Richmond Whig. [volume] (Richmond, Va.) 1862-1865, 1864-11-10

n.
lean and certificates OF inaebtedness 400 900 900
8 Import and eIpHt dues and mfscel-
lsneous reo.Ip,s, ,,,,,,,,,,,,,,,,,,,, 5000 900
sta 900 900
To raise the amount proposed BY taxation, recon-
mend tho repeal OF 20 much Of she aci amending the
aes OF nsh February. 1884 will leave tho properly
and income tax in full operation, Without the abGtGs
ments now allowed, w: Se.ton l, paragraph !, Of
amsndatory act OF 4!h of June, 1854, which pro-
vdes that the value of the kind sns be deduot
ed from the dd vaorta tex agricultural property
and section s. paragraph Of the ssms act which pro
vdes that the ropery tSx shall be deducted from the
incl tax By this change the desired amount of
venue will be secured, and the prominent int qualities
OF II ,ion the sutjso Of complaint, will be
dressed.
currency Sl45 900 co., it follows that the productions
sd an cunt. III vsloe to 81 465 900 900; aud the as
s.ssed value OF the proper rom wh'ch these produo
ons derived beng 81 sO07 1853 IT'S 40 it s appa
rent that the gross ucoHe VI 400 100000 Is equsl
TO ty per cent of the assessed value OF the property
Hence An ayr cultural estate of the value OF 500 900
sutecI to dd Valorsm tax OF IS 600, yielded gross
income If $50 900. The the OF this income (S5 000)
paid the piOper y tax, and left uLdiminshta $45.
600 of income. This result was the cons quenct
VI vAluing the properly for tsKation in specie,
and the productions received in payment Of the
In tho m, dunn in which the tax was payable,
the SHessment would been at Least $500 OO0 and
the tsx $25 900; had The art Iles rceVld in kind
ueen vaIusd rs the property Nss in specie the pay
ment would not bavs exceeded $4,000 aud So 900 more
of trx Wouli have been leo i'ed In Gu reroJ.
The inequality Of taxation that resulted Is made oor-
suicuous by q comparison with investments made In
Government securities. The same sum of 500 000 in
siRht Der cent bond yieliing IS 600 per annrm IL
teres paid So 600 tGI, aud eit clear income of only
a. 600. Capial invested in banking preGents q con-
trss, tously strkirg. 0le Of the banks In chmond
which re'erad as en- example only, on capital Of
a. 3S6 900 paid s424 400 taxes, the epace being
sessed at eighteen Zines the value OF 1850 and the
am unit dstrbu ed smoDg the stockholders income
wac 1868 GAO On 800 600 CO. sequenty, thus invest
cd the wac $Is 900, and the income 5 800 These
Inc oualiti give rss 10 grave oompl dn!e whilst any
amount of taxation squitaby st ionted would doub.-
ess be cbeerinly net
The collection OF large fum 10 taxes 70 essential 10
the reform of the cuIreIc Gnd the country IL 10
dition Ito most favorable to bear the burden The
mundane, Of money, and high price Of every species
az mr. % uty and supflieS would render the payment
a AZ aud free from emb ASH eat. The treasury will
derive little aid from this In the present year
The tax on the currency brought no revenue operating
only as reduction Of he circulation The other taxes
9Th comparatively little exception, will be received in
fur per o9nt TOMS The taxes upon property and ir
come re p,ctiyely are, to some extent, nominal only
the ad uaio. On on property engaged in agriculture
being discharged by the credit OF the lax Ii kind, anC
the income tax on p oper diminished by the whoe
sum OF the dd valorsm Tel These abaementa, and thf
n,ymerts 10 iCur per cent bonds result in rel ig TIC
rev nue. from taxation Exclusive of the soldiers tax
10 about $40 600 OOO
The, ccompanyi. g abs report Of the Commissioner
Of Taxs lie referred for loh valuable and interest
ing information on this Important subject.
Computing the property Of the country at the present
estiu ated value tne following is tn, ex sting rate OF
taxation, We:
Value OF real and personal property In
currency, rated al FIVE 10 seven times
the valuation Of 1850 ..,......... "a $50 449 66l
Total amount ofttx.F, Including tie tex
IN kind and the soldiers tax..,..... 2S7 600 900
which ia at the rate o. one and one.
sixth per cent
With this estimate of the resources of the Oonfede
racy the taxes proposed for the ensuing year be
deemed excessive. The sum Of 1850 100000 reduced
into specie ct twenty doll,rs dolat Is only
sls 600 900; and tbs amount, applied TO The values Of
1860 vz 81 35l 1873 1871 IL at the rate of 10 than
one half OF ono per can't And II the calculation is
made n CUR ncy, VS. $500 900 600, upon 90 sssess-
mem Of S24 CSC 449 561 il would cunt to calf
nor ceni. AGd HhCn il is remembered that With the
psymtpt of the taxes quarterly, q meisnre which
nRly recommend, less Than onc-Curth Of the
re- CIV will flee for the quarters eand the unit
cited 10 auy quarter will be restored to the cir
cuaion Lelore ano her becomes payable, is prent
4 the 0uice6 OF lne 70 Inc
proposes increase OF taxes.
1. may bs ebjeo:ed that the saw raj measures COM
biz. d will unduy reduce the circulation aud expose
the country to the evils of declining and insufficient
Gu rsncy The reply to his objection Ia, that the evils
predesId are, 10 ent insel arabia iroD,the e
d1ctOn OF the currency and the improvement of its
value. Any measures that Gucsessiul Ia tfec:ipg
the desired reform must Of ntcss,ity, be followed by
the trials that attend upon such ransi ion, II Col
gss does not inerpose and BY some such measures as
have ventured to recOmme d. restore the currency,
radually judciously, and by of voluntary ac-
oD IL will assured recsfy i'sef by some violent and
d astrou' vdlson.
The developments attending the execution OF the currency
sSiGt on 10 tsraie sums BY ptr5Sns Of It'd mssus
in ali clss ofhe population The deposits held by the banks
Oindividua all part, OF the ry.
port the dsPosar for funding the old notes.
the het suG b. tae tn ncy
depreclan In ,w Of thel stake poorer classes
establishing the secrrty Of the gravity Of
dIty Ihes1lder all who ed to the mme
4 10 they sustain tbs dprecl ion hersas III ca Ist
Ia, ia his POws 10 indemnify himself even prof.
IT, proPoed az be expected to correct this Inc
q iLy give those who claim syG pIthy
up future supp les for bra fair pic
Is the sounrJ enjoy the sal faction Of Living pro-
the proposed reform should be followed By g raj ami
large decline In pic the nit voad be lied With the hv
We con RI ad to The dsr NJ nsnt we desire to No
Improvement Of the currency be expected that will not
idle that tbs Of currency Is dos red We are
vii leg III enag prices should 10 coItuued a9e 70 hnH
that will be attended by the us 70
oppose the ,hs currency. time for hesitation
and Of two alternatives must be adopted Measures
notes and Uphold their value specie sns
hs nPe 81 sSyen banks be re,o d TO- the su ebS,
des h compared wis spscis
hu drd doar in bonds for SI dos sp Gle 10 coz
nus such exchange H. ndss for any LEI sh Of time Il we're