Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1863-02-28
VOL. XIV, NO. 81

oenehited go much as the po1r mln As stated
'a1 Of i've per cent. would reduce the price
Of every commodity tTo thirds, snd tax upon
gross income would cause ssh greater reduc-
ton.
No one can fail to sec the force Of these con
elusions, and I am a5tonished beyond MEASURE
"nen see our legislators disagrseng Is TO The
best mode Of curing permanently q growing and
oppressive evil Money is 50 plentiful that the
people could a1d Wolld pay an even tax Of Eve
per cent, or more if necessary, without a word
OF complaint Why then, do not our legislators
sct-aes promptly, and at oncs nd us Of an evil
which is both oppressive and destructive Of our
best interests
But As it is proposed 70 absorb two lhirds Of
The currency BY funding it in bonds, tax Of
] one per cent upon property and income (amouns-
I ing in the aggregate 70 500 600 600 VII Be a
/ sufficient direct tax for the present This viii
I be sufficient to restore the currency 70 sound
/ basis and meet al the wants Of the government,
/ besides giving the poor the mea7s Of nr0curipe-
the necessares of life It is the soldiers family,
I whose scsnty income is sesresiY a5equate 20 The
market price Of necessaries IN time of Deaee and
plenty, who sudsrs most from hs unhealthy, IL
! 1ated condition of the currenev.
IL IS the nature Of man 10 Be satisfied WITH
present relief from an evil He rarely ever
looks beyond to-day Let the morrow take
care Of itself, is bis maxim. As q striking
Z 4
the favOriie scheme OF the governneut-fhs
funding Of treasury notes IN Confederate bonds.
Il is true that this affords temporary relief to
I the people, secures profitable investment for
private espital and gives the govsrnmeut am
pie means BY securing its credit Thesa srl
great oeJects-grest ends to be secared-whieh
every patrl0t apprec ates- But ultimately fha
people must redeem those bonds and By paving
taxes IN one way or another. If not bv direct
taxation, then by tariffs upon exports OF imDort.
or upon both IF upon exports alone. she Dro-
ducer must redeem the bonds IF upon imports.
The consumer must redeem them Aud If uD0D
both, the producer and consumer must r. lasrn
the bonds, besides paying the interest thereon
Inere viii not be less than $500 900 09O Con
tedeTate bonds on The market at the elesa Of this
war, should It end by midsummer. If thev mn,
for thirty years, the interest upon them stT
per cent will Be 81 ,5000O0,000 Add the uriu-
eipal of $500 600 900 and we have ihe a7o~
nous sum OF $500 900 O0O-ous-thfr5 Of ~
entire estimated value Of taxable property ID
the eleven States
This viii be paid BY taxation, direct or ir5f-
rect, ~ ahca 1s VIII require an average annual tax
OF S60O0O O0O- This calculation allows about
Sl0000000 as a sinking fund IF thsD b. 4
sweeping tax, we can cancel il very few years
debt which tTeb.es itself by tas Interest Il
bears, would is rot Be wise 20 Dc sol We gafa
nothing oy delay-by putting Of the evil dav.
Inc DEBT must BE- cancelled sooner or later. II
the interest were paid to cur own people is
would not matter so much as that very interest
would be taxed to pay the debt
But as soon as our ports are oDeued fbors
bond5 viii sesk foreign market, aud the inter
est viii be paid to foreigners. There VIII Be no
chance to tax is-nO chance to make that inter
est contribute its share to the liquidation Of the
public debt
But it Is argued that the increase Of ths pub
lie debt, on account Of the interest Il be ars.
viii be more than counterbsIaucsd By Ens in
creased sbihty Of the people to pay 7 admit
that with all our Agricultural, mauufacturina-
and commercial interests in fun blasts We can
more easily pay taxss-heavy iaxss-shau now.
were it not for the fsct that the debt wa owe is
to ourselves, snd were il not for the fset also
that to paw this debt we confer al almost inf
nite blessing upoa ours lives by gesting rid Of
an unsound circulating medium which has
proved our great curss-our hssviess burden Of
this stUpendous struggle for liberty. As We
pay the taxes IN this very currency, it works no
hsIdships.
A careful investigation Of this important oueg-
non viii ennvincs any, the most sptical, that
.axation, direct taxation, is the tIu3 policy, the
best remedy for the evils we suffsr.
The advantages Of Mr. Memminpsrs third
plan are too obvious 60 nssd commsn5. IL tho
States viii guarantee their quotas Of the public
1eb' the credit Of the government win be greatly
strengthened thereby VAS