Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-12-28
Still Another Plan.

The attention of she Special Committee on Finance
is respectfully called the following plan for thseie
of the c. s. finances and the improvement Of the cur
rency.
1t emanates from citizen OF Richmond, and has me-
the approval Of number of bufiness men. bare
outline OF the plan is here gwen and few of the many
arguments which might be adduced in its favor. 1t Z
simply submitted to the good sense of the Committee
to stand or fall on it, obvious merits or defects.
Let Congress pass an act somewhat to this effect
l. Imposing tax Of per cent. on all values held
or owned on the 1st January 1854.
IL Let the law declare that the tax is Offset upon
all the obligations of the Government existing a, that
time and nt said obligations shall pass by delivery
assignment after that date, subject 10 said Offset oI
tAx)
Ill Require the executive officers Of all chartered
and nco porated companies 70 pay under OATH to the
Depository nearest their principal Office within day.
from the passage Of the Act, the of per cent
upon the capital stock and surplus funds of said com
panes and upon all heir funded obligations, and upon
moneys deposted With them the paid by tue
60 be cha ged the persons holding their stock fund
ed obligations or certificates Of depo.it.
". REQUIRE all rsons except th use exempted here.
inafer by SEQ ion VII within - days from the passage
of the Act TO sta upon oath, and.under forms TO
presented BY tie Secretary OF the Treasury, tho value
OF all ope,ty held owned by them the LIST day
January, 1854, eIcep; so much thereof as would he
ached by Sections ii aud Ill.
lShould the rate OF taxation be placed as high 10
per cent it might be well 10 provide Tor the payment
of the taxes accrui under this and the preced sec
tons 10 ms mems, say at three and SIX months
v Provide that the banks undr proper restrictions
and upon certain terms, may be appointed repositories
to receive the taxes sccruing under the act.
VI Providing Tor the gfadual retiring Of the pres
ent currency, and the subs tuition Of a new issue.
| VII. Exempt from taxation, charitable, religious
and educational ms buttons, and no other property
whatever.
Toe Arguments in favor Of the plan are briefly these
Sc ii reaches every dollar of The government Issues
no matter where concealed or how long hid etcaps is
impossible the law puseues the subject and inexora
bly, stamps the act upon ever note or bond Il collects
the tar Instantly without the aid Of collectors and with
out toe expense Of dollar 10 the government.
SEQ III reaches that intangible property which often
est escapes the tar gaherer, and reaches it in way
never be ore approached. The owner interested in
coneeang the true amount ofhs iundsis notconsulted.
Sec ~ reaches all property other than that embrac
ed in Sections II and III. o.,
Sec. facilitates the payment Of taxes
We see no reason why the currency should not be
saxed 1t represents vilus well any other evidences
of debt and should be equally taxed.
Only to the superficial thinkers viii the tax which
makes the currency available for less than is face seem
70 be reputation gH0ad the tax for that is surely not
reputation which simply treats the tax payment
pro tanto Of the obligatory and leaves the remainder
wor more to the holder than tbs obligation originally
ffit shoui be urged that this plan is open toCousti
int onal jections ask, has any pan been PROMO cd
which Is free from those o6jectonsY Indeed tue r es
dent In his Message declares that We at present MI
able in the matter Of taxation to pursue the precise
mode required by the Constitution and states that no