The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1862-10-06

:
$40 Go3Uiu | SUPPOSE the amount vii! not tall
inrea bt!9f, nor * @'iy exceed, the -Gm stated
Tlls sn look iaIGei lus the expenses ri the
are necessarily heaY2. We have already incurred
deb. will havs dome - ny the first of January
next, nr frHetion over $50 UJu 0Gu We have no
income from imppr.s or exports unr ony source
of rcpeoue new i, tom taxation. W. cannot cor
tinoe II int.;t io expenses o the war by :. mere
paper ayste1 i ~ undertake It ;.i,'l nui to I
pcSe taxes cur H"E oanluent ,3prr vii deefeciate
ani tbs c.ei.t u! thc Government vii. go down
u IL. II.
Toanee. III. ex;l,..4ra ct the war thus far Trea
sisy totes have hii 20 be literally used The re
port OF the Secretary At ih- Treasury shows that
up 70 tiia Isl o Angus, u 2 ia had issuad Tfea
aRry notes
Amounting S, Sc ea4,035 90
~ b ;a.':ci 10 pay h}.'..nccs ael;ns;
jhs Treasury an,i !atec oustand-
i'g toiulaiu uns.------...-..--.-. II III 1G1 co
Making IN ;asac OF Treasury
notes sof,---.-.--.-.-.-.....s OF sa50. .,Gl 191 co
To .ae"t appropriations mp to the
lst of dHny next
viii require ...--- S2G9 5JO{s7 %
OF thi4 sum probably half will bs
i5lnlFo'' II 'treasg rotea, say l04,il5A3 SO
Making total Of . s355fa7, ,oio SIS
SO tiat sn tbe lst of January noxttls circulation
n iToasiEy notes will be oyer sbgee hundred and
il fiYs millions.
need 10: assure the House that the presea. tax
bill, as.e ether firniis Taea0ure, will have 10
D4 adopts d to reduce fh.s cnorncn5 circulation -
Ehe effect of ii uisn ths Government and upon
the people viii be liking but hanefs;.,l. Money
| will become too ehaap'..aa too pleut.s Prices of
every thine III s;ar ke4 eilba enhanced extent
to olfes;'ond With me excess ok paper Teuiaoax
The Government is obliged to be iatgs nu.cha.er
of everything necessary 70 the supply OF the army
and tna groa increase el Essfces. caused By an OK
cess Of its OWN p..ne, WIZ cieata pu5lic debt O.
enorm9us size Sucii state 81 things viii Induce
. EtTtvAEaliCa
| proving the cOaditicn Of my
1t nl.y moi ba al easy matter To determine " hat
aniofint of Circulation viii ba required answer
the Otlsnefs ard commercial purposes ct the rec
Pic Of the Confederate htGles IA tao present state sc
things but, judging from the past, . may very
safely concl;,ie a paper circulation furnished by
tie G0yernment is and will be, ilaga. much n3.e
than il aee,ie, leaving OFT OF view anca sinoant
| as nay hs furnished by tie banks. Before The
! commencement Of the war, and before oir ports
! were biocksded, when our AnGftai eot.or crops
| amounted upon an average. Ia aGn four ma Jas
Of bags ald trade ard commerce ;lnots.rut ted
| tna paper circulation II n the States now compos
iur the Coltedcrecy was mucl less than st present.
.tG3 tie amount we then had was leeulta ainpla for
tae business q the country. The returns from the
hanks dscosn theic entire circulation Jny 1860,
- have been about seventy millions, and their do
| po&its sboat ht.y mi lions; SC that with diniu-
i3hed commerce we have now nearly or quite three
dollars il paper circulation where we had one in
! Jaiy. l660.
T..e effect ii collecting the proposed lax will be
to reduce the circulation to the amount collected
But The most important question is, can Inc peopls
pay this Gmount without serious injury l think
iLty ri,i ait IL il. IN the first Diac the tax
p. after having. 4;,.od the Gorcrnuirut to ie e-
tent II u4e fifth cf iis income lcG2 finds I'M
self nearly quite as well Oft after making the
| payment ~ betoc Hs rec ives 6 per cent. Gov
bolti loI The same aIao1nt paid in 1reasli.
| ~ @t - that IN the frft icstalce Il il Il mere
oxci.auge ci one description Of Government paper
Cor another There will DC no scarcity Of Tfeas,.-
! pt,tp tn t.c
II i required tu Fay the detence OF the coun-
try onv-i:iih OF bis cotton crop liz sell that
/ nth and raise ibe ansy. II lie is called
Aonu TAY tith OF las to5acc9 crOl, or sll zr
crop BE- can sci! one ih aad caiss the means an!
in regard 10 the other articles ot produce taxed
The bill ~ ii.z lair slid just mode oi scert ain
/ ing The Yepe 4 b0ari g. assessors is 10 he ap-
/ pointed Ter "GtA state This bond will Of course
;ha yad' 0i pro Gce taxat, according to It's
tasa matt-t F-iue waere F.-I.e,L Il "a citizen is
/ c,l~d Upcd 10 pay ono ft ot bis income .or i562.
Ae has The iGca4ae from WHICH 81 make the pay
/ i4rnf. Il lie has nv!tLer .'-puucc Income lie
| pays ,a%. Il there views De correct the bill!
j Will cypress nob"ty- exact nothing but what is
! gcAao.l '6!a, and nothing but what is neces2ary.
t'nl.r tbs op'r";on OF sueh q law, can pEo-
/ vide tie t.cehi OF keeping down cur puhlic debt
/ ai preventing the depreciation o. ou. Treasury
notes, ant q preserving lie public credit.
Gar pl>b.ic debt, taking INTO consideration every
tiHl, connected. with The condition! of the eountry
! when the revolution commenced, is ~ small as any
! could hava expected Il i not mere than one.
fourth OF the debt admitted TO have been incurred
by oar oeI-lios 10 carry on hs taf their OF az
! grrsS0n. After the expenditure by the Line oln
/ Government Of two thousand millions they layo
ai,-e bu. little pfogteah towards OR s;fUjuet.iGn
and most ot their progress lately Las been back
w.rts.
the necessity Of passing lax b.ii of sorno de-
scripti0n viii i.s.diy be denied. G-rtle,neu ho
oppose this ought, III th.ir opposition, to suggrs'
/ some better plH Er Lyon SAID lie ready 70
/ na0pt any pia- shown u POSSESS advantages owe,
@Iy reas5uable time 20 insure The Passage of s.
+ lne&s;re 30 oaseutai His colleague On the con-
iuittor thir. jvoi OF Tennessee had opposed the
t.il upou constitutional grounds Hia lea tia;
il proposed direct lax and that aGch tax had %
i'a appoitioned 'long the sevcra. States according
/ 9" representation.
Mr.. /, on cdnid seo constitutional difficulty iu
] thu way. Congress Possessed the general power
! ''tn levy ard collect taxes Tho question - 10
Nh., VAS meant by direct :axes sottlsd in tie
/ early history O; the old Government. In tho case
/ oI Ei.tna ,s. tho nntei States reported in the
| voume g.. the Supreme Court decisous which he
had present il was decided tna. objects OF taxa
ton embraced IN the Present bill cGGld constitu.
! tiOnally be tn ~u.iect OF direct TAXATION In the
case referred to i, was held that ian,s slaves sad
! polls were the only subjects of direct taxation~-
/ The PROVISIONS OF our Constitution, relating to his
Anbject proeiso copies of The cid Constitution,
! ana the reasonable presumption H. that cur Com
ventinn, ia adopting the Constitution of the Con,
fedefate States did with knowledge OF tho con.
stIueian the old QUO had received.
Another gentleman from Tennessee fMr Foota)
had assaiied the bill upon a different ground lie
considers the bill Unnecessary, and thinks simple
bill making Treasury not. lawful tender In pay
nant of debts will cure all tho evils raal npprc-
heuded which may bvertake our currency. With
! sslfsustaning. In this view OF the qaestion. Mr..
Lyon differed widely from the gentleman from Ten
L uagsee He did not believe Congress, under tbs
l Constitution had power 80 make paper iseal