The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1863-12-16

eVunHl was tHIeatcHtu Win permanent
suspension. by reason of the conduct Of
neutral nations, and that the necessary re-
suit must be the exhaustion Of our specie
reserve. Wheat, in the beginning Of the
year 1862, was selling at one dollar and
thirty cents per bushel, not exceeding,
therefore, its average price in time Of peace.
The other agricultural products Of the
country were at similar moderate rates,
thus in icating that there was no excess of
circulation, and that the rate Of premium on
specie was heightened by the exceptional
causes which tended to its exhaustion, with
Out The possibility of renewing the supply.
This review of the policy Of your prede-
cessors is given ID justice TO them. and it
exhibits the condition Of the finances al the
dates when the permanent government was
organized.
Ia the meantime, the popular aversion
10. internal taxation by the general govern
meat had influenced the legislation Of the
several States; and in only three of them,
South Carolina. Mississippi and Texas,
we're the taxes actually collected IRON the
people. The quotas deyolving upon the
remaining States had been raised by the
issue of bonds and State Treasury notes,
aud the public debt Of the country was
thus actually increased, instead of being
diminished, by the taxation imposed By
Congress.
Neither at the first nor second session
of the present Congress were means pro-
,ileI by TAXATION for maintaining the 90.
yernment. the legislation being confined
70 authorizing further sales oi bonds and
lssnes of Treasury notes. Although re.
peated efforts were MADE to frame propel
.s-sem Of taxation. you were confronted
with an obstacle which did MT exist fel
YOUR predecessors. aud which created
grave embarrassment in de,ising any
sshe@e af taxation. About two. thirds, o
the entire taxable property of the Confed
crate States consists Of lands and slaves
The general power Of taxation, vested ia
Congress by the provisional Constitution
(which was TO. be only temporary in il,
operation,) was not restricted by any othe
condition than that "aIl duties. impost
and excises should be uniform Throughout
the States OF the Confederacy."s But The
permanent Constitution, sanctioning th,
principle that taxation and representation
ought 70 rest on the same basis, special,
provides that representatives and dire
taxes shall be appsrtioned among the seyera
States, according to their respective mum
bers, which shall be determined by addln
TO the whole number Of free persons, 10
cluding those bound TO service for tern
of years. and excluding Indians not taxed
4 three -fifths Of all slaves"
4 II was further ordered that o censu
should be made within three years afte
the first meeting If Congress. and that n
i canitation or otner direct tax shall b. laid
unless IN proportion to the census or enu
meration herein before directed 10 be "a
KEN"
Il IL is, plain that, under these provisions
capitaiion and direct taxes must be levie
in nrnpcrtirn TO the census when male
Ii ii also PLAIN hi; she duiy is impose
. on Congress ii provide for making a cen
sas prior TO the a2l February. 1865.
, NAV furth.. be stated that. according
4 the received construction nI the Corstltd
I, ton nl the uulted States. "a construciis
! acqqirsced in for upwards Of sixty y,srs
{ taxes on lands and slaves are direct take
aud The conclusion seems necessarily TO
! thlt, in repeating, without qualification.
: our CONSTRUCTION. thi. language Of The Cor
I. stitutlon of l-S-, our cun,cnti"n intends
to attach Ia i, The meaning which had bee
/ sanctioned By long aud uninterrupted AZ
! qule,cence.
y 50 long as there seemed 10 be q prob
z biliiS Of being able TO carry ont the pr
e visions Of the Constitution N theif entIr
! ty, and in conformity with the intrntiel
I'll OF its authars. there was an pbsiass lis
n Guilty 10 framing sny system Vt tanatis
q A law which should erempt fraa the bu
then two.thirds Of the property at q
COUNTRY would be as unfair 10 the owne
e Of the remaining third as II would be lna