New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-04

a. 81
tax bin which shall, with The tariff on imports, IN
sure an annual revenue Of at eas $780, 100000. The
third i. IA ional bsukiug law which will require
the deposit Of United States Steck az security for the
bank notes that are circulated currency. In order
more fully TO understand and more ea-ily TO meet
suy objections which may be urged agiinst lie
fret Of these measures, beng The one how occn-
pying the attention OF tie House, IL will be
desirable 70 notice the other two, which are de-
signed to be more permanent in their cbsI-
acter, and upon the expected results Of which
the present n eafure Ii in some degree based. me
tax ill il now being perfected In its detais. IL
proposes a moderate rate OF taxation upon most Oh
tie articles Of Deressafy consumption. with higher
rates on distilled liquors and other articles Of uX1ry,
on gacies and probates, Oh passen.es by railroads
aud other cOnyeyances, newspapers and Geographic
messages. From these sources. taken IN connection
with The farii upOn imports, II Is confidently eA-
pecied az er d most careful investigation, TIA; the
Goverument will derive an annual revenue OF ~
least $lj0,000000 The ordinary expenses OF The
Government DO lot exceed SO zoo goo, which, being
deducted from tie estimated revenue, VIII leave
Al amount sufficient TO pay an Interest OF FIX per
cent upon u loan Of Sl2,dO,OoO, or neaiy
$500 0GU eco more titan the etilmateb OF inc
several Departments Of the amount oil lne Puonc
debt NJ HE end Of a other hsca year II me state
Of Affairs should remain in the some deplorabie con-
dition as now This tax bill will give TO the bobds
of the United States the cbaia'ler 80 Huen
desired BY capitalists, that OF cure Interest
security. With such a character there "9"iu NC W
harm done ii The PRINCIPAL were never u, go ian 20
those holding the bonds are concerned, oecauss 'ai
falists in the aggregate do not care Tor Tue tyuehe
of their principsl tie only value winch ihey place
mon their caIia is derived from tue i'e' 'nn' y
will Weld them a revenue; and II NJ any nhs VIC
carifalist should wish TO use we pilh,ipnioi n''
bond he knows that be can always sell u 10 an
other who il DESTROYS TO invest as much as be celts
IN ell The amount Of dcbt Of the Br tlsb GoNeIh
q,ent Is so great that be most sanGuie pon'i,a1
economist can deN Use 10 method by Wbicn j. can
exinpnished; but yet the bones representing ,na'
very debt are Of great value. Capital seeks mem
a., ;,restment betause the interest II sure and the
olv reason that they are ever below par IL, DOT he
e,ii.e the pavment of the principal IL more or iess
hoprlers, but because the rates o. intc'er'
in the market 80 the time teIng are hlsHeI
than the rate provided for III tnc Dobds' in.ie -
another advantage attached TO this scheme OF TAXA
ron A. The snrnus after deduciing the ordinary eX
.nses of the Government, VIII be more lIal sun
ut 10 ray The intereet upon any 0cbls "Iltn lne
ITuifc,i fatcs has now incurred or beiealti li"-
,csee TO contract, when tlis reotlnoh suaii h''o
tu subdned and peace shall have once again slIedo
To-, ,,ugs over tie land. tie revenue viii Incfease
.tb the property If the country, and the excess
viii operi,e ~ a sinkug fund, by means OF when
the - hole debt can be gradually cAiugulshed. we
have seen in Our own experience III 10 Nery ul.'l,
date n surplus revenue us,d TO dininish the ha'ohi
l.4.f
Having thus. 10 We believe, provided WEE sy'-
tom of taxation which sUould enable the Govern
mont 10 borrow al the money which u may need
a, fair rates. Il Is proposed, in order 10 give ti
further a.fisiance, and also with tie OBJECT OF
securiuQ much needed reform, u recommend
a general banking law. The views which lave
been considered M framing that bill Will serve 10
.lve a olear,r uudentaudng oi no provIsloDs. fof
oesrly thirty wears the country has been without
uuifoim paper currency. IA nearly all the bum -
of The country is done by means Of pap r, sIecIe
being seldom used except IN the payment oil haahce'
the inconvenience resulting FROM nj. want have
lcen very great. The travelling pulIc, roali'teI
Of small Guns by mall aud the lHb0I!Hg classes, who
often receive thar pay ia uncGTrrnI funds, chlehy
ext erie nee he.e Inconvenience In order to fr We
n- want i il necessary 10 eiveto ar currency
three quaiilicat Ons;
F,r,f +, It mns, be well secured so that the people
may iee that they are sure OF obtaining is VSlne
when needed.
Se,oad. II must have Governmental indor'e-
rneut or guarsn'y, 80 that the people everywhere
nav be- able 10 distinguish it, and tie Government
Prove lie ccuhteuce III n by sNng IN payment oi
iaxes ARE ments, aud other dues. go
Third. r. must he Guarded, as far a. possible
acninft arbitrary inciease
These requi,Iies hav. all been provided FOR IN ~
the bill Tie paper currency If To BE- secured py u
deI osii, with the Government, OF United Na''s
st6rks the market value Of which shall b. equal o
~ ,
hiyi.r ,ecuriiy known Ia the GONerpment, nhd ia
,,sruiau, nt value has heretofore been shown. ihe
Government, upon the fe'cip, OF such sreuriy, 70
erify on the face Of the notes for currency 'h' INC
,ome are ".ecurod by pledge OF thtteh Su-t.t
.tocks" and is take them III payment OF All lnAes,
eXcisen and other dies excepting only LOT uh'ies
mon imtorts Lastly, the Government csnuo' H.
,tea,e the amount OF the currency except upon Toe
AM lcaon % "a br k, aud the banks cannot increase
II exceut upon application and ocpOsiiing security
with the Government. IL has been suggested thai
ss tar a. he Government alone whs interested The 90
ects 1t bad 10 gain could he altar ed III AL easier
nui less expensive manner the payer eIfcuihh0n oi
the country being IN reality loan nom The people
without interest, would be equitable and JUS, inni
the Government should take this loan directly INTO ilt
own hands and furnish all The pager circulation ~
sead OF allowing the benefit OF II 10 private asr'ch
tions and individuals. But the Committee deemed
il more vie to attain their propoted endn, II r0rs'
be- without disturbing existing institutions or bal
rs or doing anything that NIL ht uJufious!y ahett
private interests. The curionty If thereto lett 10
the banks they only required 10 deposlt security
for IT, and to submit TO certain established rules ana
regulations prescribed in the bill in order to secure
conformity OF mnnap ement, for The common beueht
Of the banks Themselves and OF tho public o
many of the banks these requirements will not he
difficult of Performance, they already hold stocks
Of the United States which they viii be at liberty 10
pledge In exchange FOR the restrictions impo.ed
u,on them the banks viii enjoy the beneilt 81 n
fixed aud permanent interest upon their hypot,eca,ed
stocks. " An odor OF nationality" rs MIR. Webeer
cllltd il, il also impaired 10 their billie, enabling
them 10 circulate wder and further than before, ana
what would become constait dram upon tnelr
speie IL che, ked By the consent Of the Government
to receive their notes III Satisfaction OF its dues
Thus are secured all the benefits oil the ol1 United
States Bank, without many OF those oblociiooa lie
features which aroused opposition IL was affirmed
ihat, by its favois the Government enabled that
Bank to monopone the business Of the country.
Here 10 such system Of fayoFitism cxIs,s. IL wac
affirmed that while large portion of the property in
the several States, owned by foreign stoci holders
4 IL. d.. Il. ....A