The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1864-03-10
Plan 20 Save tire Credtt OF enc Govern
nleut.
70 THE EDtros or rug HERALD

TO TIE EDfr0R or rue HERALD.
The following memorial Is being extensively circulated
| There u mach sound sense its recommendation
that I trust Il viii DO admitted 20 q place ia your
columns
Ths affection Of members II Congress Is earnestly 10
vitei 10 the following facts
The OF the United States Is spending at the
rate Of o1e thousand millions a year, winch. in round
numbers rs three Millions OF dollars every day. The
whs snnrcss OF revenue irrespective OF ioans) 10 mees
.h's enormous expenditure are nrsiy, the duties on i'm
l0it amounting to about seventy millions Add secondly
the internal revenue, producing about eighty millions
together one hundred AMI fny miisns This leaves
. ny hundred and h!ty millions unproyidcd for To de
a.. upon borrowing this immense sum s simply 20
tc,c 'on tho fuin or the credit OF the government
Tirasd etchai % the utnios limits OF pfudercel aud
10 BRING aSs,, AZ no very disan. day national bank
ruptcS pvnms> AMI decisive measures Ola the part of
Congress "a rssss arge part OF the by taxation
can alone save the CO. ~ or the government insure
the outting dog,n az an rebellion few simple forms
OF taxation would produce vofy large sum, without
hct'ng any apprecabe UurisA on the people The fol-
lowing rec3mmeudei;--
Ftrs-A tax OF QUO hale per cent loon all transactions
10 securities, stocks bonds, rea es,te. merchandise,
property Of any description This tax would produce at
least twa hundred millions year without causing any
city Of New York aoue, shown Clearing House,
have averaged for the past six months sxtysx millions
Oh account Of actual purchases the TAI OF ono half or
one PER cent would produce fifty millions dollars
surely Reasonable 20 expect that one city were to
produce ay millions, all the rest OF the Uuitod states
would produce the other hundred and nifty.
Stcond-Do3be tho tax 90 domestic manufactures Tho
profits al casses OF goods made this country during
tho last two years have been enormous and tax or
per cont would not interfere in tho smallest degree with
tho sale and consumption OF the goods Ihe would
fact be paid by the aud by the manu(ac-
turer This would add thirty millions
IhrtMake the Income tax Ave per cont on all incomes
over SIX hundred dollars THIS, 1t estimated. would add
twenty millions,
These three items would add az the very lowest cst
mate two hundred and ty millions to the revenue The
necessity OF borrowing would be reduced by that amount
and tho comparatively independent portion thus attained
ing isx hundred millions by loan possible operation
The confidence INSPIRED by such honest and wise
o. legislation would raise the value or all government:
securities and lower the premium gold. The people
would feel satisfied that Congress earnest IN their
deterln nation to subdue the rebeIIiou and tho
honor the government aud that the tn raise
funds by direct tax would render any further issue OF
paper money unnecessary Upon the prompt aud earnest
attention OF Congress TO this all important subject de-
pe0is the fate OF the nation All which IL respectfully
submitted by NEW YORK MERCHANT
New YORK. March A. 1854.