The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1864-11-23
HILLsBoRoUGH N O., NOVEMBER %, 1854.

pons Of the FIVE hundred millien loaa, ster-
ling exchange and specie, as nov provided
by law. The price of cottoa in Liverpool
being about sixty cents per pound, the de-
ductioa nj five cents for the tar would
hardly have an appreciable effect upon its
value in currency. The duty would fall
chiefly on the foreign consumers, or be ia
ken from the profits Of the exported; and
an important financial advantage would be
obtained at msderate expense to the
country. The increased duty on imports
would be small tax on this lucrative
trade. II paid by the importer, j. would
be free from all objection; and if by the
consumer, his ability to bear it is abun-
dainty proven by the high price paid for
goods. These measures would enhance the
value and enlarge tee demaRd ler the FIVE
hundred million loan.
The expenditures for tho six months, from the stsf
Jan. 10 lst July. 1855, with an improved currency,
may he safely estimated al . maximum Of $500,
100000; and for twelve months al $500, ,Oo0, 900.
| To this amount must be added for 70.
dempon Of notes as proposed The sum
Of $a0,oo0,p0s
ADO JOG eehuAscu hmohul VI upkuuB
debt, lA,0ee,0Oo
sI7400eeo0
4 To meet these demands upon the the
Treasury. propose the following scheme
Of taxation and Iesns. viz:
/. Taxation. including tar in kind $260Oe 900
2. sale Of bonds Of 6ss hundred million
loan and certificates Of iRdebtedness 408, 900 o0e
n II l.as.- 4 -
o iansous receipts, b,oo0,0oD
M Sta ,000,oOe
a To raise tae amount proposed by taxa
o tion, recommend the repeal of SO much Of
r the act amending the act Of l7th February.
], 1864, as will leave the property and income
4 tax in full operation. without the ahate-
f meRts now allowed, viz: Section /. para
graph !, sl the amendaiory sci Of l4th Of
Jane, 1864. which provides that the valss
Of the fax in kind shall be deducted frsn
70 the ua calorem tax os agricultural proper
~; and section 8. paragraph Q, Of the same
act, which provides that ths property t,E
shall be deducted frsm the income tax. Hy
w this change the desired amount Of reveals
IA will he secured. and the prominent ins-
quality Of taxatiorA naw the subject Of
complaint, will be redressed.
The taI in kind being ten per cent, and
W its value in currency sf45, 900, 900, it fob
a. lows that the productions taxed amount ed
y. in value to 81 .s55 900 900; and the assess
oi ed value Of the property from which these
J, productions are derived being o.. 900. .75s.
he 40, il is apparent that the gross income Of
he 81 ,450, 10000 is equal TO fifty per cent.
IS, OF the assessed valse OF The property.
Hence, an agricultural estate Of the value
of 100000, subject to an ad uuIorem tax VI
!. IS 900. yielded gross income Of s50, 900.
wv The tithe Of this income (s5. 900. paid the
property tax. and lett updiminissed s45.
,s3 600 Of income. Thi. result was the con-
sequence Of yaluing the propeaty FOR taxa.
= tion in specie. and the productions re criy.
'4s ed in payment Of the tax in currency. Hat
na the property been Waived in tue medium 10
which the tax was payable, the sssessmen
ur. would have been at least $500, ,0o0, and th,
Fat tax S25 900; or had the articles received II
me kind been valued, as the property was, IL
the specie, the pay yment would nothsye exceed
ars ed $4,000. aud $4,000 more Of tax woul
in have bern received 10 currency.
is The inequality of taxation that rssulte
oar is made conspicuous by compArison vii
tws investments made IN government securi
in ties. The same ann Of si0o, 900. 10 eist
mes fper cent. bonds, yielding IS. 900 psr lnnuI
,vsTi interest, paid SIS, 900 tar, snd left ciss
This income Of sply $4,000. Capital invests
is iu banking presents . sentrsd equall
the strikipg. One ef the banks in Richnon
fort which IS. referred to IS an example only, q
Ient capital Of 81, ,asp 900, psis e4st. 400 ts,
arr %, the specie being assessed at eighties
snd times the value Of 1850; and the amoa,
distributed ansng the stockholders ~ il
.n,s ense was 626a Gao. I'm 400 600 esus