The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1864-11-16

All INC Jusk usaHC tHG iViVtSh
debt is omitted. Il consists only of the
unpaid balance Of the loan known as the
cotton loan. This balaace is but e. 200,
600. aud is adequately provided Tor by
about two hundred and q " thousand bales
al Gotten owned by the Government, even
il the cotton be rated as worth but SIX
pence per peuad.
There Is one item Of the public debt aot
inclpded IN the tables presented, towhich
your attention IL required. The bounty
bonds promised to our soldiers sy the third
section of the act of 18th February, 1864,
were delissfable on the Isl October. The
Secretary has been unable To issue them
by reason OF an OMISSION in the law. no
time being therein fixed for the payment
OF the bonds.
The aggregate appropriations called for
by the different departments of the Ga
vernment, according TO the estimates Sub
mitted with the report lor the SIX months
ending on the S0th June, 1865, amount TO
s4ss, 1876 while the Secretary es:i-
mates that there vail remain unex pended,
out ct former appropriations. on the Is:
January, 1865, a balance of S467. 4l6, 5O4
. IL would. therefore, seem that tormer est,-
mates have been largely in excess of actu
al expenditures. aud tnat no additional APP
preparations are required for meeting the
needs nf the public service up Ia. the Isl Of
July otnext year. Indeed, il the estimates
now presented should prove to be IS muct
in. excess ef, actual expenditures as has
heretofore been thu case. a considerable
balance will still remain uneypended al
the close OF the first halt OF the easaing
year.
The chief difficulty to be apprehsnded
IN, connection with our finances results
from. the deprecistion OF the Treasury
notes which seems Justly 10 be attributed
by the Secretary 10 two causes, reduGdan.
Gy in amount and want of confidence IN
ultimate redemption; for both Of which
reBed,es are suggested that viii commend
themselves to your consideration as bein.
practicable as we'll u efficient.
The main features Of the plan presented
are substantially these: lst. That the faith
OF the Government be pledged that the
notes shall ever remsin exempt from taxa
tion. %. That no issue shall be made be-
yoad that which is already authorized By
Law. Sd. That certain fixed portisn oil
the annual receipts from taxation during
the war shalt beset apart specially Tor the
graassl extinction OF the outstanding q.
moaat. uslil il shall have been reduced e
$3.50. 0O0. 900; and 4ih. TIE pledge sau
appropriation Of such proportion Of tho
tax in kind, asd for such number Of year,
after the return Of peace as shall be sutfi
Giens fer the FINAL redemption Of the eutir,
circulation. The details OF the plan, III,
calculations On which IT is based. the eth
cheney Of its speraiioo. and the vast al
vaatages which wsuld result from its sue
cess are fatty detailed in the report. an,
caRast be fairly presented 10 form sotsi
sisstly condensed for this messsge. ldsub
nsi twill receive from you that earnes
and candid consideration which is raeritst
By tsinpsrfancs Of tho subject.
fAs Recommendations Of the report fol
the repeal VI eertsiB provisions u The "a
laws witch produce Inequality ia the bur
thea Of taxstisn; for. -remp,ibg all Go
yesanent ioaas frsn tsxatlea on capital
asd frsa ssy adverse di.crinisstien d
tzxstisn ca incoBe derived IRON then IL
pissisx the tzxatiou on hanks 90 the ssm
fnatias IS The taxation oi ofiFer rorperat
bsdiss; for securing he payment into III
ussssry u that portion u the bsrk circu
latter rkich Is liable to con6scstisn BE-
casss ssia BY tlisn slemips for The con
rrrsies .ai the Understanding trsasvr
notes asw ea,standing TOTO esurnn sosd,
and fsf TIE eusrterly collection sf,sxatiou
all ynssent prsetieal questions foe legisl,
uss. which, if wisely devised. viii grssii
ifppsoss the prs!ic credit. and .lis,fars IL
suttAsns aos imposed by The extreme al
ssases..sry tsereeiaties in The value
fk4 currawrs %M