Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1863-12-18
RIGBTs:
RICHMOND WING.
FRIDAY MORNING, DEC. rs, 1855.
Canital and Taxation.

mass Gifts private prcparty 1t is impossible to est
mate eIacty its aggregate value Il embraces all the
real and personal property OF Its ctizsnS Tnese
change in value according to varying Influences ac'
GO ding to the increase and 6iminudon OF population
As new branches of industry Affect the value OF the soil
sad Of manufactures and commerce; as the seasons,
chose finances of God" favor cut short the crops
AZ money and exchange and individual notes may be
abundant and active in crcuAou and as credit, shat
unlimited money" inspires confidence, at home and
abroad. All these thirgs compose the property of
country and have 40 influence its value either sep
ara ely or together.
What we may inquire is the value Of all this capital
in the Confederate State,' The Secretary Of the Treas
ury places it. as q safe essmate-!hAt Is much Of the
Ooniederacy as is now within our controi-at three
thousand millions. The basis of this estimate is the
census report Of 1860 The valuation made by as
sessment which Ia stated in the report to be about
our.6fhs of the real value. The real value Was pro-
baby great deal more. The standard o. value was
Do currency previous to the war, which was equal to
gold. But gold is not now with us circulating me
dum Ii market value Is standard for her things.
Is comma IDS various prices 10 different placas. We
nay safely say It's average value is tWeay for one com
pared with treasury notes But this value Is fictitious
Fne demand for is only with view to removing 1t
from the ccuatry and applying to hazardous and gen
era IL Illegal uses. Toe profits from these uses of it,
aud ils exclusive suablaness for them, have perhaps
doubled its value compared with other things Bread
sui vary still more in value in various parts of the
country Their value is affected in different localities
oy the flence the seasons have had upon crops the
facilities tor transportation, he extent OF impressments
aud the casualties Of In Virginia they command
from ten fifteen times former prces; in other parts
Of the COnfederacy 10 the immediate vicinity Of
iitary movements from two to fVefold while in I'M
disturbed portions Whishsars WtAOu. means Of trans
polltiOn their pric, has scarcely changed An esti-
nate on an average throughout the country OF five
umss former prices is probably not far wrong.
The volume of our currency compared with the
amount required for the business Of the cOuntryas
established before the wars perhaps six, eight
fod. But in addition to former money circulation we
made extensive of individual credit among our
selves Of foreign exchange AID Of Unlimited credit At
she North. These perhaps, doubled actual circua
on which reduces the profOrt Of present crcu
alton to probably not exceeding four times what
then required But confidence in our currency is IN
dermined and values longer proportionate with
is amount d the rapid and unabatng increase in it's
volume threatens BY its weight tumble the ediGcs Of
our credit. There is really standard by which TO
compute the aggregate value Of the property of the
Oonfederscy; but from observance of market values
we perhaps do not greatly in estimating il at ten
aues the amount stated by the Secretary Of the
/ Treasury
Adopting this as a standard, the public property
Of the Conederacy within our control would
least thirty thousand millions in Treasury notch
rhe proposed by the Secretary of hundred and
/ dty millions is then half instead of per cent If
values remain unchanged. Is the scheme Of the Secre
tary calculated to reduce them? Is it charac .e:izsd
Hi'h prObty, and is it cOmpulsoryf VIII capitalists
voluntarily invest n per cent bonds upon which
per will be collected the Isl January 1885,
perhaps when only per cent is due on them By the
Government and which are further liable to S ate
county and corporation that may amount per
cent moeg Is % par cent additional tax at lar.hes
in Treasury notes, One-ha theax imposed sufficient
TO compel the purchase of bonds for the benefit of the
coupoas in paying the taxi Will Congress fix period
Tor the reputation of the present currency9 Would
sch inspire greater confidence in the ew cur
rency be adopted Us action at the last session in
diminishing the interest bonds issued after stated
periods shook seriously public confidence in the cur
reney. Capital took the alarm and funding rapidly
decreased. We greatly fear the scheme as it Is will be
a failure.
But the tax proposed is noonGdsrable. Twenty
thousand bales OF cotton at present European prices
converted into currency, will pay it. The ordinary
tx of France is quarter OF per cent of the public
capital lis great in Eogand The Secretary
double tkis amount this time for u.s. There are
other taxes it is true but this is the principal one. The
oonscrptOn that gstherer of blood has already
embraced near ten per cent OF our free population
Why SO disproportionate tax on our property p
hi. may be the first condition of good tax Il may
bs worth thousand constables in collecting it. Bat
people have promptly responded to the call for
men, Tney will cheerfully respond to any other call,
however extensive, lhst is clearly conceived and uni
fOrmly execued for the public good. Instead of the
Complications the delays the uncertainties of funding,
let the Government sac the amount desired, and
patriotic people will make every effort to meet it
Enough Is wanted to retire threeourhs of the present
errercy aud to provide for the current expenditure Of
the Government LIST the people it by taxation.
If the requirement be heavy for individuals meet
i. a. once, take their bonds ysbs fifty years hence
Their children will redeem them. Taxation is not
robbery committed by the country upon the people 1t
damages no values bu. it may greatly improve them.-
Il Is but the each citizen pays for being protected
in the enjoyment of hls property Barbarous nations
nav no taxes The scale of civilization and goo gov
eminent advance in proportion with taxation Without
taxation, country Angusaes in eness which Is the
worst Of taxes. Nothing has more influence in i'm
pslIrg people to be industrious 10 Turkey Savoy,
Naples Rome and the East there are almost no taxes
The Engishman pays to eight times the tax of
the Italian the sAvOyArd tbs Turk or the sPAniArd,
yet at the end of the year. he many times as rich
There is but limit taxation. II is where be-
comes an obstacle to production.
Would our people prefer simpler mode Of support
ing the Government Let them adopt the Idea of