The New York herald., 1862-04-22

oomhnAssce, cOnSiSung oil MeBSrS moses loyiof |,
Howes. Punnett, Leveridge and Frazer. have dis
charged their most onerous duties in perfectly
satisfactory manner. and have accomplished q
volume of business that is perfectly startling when
presented in figures 1t is understood that the
banks will agree to continue the system six
months longer, and will invite the committee to
remain in Office.
Money is very cheap indeed. Call loans are
quoted a 6 per cent, with good supply at s.
Most of the banks are lending ON governments on
smaller margins than heretofore. The largest and
one Of the best managed banks up town offered to-
day to lend 90 on governments at 6 per cent
Foreign exchange is very dull. Bankers ask ll2H
but there is no demand above liz. The importers
are buying no bills. Francs are offered at 5.O3A
. sos. The market will not fairly open till to-
morrow.
| There was better tone in the stock market this
morning, and the bears seemed less hopeful than
for some time past. For month or more they
have had the market to themselves. There has
been no buying ON speculation, and very little out
side business. Yet, in all this period of dulness
they have scarcely succeeded in causing depres-
sion Of II per cent. To-day governments were
held, ut the close, at 81; Central was u. Eric n
and other railway shares n II per cent higher.
It seems evident that the market has been ham,
mered enough, and that the tendency of stocks
now especially if we receive q little good
news-will be toward greater activity and
better prices. The short interest is 80 large that
an advance Of one or two per cent would cause a
general stampede. At the close stocks were firm
the following being the last quotations: United
States 6's registered 1881. 93s 9Ss do. 6's cou-
pom, 1881, 9SA q 93H; do. 5's, do, 1874 s6T 81;
Indiana SIS, II 7s; Tennessee SIS, Sc a 561l1s;;
Virginia 6s, 81 So; Missouri 6's, 49s% 4911Ia;;
Pacific Mail, l04A lO6; New York Central, s2T
q SO; Erie, 81 371s do. preferred, 6lN 6l1lls;;
Hudson River, 35A SO; Harlem. l2Ha1s; do.
preferred, 3O1I 3l1; Reading, 421s 431l; Michi-
gan Central, 54A 55; Michigan Southern and
Northern Indiana, 22A q %; do. guaranteed, 46
461H; Panama, l24 l241ls; Illinois Central, COZ
. 6O5s; Galena and Chicago, 67111 6724; Cleveland
and Toledo, AZ q 421Ss; Chicago and Rock Island
54A a 547ss; Chicago, Burlington and Quincy, 62 a
621aa Milwaukee and Prairie du Chen, 251% a 26;
New York Central rs of 1876, lO2 1887; Erie
third mortgage bonds, 9211 93; Michigan Central
s's, first mortgage, 99H 100; Illinois Central
bonds. rs, ssa4 q s714; gold, 1919 1917.
The public are daily expecting to hear of the
General Tax bill being taken up in the United
States Senate. It is understood that Secretary
Chase bill will, in that body, be moved as an
amendment to the House bill, and that in all pro-
liability, the two will be fused, in committee into
one bill. Of Mr.. Chase's project nothing is known,
and no opinion has yet been formed with regard
to its merits. If it be true as reported, that it
contemplates the levying Of fewer taxes than the
House bill, while it is calculated to yield an equal
amount of revenue. it will meet public approval.
Foreign experience teaches that the fewer the
number Of articles taxed the less is the expense
of collection, the simpler the machinery, and the
less the prospect Of frauds. In levying taxes upon
an infinite number Of articles the House bill affords
| evidence of an unwise neglect of tho lessons of
foreign experience, and Of want of financial
ability among members of Congress-. Passing
over this point, it is to be hoped that the
Senate will not waste too much time in the adjust.
ment of the taxes to be laid. It matters very
little, in effect which the articles selected for
taxation, so long as they are articles of general
consumption. There are but two things in any
country which can pay taxes: these are land and
| its products and labor. However the new Tax bill
be framed, and on whatever articles the new taxes
be specifically laid, they will all eventually be paid
by land and labor. And as it is evident that the
amount to be raised by taxation for the purpose of
paying the interest the public debt of sustain
ing the government and the increased army and
navy after the war, and Of providing sinking
fund for the ultimate extinction of the pub
lie debt, will amount to pretty nearly $780,
600 O,OO0-that is to say, nearly one-tenth
Of the estimated value of the annual pro-
ducts of the country Of all kinds-it may be said,
succinctly, that whatever shape the Tax law may
take, or whatever changes it may undergo, the
effect Of it will simply be that every citizen and
denizen of the country will have TO pay to the
general government ten per cent of the value Of
the annual produce of his property and his labor.
At first the taxes may seem to press more heavily
on one class than on others; some interests may
seem to escape altogether, while others may ap-
pear unduly burthened But in the course of q
short time property and labor will adjust them
selves to the new taxes, whatever they may be- and
the burthen will be distributed throughout society
laying, as nearly as may be, on each interest its
proper proportion of nearly ten per cent of its
annual produce. 1t is needless to say that
the adoption of this system will be accom-.
panied with remarkable vicissitudes in property
Heretofore the value of real property especially
property in large cities-hss been disproportioned
to the value of labor, food and other standard
commodities. Land, houses and rents in New
York, for instance, have been for many years dis.
proportionately high. 1t is probable that the new
Tax bill will have the effect of causing a severe
decline in this species Of property. Such an event
would be matter of general public congratula-
ton. With regard to stocks, it seems likely that
United States stocks, which are not liable to
taxation. and whose value will be assured by the
new Tax bill, will appreciate in consequence of its
adoption. We shall probably see the skies of
1881, which are now selling at 93sI in demand at