The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1864-11-22

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subjects of taxation whatsoever These are only
ASST ned to this particular Office or function be-
cause of their peculiar adaptation thereto
The following is an estimate OF the resources to
be thus applied, viz: wheat, twenty-five million
bushels Indian corn, two hundred million bushels,
and cotton, two million bales. A tax OF ten per
cent would yield as follows: Wheat, two million
! five hundred thousand bushels, at four dollars,
$4,000, 900; Indian corn, twenty million bushels,
thousand bales, at two hundred dollars per bale,
$4,000, 900 total, S90,O00,0Oo. This amount
applied annually would redeem the notes outstand-
ing in four or FIVE years.
The leading details of this plan or measure to &c
assure the public of the safety of the currency and
the redemption of it in full, will consist of ratio
in which the selected staples should be combined,
and Of the provision necessary to equaze the value
of the postponed and preceding instruments. The
combination of the staples recommended IN this
report is 10 of wheat 40 of corn, and 49 OF cot
ton The scheme recommended in another place,
for the purpose of harmonzipg the value of the
successive instruments, is the substitution OF GER
ticates bearing interest for the currency set apart
by the holders, in communication of the tax, or to
purchase the tithes. After the most careful in
Vi stigation, am satisfied that the measure may be
successfully reduced to practice.
Under the operation Of this system, sure ap-
probation of the currency may confidently be ex-
pccted All will discern the advantage to arise
from the acquisition of Treasury notes at present
prices, and even foreign capital may be expected
to absorb part, for, the rate of ten dollars for
one of specie the cost Of cotton would be reduced
to five cents per pound Confidence may be ex-
pected to return; for those who dread repudiatlon
and those who would regard the return to specie
payments with equal alarm, would both be en-
couraged aud assured. In imparting increased
value and security to the Treasury notes, greater
reliance in the value of the funded debt would be
inspired, for the expenditures would be reduced
and the accumulation of debt retarded.
The currency debt being provided for, the total
rcmainder-to wit, the funded debt-would be, as
already stated 1888 $40 900 and if to this sum
be added the amount Of bonds to be sold before the
LIST January, which may be estimated at about
$40 900 600, the total sum Of Interest bearing debt
on the LIST of January 1865, will be SITS, 34O 09O;
the value of the real and personal property In the
Confederate States in 1860, according to the
United States census, taken at specie value, was
S5,2O2, 1G6,l07.
Notwithstanding the waste and desolation of the
war, aud the amount of property in the enemy's
lines, the subjects Of taxation under the Act OF
18th of February, 1861, according to the returns
made of the commissioners by the assessors, under
the Act of 18th August, 1861, is as follows, viz:
Property employed in agriculture-spece value,
$4,000, 758,777, currency valued at SIS for 81,
s14, SOB, 1913 $50; other property-sFecie value,
sl,45O379,379, currency valued at 81 for 81,
$40, 1872 $50 ,653; specie value, $780, l38, l56;
currency value, s24, CSC 449,543
There is an element of our national wealth,
taken sinely, that exhibits, in striking view, the
amplitude Of our resources to meet our wants. |
refer to the great staple of cotton. The net pro-
ceeds of one bale exported and sold in England at
the present price is about two hundred dollars in
god and at the rate of ten dollars in currency for
one dollar in golt, this is equal to two thousand
dollars; and to four thousand of millions dollars
fo- the two millions OF bales estimated to be still
in the cOuntry-a sum more than five times
great as the funded debt. The impossibity of
realizing the full benefit of this resource uuder
listing circumstances is admitted; but the state
ment exhibits the abundance of our means; and
every effort should be made to apply this great
element Of wealth and power to the purpose of ar
resting the progress of depreciation and retarding
the accumulation of debt.
propose additional duty of five cents per
pound on the export ton of cotton and tobacco,
and the duplication OF the duties on imports-pay-
nent to be made in coupons Of the five hundred
million loan, sterling exchange and specie, as now
provided by law. The price of cotton in Liver
pool being about sixty cents per pound, the de-
ducton of five cents for the tax would hardly have
appreclable effect upon its value in currency.
The duty would fall chiefly on the foreign con-
sumner, or be taken from the profits of the export
ed; and an important financial advantage would be
obtained at moderate expense to the country.
The increased duty on imports would be small
tax On this lucrative trade IF paid by the i'm
porter it would be free from all objection; and if
by the consumer, his ability to bear it is album
Gantly proven by the high price paid for goods.
These measures would enhance the value and en-
large the demand for the five hundred million
loan.
The expenditures for the six months from the
lst of January to the LIST of July, 1865, with an
improved currency, may be safely estimated at
maximum Of $500, 1000 900; and for the twelve
months at GO0,00O,0OO To this amount must
be added tor the redemption of notes proposed,
the SUN Of 60,000,O00 and for the estimated
amount of floating debt, ia, 900 OOO-S774. OOO,-
900. TO meet these demands upon the Treasury,
propose the following scheme of taxation aud
loans, viz: | Taxation, including the tax in kind,
$500 100000. 2 Sale of bonds of the 100000
900 loan and certificates of Indebtedness 4O9-
00O,0 600 3. Import and export dues and miscel-
lsneous receipts, 5000, 000-s774, 100000
To raise the amount proposed by taxation, I re-
commend the repeal of so much of the Act amend.
Ing the Act of February, 1864, as will leave the
property and income tax in full operation, without
the abatement now allowed, viz: Section |, para
graph L, Of the amendatory Act Of l4th Of June
1861, which provides that the value of the tax in
kind shall be deducted from the I'D ralorena tax
on agricultural property; and section g. paragraph
. of the same Act, which provides that the prop
erty tax shall be deducted from the income tax