Gov
ernment, in all its financial measures, is to ideu-