The daily Wabash express. (Terre-Haute, Ind.) 1857-1867, 1862-10-15


III, Financial Condition at the
Rcbels
lgisul ihs Riskm0aa E4sralasr. Oh. eth.
Congress has serious business on ia hands
al present. lfthere are statsuon Ia ia halls
Gow II tho occasion when the public interest
summons them 20 lighi The great subjects
of revenue and finance are now before Con-
grcea. Tho intellect OF the body - at Q low
ebb Il the bill now pending shall he the only
ons proposed. A device sorry
sbortIye NJ that a hardly tt TO DO respectful
lv considered BY intelligent public men,
The bill proposes TO require every citizen TO
give tho Government one. fifth ofhiB gross
income. and TO receive in acknowledgment
eight per cent. bonds OF tho Governments -
ThR 4 neither tax nor free loan, but
embraces thu worst features % both. or all
leans those ut eight per cent. are tho worst.
0fall taxes twenty per cent gross lueoms Il
tho most oppressive.
Some incomes are all profit. Some IN
comes do not Afford ten per cont. profit. In
some cases capital IL realized and Ecinvestsa
in few months In other casos Il sa
permanent investment. and only is net profits
are realized \ tax on tho gross income Is
in one case tax on capital aud profits. IN the
other case a tax on capital alone. A tax on
gross annual receipts will impose a burden
Ten times as heavy on some persons "a IL
borne BY others employing lust a. much capi-
tai
The project d aforcod loan. and tic man
is a. shallow a. tho dapes for whom he seeks
Il he expects It 70 be regarded otherwise
Congress strikes heavier blow at our credit
than the public enemy. when il thus puts up
on the statute docks this effective publication
-. s.tsL - =.
bounds. seeking investment in public Sc
urities Virginia SIX per cent. stocks are at
| ara point % which they have not attained
| ior several years. North Carolina elk
| ,er cent. stocks arc twelve or fftecn per cent
| .bove par Money sboands. seeking invest
/ nent in stocks. because a, present IL can
| ind 10 safe investment 10 large business On
| srprises IL the micsi OF THE redundancy
l Congress proposes al enactment which de
| cares wait o. confidence IN Confederate
| stocks ard thereby inevitably occasions The
| SAINT Of confidence which exists ouiy IN the
| .naiiuations OF toe min6s tllat purpose this
| .trsn<c scheuc 81 finance. Forcs Confed
/ crate eight Ger cea,. bonds OF those who
| ouly take them because the law compeis il.
| and YOU throw upon the market At once a
| aorde OF boniholders looking for purchasers
| 1t what they bold only because the Az has
forced /, upon him How can the Govern
rsut 20 with is SIX per cent into market
sneia Il will have alreacy Oiled with eager
and excited salesman OF Us own eight Per
cent : When one class Of the holders Of
| pabiic securities sre thus IN he market look
az foe purchasers Of the highest grade Of
| Con ederats sccuritits. whaf mur be
| the sffses upoz these vea be,i TIE lover
class Of these securities.
Ths Government has cNmmlae1 nnare al
hiuuder. enough 90 Fair Ia =. sdii. II the con-
sience Of the people were Dot % vel sup
ported 80 il 8 Tia Journal urged. vishoc,
avail. the purchase Of Gotten when " va
sevsa cents Ter pound, add Of tobacco When
itwxs oos-toerth OF IL present price. Every
pound Of costea now Fsrrcss,ta abroad sixty
csats worth OF specse, srd IN tie hand: o.
the Government would be eQuivalet 20 The
Posses<ion Of hat much golc or silver. The
Tact that the Government held t1is reserve,
would support the credit af its p.csr ial
niteiy more than any q thee shallow d.
vices uo~ pressed With 81 ar Ct wisdom
Ihescoene jnaf before Congress 1. a. op-
pressise as = ~. BET without - advantages.
IL he people we're required % r.y shi.
} a1ouus Ct tax ao1 = %. = wouid sxesbls :
) VII ard purpose k,se q .hf give strength
- Ga crsts- Bet Va. oos ,t.r Ia q lo.r
forosd npgn peop,e ~ho srs supposed ,os u
vaEt n No cre lo<k tor sSrsass uxsto<
, = - nitss 4 SCI t. var a. ysls TA.